Crypto News: Bulls Charge Ahead as US Data Turns Favorable

Crypto market cap rose by 0.5%, reaching $2.70 trillion

• The University of Michigan Consumer Sentiment and 5-Year Inflation Expectations data were positive for the U.S. economy.

• Wen Jian has been given a nearly seven-year prison term following a London court's ruling of her guilt in a Bitcoin fraud case involving money laundering.

Crypto Fear and Greed Index:

The Fear and Greed Index has increased by 2 points, reaching 76 out of 100, signaling extreme greed and continued buying activity in the cryptocurrency market.

Crypto surged in 24 hours, signaling growth in market

TOP 5 Gainers Coins

Latest Market Update: 

• #Bitcoin price rises upside above $68,500 as inflation outlook data suggests potential Fed rate cuts starting September.

• #Lido DAO ($LDO), #Ondo ($ONDO), #Uniswap ($UNI), #Pepe ($PEPE), and #Chainlink ($LINK) shows positive gains.

• #Core ($CORE) emerges as the top performer with an impressive 24-hour increase of nearly 20.69%.

• Conversely, #Bittensor ($TAO) experiences the most notable decline, dropping nearly 4.74% over the same period.

• The total crypto market volume over the last 24 hours is $83.7 billion, marking a 41.28% decrease.

• The total volume in DeFi is currently $7.05 billion, which is 8.42% of the total 24-hour crypto market volume.

• Volume of all stable coins is $78.34B, which is 93.60% of the total crypto market 24-hour volume.

• Bitcoin’s dominance is currently 52.90%, an increase of 0.42% over the day.

Major Worldwide News Update:

• Bitcoin's price showed a slight upward movement on Friday, supported by its strengthening chart pattern. Bulls regained momentum after a breakout earlier in the week and a subsequent trendline retest. Additionally, positive data on U.S. consumer sentiment and inflation expectations suggests a stable economic outlook, potentially delaying Fed rate cuts.

• Wen Jian has been sentenced to nearly seven years in prison for her involvement in a 61,000 Bitcoin fraud case spanning 2014-2017. Accused of laundering funds from 130,000 Chinese investors, she converted Bitcoin to cash and property valued at $6.4 billion. While not deemed the mastermind, prosecutors argued she knowingly handled illicit money. UK authorities seized over $3.8 billion in Bitcoin during the investigation.

• Former SEC Chairman Jay Clayton discussed challenges and inevitability of spot Ethereum ETFs, highlighting recent SEC approvals and procedural steps. While positive for trading, ETF product approval is pending, contingent on registration statements. Uncertainty surrounds Ethereum's legal classification, affecting regulatory stance and ETF prospects. Market maturity also influences approval process.

• Following SEC's approval of 8 spot Ethereum ETFs, Robinhood CEO Vlad Tenev confirms readiness to list. Approval process, accelerated within 4 days, implies trading delays. Tenev assures support upon launch, aiming to enhance accessibility. Unlike Bitcoin, Ethereum ETF trading might start weeks later, potentially with lower volume initially.

• OKX suspends centralized crypto exchange for Hong Kong users by May 31, citing strategic considerations and compliance with local regulations. Only withdrawals available post-May 31 until August 31; unclaimed balances termed "unclaimed property" thereafter. VASP license application withdrawn; Web3 wallet remains accessible. Shift towards expansion in Dubai, Turkey, and Australia follows.

• South Korean authorities nabbed 19 members of a fraudulent chat group that conned 308 investors of $19 million. Operating an open chat room, they promised quick profits from unlisted coins. The gang cut ties when investors demanded refunds. Interpol seeks six suspects overseas. Scammers used deceptive tactics to recruit members.

COIN GABBAR Views: Is the recent surge in Bitcoin price indicative of market fluctuation or the beginning of a correction? Could we anticipate Bitcoin reaching $80,000 per BTC with the launch of spot Ethereum ETFs? Will Ethereum mimic Bitcoin's trajectory and experience a 20% retracement over the next 15 days? 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: Chainlink Price Prediction: Can LINK Surpass the $20 Mark?