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24 Hrs Crypto Update,May 01: Global Market Fails To Hold On To Streak

Key Takeaways
  • Crypto market has experienced a decline as investors seek to minimise risks in anticipation of this week's FOMC meeting. It is widely anticipated that the Federal Reserve will announce its 10th consecutive rate hike during its meeting on May 2nd and 3rd, which will bring its funds rate to a range of 5% to 5.25%. This will be the highest level since July 2007
  • In the past 24 hours, several leading cryptocurrencies, including BTC, ETH, BNB, and SOL, have experienced a significant decline in trading activity, resulting in a deep red market trend
02-May-2023 By: Ashish Sarswat
24 Hrs Crypto Update


Indices LTP Change (%)
BITCOIN $28040 4.08%
ETHEREUM $1833 2.65%

                                                                                                     CRPTO STATS(24H) 

Indices VALUE Change (%)
MARKET CAP $1.21 T 1.50%
TRADING VOLUME $40.60 B 5.36%

                                                                                                         TOP 5 GAINER

Indices LTP Change (%)
GM $0.000011 81.72%
SCOneX $0.0035 74.91%
Axe $0.0056 63.64%
Varen $15.42 43.53%
PolySwarm $0.013 41.61%

                                                                                                         TOP 5 LOSER

Indices LTP Change (%)
Zombie Inu(OLD) $0.000000000028 90.44%
MobieCoin $0.000040 65.04%
Ravendex $0.000057 53.45%
dfohub $0.0013 53.14%
Aircoins $0.000014 43.00%

On May 01, The leading cryptocurrency has relinquished 

all recent gains and seen a sharp decline. Traders have opted to secure profits in anticipation of this week's significant event. As the pivotal U.S. Fed meeting approaches on Wednesday, Bitcoin has experienced a 4.08% decline, currently sitting at $28,040. Ethereum, the second-largest player in the crypto market, has also experienced a 2.65% drop, currently valued at $1,833, and continues to trail behind BTC.

Major Events Around the World

The future of the cryptocurrency market may be significantly impacted by a new consideration by the US Supreme Court. This comes as the industry faces an increasingly stringent regulatory environment in the United States. As previously reported by CoinGape, the top court has agreed to consider reducing the powers of federal regulatory agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These agencies have already taken enforcement actions against major crypto businesses, including Binance, Coinbase, and Kraken.

Based on on-chain data, the Bitcoin exchange reserve ratio for US versus offshore platforms has been decreasing as of late. This trend coincides with a widespread regulatory crackdown on crypto-related businesses in the United States, which has caused investors to lose faith in the market.

It may come as a surprise to some, but Poloniex, a crypto exchange based in Boston, has agreed to pay a staggering $7.59 million to settle allegations of violating sanctions with the U.S. Treasury Department's Office of Foreign Asset Control (OFAC). The settlement will come as a relief to many of Poloniex's customers. According to a press statement released by OFAC, the platform committed over 66,000 violations of multiple sanctions programs. These violations allowed customers from Crimea, Cuba, Iran, Sudan, and Syria to trade up to a total of $15 million between January 2014 and November 2019.

COIN GABBAR Views: As the whole global market is waiting for  the upcoming US Federal Reserve meeting with optimism for the future of cryptocurrency. Will crypto rise or fall after the FED statement. In order to successfully navigate the ever-changing and unpredictable markets, it is imperative to remain informed and knowledgeable about the latest trends, breaking news, technical and fundamental analysis, as well as expert opinions. Please stay tuned with us

Also read: SEC Fined Coinme $4M For 'Misleading' UpToken ICO

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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