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Crypto Prices May 07: US Regulations Cast Shadow Over Market

Key Takeaways
  • Bitcoin is trading below the $63,500 mark, while Ethereum is trading below $3,100
  • The cryptocurrency market experiences a 0.90% decline, bringing its total market capitalization to $2.46 trillion
07-May-2024 By: Lokesh Gupta
Crypto Prices May 07

Crypto market cap hits $2.46T, down 0.90% in value

  • On Monday, Robinhood disclosed receiving an SEC enforcement action notice concerning crypto tokens traded on its platform.

  • SEC delays decision on Invesco Galaxy Ethereum ETF to July 2024, prolonging review of cryptocurrency offerings.

Major Events To Watch

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Crypto Fear and Greed Index:

fear and greed index

The Fear and Greed Index dropped 3 points to 68 out of 100, signaling a state of greed. This suggests possible selling at resistance levels in the cryptocurrency market.

Latest Market Update: 

  • Bitcoin faced regulatory pressure in the US, sliding to approximately $63,000 on Monday.

  • However, several altcoins, including #Jupiter ($JUP), #Fetch.Ai ($FET), #Solana ($SOL), #Arwwave ($AR), and #Render ($RNDR), posted gains.

  • Sam Altman's #Worldcoin ($WLD) surged by 5.05% within 24 hours, marking the highest gain.

  • On the flip side, memecoin #Bonk ($BONK) recorded the largest loss, plummeting by 6.81% in the same period.

  • The total crypto market volume in the last 24 hours stands at $76.88 billion, indicating a significant increase of 60.51%.

  • DeFi's total volume is presently $6.81 billion, accounting for 8.86% of the total crypto market volume over the past 24 hours.

  • The volume of stablecoins has reached $70.04 billion, representing a substantial portion of the total crypto market volume at 91.10%.

  • Bitcoin's dominance has slightly risen to 53.42%, marking a 0.03% increase from the previous day.

Major Worldwide News Update:

  • On May 4, Robinhood received a Wells notice from the SEC regarding crypto tokens trading. Robinhood contests the SEC's view that crypto tokens are securities and plans to engage with the SEC. CEO Tenev states they're prepared to contest the matter in court if necessary. Robinhood Crypto facilitates crypto transactions and order routing, aiming to register with the SEC for nearly two years.

  • Prior to a cybersecurity breach, the SEC received alerts of lapses in its defenses via an OIG report. Despite recommendations to enhance security measures, a breach occurred, impacting market liquidity. The breach led to legislative inquiries into SEC governance and response efficiency, urging transparency and prompt action for cybersecurity improvements.

  • The SEC extends its decision on the Invesco Galaxy Ethereum ETF to July 5, 2024, citing the necessity for thorough investigations. This delay reflects a broader trend in postponing Ethereum ETF applications, highlighting persistent regulatory ambiguity. Analysts are revising forecasts amid uncertainty, emphasizing ongoing regulatory barriers for cryptocurrency-based securities.

  • Crypto Super PACs, fueled by firms and executives, amass $102 million ahead of US elections, advocating for pro-industry candidates amid rising adoption. The surge places them third in fundraising, reflecting the sector's push for clearer regulations. Despite challenges, major players like Ripple Labs and Coinbase lead contributions, emphasizing rule clarity.

  • On May 5, a hacker infiltrated Gnus.AI's Discord messages, accessing the team's wallet and creating 100 million fake tokens, resulting in a $1.27 million loss. CertiK explained the exploit: the attacker obtained the team's private key starting with 0x18, minted tokens via Axelar bridge protocol, and sold them, causing a market crash. Gnus.AI plans to release a new token version and compensate losses with $1 million. Despite recent declines in exploit incidents, blockchain networks remain vulnerable.

  • Bitfinex CTO Paolo Ardoino refutes recent data breach claims, affirming the exchange's user database security. Allegations arose from a tweet by Shinoji Research, later deleted, based on FSociety's assertions. An internal review found no evidence of breach; data was recycled from unrelated breaches. Ardoino underscores password security practices to mitigate risks.

  • The Australian Tax Office intensifies efforts against potential crypto tax evasion, mandating annual transaction details from exchanges. This measure aims to ensure accurate reporting and payment of capital gains taxes by investors. Acknowledging crypto's complexities, the office aims for a fair tax system, emphasizing collaboration and regulatory response to address tax implications.

COIN GABBAR Views: Has the Bitcoin bull market reignited, or could the push to $65K be a potential trap? With bearish impact intensifying amidst the BTC price surge, is Bitcoin currently experiencing a 50% capitulation phase? Moreover, is the rally for the Bitcoin ETF already concluded? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Crypto Price Today May 6: Crypto Bulls Clash with Resistance

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