Crypto Majors Experience Significant Decline, Market Looks to U.S. Inflation Data for Bitcoin's Direction

05/30 11:36

Wechat scan to share

Major cryptocurrencies experienced a significant drop in the past 24 hours, with meme coins such as shiba inu and dogecoin leading the decline. Traders are looking towards Friday's U.S. PCE inflation data for guidance on the direction of bitcoin, with some analysts predicting a drop to as low as $60,000. Some of the largest cryptocurrencies lost up to 5% in 24 hours as traders warned of further declines in the price of bitcoin. On the other hand, Glassnode recorded signs of a recovery in buyer interest in bitcoin, with long-term holders resuming accumulation for the first time since December 2020. Traditional stock indices also showed signs of weakness ahead of the inflation figure.

Original Link

Comments

All Comments

Recommended for you

CointimeSG · 05/09 10:10

FEC has secured a major sponsorship at Nexus2140: AI·Web3·Ecom Global Expo, to joinly create a new vision for tech-driven consumer transformation

Let Nexus2140 be the launchpad where FEC and global partners co-create a new chapter in technology-enabled commerce. Seize the momentum of innovation and unlock boundless potential in the digital economy.
Mint Blockchain · 05/09 09:45

Mint Blockchain × Chainlink Strategic Partnership: Empowering Cross-Chain Innovation

We are thrilled to announce the strategic partnership between Mint Blockchain and Chainlink, the industry-leading decentralized oracle network.
Jesse Hamilton · 05/09 09:45

Senate Votes Against Advancing Stablecoin Bill, Delaying Process as Trump Concerns Fester

Last-minute Democrat objections led to a failed vote to move into debate on a top crypto industry legislative priority to regulate dollar-based tokens.
cointelegraph · 05/09 09:43

Germany seizes $38M in crypto from Bybit hack-linked eXch exchange

The $38 million crypto seizure from Bybit hack-linked eXch was the third-largest crypto confiscation in the history of Germany’s federal criminal police.
Ciaran Lyons · 05/09 07:49

Ether clocks ‘insane’ 20% candle post Pectra — a turning point?

Ether has surged following the Pectra hard fork, with analysts suggesting a growing number of long positions could signal a turnaround for the asset.
Stephen Moore · 05/09 07:47

SEC’s Crenshaw slams Ripple settlement, warns of ‘regulatory vacuum’

US Securities and Exchange Commission Commissioner Caroline Crenshaw says if approved, the settlement with Ripple would join the long line of dismissals that is slowly eroding the credibility of SEC lawyers in court.
cointelegraph · 05/08 08:30

60K Bitcoin addresses leaked as LockBit ransomware gang gets hacked

“Don’t do crime CRIME IS BAD xoxo from Prague,” the hackers wrote as they gave the LockBit ransomware gang a taste of their own medicine.
The Block · 05/08 07:15

Arizona becomes second US state to enact crypto reserve bill

Arizona Governor Katie Hobbs signed House Bill 2749 into law on Wednesday.The bill enables the integration of crypto assets into Arizona’s unclaimed property framework by establishing a crypto reserve fund.
Stephen Moore · 05/08 07:14

US banks can handle customer crypto assets held in custody, regulator confirms

StarkWare general counsel Katherine Kirkpatrick Bos said the OCC has shifted its approach and now appears to favor a focus on integrating crypto within banking frameworks.
05/08 02:55

Bloomberg: G7 may discuss threats related to North Korea-backed crypto attacks in June

According to Bloomberg, citing sources familiar with the matter, G7 leaders may discuss the escalating threat of North Korea-supported cyber attacks and cryptocurrency theft activities at next month's summit in Canada. The sources said that North Korea's funding of its regime through cybercrime has raised "serious alarms" - White House officials previously disclosed that North Korea is financing its military weapons program through cryptocurrency looting.