Global Cryptocurrency Market Cap Now Stands at $3.32T, Down by 1.21% Over the Last Day

The global cryptocurrency market cap now stands at $3.32T, down by 1.21% over the last day.

As reported by CoinMarketCap on Wednesday, the cryptocurrency market cap is $3.32T and has decreased 1.21% over the last day.

The price of Bitcoin (BTC) has been fluctuating between $100,718 and $104,630 over the past 24 hours. At 09:30 AM (UTC) today, the price of BTC is $103,265, showing a decrease of 1.20%.

Most major cryptocurrencies by market cap are trading mixed.

Among the cryptocurrencies that showed greater performance over the last 24 hours, in terms of gains, NEIRO went up 35%, FUN went up 21%, and 1000CHEEMS went up 13%.

SEC Chair Considers Comprehensive Reform of Cryptocurrency Broker Rules

The chair of the U.S. Securities and Exchange Commission (SEC) is open to adjusting regulations for cryptocurrency brokers to ensure they are applied consistently.

According to a report by Bloomberg on Wednesday, SEC Chair Gary Gensler stated that he is considering modifications to the regulations that govern how brokerage firms handle cryptocurrencies, an area where the SEC has encountered difficulties.

Federal Reserve's June Rate Decision: Stability Likely

Economists at Goldman Sachs anticipate that the Federal Reserve will maintain interest rates at their current levels next month, as indicated by the futures market.

Despite expectations of a rate cut by July, Goldman Sachs economists, led by Ben Harris, believe that the Fed will keep rates in a 5% to 5.25% range at the June 13-14 meeting.

Their assessment is based on an analysis of inflation data, which is closely monitored by the Fed.

Dubai Finance Department to Accept Cryptocurrency for Government Fees

The Dubai Department of Finance (DOF) will begin accepting cryptocurrency payments for government fees and services by the third quarter of 2024, according to a report by the state news agency WAM on Wednesday.

The move follows the introduction of a legal framework for cryptocurrencies in the Gulf state last year.

U.S. Dollar May Strengthen if April Core Inflation Remains Steady

The U.S. dollar could experience further gains if April's core consumer price index (CCPI) data, due on Wednesday, shows a third consecutive reading of 0.3%, according to economists at ING.

Despite expectations of a 0.4% increase in the headline CPI and a 0.3% rise in the core CPI, economists at the Dutch lender believe that the currency will remain supported even if the reading comes in hotter than anticipated.

U.S. Federal Government Reports Record Budget Surplus in April

The U.S. government recorded a record budget surplus of $253 billion in April, a stark contrast to the $133 billion deficit reported for March, as indicated by Treasury Department data released on Wednesday.

The surplus was primarily driven by a surge in revenue from individual income taxes, nearly doubling to $249 billion.

S&P 500 Surpasses 200-Day Moving Average for First Time Since March

The S&P 500 Index rose above its 200-day moving average for the first time in 2023 on Wednesday, a technical milestone that could indicate further gains for the U.S. stock market.

The index, which began the year with a 17% decline from its record high reached in January 2022, has since recovered about 14% from that low, fueled by strong performances from artificial intelligence stocks.

Potential Fed Rate Cut Linked to Tariff Reductions

In a surprising turn of events, economists at Goldman Sachs have linked the possibility of a Federal Reserve rate cut to a reduction in U.S. tariffs.

According to Harris, Goldman Sachs economists are now forecasting a cut of 25 basis points in the second quarter of 2024, down from their previous prediction of a cut in the fourth quarter of 2024.

Goldman Sachs Raises S&P 500 Year-End Target for 2025

Goldman Sachs has raised its year-end price target for the S&P 500 Index by 100 points to 5000 for 2025, considering the resilience shown by the U.S. economy in the face of high interest rates.

The investment bank's economists, led by Harris, had previously set a target of 4000 for the S&P 500 at the beginning of 2023, but they slashed it to 3600 in March due to concerns over a potential recession.

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