Crypto News April 02: Crypto Markets Stir Pre-Key U.S. Data
- Traders are closely monitoring today's release of ADP employment, ISM services data, and remarks by Fed Chair Jerome Powell.
- Bitcoin maintains above $66,000, while Ethereum stays above $3,300, following a recent drop.
- Despite this stability, the cryptocurrency market experienced a 0.50% decline, with total market capitalization at $2.62 trillion.
Crypto market fell 0.50%, reaching a value of $2.62 trillion
Cathie Wood's ARK Bitcoin ETF witnessed a record outflow of $87 million, surpassing GBTC.
Crypto extended its decline following Monday's losses, as strong manufacturing data reduced expectations of a rate cut in June.
Major Event to be watch
Crypto Fear and Greed Index:
Over the past day, the "Fear and Greed Index" dropped by 8 points, currently resting at 71 out of 100, indicating a rise in selling activity. The prevailing market sentiment remains predominantly optimistic, maintaining a level above 70.
Latest Market Update:
Altcoins such as Ethereum (ETH), Core (CORE), Aptos (APTOS), Sui (SUI), and Uniswap (UNI) experienced losses.
The Ethena token saw the highest gain, surging over 18.23% in the last 24 hours.
On the flip side, the Core (CORE) token suffered the biggest loss, dropping over 12.27% in the same period.
Total crypto market volume in the last 24 hours stands at $125.29 billion, reflecting a 5.40% increase.
DeFi's total volume is currently $12.07 billion, constituting 9.63% of the total crypto market 24-hour volume.
The volume of all stablecoins now amounts to $117.26 billion, representing 93.59% of the total crypto market 24-hour volume.
Bitcoin's dominance stands at 52.15%, showing a marginal increase of 0.03% over the day.
Major Worldwide News Update:
After a two-day downturn, the crypto market sought to rebound, with attention turning to Federal Reserve Chairman Jerome Powell's upcoming testimony before Congress. Powell is expected to echo Fed members' recent cautious stance on premature interest rate cuts. Wednesday's highlights include the US ADP Employment Change, ISM Services PMI, and Powell's speech.
ARK 21Shares Bitcoin ETF experienced its first daily outflow exceeding $87 million, surpassing Grayscale's Bitcoin Trust (GBTC). Despite two consecutive days of outflows, ARK 21Shares remains the third-largest spot ETF with $2.2 billion AUM. GBTC still holds the most Bitcoin despite shedding 291,000 BTC post-conversion. Bitcoin's price decline coincided with increasing ETF outflows.
Goldman Sachs' Chief Investment Officer Sharmin Mossavar-Rahmani remains skeptical about cryptocurrencies, dismissing them as an investment asset class due to valuation challenges. Despite growing institutional interest, she sees no demand from Goldman Sachs clients. Anthony Pompliano countered, highlighting Bitcoin's evolving role and growing legitimacy as an asset class.
Ethereum faces criticism from both regulators and its community. Concerns raised include developers' control and lack of community engagement. Proposed solutions include annual Ethereum Assemblies for stakeholder input. Meanwhile, Ethereum-based projects like COTI focus on enhancing network confidentiality, while Vitalik Buterin plans protocol simplification.
The cryptocurrency market anticipates the Bitcoin halving, with historical data showing both significant price surges and diminishing returns post-halving events. Analysts debate the impact of supply constraints, regulations, and macroeconomic factors on future price movements, amid growing Bitcoin adoption.
The US government moved 30,175 BTC to a Coinbase-linked wallet during a Bitcoin price dip, sparking speculation in the crypto community. The transfer, part of seized assets from Silk Road, suggests potential government-backed selling or exchange. Discussions arise over control and disposal of seized digital assets.
Forbes highlights the growing importance of AI and blockchain in fueling Web3's expansion, improving user experiences, and addressing data privacy concerns. The synergy between blockchain's transparency and AI's predictive capabilities enhances personalized services without compromising user data. The Web3 market is projected to reach $65.78 billion by 2032, driven by metaverse adoption and data ownership trends.
COIN GABBAR Views: Will Bitcoin's price consolidation encounter obstacles amid potential drop to a certain level, with altcoins facing a plunge of 30-40%? Can BTC rebound to $75k before the halving? Amid crypto's tumble, should you panic sell or hold tight? To get latest news Stay tuned us at coingabbar
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Also Read: Crypto News April 02: Is This the End of the Bull Market?
