Market Dynamics on May 7: U.S. stocks rise, optimistic sentiment continues

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Bitget2024/05/07 02:02

By:Bitget

I. Market Fundamentals
1. BTC is consolidating, while ETH's Gas fee hits a new low for the year.
2. U.S stocks are rising, maintaining an optimistic market atmosphere.

II. Market Highlights
1. Solana's public chain is on the rise, and JUP, WIF, BOME and others in its ecosystem are also increasing accordingly. The mining project ORE won in the Solana Hackathon competition and doubled its price within a day. ORE uses linear mining method and it is estimated that it will take 40 years to mine all 21 million tokens with no upper limit on token supply.
2. ENA steadily grows. It is speculated that exchanges Bn, OKX and ByBit are major investors of ENA which may introduce USDE trading pairs.
3.AI project Commune.AI has seen a significant increase in price doubling its value.Commune.AI is a fork of TAO without pre-mining operations to ensure fairness.
4.The air-drop earnings from the on-chain credit rating platform Spec have been quite substantial with individual accounts receiving hundreds of USDTs.DeFi platform Debank might conduct snapshot air-drop activities; Rabby wallet developed by Chinese team cooperates with Debank .

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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The Federal Reserve's Beige Book shows little change in U.S. economic activity, with increasing divergence in the consumer market. JPMorgan predicts a Fed rate cut in December. Nasdaq has applied to increase the position limit for BlackRock's Bitcoin ETF options. ETH has returned to $3,000, signaling a recovery in market sentiment. Hyperliquid has sparked controversy due to a token symbol change. Binance faces a $1 billion terrorism-related lawsuit. Securitize has received EU approval to operate a tokenization trading system. The Tether CEO responded to S&P's credit rating downgrade. Large Bitcoin holders are increasing deposits to exchanges. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.

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