Just when we were all slightly bearish yesterday, with experts not looking too bullish on crypto in the short term, crypto got a big ray of sunshine overnight. Bitcoin jumped above $66K, sparking new discussions in the crypto circle about what upcoming events could further support this bullish rally. The sudden shift in the market has left traders and investors excited and speculated. But amidst the euphoria, it's essential to stay grounded and critically analyze the factors driving this surge. So let's unpack all the details of the big developments that happened in crypto in the past 24 hours! Here's a rapid-fire TLDR of the top stories: |
- Bitcoin surged past $66K on hopes of Fed rate cuts, but what else is triggering this surge? 🤔
- Ethereum struggles to catch the bullish wind, but what's really holding it back? 😕
- Blast's BLAST token airdrop is finally happening, but will Blast Gold holders get a piece of the pie? 🧐
- Floki Inu skyrockets 17% as Roaring Kitty returns, but what made it stand out among other meme coins? 🤨
- A lucky trader turns $3K into $56M on Pepe, but how many tokensdid they sell? 😲
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Let's dive into the details! 🍿 |
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| | GLOBAL MARKET CAP | | $2.39T | | ▲5.41% (24h) | | | 24H MARKET VOLUME | | $98.58B | | ▲39.1% (24h) | | |
| | BITCOIN'S DOMINANCE | | 54.63% | | ▲0.39% (24h) | | | FEAR & GREED INDEX | | 61 | | Greed | | |
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 | Bitcoin | | | $66,154.47 | | ▲6.17% (24h) | |
|  | Ethereum | | | $2,996.85 | | ▲3.69% (24h) | |
|  | BNB | | | $581.63 | | ▲2.71% (24h) | |
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Data as of: 16 May 2024 11:40 UTC |
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What Caused the Bitcoin Price Surge? |
The OG crypto just broke above $66,000 as traders piled on over 7.5% in fresh gains during the past 24 hours. This renewed optimism came from April's U.S. inflation data clocking in ever-so-slightly cooler than expected rates - but that was more than enough to send Bitcoin rocketing higher. You see, any microscopic whiff of disinflation is all it takes for traders to start discussing when, not if, the Fed will be forced to start slashing interest rates to resuscitate the economy. And if there's one thing the crypto crowd hates more than being poor, it's missing out on being bullish on Bitcoin before everyone else. But is it the only factor that triggered this price surge? What else pushed Bitcoin's price higher? Read the full story! |
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And here comes our Word of the Day… |
What Is Inflation? Inflation is the slow depreciation of currencies over time. This refers mostly to fiat currencies, like the Dollar or Euro, since some cryptocurrencies like Bitcoin have a fixed supply and a predictable rate of inflation that will eventually end at zero. Fiat currencies, on the other hand, do not have predictable rates of inflation. How Does Inflation Work? And Is There Inflation in Cryptocurrencies? Read the full glossary item! Now back to our daily stories! |
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We just witnessed market euphoria with the release of U.S. economic data. But not every coin was able to catch that bullish wind. While Bitcoin surged 7.5% higher past $66,000, Ethereum appeared stuck in the slow lane. The second-biggest crypto mustered just a 5% gain over the past day and even struggled to clear that $3,000 resistance level despite the favorable macro winds. So what's triggering the bearish sentiment around Ethereum? Read the full story! |
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Blast just announced its mega token drop will finally be live starting June 26th. After months of speculation over when their BLAST token would begin dispersing, the project just set the record straight by circling that late June date on everybody's calendar. Blast is actually increasing the total BLAST allocation on offer this time around. Not that anyone should be surprised by their generosity at this point. Blast is following the same ethos that allowed Blur to dominate the NFT marketplace scene last year. But what about those who have been busy collecting the Blast Gold points? Will they receive anything? Read the full story! |
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Floki Inu surged an impressive 17% over the past 24 hours. This rise can be attributed to the return of Roaring Kitty, the infamous meme influencer who gained publicity during the GameStop short squeeze saga in 2021. After maintaining a three-year silence, Keith Gill resurfaced on Twitter, sharing a series of cryptic videos that immediately ignited speculation across crypto. While Roaring Kitty's videos seemed to suggest a shift towards investing in cat-themed cryptocurrencies, boldly proclaiming "the dog days are over," the Floki Inu token has surprisingly emerged as the leader among its meme-inspired counterparts. But what made Floki Inu stand out among other popular meme coins in the space? Read the full story! |
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$46 Million Profit on PEPE |
Looks like one crypto trader just hit the memecoin lottery in a major way! An anonymous degen scored a life-altering $46 million profit this week by getting insanely lucky on a minuscule $3,000 investment into the Pepe (PEPE) token. You read that right - they managed to turn three grand into a $56 million crypto fortune practically overnight. The trade started back on April 15th when this user scooped up a staggering 4.9 trillion PEPE for just $3k. How many tokens did the user sell? Read the full story! |
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And that's a wrap. We will be back with more updates tomorrow! |
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