Financial Updates and Major Developments in the Crypto Market

In the recent Federal Reserve meeting, interest rates were kept steady at 5.25%-5.5% despite a 3.3% inflation rate in May. This decision reflects a cautiously optimistic outlook on the economy.

Cardano's founder, Charles Hoskinson, hinted at a potential collaboration between the protocol and Elon Musk, indicating a possible partnership in the future.

Key Events to Monitor:

Crypto Fear and Greed Index

The current Crypto Fear and Greed Indicator stands at a greed level of 70, showing a slight decrease from 72 yesterday and 77 last week.

Significant Surge in Cryptocurrency in the Last 24 Hours

Top 5 Gaining Coins

| Indices | LTP | Change (%) | | --------- | ------ | ---------- | | Livepeer | $24.43 | 18.64% | | Notcoin | $0.01828 | 12.65% | | Injective | $30.31 | 10.21% | | Toncoin | $7.63 | 8.42% | | Fetch.ai | $1.67 | 7.82% |

Latest Market Update:

• Bitcoin and Ethereum faced challenges amidst market volatility, reversing earlier gains.
• Altcoins like Oasis ($ROSE), Ondo ($ONDO), Notcoin ($NOT), and Toncoin ($TON) witnessed moderate increases.
• Livepeer ($LPT) token experienced a significant surge of 17.67% in 24 hours.
• Akash Network ($AKT) saw the most extensive decline, dropping by 13.91% within the same period.
• The total crypto market volume in the last 24 hours reached $64.04 billion, marking a 20.00% increase.
• DeFi volume stands at $5.87 billion, constituting 9.17% of the total crypto market volume.
• Stablecoin volume accounted for $57.9 billion, representing 90.41% of the total crypto market volume.
• Bitcoin's dominance currently sits at 52.49%, showing a decrease of 0.50% in a day.

Key Global News Update:

• The U.S. Federal Reserve maintained the federal funds rate at 5.25%-5.50%, citing stable inflation and economic strength. Chair Jerome Powell hinted at potential minimal rate cuts by the end of 2024 and further reductions in 2025 to support inflation targets.
• Cardano's founder expressed hope for collaboration with Elon Musk, highlighting potential integration of Midnight Protocol into Musk's X platform for privacy. Despite efforts, Musk has not publicly acknowledged Cardano, leaving Hoskinson optimistic but unfulfilled.
• Terraform Labs settled SEC charges for $4.47 billion, comprising disgorgement and civil penalties, resolving claims of misleading investors about crypto products.
• Circle expanded Web3 services by integrating Solana to simplify multi-chain applications development amid increasing crypto adoption.
• MetaMask introduced a pooled Ethereum staking service, excluding U.S. and UK users due to regulatory concerns, with plans to integrate Bitcoin soon.

Coingabbar Views: Will Bitcoin (BTC) achieve $100,000 before 2024 amidst the Federal Reserve's interest rate decisions impacting price trends? With the Fed maintaining policy stability and foreseeing minimal rate cuts, the market's response remains uncertain.

Disclaimer: Coingabbar's insights on cryptocurrencies and investments are for informational purposes only and not financial advice. Users are urged to conduct thorough research, exercise caution, and understand the risks associated with financial instruments. Cryptocurrency and NFT markets are highly volatile, necessitating consultation with financial experts and risk assessment before investing.