Crypto Market Daily Highlights – May 3

Key Insights:

• Crypto.com native token Cronos (CRO) finds floor after dramatic two-day sell-off.
• From the crypto top 100, Algorand (ALGO) is up 18% over 24-hours to lead the pack, with Sandbox (SAND) and Helium (HNT) also on the move.
• Regulatory risk lingers with SEC expanding its Crypto Assets and Cyber Unit while industry leaders respond to lawmaker ire over Bitcoin mining.

CoinMarketCap top 100, Algorand (ALGO), jumps 18% to lead the crypto majors. It has been an eventful 24 hours for the crypto market, with a number of the top 100 cryptos making early moves while others falter.

Regulatory risk has continued to hit the crypto news wires early in the week. Bitcoin (BTC) mining and the Securities and Exchange Commission have been areas of market focus to test investor sentiment. Investors will also be mindful of the Fed as the FOMC kick-off the two-day monetary policy meeting later today.

Algorand Surges by 18% to Lead the Top 100

Over the past 24-hours, CoinMarketCap top 100, Algorand, is up 18% to lead the broader crypto market.

On Monday, FIFA announced Algorand as an official partner ahead of this year’s FIFA World Cup in Qatar.

At the time of writing, ALGO was up 11.52% to $0.6872 for the current session, while up 18% over the last 24-hours.

A bullish morning saw ALGO strike a high of $0.7408 in response to the news before easing back.

Algorand follows in the footsteps of Crypto.com, which became an official FIFA World Cup 2022 sponsor in March.

Other big movers over the last 24-hours include Helium (HNT) and The Sandbox (SAND), which were up 16% and 10%, respectively.

Crypto.com native token Cronos (CRO) is on a breakout this morning. Crypto market reaction to staking reward updates caused a sell-off before finding support this morning.

Over 24-hours, CRO is up 0.21%, while down 26.14% over 7-days.

The Securities and Exchange Commission Expands Crypto Team

This week, FX Empire reported news of the Securities and Exchange Commission (SEC) planning to expand its Crypto Assets and Cyber Unit with 20 new positions.

According to the report,

“The Cyber Unit has managed to take enforcement action against 80 fraudulent and unregistered crypto-asset offerings and platforms, which resulted in monetary relief worth more than $2 billion.”

While the SEC takes aim at the crypto market, industry leaders have responded to a letter from US lawmakers to the Environmental Protection Agency on Bitcoin and crypto mining and the impact on the environment.

According to the FX Empire report,

“Industry leaders and executives have refuted claims by politicians that crypto mining is an environmental disaster.”

In April, US lawmakers called on the EPA to look into crypto mining, a hot topic since the January subcommittee hearing.

While the crypto news wires have influenced investor sentiment, the crypto market will also be mindful of the Fed monetary policy decision.

Bitcoin (BTC) Slips Ahead of Wednesday’s Policy Decision

At the time of writing, BTC was down 0.01% to $38,508. A mixed morning saw BTC rise to a morning high of $38,645 before easing back.

Investor angst over the Fed’s monetary policy decision has pegged BTC back. Negative sentiment towards Fed monetary policy has resulted in a stronger correlation between BTC and the NASDAQ 100.

At the time of writing, the NASDAQ 100 mini was up 46.5 points. Earlier today, the NASDAQ was up 120 points before easing back.