Bitcoin Dithers Below $26K as Investors Eye CPI Data, FOMC Rate Hike Decision

Ether was recently changing hands at about $1,735, off 1.8% from Sunday, same time, swept up in a larger market downturn that saw major tokens mentioned in the SEC suits. SOL, the token of the Solana blockchain, recently plunged nearly 7%, while MATIC and ADA, the native cryptos of the Polygon and Cardana smart contracts platforms fell about 2.8% and 1.5%, respectively. Meanwhile, the CoinDesk Ethereum Trend Indicator ticked into downtrend territory a week after rising into the significant upturn category – the fall-off a sign of sagging investor sentiment.

Blockchain-Based, AI Compute Protocol Gensyn Closes $43M Series A Funding Round Led by a16z

With its latest round, Gensyn has raised more than $50 million and the company said it would use the fresh capital to accelerate the introduction of the protocol and to expand its workforce, including the addition of protocol and machine learning engineers. Prominent investment firms CoinFund, Canonical Crypto, Protocol Labs, Eden Block and a variety of AI and crypto venture capitalists and angels joined a16z in the round.

First Mover Asia: Bitcoin Remains Resilient Near $26.5K, Despite Ongoing Binance, Coinbase Fallout

Still, threats to the banking system have loomed large since a series of U.S. bank failures, that central bank critics have tied to its overzealousness. McClurg noted that banking deposits totaling hundreds of billions of dollars “left the U.S. this year,” and that Switzerland, which suffered its own banking crisis in March, resulting in the sale of Credit Suisse to rival UBS, had also seen a significant outflow “to places like Singapore, Dubai, other jurisdictions where they feel like your money is a little safer.”

First Mover Asia: Bitcoin Falls Below $26.5K as Crypto Market Fades Amid Coinbase, Binance Angst

Still, SEC fallout was fierce on Wednesday. BNB, the Binance Smart Chain’s native token, recently dropped 7.6% from Tuesday, same time, and at one point earlier in the day sank to about $252, its lowest price since early January, according to CoinDesk data. Cardano’s ADA, Polygon’s MATIC and Solana’s SOL, all top 10 tokens by market capitalization noted in the SEC filing, recently nosedived between 6% and 9%.

Why Did Bitcoin’s Price Rise? BTC Hovers Over $27K as Investors Shrug Off Hot Jobs Data

Almost without exception, other major cryptos spent the day solidly in positive territory with ADA and SOL, the tokens of the Cardano and Solana smart contract platforms, recently rising more than 4% and 3.5%, respectively. Meanwhile, a bevy of small DeFi focused protocols were the big gainers of the past seven days, according to the CoinDesk Market Index, a measure of crypto markets overall performance, with Lido (LDO), Synapse (SYN), and PancakeSwap (CAKE), climbing 15%, 13%, and 12%, respectively. The CMI was recently up 1.6%.

Blockchain Association Files Amicus Brief in Coin Center Lawsuit Against US Treasury Over Tornado Cash Sanctions

“An order effectively requiring Defendants to decriminalize use of the 20 Tornado Cash addresses would allow Plaintiffs to conduct their legitimate activities with some measure of anonymity, use their preferred software tool without fear of penalties, and engage in important expressive associations,” the suit said. “Judicial relief would also serve the public interest by averting harm to Tornado Cash users who are United States persons, to Ethereum as a freedom and privacy enhancing technology, and to the important sector of the economy that depends on Ethereum.”

Bitcoin Lingers Under $27K to Continue Its May Sluggishness Amid Inflation Concerns

Groth noted that LTC and RNDR, the token of the Render Network, a provider of decentralized graphic processing units-based rendering solutions, ranked the CoinDesk Indexes biggest gainers for May. LTC and RNDR have risen roughly 20% and 7.5% over the past 30 days. “We’ve seen the narrative of GPUs broadly repurposed to be these big AI (artificial intelligence) clusters and Render is effectively a decentralized AI cluster,” Groth said. “So there’s no surprise that on a relative basis, it outperformed, given the buzz and hype over Chat GPT, all these LLMs. That caught some of that Nvidia bump up.”

Bitcoin Lingers Below $26.5 Amid Debt Ceiling Worries

But assets of all stripes seemed largely unmoved by Thursday’s jobs data, which showed 229,000 Americans filing unemployment benefits last week, well below the anticipated 245,000, and the U.S. economy expanding 1.3%, the third consecutive quarter of growth. Earlier this year and throughout 2022, such news might have sent digital assets cascading, but CoinDesk analyst on Thursday highlighted a shift in the good-economic-news-leads-to-lower-crypto- prices narrative.

Bitcoin’s Doldrums Below $26.5K Endure as Investors Weigh Debt Ceiling Stalemate, Latest FOMC Minutes

Bitcoin was recently trading at about $26,440, off roughly 3% over the past 24 hours and near its lowest level since May 12 when the largest cryptocurrency by market capitalization dipped below $26,000. In this period, BTC has been slogging through low trading volume and volatility as markets wrestle with the prospect of a U.S. government unable to pay its debts and ongoing crypto regulatory and macroeconomic uncertainties. Until Wednesday, bitcoin had remained in a $26,500 to $27,500 range.

Bitcoin Climbs Past $27.4K but Remains in Holding Pattern as Investors Continue U.S. Debt Limit Vigil

Ether also remained in its two-week range, changing hands at $1,850, up roughly 1.6% from Monday, same time. Most other major cryptos were in positive territory, albeit not by much with APT and SOL, the native cryptos of the Solana and Aptos smart contracts platforms, recently rising 3.8% and 2.1%, respectively.

First Mover Asia: Bitcoin Regains $27K, but Investors Search for a Catalyst

“Price reaction to macro data hasn’t been as significant in the last few weeks,” Katie Talati, head of research at blockchain asset management firm Arca, told CoinDesk TV. “I think mostly, same as equities, everyone feels like a lot of the macro moves are baked in. A lot of what we’ve seen in the last even 24 hours, though, is much more attributable to things specific to the digital asset space.

First Mover Asia: Bitcoin Market Cap Is Surging, but a Retreat From $30K Continues

PLUS: Western crypto innovators with great ideas are eying the East for tech-embracing governments and fresh opportunities. A West-East partnership may be crypto’s model for the future, the co-founder of Taipei-based Woo Network, Jack Tan, writes.

First Mover Asia: Bitcoin Seesaws Wildly Before Settling Above $29K

Consensus 2023, the longest-running, yearly gathering of crypto leaders and communities from around the world got underway in Austin, Texas. CoinDesk TV was live on the ground with guests including Grayscale Investments CEO Michael Sonnenshein, Animoca Brands Co-Founder and Executive Chairman Yat Siu, Head of Derivatives North America Travis McGhee, and Hike Founder and CEO Kavin Mittal. Grayscale Investments and CoinDesk are both owned by parent company Digital Currency Group.

First Mover Asia: Bitcoin Breaks Its Losing Streak in Late Tuesday Rally

“With First Republic Bank looking like it could go under, I suspect the market is anticipating yet more liquidity injections to prop up what certainly seems to be an American banking sector that is still very much in the throes of crisis,” Jake Boyle, director of Caleb & Brown, a retail crypto brokerage, wrote in an email to CoinDesk. “Bitcoin, as a result, is front-running these expectations. Cracks in the financial system are growing, even if relatively subtly at the moment, and it’s going to be incredibly difficult for the Fed to adhere to its tightening regime going forward.”

First Mover Asia: Bitcoin Struggles as U.S. Regulators Fumble: Analyst

Ether was recently changing hands at about $1,936, off a few fractions of a point and well off its recent, Shanghai upgrade highs above $2,100. Other major cryptos were largely in the red, mostly darker shades. XRP, the token of the XRP open source public blockchain XRP Ledger, and ARB, the native crypto of the Arbitrum layer 2 blockchain, were both down more than 3.5%. The CoinDesk Market Index, a measure of crypto markets overall performance, was recently down 1.3%.

First Mover Asia: Bitcoin Rally Stalls Above $30K; Ether Hits $2.1K

In an email to CoinDesk, Anthony Georgiades, co-founder of Pastel Network, a decentralized blockchain for non-fungible tokens (NFT), cryptos and Web3 technology, attributed bitcoin’s plunge under $30,000 to “converging elements,” particularly the looming prospect of an inflation-focused Fed continuing its diet of hawkish interest rate hikes. But he also noted a loss of public confidence in the dollar and banking system.

First Mover Asia: Bitcoin Settles In Below $29.5K as Appeal of Riskier Assets Lessens

Other major cryptos were in the red, albeit lightly so. ARB, the token of the layer 2 Ethereum scaling protocol Arbitrum, and ADA, the native crypto of the Cardano blockchain, both recently declined about 3%. The CoinDesk Market Index, a measure of the crypto markets overall performance, was recently down 1.6%.

First Mover Asia: Ether Climbs Over $2.1K to Further Its Post Ethereum Shanghai Upgrade Surge

Bitcoin also continued its more moderately paced momentum, recently edging toward $31,000, up more than 2.5% from Monday, same time. Other major cryptos spent much of Thursday in the green with ARB, the token of layer 2 blockchain Arbitrum, recently soaring about 33% and APT, the native crypto of layer 1 blockchain Aptos, jumping about 12%. The CoinDesk Index, a measure of crypto markets performance, was recently up nearly 5%.

First Mover Asia: Arthur Hayes Sees a ‘Balkanization of Finance’ Coming Soon as Crypto Rallies

ALSO: Sam Reynolds writes that former BitMex CEO Arthur Hayes foresees the balkanization of finance and bitcoin rallying because the current global banking system “is bankrupt.” Bitcoin is on the rise.

Bitcoin Breaks Above $30K for First Time Since June 2022

Bitcoin last topped $30,000 on June 10, 2022 as it was on its way down to below $20,000, where it spent large parts of late that year and into the first weeks of 2023. It has been hovering around $28,000 for the past three weeks as wary investors gauged the impact of a near banking meltdown, continued inflationary pressures and other macroeconomic uncertainties. Bitcoin is up about 80% year-to-date after starting 2023 changing hands at about $16,600.

Bitcoin Approaches $30K, Reaching Highest Price Since June

“Bitcoin is likely to find resistance at $30,000,” DiPasquale noted in an email to CoinDesk. From a technical-analysis perspective, the current move is “a retest of the range high established in March after the initial surge from under $20,000. Success of this test would see the price claiming $30,000 while a failure here should see BTC drop to $25,000, followed by $23,000.”

First Mover Asia: Chilly DOGE, While Bitcoin Simmers Over $28.6K

Pagoulatos saw BTC’s dip Monday following the rumor as a flight to safety. “When people are trading bitcoins, they’re gonna be trading on places like Binance, Coinbase, Bybit,” he said. “And when there’s rumors of, say, the CEO of the biggest exchange being a wanted fugitive, people are obviously going to want to withdraw their money, sell their bitcoin, get it off as fast as possible.”

Binance CEO Zhao Calls CFTC Suit an ‘Incomplete Recitation of Facts’

The lawsuit, filed in the U.S. District Court for the Northern District of Illinois, alleges that Binance operated a derivatives trading operation in the U.S., offering trades for cryptocurrencies including bitcoin (BTC), ether (ETH), litecoin (LTC), tether (USDT) and Binance USD (BUSD), which the suit referred to as commodities. The suit also alleges that the company, under Zhao’s leadership, directed its employees to spoof their locations through the use of virtual private networks.

First Mover Asia: Bitcoin Regains Momentum as Investors Shrug Off Banking, Fed Concerns

Ether, the second larges crypto in market value, was recently changing hands at $1,810, up 4.6% from Wednesday, same time. Other major cryptos were largely in the green, regaining ground lost the previous day. Stablecoin XRP and TRX, the token of blockchain-based platform Tron Network, recently rose 5.7% and 9.4%, respectively. TRX dropped the previous day after the U.S. Securities and Exchange (SEC) charged its founder with selling and airdropping unregistered securities, fraud and market manipulation. Litecoin continued its recent momentum, rising 7.8%. The CoinDesk Market Index, a measure of overall market performance, was up 4.2%.

Bitcoin Seesaws Below $28K as Investors Eye Fed Interest Rate Decision

Ether, the second largest cryptocurrency in market capitalization, was recently changing hands at about $1,731, down 3% from Sunday, same time. Other cryptos among the top 25 by market value were largely in the red, with APT, the token of layer 1 network Aptos, and MATIC, the native crypto of layer 2 platform Polygon recently off more than 8% and 6%, respectively. SOL, the token of the Solana blockchain rose slightly.

First Mover Asia: Crypto Momentum Falters as Bitcoin Retreats to $23.6K

ALSO: Sam Reynolds considers a rising trend of crypto startups postponing their token launches, part of the fallout from the collapse of crypto exchange FTX and its trading arm Alameda Research. Bitcoin rises early but tumbles later to $23.5K.

First Mover Asia: Bitcoin Rockets Past $24.7K to Hit 6-Month High

Ether enjoyed an almost equally upbeat day, blasting past $1,700 before settling slightly below this threshold. The second largest crypto in market value was recently up more than 9%. Other major turned bright green over the course of the day with YGG, the token of play-to-earn gaming guild Yield Guild Games, and NEAR, the native crypto of smart contracts platform Near Protocol, each recently rising well over 11%. The CoinDesk Market Index (CMI) a measure of the wider digital asset market’s performance, was recently up 10%.