The latest moves in crypto markets, in context Was this newsletter forwarded to you? Sign up here. |
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Good morning, and welcome to First Mover. I’m Lyllah Ledesma, here to take you through the latest in crypto markets, news and insights. Price point: Bitcoin witnessed a small relief rally and is up 3.4% on the day. Analysts think that this is likely to be short lived. Market Moves: Cardano's ADA spiked 25% over the last 24 hours. CoinDesks Shaurya Malwa looks at this in more detail.
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Bitcoin (BTC) has finally seen relief and has soared above last week's low of $28,500. The world’s largest cryptocurrency by market capitalization was up 3.4% over the last 24 hours, trading at around $31,600. Bitcoin has tumbled roughly 16% over the course of May, at one point taking the price down to its lowest since late 2020. BTC reached a high of $32,200 on Monday and performed significantly better than the S&P 500 futures while Americans took the Memorial Day holiday. |
Bitcoin weekly chart performance (CoinDesk) |
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Laurent Kssis, head of Europe at Hashdex, said in an interview with CoinDesk that this is a short-term trend for BTC and the current signals are not substantial and could reverse very quickly. “I still see a trading range in the $30K level which could break as downward pressure is still compromised,” said Kssis. Pablo Jodar, financial products manager at Storm Partners, a systems provider for the cryptocurrency space in Europe, also said that despite the rebound for bitcoin, the fundamentals have not changed yet. “We might see BTC going further upwards to $35,000 this week, as some short sellers will get liquidated and will need to buy back, but we still remain bearish for the short-term,” said Jodar. “The real question is can ether break above $2,000 again and continue its ascent as altcoins try to readjust after LUNA demise but we are not confident short term,” said Kssis. Ethereum is up by 4% on the day and was trading around $1,900. Last week, CoinShares data showed that Ethereum witnessed outflows of $11.6 million. Ethereum performed considerably worse than bitcoin did last week. The total year-to-date inflows to all crypto backed funds currently amounts to $520 million, compared with inflows of $5.9 billion the same time last year, according to data from CoinShares. Altcoins also saw positive increases over the last 24 hours, with Cardano’s ADA taking the lead, soaring by 27%, Aave by 16% and NEAR protocol by 12%. Play-to-earn game, Axie Infinity (AXS), the native token of the game, soared by 29% over the last 24 hours. |
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By Shaurya Malwa Crypto markets added some 4.4% to overall capitalization in the past 24 hours as bitcoin (BTC) saw signs of bottoming out and traditional markets showed strength at the start of this week. Cardano’s ADA token led gains among crypto majors with a 17% rise to trade over 64 cents on Tuesday. Fundamental catalysts include a rise in the issuance of native assets on the network – over five million assets have now been minted on Cardano, data shows – and the upcoming Vasil hardfork, a network upgrade expected in June that would increase scaling capabilities. Price-charts suggest ADA saw support at the 45 cents level. Readings on the Relative Strength Index (RSI) – a tool used by traders to calculate the magnitude of an asset’s price move – fell to nearly 33 earlier this week, which suggested early signs of ADA bottoming out. However, the token could see strong resistance at the 80 cents mark |
ADA bottomed out the past week, but resistance exists at the 80 cents mark. (TradingView) |
Ether (ETH) added 5.8% even as gas fees fell to lows. A fall in fees usually implies falling demand for the network, suggesting the move may have been led by traders betting on a market-wide revival instead of being driven by fundamental growth. XRP rose 5%. Avalanche’s AVAX and Solana’s SOL added up to 4%. Memecoins dogecoin (DOGE) and shiba inu (SHIB) saw limited gains, rising just 3.8% and 2.3% respectively, to underperform the broader market. |
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The SEC wants to hear from investors, like you. As part of Grayscale’s filing to convert Grayscale Bitcoin Trust (Symbol: GBTC) to an ETF, the SEC provides a 240-day review period for anyone to submit comments for consideration.If you support the conversion, write to the SEC by clicking here. Your submission matters because: We can level the playing field. To date, the SEC has only permitted Bitcoin Futures ETFs, while rejecting “physically-backed” or Spot Bitcoin ETFs. The choice should be yours. If you’ve been waiting for the familiarity and protections of a Bitcoin ETF, we believe you should not be forced into a Futures-based product simply because it’s the only one that exists. You can help take GBTC to the next level, conversion to an ETF. It’s already the world’s largest Bitcoin fund and regularly reports to the SEC on a voluntary basis as an SEC-reporting company. Learn more here. This information should not be relied upon as investment advice or a recommendation regarding any security. Visit here for important disclosures. |
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The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours: |
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Biggest Gainers Biggest Losers |
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Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges. |
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And check out the CoinDesk TV show “First Mover,” hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. - Yulong Liu, head of global partnerships, Babel
- Octavio Marenzi, CEO and founder, Opimas
- Brian Quintenz, former CFTC commissioner
- Kyriacos Kokkinos, deputy minister to the President for research Republic of Cyprus
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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