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Crypto Prices May 6: BTC Defies Losses, Holds Ground at $64K

Key Takeaways
  • Bitcoin hovers around the $64,000 mark, with Ethereum staying above $3,100
  • The cryptocurrency market witnesses a 1.50% surge, pushing its total market capitalization to $2.49 trillion
06-May-2024 By: Lokesh Gupta
Crypto Prices May 6:

Crypto market cap reaches $2.49T, surging 1.50% in value

  • Vodafone, the UK's telecom giant, plans to integrate crypto wallets into mobile phone SIM cards.

  • Grayscale's Bitcoin Trust (GBTC), the leading BTC ETF by assets, saw its first net inflow since launching in January 2024.

Major Events To Watch

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Crypto Fear and Greed Index:

fear and greed index

With a 2-point increase, the Fear and Greed Index has reached 71 out of 100, indicating a state of greed. This signals a potential buying opportunity in the cryptocurrency market.

Latest Market Update: 

  • #Bitcoin surged past $64,000 fueled by positive US jobs report, reaffirming its position as top cryptocurrency.

  •  Other notable altcoins like #Jupiter ($JUP), #Ethena ($ENA), #Toncoin (TON), #Arwwave (#AR), and #Render ($RNDR) all saw positive gains.

  • Sam Altman's #Worldcoin ($WLD) token saw the largest gain, rising over 16.39% in 24 hours.

  • Memecoin #dogwifhat ($WIF) experienced the biggest loss, dropping over 3.22% in the same period.

  • Total crypto market volume in the last 24 hours: $47.92B, indicating a decrease of 12.46%.

  • DeFi volume stands at $4.85 billion, constituting 10.12% of the total crypto market's 24-hour volume.

  • Stable coins' volume reaches $43.32 billion, comprising 90.40% of the total crypto market's 24-hour volume.

  • Bitcoin's current dominance stands at 53.38%, marking a slight decrease of 0.12% within the day.

Major Worldwide News Update:

  • Vodafone, a UK telecom giant, aims to merge blockchain with SIM cards, foreseeing 20 billion phones by 2030. Despite Vodafone Idea's financial challenges, the parent company pursues innovative ventures. It recently partnered with Microsoft for AI services. Similar initiatives, like VaultTel's smartphone SIM wallet, hint at the tech's evolving landscape.

  • The crypto market recovered from last week's decline, buoyed by disappointing US jobs data hinting at an economic slowdown. Lower inflation expectations are driving interest rates down. Top 10 cryptos by M.Cap. are up. Market trends show a balance between price shifts and liquidations, suggesting stabilization. BTC is consolidating near $64k, facing key resistance at $65k.

  • Bitcoin's price stabilizes around $64,000 as its blockchain hits one billion transactions. This milestone reflects Bitcoin's robustness and trust as a decentralized asset. Founder Matteo Pallegrini contrasts Bitcoin's rapid achievement with traditional payment giants like Visa. Analysts predict exponential growth, citing increasing institutional involvement and Bitcoin's early adoption stage.

  • In the past year, Artificial Intelligence (AI) garnered immense attention, particularly in the realm of Large Language Models (LLMs). Artificial General Intelligence (AGI) aims to mimic human cognitive abilities, raising concerns about its unpredictability, potential risks, and ethical implications. Addressing these concerns is crucial as AGI development progresses.

  • aims to boost its global presence by doubling its sports advertising budget, targeting non-crypto audiences. The exchange's initiatives, including sponsoring events like Formula One and featuring Eminem in ads, have contributed to its user growth. Despite past criticisms and regulatory challenges, is committed to revitalizing crypto advertising.

  • Tron Founder Justin Sun attracted attention by depositing 120,000 eETH into Swell L2, a liquid restaking protocol. This move, worth $376 million, comprises 46.6% of Swell L2's total deposits. Sun advocates for staking platforms, foreseeing global adoption and support for users, developers, and communities. The rise of liquid restaking protocols like EigenLayer signifies a shift in sentiment towards staking ventures.

  • Grayscale's Bitcoin Trust (GBTC) saw its first net inflow of $63 million on May 3, reversing a trend of outflows. This contrasts with competitor IBIT's rapid growth, reaching $16.9 billion in assets. Grayscale remains optimistic about SEC approval for Ethereum ETFs, despite analysts' lowered expectations. Coinbase has also urged approval, citing parallels with Bitcoin ETFs.

COIN GABBAR Views: Is it time for another drop in BTC as Bitcoin price rejects key resistance? Will altcoins outperform BTC in the coming days, with Ethereum showing strength against Bitcoin? What's next as Bitcoin liquidation decreases, but BTC maintains above $60K? 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 Scams On The Rise Before Pi Network Mainnet Goes Live

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