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Crypto Prices Today 25 April: GDP Fizzle Sparks Crypto Crash

25-Apr-2024 By: Lokesh Gupta
Crypto Prices Today

Crypto prices plummeted significantly in the last 24 hours

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Crypto News Key Highlights:

  • Elon Musk's Tesla revealed a $745 million Bitcoin holding, previously at $1.5 billion. Musk's SpaceX also holds Bitcoin. Despite interest in meme Cryptocurrency like Dogecoin, Musk vowed against creating a Crypto Token. His tweets on Cryptocurrency, especially Dogecoin, sparked market fluctuations. Tesla's stance on Bitcoin payments affects market trends.

  • Block, led by Jack Dorsey, unveiled plans for a Bitcoin mining system with a custom three-nanometer chip, advancing decentralization efforts. The firm aims to address miner challenges by engaging with the community. Amid rising mining difficulty and halving effects, innovation becomes crucial for miners' sustainability.

  • The SEC is poised to reject spot Ethereum ETFs, signaling ambiguity in regulatory approval. Notable issuers like BlackRock and Grayscale anticipate denial. Discussions with the SEC have been unfavorable, potentially delaying approval until late 2024. Market participants view ETFs as pivotal for crypto adoption, but SEC resistance persists.

  • A prominent analyst warns of a $62 million Bitcoin liquidation if it rebounds to $66.9K, sparking speculation amid a bearish market. Bitcoin faces a 4.41% decline, trading at $63,850, but optimism persists post-halving. Whales accumulate BTC, hinting at bullish trends despite potential consolidation and looming liquidation risks.

  • Samourai Wallet founders, Rodriguez and Hill, face money laundering conspiracy charges. DOJ accuses them of facilitating $100M in illicit transactions. CryptoQuant CEO defends them, arguing mixing enhances privacy. Founders allegedly earned $4.5M in fees. Rodriguez apprehended, Hill detained in Portugal. Samourai website seized; mobile app targeted.

  • In the week ending April 20, initial jobless claims in the US totaled 207,000, surpassing expectations. The insured unemployment rate was 1.2%, with a 4-week moving average of 213,250, down 1,250 from the prior week. Additionally, insured unemployment for the week ending April 13 decreased by 15,000 to 1,781,000.

  • The US economy expanded slower than anticipated in Q1, growing at an annualized rate of 1.6%, below economists' 2.5% estimate. This reading, lower than Q4's revised 3.4%, suggests pressure from the Federal Reserve's rate hikes. Investors monitor data for hints on when rate cuts might occur amidst concerns about consumer and economic strain.

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 Prices April 25: BTC Falls to $64K, Market in the Red

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