Crypto News Today: BTC Hold Steady,GameStop Steals Spotlight

Crypto down 0.20%, sitting at a $2.78 trillion market cap

• State unemployment claims rose by 8,000 to 229,000 for the week ending June 1, according to the Labor Department.

• Gensler’s remarks suggest that issuers will bear the responsibility for approvals, signaling the SEC won't prolong the process as some had worried.

Major Events To Watch

Crypto Fear and Greed Index:

The Crypto Fear and Greed Indicator shows "77 Extreme Greed" currently, with "78 Extreme Greed" yesterday and "72 Greed" last week.

Crypto market has experienced a surge in the past 24 hours

TOP 5 Gainers Coins

Latest Market Update: 

• During Wednesday's early trading, #Bitcoin ($BTC) stayed above $71,000, occasionally dipping to $70,000 before swiftly bouncing back.

• Other popular altcoins such as #ORDI ($ORDI), #JasmyCoin ($JASMY), #Toncoin ($TON), #BNB ($BNB), and #GME ($GME) all saw gains.

• The #Wormhole ($W) stood out as the top performer, experiencing a 24-hour increase of over 13.70 percent.

• However, #Bitget Token ($BGB) suffered the most significant loss, with a 24-hour decline of nearly 6.41 percent.

• The total crypto market volume over the last 24 hours is $74.92B, representing a 7.34% decrease.

• The total volume in DeFi is currently $5.2B, accounting for 6.95% of the total crypto market 24-hour volume.

• The volume of all stable coins is now $71.85B, making up 95.90% of the total crypto market 24-hour volume.

• Bitcoin’s dominance is currently at 53.24%, an increase of 0.19% over the day.

Major Worldwide News Update:

• Last week, new claims for unemployment benefits in the US rose by 8,000, reaching 229,000, slightly surpassing economists' expectations of 220,000. However, unit labor costs in Q1 increased less than initially estimated, indicating a cooling labor market. The Federal Reserve remains cautious about cutting interest rates despite the ongoing rebalancing towards pre-pandemic levels.

• Approval of US spot Ether exchange-traded funds (ETFs) hinges on issuers' responsiveness to SEC comments, according to chairman Gary Gensler. Recent SEC approvals suggest a faster process. Gensler’s comments contrast previous expectations, possibly influenced by Grayscale’s Bitcoin ETF challenge. Analysts suggest varying reasons for the shift, including political ties.

• GameStop (NYSE: GME) stock soared 47.45% in a day as Roaring Kitty increased positions by $586 million. Solana-based meme coin GME surged 118%. Keith Gill, aka RoaringKitty, announced a YouTube livestream. Citron Research's Andrew Left plans to short GME again. After-hours, GME rose 31%. Meme coins like AMC saw huge gains.

• New York Attorney General Letitia James filed a lawsuit against NovaTech Ltd and AWS Mining Pty Ltd, alleging a $1 billion crypto scam targeting immigrant and religious groups. The companies, accused of deceitful tactics, promised financial gain but left investors penniless. James seeks restitution and penalties.

• Binance, the top crypto exchange, now allows Mastercard users to buy digital assets after a 10-month ban. The move follows reviews of Binance's controls. Mastercard's approval is conditional on continuous assessment. It recently introduced a P2P pilot transaction and partnered with US banks for shared-ledger tech testing.

COIN GABBAR Views: Will Bitcoin's price surge to a new all-time high of $75,000 this month, hitting the $71,000 milestone? Is BTC aiming for a bull run, or will it sell off to $65,000? Are we witnessing Bitcoin's attempt to push to a new all-time high? 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.

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