During a relatively uneventful week in the cryptocurrency market, most digital currencies saw a downward trajectory as Bitcoin and other major coins and tokens struggled to make notable gains.
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The cryptocurrency market has experienced a dynamic week from May 5th to May 10th, 2024, with significant price movements and regulatory developments shaping the landscape.
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Major cryptocurrencies surged on Friday due to signs of a softer US labor market, sparking hopes for interest rate cuts this year ahead of crucial inflation data next week.
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Wednesday's trading session saw a downturn in cryptocurrency markets, led by declines in Bitcoin, Ethereum, Solana, and Dogecoin.
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In Tuesday's trading session, cryptocurrency markets experienced a downturn, led by declines in Bitcoin, Ethereum, and Dogecoin.
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Major cryptocurrencies rallied on Monday as softer-than-expected US jobs data fueled speculation of potential rate cuts by the Federal Reserve this year.
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Bitcoin's trajectory this week has been marked by a notable decline, with several factors contributing to its downward momentum.
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On Tuesday, Binance founder Changpeng Zhao received a four-month prison sentence for money laundering facilitation.
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The overall cryptocurrency market experienced a downturn despite the launch of cryptocurrency ETFs in Hong Kong, the market remained lackluster.
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