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Bitcoin experienced a rollercoaster ride in the past 24 hours, with its price plummeting to $67,100 before soaring to nearly $70,000. Despite the volatility, the leading cryptocurrency failed to break the coveted $70,000 mark and currently hovers around $68,000. Its market cap remains below $1.350 trillion, but its dominance over altcoins is above 50%. In the altcoin market, Pepe, the third-largest meme coin, has resumed its bullish trend with a 9% daily surge. Other top gainers among the largest 100 altcoins include JASMY (27%), BEAM (25%), and ORDI (18%). Major altcoins like Ethereum, Binance Coin, Solana, Ripple, Dogecoin, and Toncoin experienced less volatility, with gains ranging from 0.5% to 1%. Despite recent fluctuations, the total crypto market cap has recovered some ground, though it remains below $2.7 trillion. This market resilience underscores the growing investor confidence in the blockchain industry, particularly in DeFi and BRC 20 tokens, which continue to show promising growth potential.

Bitcoin experienced a rollercoaster ride in the past 24 hours, with its price plummeting to $67,100 before soaring to nearly $70,000. Despite the volatility, the leading cryptocurrency failed to break the coveted $70,000 mark and currently hovers around $68,000. Its market cap remains below $1.350 trillion, but its dominance over altcoins is above 50%.

In the altcoin market, Pepe, the third-largest meme coin, has resumed its bullish trend with a 9% daily surge. Other top gainers among the largest 100 altcoins include JASMY (27%), BEAM (25%), and ORDI (18%). Major altcoins like Ethereum, Binance Coin, Solana, Ripple, Dogecoin, and Toncoin experienced less volatility, with gains ranging from 0.5% to 1%.

Despite recent fluctuations, the total crypto market cap has recovered some ground, though it remains below $2.7 trillion. This market resilience underscores the growing investor confidence in the blockchain industry, particularly in DeFi and BRC 20 tokens, which continue to show promising growth potential.

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Monochrome Asset Management, an Australian investment firm, is set to launch the country's first spot Bitcoin exchange-traded fund (ETF) on May 4, 2024. The Monochrome Bitcoin ETF (IBTC) will be the first fund in Australia to directly hold BTC and is expected to be listed on the Cboe Australia exchange on June 4. The firm will implement a strictly passive buy-and-hold investment strategy for Bitcoin, without using derivatives, leverage, or short selling. Monochrome applied to launch IBTC in April, amid the growing popularity of the U.S. spot Bitcoin ETF market. The firm had previously received approval to launch a spot Bitcoin ETF in August 2022, which was intended to give investors direct exposure to BTC, ether, and other cryptocurrencies. The launch of IBTC is significant as it offers Australian investors a regulated way to tap into the potential of the Bitcoin market. Monochrome's CEO, Jeff Yew, emphasized that unlike other Bitcoin ETFs, IBTC benefits from the investor protection rules under the directly held crypto Australian Financial Services (AFS) licensing regime. This development is part of a global trend, with several other countries approving the listings of spot Bitcoin ETFs, offering investors direct exposure to the cryptocurrency. The success of the first wave of ETFs launched in the United States earlier this year has triggered a wave that is spreading across regions like Hong Kong. This positive trend is expected to continue, with more countries likely to approve similar products in the coming months.
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