Crypto Update: Market Surges as Fed Rate Hike Threats Ease

Cryptocurrency prices have surged in the past 24 hours

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Crypto News Key Highlights:

• The US Department of Labor's weekly data showed 208,000 initial jobless claims for the week ending April 27, matching the previous week's revised figure of 208,000. This beat market expectations of 212,000. The insured unemployment rate was 1.2%, with a 4-week moving average of 210,000, down 3,500 from the prior week's average.

• Banksters' NFT-based crypto trading simulator, BARS token, sold out quickly on top launchpads StormGain, BullPerks, and GamesPad, raising $350,000 USDT. Players learn trading skills in a realistic environment, earning BARS rewards. Features include head-to-head battles and NFT upgrades. An ongoing NFT sale offers bonus rewards, with BARS token listings on major exchanges upcoming.

• Former PayPal president David Marcus expressed bullish views on Bitcoin at the Bitcoin for Corporations 2024 event, foreseeing it as the future native currency of AI. His remarks sparked optimism amid Bitcoin's recent price fluctuations. Despite a recent dip, Bitcoin continues to attract attention and speculation for its potential growth.

• U.S. Spot Bitcoin ETFs experience significant outflows, but institutional interest persists. BNP Paribas, Europe's second-largest bank, invested in BlackRock's iShares Bitcoin Trust, signaling growing adoption. Analysts predict a surge in disclosures by investment advisors, further boosting institutional adoption. Recent FOMC meeting outcomes contributed to increased outflows and a 5% Bitcoin price drop.

• US prosecutors investigate Block, Inc., co-founded by Jack Dorsey, for compliance violations in Square and Cash App. Concerns arise over unreported transactions violating sanctions. A former employee provided evidence of ongoing issues. This investigation mirrors increasing regulatory scrutiny on cryptocurrency companies amid crackdowns and legal actions.

• Idin Dalpour, a New York resident, was arrested by the FBI for defrauding investors of $43 million through a multi-year Ponzi scheme involving a Las Vegas hospitality business and crypto trading. His arrest underscores the FBI's commitment to economic justice amid rising cryptocurrency-related scams and crimes.
  

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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