Crypto News Today: Fed Hawkish Stance Sparks Sell-off Frenzy

Crypto market cap hits $2.37T, decreases by 1.30% in value

• In April, the U.S. Producer Price Index (PPI) surged by 0.5%, exceeding economists' forecast of a 0.3% increase.

• The CPI is anticipated to provide respite following a series of unexpected increases, diminishing hopes for Federal Reserve interest rate cuts.

Major Events To Watch

Crypto Fear and Greed Index:

The Fear and Greed Index dipped by 2 points to settle at 64 out of 100, indicating a modest decline in cryptocurrency sentiment.

Cryptocurrency prices increased over the last 24 hours

TOP 5 Gainers Coins

Latest Market Update: 

• Bitcoin dropped below $62,000 on Tuesday due to higher-than-expected U.S. wholesale inflation in April.

• Several major altcoins saw gains, including #Gamestop ($GME), #Wormhole ($W), #Arweave ($AR), and #Floki ($FLOKI).

• #Pepe ($PEPE) notably surged for the second consecutive day, marking an impressive 7.90% increase within 24 hours.

• Conversely, #Render ($RNDR) experienced a significant decline, plummeting by 8.20% during the same timeframe.

• Crypto market volume in the past 24 hours hit $72.48B, marking a 3.36% surge.

• DeFi volume: $5.72 billion, representing 7.89% of the total crypto market's 24-hour volume.

• Stablecoin volume: $68.11 billion, comprising 93.96% of the total crypto market's 24-hour volume.

• Bitcoin's dominance now stands at 53.99%, rising by 0.16% within the day.

Major Worldwide News Update:

• Investor dissatisfaction on May 14 was partly fueled by the U.S. Producer Price Index (PPI) data for April, revealing a 0.5% month-over-month surge. This led the market to perceive the elevated wholesale inflation as an indication that the Federal Reserve (Fed) would prolong higher interest rates, negatively impacting assets like cryptocurrencies and growth stocks.

• Bitcoin felt the heat, slipping below $62,000 amidst US macroeconomic worries. Long positions worth over $100 million got liquidated. On-chain data unveiled selling from small holders and unusual negative movements from those with over 100 BTC. Rumors swirl about hedge funds betting against Bitcoin before the CPI release. Analysts are eyeing the US CPI report for cues on market trajectory.

• UN sanctions monitors allege North Korea laundered $147.5 million stolen from a crypto exchange through Tornado Cash. This adds to concerns about crypto evasion of global sanctions. North Korea reportedly conducted 97 cyberattacks on crypto firms worth $3.6 billion since 2017. Increased scrutiny and restrictions target Tornado Cash, previously sanctioned by the US.

• Google enhances Gemini and Gemma products with Gemini 1.5 Flash and API updates, catering to developer and enterprise needs for advanced AI functions. Gemini 1.5 Pro expands with a longer context window, while Flash offers high efficiency and low latency. Gemma series grows with Gemma 2 and PaliGemma, optimizing performance across platforms.

• Franklin Templeton CEO Jenny Johnson reaffirmed support for blockchain during a Bloomberg interview. She highlighted cost efficiency and data integrity benefits, foreseeing blockchain's widespread adoption in financial services. Johnson also discussed generative AI's potential and Franklin Templeton's collaboration with Microsoft to develop AI-powered tools for finance.

• Guild of Guardians, a play-to-earn mobile game, launches globally on Google Play and the Apple app store. Players can earn $GOG tokens convertible to cash. Immutable Games reveals 1 million pre-registrations, celebrating with a cinematic trailer. The game's ecosystem integrates ERC-20 tokens and NFTs, with plans for decentralized governance.

COIN GABBAR Views:Will Bitcoin reach $70,000 or $56,000 this week? Can the Bulls maintain the $60,000 level once more? Has Bitcoin discovered its bottom? Are the April inflation figures anticipated to be lower than those of the previous month? 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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