Crypto Prices April 26: BTC steady $64K Amid Market Madness

Crypto market dips 0.1%, reaches $2.49 trillion in valuation

• Q1FY24 US GDP grew at 1.6%, lower than Q4 2023's 3.4% and Q3 2023's robust 4.9%, disappointing market expectations.

• State unemployment claims fell by 5,000 to 207,000 for the week ended April 20, as reported by the Labor Department.

• March saw a 3.4% surge in pending home sales, significantly surpassing economists' forecast of 0.4%.

Major Events To Watch

Crypto Fear and Greed Index:

The "Fear and Greed Index" has declined by 2 points to 70/100, suggesting increased selling pressure.

Latest Market Update: 

• #Bitcoin ($BTC) remains stable at approximately $64,000 early Friday.

• Other popular altcoins such as #Ethereum ($ETH), #Dogecoin ($DOGE), #Ripple ($XRP), #Solana ($SOL), and #Litecoin ($LTC) experience minor dips.

• The #Wormhole ($W) token exhibits the largest gain, rising over 15% in the last 24 hours.

• Conversely, the #EOS token, previously the biggest gainer, records the largest loss with a dip of over 9% in the same period.

• Total crypto market volume over the last 24 hours: $79.61B, marking a 6.18% decrease.

• DeFi volume stands at $5.97B, representing 7.49% of the total crypto market 24-hour volume.

• Stablecoin volume reaches $74.92B, comprising 94.10% of the total crypto market 24-hour volume.

• Bitcoin's dominance is at 53.52%, showing a slight increase of 0.01% throughout the day.

Major Worldwide News Update:

• In March, pending sales of existing US homes surged to a year-high despite high borrowing costs and low supply. The National Association of Realtors' contract signings index rose 3.4% to 78.2, hitting its peak since February 2023, exceeding economists' 0.4% growth projection. Median home prices are forecasted to rise to $403,800 in 2024.

• US unemployment benefit claims unexpectedly dropped, highlighting persistent labor market tightness. State claims decreased by 5,000 to 207,000, defying economists' projections of 215,000. Throughout the year, claims have varied between 194,000 and 225,000, indicating ongoing fluctuations in job market dynamics.

• The initial Q1FY24 US GDP estimate fell short at 1.6%, notably lower than Q3 2023's 4.9% and Q4 2023's 3.4%. The momentum wanes, partly due to base effect. Following each quarter's end, the US releases three GDP growth estimates: the first advance, second, and final, subject to revisions based on incoming data.

• Consensys sues SEC over Ethereum classification, aiming to prevent ETH as a security. Wells notice received prompts defense. SEC's stance reversal challenged, citing unconstitutional lack of notice. Lawsuit invokes major questions doctrine, seeks judicial ruling on MetaMask functions. Litigation reflects broader industry pushback against SEC actions on crypto firms.

• Bharat Web3 Association suggests the Indian government integrate Web3 into startup projects and establish a clear regulatory framework. They advocate for VASPs' access to banking services and training initiatives to harness India's vast Web3 potential. Regulatory sandboxes and streamlined KYC processes are proposed to foster innovation and compliance.

• Pantera Capital acquires Solana tokens from FTX bankruptcy auctions, part of a plan to sell $2.6 billion worth. Despite market turbulence, Solana's resilience and ongoing development attract investor interest. Auctions reveal increasing prices, signaling confidence in Solana's long-term potential and blockchain technology.

• FBI cautions against using unregistered cryptocurrency services, emphasizing legal and financial risks. Non-compliant platforms lack AML and KYC standards, risking disruption and loss of funds. FBI introduces FinCEN tool to verify MSB registration. Recent enforcement targets unlicensed crypto services, highlighting the need for user caution and compliance checks. 

COIN GABBAR Views: Will Bitcoin see a reversal to $60k or a rebound to $70k amidst price pressure? Can bulls drive a breakout? Is a bear market looming post BlackRock's ETF inflow streak ending? To get latest news Stay tuned us at coingabbar

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