Bitcoin price is facing selling pressure due to high inflation and weak GDP, as the Federal Reserve remains on hold on interest rates.
Australian players target $2.3 trillion pension market to emulate success of US spot Bitcoin ETF
Major events worth noting
Crypto Fear and Greed Index:
The Fear & Greed Index rose 2 points to 67 out of 100, indicating increased buying pressure.
Latest market trends:
#Bitcoin ($BTC) price continues to fall, breaking below the $62,500 mark.
Other popular altcoins such as #Ethereum ($ETH),#Core($CORE),#Celestia($TIA),#Ethena($ENA), and#Worldcoin($WLD) also experienced declines.
The#Helium($HNT) token has seen the most notable gains, surging more than 14% in the past 24 hours.
However, the#Bonktoken, which had previously seen the largest gain, saw the biggest drop during the same period, falling by more than 8.90%.
The cryptocurrency market has seen a significant surge over the past 24 hours, with total trading volume reaching $53.38 billion, an increase of 1.92%.
DeFi transaction volume was $5.04B, accounting for 9.45% of the total 24-hour cryptocurrency market volume.
Stablecoins contributed $48.07B, or 90.05% of the total 24-hour volume in the cryptocurrency market.
Bitcoin’s dominance currently stands at 52.99%, up 0.09% on the day.
Global major news updates:
Crypto markets remain under pressure; Bitcoin dips below $62,500 while top altcoins see 4-10% corrections. Key US economic events this week include the Fed rate decision and April unemployment rate. Speculations of stagflation are emerging against the backdrop of weak GDP and high inflation. Market sentiment shifts with lower expectations of rate cuts. Attention turns to potential positive catalysts for Hong Kong Bitcoin and Ethereum spot ETF trading next week.
Justin Sun predicts that the SEC will not approve a spot Ethereum ETF in May due to a regulatory education gap. The SEC has delayed its decision on ETF applications from BlackRock, Fidelity, and Franklin Templeton. The CEOs of VanEck and CoinShares expressed pessimism and expected a rejection. The industry expects that the SEC's review of Ethereum's classification as a security will be rejected.
Elon Musk revealed that Tesla will invest $10 billion in artificial intelligence development, with a priority on enhancing autonomous driving capabilities. Funding targets AI training and reasoning, with a focus on vehicle integration and potential Robotaxi services. Tesla aims to consolidate its leading position in vehicle navigation, reshape mobility trends, and set high industry standards.
Binance Labs leads the Launchpool projects, with 21 out of 30 projects and 288 investors. OKX Ventures, Coinbase Ventures, and others invested in 5 projects each. Binance’s fair practices have sparked controversy. Individual investors such as Synthetix founder Kin Warwick have a commendable hit rate. Binance maintains its dominance with its 53rd project, Renzo.
A lone Bitcoin miner defied all odds and solved a block alone, earning the full reward of 3.125 BTC. They processed block 841,286 at a hash rate of 120 PH, worth $200,000. This rare feat, akin to winning the lottery, has only occurred 282 times in Bitcoin’s 14-year history, showing the increasing competitiveness of mining amid a surge in hash rates.
South African Bitcoin Ponzi schemer Johann Steynberg has reportedly died of a pulmonary thromboembolism in Brazil. Despite questions surrounding his death, the death certificate was posted online. There is speculation that he orchestrated his death. Steynberg had noticed his mental health deteriorating before his heart attack. His Brazilian wife said he left no assets or will.
Google Cloud launches Web3 portal, offering blockchain development resources, including NFT tutorials. Reactions from the cryptocurrency community were mixed; some criticized the lack of Bitcoin support, others praised the comprehensive functionality. The portal provides access to products, testnet tokens, and tutorials for Ethereum DApps, NFTs, and the Web3 loyalty program. Google expands Web3 initiatives amid lawsuit against cryptocurrency fraudsters.
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