Cryptocurrency Market Surpasses $3 Trillion for the First Time in April
The cryptocurrency market capitalization experienced a 1% increase on Wednesday, crossing the $3 trillion threshold for the first time since April. Bitcoin’s price climbed to $94,200, achieving record highs for three consecutive trading days.
Bitcoin Market Highlights: Continued Surge Towards New Peaks
In the early hours of Wednesday, Bitcoin’s price rose by 4%, nearing $94,000. This marks a significant milestone, as Bitcoin has set new daily highs for three days in a row since Monday.
Chart of the Day: Bitcoin ETFs Experience Record Inflows
On Tuesday, Bitcoin exchange-traded funds (ETFs) experienced an unprecedented influx of over $921 million, the highest single-day inflow since the U.S. Securities and Exchange Commission (SEC) approved Bitcoin ETFs for trading in January 2024. Ark Invest’s ARKB ETF led the charge with a $267 million net deposit, while Fidelity’s FBTC followed closely with $253.8 million. BlackRock’s IBIT came in third with $193.5 million. This trend aligns with the increasing capital flowing into Bitcoin as it draws investments away from U.S. stock markets amidst ongoing tariff discussions by the Trump administration.
Altcoin Market Overview: SUI, Cardano, and Ethereum Show Resilience
The altcoin market demonstrated a robust recovery, spearheaded by SUI, which surged over 20% in just 24 hours, marking one of the most significant moves among mid-cap cryptocurrencies. This rally is attributed to heightened developer engagement and speculation following recent announcements within its ecosystem. Cardano (ADA) also made strides with a 4.3% increase, bringing its weekly gains to over 13%. This rise reflects renewed optimism regarding its scaling upgrades and expanding influence in decentralized finance (DeFi), as it approaches critical resistance levels near $1, the highest point seen since mid-March. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, rose by 3.5% to around $1,782. Despite facing scalability challenges and a shift in institutional interest towards SOL, Ethereum has regained momentum, evidenced by consistent buying activity and a slight recovery in DeFi staking.
Crypto News Updates: SEC Takes Action Against PGI Global Founder
The U.S. Securities and Exchange Commission (SEC) has charged Ramil Palafox, the founder of PGI Global, for allegedly orchestrating a fraudulent investment scheme that amassed nearly $198 million from global investors. The SEC’s complaint details that Palafox misappropriated over $57 million for personal expenditures, which included luxury items such as multiple Lamborghini vehicles. The scheme is said to have operated in a manner resembling a Ponzi scheme, where returns to earlier investors were funded by new investor funds. Palafox faces allegations of violating federal securities laws and the SEC is seeking permanent injunctions, recovery of ill-gotten gains with interest, and civil penalties.
Gate.io to Compensate Users Affected by Futures Service Disruption
Gate.io has announced that it will fully reimburse users who suffered losses due to an emergency system upgrade on its futures trading platform. This upgrade, aimed at enhancing contract services, was prompted by an unexpected spike in traffic, leading to a temporary suspension of futures and copy trading services, while spot trading, deposits, and withdrawals continued without interruption. The exchange has since restored the affected systems to full functionality. Gate.io has noted that compensation will address system-related losses but will not cover losses due to market price fluctuations. Further details regarding the compensation calculation and distribution timeline are still pending.
