Crypto News Today: Markets Stagnate Amid Fed Uncertainty

Crypto market cap dipped 0.50%, now at $2.73 trillion

• James Seyffart from Bloomberg proposes CFTC's futures ETF approval could speed up Solana SPOT ETF's potential approval, aided by FIT21.

• Anthony Scaramucci supports Michael Saylor, emphasizing his positive impact on Bitcoin (BTC) amid criticism.

Major Events To Watch

Crypto Fear and Greed Index:

The Fear and Greed Index holds steady at 76 out of 100, indicating extreme greed and continued strong buying activity in the cryptocurrency market.

Crypto witnessed a surge, indicating significant growth

TOP 5 Gainers Coins

Latest Market Update: 

• #Bitcoin is facing challenges in regaining momentum above the $70K mark.

• #Kaspa ($KAS), #Floki ($FLOKI), #dogwifhat ($WIF), #Pepe ($PEPE), and #TonCoin ($TON) all exhibit positive gains.

• #Bittensor emerges as the top performer, boasting an impressive 24-hour increase of nearly 9.67%.

• Conversely, #Core ($CORE) experiences the most notable decline, dropping nearly 5.37% over the same period.

• The total crypto market volume over the last 24 hours is $96.61B, representing a 19.73% decrease.

• Currently, the volume in DeFi stands at $6.7B, accounting for 6.94% of the total crypto market 24-hour volume.

• The volume of all stablecoins has reached $89.94B, constituting 93.10% of the total crypto market 24-hour volume.

• Bitcoin currently holds a dominance of 52.91%, marking a decrease of 0.16% over the day.

Major Worldwide News Update:

• Growing optimism surrounds the approval of a spot Ethereum ETF, fueling demands for similar products for altcoins like Solana. BKCM CEO Brian Kelly suggests Solana could be the next ETF. Challenges include Solana's lack of a futures ETF and SEC classification as a security. A futures ETF approval may expedite a Solana SPOT ETF. Bitwise CEO questions the need for separate altcoin ETFs.

• House Financial Services Committee members question SEC over regulatory uncertainty of Prometheum's Ethereum custody solutions. Chairman Patrick McHenry and others raise concerns on SPBD activities. Prometheum's Ethereum custody labeled as security prompts SEC inquiry. Committee seeks clarification amid SEC's review of spot Ethereum ETF proposals. ETH price bullish ahead of potential approval.

• SEC seeks public comments on potential spot Ethereum ETFs ahead of decision. Regulator's filing demands input from BlackRock, Grayscale, and others. Tone suggests increased openness to approval. Analysts speculate on approval dynamics and timeline, comparing to previous Bitcoin ETF process.

• SkyBridge Capital founder Anthony Scaramucci defended MicroStrategy's Michael Saylor against criticism, praising Saylor's positive impact on Bitcoin. Saylor, likened to a "Sherpa," is lauded for educating about BTC's value. Despite controversy over past advice, Saylor's leadership and MicroStrategy's success affirm his influence and success in cryptocurrency advocacy.

• OpenAI, led by Sam Altman, partners with News Corp, accessing journalistic materials from top media outlets to enhance ChatGPT's training. The deal, signed on May 22, 2024, includes access to current and archived content. This landmark agreement benefits both parties, though it sparks controversy over journalistic concerns and financial details.

• The House passed FIT21, a milestone in crypto regulation. Coinbase CEO Brian Armstrong praised the move for establishing clear rules. Despite Biden administration opposition, the bill heads to the Senate. Armstrong emphasizes public support for sensible regulation. The outcome will shape US crypto policy.

• Former FTX CEO Sam "SBF" Bankman-Fried is transferred from MDC in Brooklyn to a federal prison in California, closer to his family. Despite his preference to stay in New York during appeals, he's moved for proximity to his parents' home near Stanford. His destination is likely FCI Mendota.

COIN GABBAR Views: Why are bulls failing to ignite a fresh increase as Bitcoin loses strength amid positive market sentiments? Is BTC's proximity to $70,000 influenced by FOMC meeting minutes revealing inflation concerns? 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.