Crypto News Today:Bitcoin Surpasses $66K Amid Inflation Hype

Cryptocurrency market cap reaches $2.51T, up 5.70% in value

• The U.S. Bureau of Labor Statistics noted consumer prices increased 3.4% year-over-year in April, down from March's 3.7%.

• US retail sales flat in April, signaling consumer spending slowdown. Overall sales stable at $705.2B, up 3.0% from last year.

Major Events To Watch

Crypto Fear and Greed Index:

The Fear and Greed Index surged by 6 points, reaching a level of 70 out of 100, suggesting increased buying activity in the cryptocurrency market.

Cryptocurrency values have climbed over the previous 24 hour

TOP 5 Gainers Coins

Latest Market Update: 

• #Bitcoin ($BTC) surged approximately $5,000 following the US CPI report, indicating a slowdown in inflation and boosting investor confidence in risk assets.

• Several major altcoins witnessed gains exceeding 10%, including #Shiba Inu ($SHIB), #Solana ($SOL), #ThorChain ($RUNE), and #Fetch.AI ($FET).

• #Floki ($FLOKI) notably soared, marking an impressive 10.77% increase within a 24-hour period.

• Conversely, #Ethena ($ENA) experienced a significant decline, plummeting by 6.98% during the same timeframe.

• Total crypto market volume in the last 24 hours surged to $98.89B, marking a notable increase of 36.63%.

• DeFi's total volume stands at $7.5B, representing 7.58% of the total crypto market volume within the same timeframe.

• Stable coins have dominated the scene with a volume of $92.67B, constituting a significant 93.71% of the total crypto market volume over 24 hours.

• Bitcoin's dominance has risen to 54.47%, experiencing a slight uptick of 0.45% throughout the day.

Major Worldwide News Update:

• April's retail sales remained flat, with March's growth revised downward to 0.6% from 0.7%. Auto sector trade declined by -0.8% month-on-month (m/m), including drops at motor vehicle dealers and automotive parts stores. Gasoline station sales surged 3.1% m/m due to higher gas prices, while building materials rose 0.5% m/m.

• In April 2024, US inflation showed a smaller-than-anticipated increase, indicating a resumption of its downward trajectory at the beginning of the second quarter. This development has bolstered expectations on Wall Street for a potential interest rate cut by the US Federal Reserve in September. According to the latest figures from the Labor Department's Bureau of Labor Statistics released on May 15, the US consumer price index (CPI) rose by 0.3 percent sequentially.

• Bitcoin ETF trading volumes surged, hitting a two-month high, as traditional financial players seek exposure to Bitcoin funds. On-chain data from Santiment shows a $5.65 billion trading volume for seven major Bitcoin ETFs, indicating increased investor interest. Hedge fund Millennium Management disclosed a $2 billion spot Bitcoin ETF portfolio.

• Rep Thomas Massie considers a bill to abolish the Federal Reserve, stirring varied reactions in the crypto community. In an X poll, 88% favored ending the Fed. While some support pro-crypto legislation, others advocate outcompeting the Fed with Bitcoin. The crypto community seeks decentralization amid regulatory concerns.

• Congressman Wiley Nickel urges SEC Chairman Gary Gensler to retract Staff Accounting Bulletin (SAB) 121 amid bipartisan Senate concerns. SAB 121 faces criticism for stringent digital asset accounting rules, seen as inhibiting innovation. Critics fear regulatory overreach and argue for a balanced approach supporting both regulation and innovation.

• Boothbay Fund Management, based in New York City, emerges as the primary holder in various Bitcoin ETFs, including BlackRock iShares, Fidelity Wise Origin, and Bitwise. With over $377 million invested in spot Bitcoin ETFs, it ranks among the largest holders in Grayscale’s GBTC. The firm also holds significant shares in Coinbase, MicroStrategy, and Robinhood Markets.

COIN GABBAR Views: Could a softer CPI drive Bitcoin to $70,000 in May, signaling the start of a bull market? With Bitcoin bouncing off the $60,000 support level, is a surge to $100,000 before 2025 feasible? To get latest news Stay tuned us at coingabbar

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