Crypto News April 1: Bitcoin Slides, Top Coins Suffer Losses

Crypto dropped 6.30%, hitting $2.64 trillion in valuation

• Bitcoin dropped to $67,000 amid robust US data, strengthening expectations of a gradual Federal Reserve approach to rate adjustments in June.

• Over $500 million liquidated in the crypto market during a significant correction, with $414 million from long positions and $85 million from shorts.

Major Event to be watch

Crypto Fear and Greed Index:

The "Fear and Greed Index" remains stable, currently positioned at 79 out of 100, indicating heightened greed and an uptick in buying activity. The prevailing sentiment across the market remains predominantly optimistic.

Latest Market Update: 

• Bitcoin (BTC) dipped below $67,000, hovering around $66,700 at the time of writing.

• Other major altcoins such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) experienced losses.

• The CORE token saw the highest gain, surging over 40% in the last 24 hours.

• On the flip side, the Conflux (CFX) token suffered the biggest loss, dropping over 16% in the same period.

• The total crypto market volume over the past 24 hours reached $119.38 billion, marking a significant increase of 73.11%.

• DeFi's total volume amounted to $10.76 billion, accounting for 9.02% of the total crypto market volume.

• Stablecoins contributed $108.8 billion to the total market volume, representing 91.14% of the 24-hour volume.

• Bitcoin's dominance currently stands at 52.12%, marking a 0.29% increase compared to the previous day.

Major Worldwide News Update:

• The broader crypto market plummeted by 6% recently, with Bitcoin down 5.6% at $66,550. Top altcoins also saw heavy losses, with $500 million liquidated, primarily from long positions. Notable options market activity includes selling Bitcoin and Ethereum calls and buying puts, indicating cautious sentiment. Meme coins like Dogecoin and Shiba Inu faced steep corrections amidst waning speculative interest.

• Crypto airdrops, popular incentives in the market, distribute tokens to community members, fostering engagement and showcasing token utility. During bull markets, more airdrops occur, with top ones for April including Binance's $500,000 reward pool and MYTHx's 6,250,000 token distribution, promoting engagement and community building in the crypto space.

• MakerDAO plans a $600 million investment in DAI into USDe and sUSDe through Morpho Labs' DeFi lending protocol, extending their presence in crypto lending. This move aims to boost Ethena Labs' value, enhance liquidity risk management, and improve overall investment risk profile while addressing counterparty risks and systemic risks.

• Google settled a lawsuit by deleting billions of data records, resolving claims of unauthorized internet monitoring in private browsing. Reuters estimates the settlement's value at over $5 billion. Users may still sue for damages individually. Google updated disclosures on private browsing data collection and imposed a five-year restriction on third-party cookies for Incognito users.

• dYdX, a decentralized exchange, plans to relocate operations to the Cayman Islands amid increased U.S. regulatory scrutiny. Approved by a community vote, this move aims to navigate complex regulatory environments and protect contributors. It reflects a trend of DeFi platforms seeking crypto-friendly jurisdictions to ensure operational continuity.

• Former FTX CEO Sam Bankman-Fried, serving a 25-year sentence, expressed remorse from Brooklyn's Metropolitan Detention Center for the exchange's collapse. He claims ignorance of illegality in his actions but acknowledges mistakes. Despite intentions, his errors led to FTX's downfall, prompting plans for an appeal.

• a16z General Partner Andrew Chen plans to invest up to $30 million in the Andreessen Horowitz SPEEDRUN program via the a16z Games Fund One. The program, targeting gaming-related startups, offers $750,000 per startup. Selected participants undergo a 12-week accelerator program supported by industry experts.

COIN GABBAR Views: Did Bitcoin's price dump to $66K as bears gain strength, hinting at $64K next? With $500 million liquidated, is Bitcoin (BTC) heading towards a 5.5% tank? Will Bitcoin face a downturn after being rejected at $71,400 for the third time? As the 'Halving' countdown begins, what's the prediction for Bitcoin's price blast? To get latest news Stay tuned us at coingabbar

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Also Read: Crypto News: Bitcoin Dips Below $70K, Core Glory Continues