Friday, 26 May 2023

Market Summary

Market Summary 26 May 2023

Bitcoin Price: US$ 26,473.79 (+0.55%)
Ethereum Price: US$ 1,805.60 (+0.32%)  


Bitcoin has remained below $26,500 as concerns over the U.S. debt ceiling persist. Despite strong unemployment and GDP data announced by the U.S., crypto investors are focused on ongoing debt limit negotiations. The uncertainty surrounding the U.S. government’s ability to pay its bills has led to a range-bound movement in bitcoin’s price and a loss of some of its 2023 gains. Republican House lawmakers reported progress in discussions with the White House, but the possibility of reaching an agreement in time to avoid a government default remains uncertain. The broader crypto market has also been affected, with regulatory developments and the BTC halving seen as potential catalysts for price shifts. In other news, Synthetix has surpassed GMX as the second-most active platform, with trading volumes exceeding $1 billion. Meanwhile, Microsoft President Brad Smith has joined the call for governments to regulate artificial intelligence, emphasizing the need for faster action in response to the rapid development of generative AI tools.


Multichain, a blockchain bridge facilitating token exchanges across various networks, is facing a crisis as rumors circulate about Chinese authorities arresting team members and gaining control of a wallet containing over $1.6 billion. Binance has suspended withdrawals for several tokens associated with Multichain, awaiting clarification from the team. In other news, Worldcoin, the company behind the development of a new internet primitive, has raised $115 million in a series C funding round led by Blockchain Capital. The funding will support projects including an alternative to CAPTCHA tests. Additionally, Decentraland has announced its Metaverse Pride 2023 event, aiming to celebrate diversity, inclusivity, and the LGBTQIA+ community within the virtual world. The event will span from June 27 to June 29, offering a larger virtual area for participants and drawing inspiration from Burning Man.


Crypto consortium Fahrenheit has successfully won the bid to acquire the assets of Celsius Network, a bankrupt lender, according to court filings. Backed by US Bitcoin Corp., Arrington Capital, Proof Group, Steven Kokinos, and Ravi Kaza, Fahrenheit will take over Celsius’s institutional loan portfolio, staked crypto assets, Bitcoin mining unit, and other cryptocurrency-related investments. The consortium will provide capital, a management team, and technology to establish and operate the newly-formed public company. The deal also includes a substantial amount of liquid cryptocurrency, estimated to be around $450 to $500 million. In other news, Digital Currency Group (DCG) is shutting down its subsidiary TradeBlock, citing the challenging regulatory environment and economic conditions for digital assets in the US. DCG had previously closed its wealth management unit and is currently involved in a legal dispute regarding the bankrupt lending unit of its Genesis subsidiary.


Tether CTO Paolo Ardoino believes that the likelihood of a potential U.S. default is low, as it would have catastrophic consequences for the U.S. economy. He also discussed the impact of interest rates on market liquidity and stated that if U.S. inflation numbers decrease and the Federal Reserve stops increasing interest rates, it could lead to a healing of the markets. In other news, stablecoin issuer Circle has launched its Euro Coin stablecoin on the Avalanche network, making it the second blockchain to support the asset after its initial launch on Ethereum. The integration of Euro Coin on Avalanche indicates a growing demand for stablecoin diversity on multiple blockchains, and several applications on Avalanche are expected to integrate the stablecoin. Circle Account holders can now leverage Euro Coin liquidity on Avalanche for various purposes such as trading, lending, custody, and payments.




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