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Major cryptocurrencies surged on Wednesday evening driven by massive inflows into U.S.-listed spot Bitcoin ETFs during Tuesdays drop. This indicates that ETF investors were unfazed by the plunge and saw it as an opportunity to buy the dip.CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EST)Bitcoin BTC/USD +4.94%$66,369Ethereum ETH/USD +8.31%$3,820Dogecoin DOGE/USD +8.34%$0.16

What Happened: The ten new ETFs collectively experienced over $648 million in net inflows, marking the largest daily allocation since their launch on Jan. 11, according to data compiled by BitMEX Research. Notably, the BlackRock iShares Bitcoin ETF IBIT set a new daily record, attracting $788 million in fresh investments and increasing the funds holdings by 12,600 BTC.

Bitcoin hit a record high above $69,000 before plunging to around $67,000. Meanwhile, Hut 8, a Bitcoin mining company, has confirmed the permanent closure of its facility in Drumheller, Canada, citing challenging conditions in the mining industry.

Top Gainer (24 Hour)CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)Fetch.AI FET/USD +50.44%$2.64Render RNDR/USD +48.81%$9.95Near Protocol NEAR/USD +44.67%$5.80

The global cryptocurrency market cap now stands at $2.51 trillion, showing a 0.49% increase in the past 24 hours.

Stocks surged on Wednesday, signaling a market turnaround after consecutive losses on Wall Street.

The S&P 500 rose by 0.51% to reach 5,104.76, and the Nasdaq Composite saw gains of 0.58% to reach 16,031.54. Meanwhile, the Dow Jones Industrial Average saw an increase of 75.86 points, or 0.2%, closing at 38,661.05.

In his first of two Capitol Hill appearances this week, Federal Reserve Chair Jerome Powell stated in prepared remarks on Wednesday that the central bank is considering the possibility of lowering interest rates this year. However, Powell indicated that the Fed is not currently prepared to immediately reduce the cost of borrowing money.

"We believe that our policy rate is likely at its peak for this tightening cycle," Powell said. "If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year."

Powell said that the central bank requires additional data before considering a rate cut. He is scheduled to testify before the Senate Banking Committee on Thursday.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe predicts that Ethereum could be the next in line to potentially test an all-time high. This projection is attributed to the impending EIP-1559 upgrade and the possibility of a Spot ETH ETF approval.

"Crucial resistance is approaching, but the $BTC pair has barely moved. Well likely see more strength coming from this asset."Loading… Loading…

Pseudonymous analyst, Altcoin Sherpa, warned of volatility in the upcoming hours/days. Despite this, the analyst emphasizes the long-term goal, stating that Bitcoin is projected to surpass 100k during this cycle

"There is going to be a shi*load of volatility here in the coming hours/days. Do not lose sight of the goal, though: Bitcoin is going to go to 100k+ this cycle and these short movements are a blip on the radar. Dont lose your stack when were so close to the finish line."

Santiment, an on-chain analytics firm in a tweet said, "AI and BigData projects have broken out in the midst of traders being seemingly distracted by dipbuy opportunities for Bitcoin and various meme coins. A portfolio filled with the 100 AI crypto assets from our watchlist grew by +30.7% in 24 hours."

Photo by BBbirdZ on Shutterstock

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter UsersLoading… Loading…

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Sports

Conn Smythe Watch: Swayman, McDavid, Zibanejad among leaders for playoffs MVP

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Conn Smythe Watch: Swayman, McDavid, Zibanejad among leaders for playoffs MVP

Boston Bruins coach Jim Montgomery knows a thing or two about how quickly narratives can shift in the Stanley Cup playoffs.

“The first round is the wild, wild West. Always is,” he said after Boston won Game 7 against the Toronto Maple Leafs.

That goes for the race for the Conn Smythe Trophy, too. Every week, new heroes emerge in the race for playoff MVP, while previous front-runners fade to the background.

With the NHL postseason down to its final eight teams, here are the favorites, the players on the cusp and the candidates who have a little more ground to make up in the race.

This list was compiled through conversations with those around the league, including some who may be part of the 18-person panel of Professional Hockey Writers Association members who will eventually vote on the award.

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Sports

Keys to the offseason: What’s next for the Golden Knights, other eliminated teams?

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Keys to the offseason: What's next for the Golden Knights, other eliminated teams?

The 2023-24 NHL regular season was an entertaining one, with races for playoff position, point and goal leaders, and major trophies all coming down to the bitter end.

But not every fan base got to enjoy all of it so much.

With eliminations piling up, it’s time to look ahead to the offseason. Clubs that didn’t quite hit the mark this season will use the draft, free agency and trades in an effort to be more competitive in 2024-25.

Read on for a look at what went wrong for each eliminated team, along with a breakdown of its biggest keys this offseason and realistic expectations for next season. Note that more teams will be added to this story as they are eliminated.

Note: Profiles for the Atlantic and Metro teams were written by Kristen Shilton, while Ryan S. Clark analyzed the Central and Pacific teams. Stats are collected from sites such as Natural Stat Trick, Hockey Reference and Evolving Hockey. Projected cap space per Cap Friendly. Dates listed with each team are when the entry was published.

Jump to a team:
ANA | ARI | BUF | CGY
CHI | CBJ | DET | LA
MIN | MTL | NSH | NJ
NYI | OTT | PHI | PIT
SJ | SEA | STL | TB
TOR | VGK | WSH | WPG

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World

Israel-Hamas war: Rafah offensive would test the very limits of West’s support for Israel

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Israel-Hamas war: Rafah offensive would test the very limits of West's support for Israel

Senior Israeli officials have been threatening a major military operation into the city of Rafah and surrounding areas in southern Gaza for weeks.

On Sunday, Israeli defence minister Yoav Gallant warned it could take place “imminently” as talks on a ceasefire with Hamas fizzled-out in Cairo.

Now, they have taken a major step towards it.

War latest: Families flee Rafah as IDF orders 100,000 to evacuate

On Monday morning, the Israel Defence Forces (IDF) released a statement instructing people in southeastern Gaza to advance towards an “expanded humanitarian area” to the north, centred around the city of Khan Younis, and a coastal community called Al-Mawasi.

The IDF said it “includes field hospitals, tents and increased amounts of food, water, medication and additional supplies”.

The claim will be greeted with scepticism by international aid agencies that have argued the Israelis have failed to do enough to facilitate such aid.

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Civilians are being told to move to an ‘expanded humanitarian area’ to the north

The UN’s refugee agency in Gaza, UNRWA, immediately questioned the operation on X.

UNRWA said an offensive “would mean more civilian suffering and deaths” and that “the consequences would be devastating for 1.4 million people”.

The vast majority of people living in southern Gaza have already been displaced by the fighting further north.

And in what represents a significant juncture, the Israelis are instructing them to return to areas that have already badly damaged in this conflict.

Palestinians hold a leaflet dropped by the military aircraft of the Israeli army on the east of the city of Rafah, ordering them to evacuate and move towards the west of the city and the city of Khan Yunis.
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Israel has been dropping evacuation leaflets from the air. Pic: AP

Khan Younis was placed under siege by the IDF in January and many neighbourhoods have been partially – or completely – destroyed.

However, there are no doubts about the Israelis’ intent.

Leaflets are now being dropped in southeastern Gaza, stating: “Anyone in the area puts themselves and their family members in danger. For your safety, evacuate immediately….”

Palestinians search for casualties under the rubble of a house destroyed in an Israeli strike, amid the ongoing conflict between Israel and Hamas, in Rafah, in the southern Gaza Strip May 6, 2024. REUTERS/Mohammed Salem TPX IMAGES OF THE DAY
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Aerial strikes have caused havoc – but there are fears a ground attack would be even worse. Pic: Reuters

With this operation, Israel would test the very limits of support that it receives from Western countries like the US, the UK and members of the European Union.

Last week, US secretary of state Antony Blinken suggested an incursion into Rafah was a step too far, warning the Israelis had yet to produce “a clear, credible plan to protect civilians”.

Until it does, Mr Blinken said Washington “cannot and will not support a major military operation” in the area.

Read more:
Peace looks distant as ever after Israel refuses ceasefire terms
Inside Gaza protest’s last stand

Now, Israel’s chief ally and military backer will have to formulate a response, one which requires them to evaluate the nature and extent of this complicated relationship.

But it seems Israeli Prime Minister Benjamin Netanyahu and his war cabinet have made up their minds.

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