“I don't dwell on success. Maybe that's one reason I'm successful.”
-Calvin Klein
Happy Tuesday Folks! There are a few big stories to watch that are getting the most coverage this morning. Andreas Antonopoulos told us back in 2017 that China would not be able to ban Bitcoin and it appears he was right. This is a very tricky market right now and the direction hasn't been decided yet. According to Analyst's sentiment, if Bitcoin can remain above $30,500 that will be the start of a possible rally, however there is strong resistance around $34,000. So keep DCAing, keep some powder dry, and remain vigilant. InvestAnswers is one to watch below and ensure you listen to the POMP podcast with Ric Edelman.
MOST COVERED
- China returns as 2nd top Bitcoin mining hub despite the crypto ban (Cointelegraph | TB | Finbold | Coindesk | Decrypt | BIC)
- Coinbase slows hiring to help weather market downturn (TB | UToday | EWN | Coindesk | CryptoPotato)
- Fireblocks pushes into NFT custody and web3 developer tools (TB | Cointelegraph | Forbes | Coindesk)
- Terraform Labs’ legal team resigns after UST collapse (TB | Cointelegraph | Bitcoinist | ZyCrypto)
- South Korean politician calls for Do Kwon to attend hearing on TerraUSD's collapse (TB | Cointelegraph | CryptoPotato)
- Nansen acquires DeFi investment tracker Ape Board for undisclosed eight-figure sum (TB | Blockworks | Cointelegraph)
- North Korean IT workers are getting tech and crypto jobs online, US agencies warn (TB | Cointelegraph | BIC)
- Miami and New York City coins tank despite Mayoral endorsements (Cointelegraph | BIC | Cryptoglobe)
- Dutch Finance Official Wants to Ban Retail Investors From Trading Crypto Derivatives (Coindesk | BIC | Cointelegraph)
- A16z Addresses Downturn in Inaugural State of Crypto Report (Coindesk | UToday | BIC)
- Ben Bernanke: Former Fed Chair slams Bitcoin will not ‘take over as alternate form of money’ (Finbold | ZyCrypto | TDH)
- Fear & Greed Index hits lowest since March 2020 even as Bitcoin price hits $30.5K (Cointelegraph | Finbold | BIC)
- BitMEX launches spot market in hopes of revival (TB | Cointelegraph | BM)
CRYPTO MARKET WATCH
- First Mover Americas: Bitcoin Retakes $30K as 'Institutional Adoption' Makes Crypto More Like Stocks (Coindesk)
- Big-Money Investors Who Boosted Bitcoin’s Price Might Now Crash It (Coindesk)
- Crypto’s Great Reset: How Digital Asset Investors Will Recover From The Market’s $1 Trillion Meltdown (Forbes)
- Cointelegraph Research Terminal launches, home to critical crypto data reports (Cointelegraph)
CURRENT BITCOIN PRICE ACTION: A MACRO VIEW
BITCOIN
- Bitcoin Spot Volume Soars, 7-Day Average Tops $10B (Bitcoinist)
- TA: Bitcoin Holds Key Support, Why BTC Must Clear $30,500 Resistance (NewsBTC | NewsBTC)
- 3 Major Metrics Suggesting Bitcoin Is on Strong Support as BTC Aims at Upward Move (UToday)
ALTCOINS
- SHIB Army Burns 803 Million Shiba in 2 Hours, 272.5 Million Since Yesterday Morning (UToday)
- Shiba Inu Closes Gap With Rival, Dogecoin, As Followers Surpass 3.33 Million (Bitcoinist | BIC)
- Shib Army Destroys 450 Million SHIB as Whales' Shiba Balance Shrinks (UToday)
- Leading Middle Eastern Crypto Exchange Rain Lists Shiba Inu ($SHIB) (Cryptoglobe)
- Kava Lend (HARD) Increases By 200% Since May Lows: Multi-Coin Analysis (UToday)
- $ALGO: Cross-Chain Messaging Protocol Launches Support for Algorand (Cryptoglobe)
CBDCs/STABLECOINS
- Algorithmic stablecoins need payments adoption to succeed, Goldman argues (TB)
- Investors Remove $7 Billion from Tether Within 48 Hours, Fearing USDT May Lose Its Peg (UToday)
- Stablecoin supplies and cash reserves in question amid crypto exodus (Cointelegraph)
- Law Decoded: Is depegging a real threat to financial stability? (Cointelegraph)
- Warning: Another stablecoin loses peg – DEI team working to restore the peg (Finbold | BIC)
ANALYST'S CORNER
- Raoul Pal: Former Goldman Sachs Executive Says Bitcoin (BTC) Forming Massive Bullish Technical Pattern (TDH)
- John Roque: Ethereum Could Lose 80% of Its Current Value, Crypto Analyst Believes (UToday)
- Santiment: Ethereum Approaches "Opportunity" Zone, As Seen in This Metric by Santiment (UToday)
- InvestAnswers: Crypto Analyst Says Deeply Oversold Decentralized Finance (DeFi) Altcoin $AAVE ‘Can Move Fast’ (TDH)
- Gareth Soloway: Analyst hints crypto carnage ahead citing LUNA crash as ‘long-term positive’ thing (Finbold)
NOTABLE VOICES
- Billy Markus: Dogecoin Co-Founder Says 95% of Crypto Projects Are Scams, Elon Musk Reacts (CryptoPotato | BIC)
- Chris Dixon: A16z’s General Partner says Crypto Growth Is Consistent, Despite Downturn (Blockworks)
- Jack Dorsey: Responds to SBF’s Comments on Bitcoin Scaling and Proof of Work (CryptoPotato)
- C. Hoskinson: Mocks Buterin saying ‘it’s not too late to come to Cardano’ (Finbold)
- Michael Saylor: Latest Market Crash Could Be Turning Point for Bitcoin and Crypto (TDH)
- Expectations v Reality: Vitalik Buterin on His Vision for Ethereum (CryptoPotato)
- Bitstamp CEO JB Graftieaux: We Are Still Early (Interview) (CryptoPotato)
ACCEPTANCE/ADOPTION
- Madeira ‘embraces’ Bitcoin and how the president met Michael Saylor (Cointelegraph)
WEB 3
- NFT prices take a gut punch as the crypto bear market deepens (Cointelegraph)
- Robinhood To Build Web3 Wallet in Bid To Capture NFT Hype (Blockworks | TB)
- Review: Bots abound in NFT castle-building game League of Kingdoms (Cointelegraph)
- Solana NFTs Come 'Full Circle' as Okay Bears Knockoff Lands on Ethereum (Decrypt)
- NASA Challenge to Developers: Create Martian Metaverse ASAP (BIC | Bitcoinist)
- NEAR developers to get seamless Web3 app deployment with Pocket Network (Cointelegraph)
- ConsenSys, LivePerson Roll Out VillageDAO to Solve Crypto's Customer Service Problem (Decrypt | Blockworks)
CEFI/DEFI
- How The DeFi Space Has Become A Massive Breeding Ground For Crypto Ponzi Schemes (Forbes)
- Cloudflare to Stake ETH (Trustnodes)
- Traditional Finance is Getting Richer. DeFi Can Provide a Fairer World (BIC)
- Coinbase unveils Web3 mobile DApp and DeFi wallet and browser (Cointelegraph)
- Cloudflare to Launch Ethereum Validator Nodes With Staked ETH (BIC)
ETFs/ETP/FUNDs
- Cheaper Bitcoin: GBTC Discount Extends to 27% (CryptoPotato)
- Crypto Funds See Year’s Highest Inflows As Bitcoin Investors Buy Into Price Weakness (ZyCrypto)
HOW BITCOIN SHOULD BE UPGRADED IN THE FUTURE
ACQUISITIONS/PARTNERSHIPS
- Latest Crypto Sponsorships: Binance Goes To Brazil, WhaleFin Partners With Chelsea FC (Blockworks)
- Linktree launches new NFT features in partnership with OpenSea (TB)
- Coinbase Cloud, Figment Back New Liquid Staking Protocol (Blockworks | TB)
BLOCKCHAINS
- EY unveils supply chain tracking service on Polygon Nightfall (TB)
- Jump-Backed Wormhole Bridge Expands to Algorand Blockchain (Coindesk)
EXCHANGES
- TerraUSD Collapse Spurs ‘Emergency’ Inspections of South Korean Crypto Exchanges (BIC)
- Crypto CEOs are courting Brazil’s central bank as legislation moves through National Congress (TB)
- Binance Seeks to Strengthen its Legal Team (CryptoPotato)
- What is P2P trading, and how does it work in peer-to-peer crypto exchanges? (Cointelegraph)
MINING
- US Solidifies Its Status as Biggest Bitcoin Mining Hub (UToday)
- Celsius announces plans for an IPO of its bitcoin mining subsidiary (TB)
- Stronghold Mining Posts Q1 Results Amid Growing Scrutiny of Coal-Fired Mining (BIC)
LEGISLATION/REGULATIONS
- Crypto industry wields its influence in Washington after pouring over $30 million into campaigns (CNBC)
- US congress research agency weighs in on UST crash, notes gaps in regulation (Cointelegraph)
- India Securities Regulator: Celebrities Should Stop Endorsing Crypto (BIC)
- DeFi Needs Greater Supervision to Protect Investors, Says German Financial Regulator (BIC)
- Terra Meltdown Concerns European Officials; Calls for Legislation Renewed (BIC)
- The Least Crypto-Friendly Countries in the World for Enthusiasts (BIC)
FOLLOW DAT MONEY
- Revolut founder set to launch venture capital fund powered by artificial intelligence (TB)
- Tiger Global leads $15 million Series A for web3 infrastructure startup Coinshift (TB)
- CyberConnect Raises $15M to Expand Social Graph Protocol (Coindesk)
- Certora Raises $36M for Smart Contract Security Tools (Coindesk | TB)
THE BAD
- US Justice Department Executes First Criminal Crypto Charge (Bitcoinist)
PODCASTS
- The Pomp Podcast: #965 Ric Edelman On Why The #1 Financial Advisor Is All-In On Crypto
- Unchained: Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed
- The Breakdown: What Happened to the Luna Foundation Guard’s Bitcoin Billions?
- The Wolf of All Streets: How Bullish Is Building A New Generation Crypto Exchange | Chris Briseno, Bullish.com
- Bankless: The Astrological Crypto Maven with Maren Altman | Layer Zero
- Untold Stories: The Evolution of Web3 with Halsey Minor
- Decrypt Daily: May 16: Where is Luna’s BTC, Greyscale’s EU ETF, & ATO Has a Reminder
