Crypto Market Updates April 09: Concerns Ahead of Pre-CPI, FOMC Release

Significant Events to Monitor

Crypto Fear and Greed Index:

The "Fear and Greed Index" declined by two points to 78 out of 100, indicating Extreme Greed. However, the overall market sentiment remains positive, staying above 70.

Latest Market Update:

• The price of Bitcoin ($BTC) dropped below $70,000 early on Wednesday due to significant selling pressure from investors.
• Other popular cryptocurrencies like Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) experienced declines, while Ethena (ENA) showed stronger performance.
• The Bittensor (TAO) token emerged as the top gainer, with a more than 7% increase in the past 24 hours.
• Conversely, dogwifhat (WIF) saw the most substantial loss, dropping by nearly 16% in the last 24 hours.
• The total cryptocurrency market volume over the past day is $100.14 billion, reflecting a 0.68% decrease.
• DeFi volume stands at $9.7 billion, accounting for 9.68% of the total cryptocurrency market volume in the last 24 hours.
• Stablecoins' volume reached $91.77 billion, comprising 91.64% of the total cryptocurrency market volume over the past day.
• Bitcoin's dominance is currently at 52.60%, marking a 0.26% increase from the previous day.

Major Global News Update:

• Investors are awaiting the US inflation data release, expecting a 3.5% year-on-year increase in headline consumer prices for March, an uptick from February's 3.2%. Additionally, the March FOMC Meeting Minutes will include discussions on the Fed's monetary policies led by Governor Michelle Bowman and Chicago Fed President Austan Goolsbee.
• Hayes challenges the optimistic view of halving events in the crypto market, foreseeing a potential downturn due to excessive positivity. He expresses concerns about the impact of factors like US dollar tightening and tax payments on Bitcoin prices.
• Spot Bitcoin ETFs launched in the US in January attracted over $12.3 billion from institutional investors, notably including wealthy individuals from India. Despite warnings from India's central bank, investors are leveraging the Liberalized Remittance Scheme to access ETFs for tax advantages.
• Hong Kong is preparing to introduce Bitcoin ETFs following the SEC's approval of Spot Bitcoin ETFs in the US, signifying an increasing acceptance of digital assets in traditional finance.
• ZA Bank in Hong Kong seeks to support stablecoin growth by offering specialized accounts for issuers, necessitating an HKMA license. CEO Devon Sin aims to tackle stablecoin challenges and drive Web3 development, targeting $1 billion in Web3 transactions by 2023.
• The upcoming Bitcoin halving event on April 20 is anticipated to push the price to $80,000, following a historical trend of price doubling after each halving. Miners' profitability hinges on surpassing previous Bitcoin price levels.
• XRP advocate John Deaton challenges Senator Elizabeth Warren's stance on crypto regulations, underlining a growing divide between supporters and policymakers over blockchain technology.

COIN GABBAR Views:

Before the upcoming halving event, will Bitcoin reach a new all-time high? Are bears defending the $72K mark while Bitcoin aims for new records? Post-halving, is a BTC price above $100K likely? Is the bull market coming to an end, with potential price drops around the halving period? Stay updated with us at COINGABBAR for the latest news and updates.

Please note that the information and analysis provided by COIN GABBAR regarding cryptocurrencies, NFTs, or decentralized investments are for informational purposes only and not financial advice. Users are encouraged to conduct their research, exercise caution, and understand the risks associated with financial instruments. COIN GABBAR is not responsible for any financial losses. Cryptocurrency and NFT markets can be highly volatile, so seeking advice from financial professionals and evaluating risk tolerance before investing is recommended.

Also Read: Crypto News April 9: US Data Frenzy Sparks Crypto Turbulence