Crypto News: SOL, BNB, PEPE, and WIF Surge While ETH Stumble

Ethereum's Dencun Upgrade Impact: Layer 2 Gas Fees and Market Reaction

• The ETH Dencun upgrade went live, likely benefiting layer 2 gas fee transactions. MATIC hit a yearly high, but OP and ARB didn't see similar price movements.

• A developer showcased Ethereum's Dencun upgrade by uploading the entire Bee Movie script to the network, highlighting reduced data costs.

Major Events To Watch

Crypto Fear and Greed Index:

The 'Fear and Greed Index' signaling bullish sentiment, currently at 88 out of 100, reflects widespread market optimism observed in recent days.

Latest Market Update: 

• #Bitcoin ($BTC) surpassed the $73,000 mark early Thursday, driven by the excitement surrounding BTC exchange-traded funds.

• #Ethereum ($ETH) experienced a drop below $4,000 following the Dencun Upgrade going live last night, with recovery prospects uncertain.

• Other prominent altcoins like #Dogecoin ($DOGE), #Ripple ($XRP), #Solana ($SOL), and #Litecoin $(LTC) witnessed mixed movements, with minor dips and gains.

• Memecoin #dogwifhat ($WIF) emerged as the top gainer, recording a 24-hour surge of over 27%.

• #NEAR Protocol ($NEAR) suffered the most significant loss, dipping over 8.75% in the span of 24 hours.

• Total crypto market volume in the last 24 hours stands at $136.63 billion, marking a decrease of 13.99%.

• DeFi's total volume registers at $12.83 billion, representing 9.39% of the total crypto market 24-hour volume.

• The volume of all stable coins amounts to $123.32 billion, comprising 90.26% of the total crypto market 24-hour volume.

• Bitcoin's dominance is presently at 52.09%, showing a day-over-day increase of 0.12%.

Major Worldwide News Update:

• Following a varied session, the cryptocurrency market's attention now shifts decisively towards forthcoming inflation and U.S. consumer data. Despite a higher-than-anticipated consumer price index for February, U.S. stock markets mostly remained unaffected. However, they are bracing for another challenge on Thursday, as producer price index and retail sales data loom ahead.

• MicroStrategy Inc. leads in Bitcoin strategy, expanding its holdings to 250,000 units with a recent $822 million acquisition. Seeking to raise $500 million for further purchases and corporate obligations, they offer Convertible Senior Notes due in 2031 to qualified institutional buyers, aiming to sustain their Bitcoin strategy amidst market conditions.

• US Attorney’s Office in Massachusetts targets $2.3 million in crypto associated with internet fraud affecting 37 victims nationwide. Frozen assets include USDC, USDT, TRX, SOL, BNB, ADA, and ETH held in two Binance accounts. The action reflects efforts to combat digital fraud and recover losses for victims, aided by Tether in returning $1.4 million.

• Meme coins surge amidst overall crypto market rally, reminiscent of previous bubble patterns, prompting caution. Despite warnings, meme coin trading volumes near levels seen before the 2021 bubble burst, hitting $80 billion weekly. While Bitcoin reaches all-time highs, past market crashes serve as a reminder of crypto's volatility.

• President Joe Biden clinched the Democratic nomination, unsettling crypto markets wary of his policies. Donald Trump's re-entry buoyed hopes for lighter crypto regulations. Biden's move to empower the EIA in crypto mining stirred controversy, potentially alienating crypto voters. Political shifts underscore the influence of the 52 million-strong American crypto community on elections.

• Jack Dorsey's Block releases Bitkey, a $150 Bitcoin hardware wallet emphasizing self-custodial storage amid rising concerns over exchange safety. It features fingerprint sensor, USB-C, NFC, and Coinbase compatibility. Despite controversy over card-only payments, Bitkey's global availability in 95 countries showcases Block's commitment to secure Bitcoin storage.

• South Africa's FSCA approves 59 licenses for crypto exchanges out of 300 applicants. Regulations treat crypto assets as financial products since 2022, aiming to curb risks and illicit activities. Firms must apply by November 30 or face enforcement. FSCA emphasizes phased regulation due to crypto's volatility and potential for abuse.

COIN GABBAR Views: Is a $75,000 breakout expected this week for Bitcoin? Is Bitcoin on the verge of correction? What's the next target, and are we facing a liquidity crisis? Will the crypto market dive or soar ahead of Core Retail Sales, PPI, and Unemployment Claims? To get latest news Stay tuned us at coingabbar

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