Crypto News: Crypto Market Rebound Strongly After Market Dip

Crypto market cap increased 3.60%, now at $2.51 trillion

• The highly anticipated Cardano Hard Fork is now live with the launch of Node 9.1.0 on the Proof-of-Stake blockchain.

• Jersey City's pension fund will invest in Bitcoin ETFs, mirroring Wisconsin, with SEC paperwork due by summer's end.

Major Events To Watch

Crypto Fear and Greed Index:

The Crypto Fear and Greed Indicator shows a current value of 68, indicating a "Greed" sentiment, consistent with yesterday's reading.

Cryptocurrency values have rose over the past 24 hours

                                                                                            TOP 5 Gainers Coins

Latest Market Update: 

• #Bitcoin soars to $67K amid substantial buying activity.

• Major altcoins, such as #Stacks ($STX), #Mantle ($MNT), #Uniswap ($UNI), #Bitcoin Cash ($BCH), and #Thorchain ($RUNE), are experiencing gains.

• #Aave token experienced a significant gain, rising by over 16.30% in the past 24 hours.

• #MANTRA ($OM) has declined by more than 2.81% in the last 24 hours.

• The total cryptocurrency market volume over the last 24 hours reached $82.73 billion, reflecting a 1.75% increase.

• The volume in decentralized finance (DeFi) is $4.71 billion, accounting for 5.69% of the total crypto market 24-hour volume.

• Stable coins represent a significant portion, with a volume of $75.46 billion, which is 91.22% of the total market volume.

• Bitcoin's dominance in the market stands at 55.33%, marking a 0.56% increase over the day.

Major Worldwide News Update:

• At the Bitcoin Conference 2024, BlackRock's Head of Digital Assets, Robert Mitchnick, expressed skepticism about future crypto ETFs for assets like Solana and XRP, despite Bitcoin and Ether dominance. He emphasized regulatory challenges, contrasting with European markets where altcoin ETPs are already available.

• Cardano introduced Node 9.1.0, marking the final phase before the Chang Hard Fork upgrade, enabling on-chain decision-making. The upgrade, including the Conway genesis file, advances Cardano's infrastructure alongside Plutus V3. Historically, such upgrades, like the Alonzo hard fork, have significantly boosted ADA’s price.

• Economist Peter Schiff criticized Donald Trump's pro-Bitcoin stance, questioning the use of taxpayer money for Bitcoin investments. Trump, backed by crypto executives, promises regulatory clarity, attracting $4 million in crypto donations. Schiff also criticized Michael Saylor for his Bitcoin strategy, highlighting his shift from corporate to national advocacy.

• OpenAI has launched SearchGPT, an AI-powered search engine providing fast, accurate answers with clear sources. Currently in testing, it combines AI models with real-time web information and supports follow-up questions. OpenAI aims to enhance user experience and collaborate with publishers to refine and integrate SearchGPT into ChatGPT.

• A major crypto tax bill, the Virtual Currency Tax Fairness Act, was introduced in the U.S. Senate with bipartisan support. It proposes a de minimis exemption from capital gains tax for low-value cryptocurrency transactions, similar to foreign currency exemptions. Senators Lummis and Gillibrand are key proponents of clear crypto regulations.

• Jersey City Mayor Steven Fulop announced the city's pension fund will invest in Bitcoin ETFs, following Wisconsin's lead. The move signals growing institutional acceptance of cryptocurrencies. Jersey City is filing with the SEC, aiming to complete the process by summer's end, highlighting blockchain's significance akin to the internet.

COIN GABBAR Views: Is the Bitcoin Price Recovery Signaling a Bull Run? Will Bitcoin and Ethereum Hit New Highs Next Week? How Will Jersey City Mayor’s Plan To Introduce Bitcoin ETFs Into Pension Funds Impact Bitcoin's Price? To get latest news Stay tuned us at coingabbar

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