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Phemex Crypto Market Daily: Algorand Surges on Google AI News as US Jobs Data Looms (Apr 04)
Key Takeaways:
1. Macro Environment Canada's new stablecoin framework mandates 1:1 reserves and Bank of Canada registration, boosting institutional trust. The Federal Reserve's balance sheet expansion signals ongoing liquidity support, influencing crypto flows. Japan and Russia tighten crypto reporting, increasing global regulatory scrutiny and impacting cross-border capital movement. 2. Crypto Market The crypto market is mixed over the past 12 hours. Bitcoin (BTC) is nearly flat at $66,843 (+0.04%), while Ethereum (ETH) dips to $2,049.94 (-0.25%), with ETH underperforming amid weak demand. Altcoins show divergence: Algorand (ALGO) leads with +8.77% on Google AI news, RENDER (RENDER) gains 3.43% on AI sector momentum, and Solana (SOL) rises 1.02% despite recent token unlocks. edgeX (EDGE) is up 2.41% after major exchange listings. Market sentiment is cautious, with ETF outflows and token unlocks driving volatility. 3. Today's Outlook Today, the US Initial Jobless Claims and March Non-Farm Payrolls data will be released, potentially impacting Federal Reserve policy expectations and driving volatility across crypto markets.
