The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to a new month! Here's what's happening in crypto today: |
- Bitcoin trades down to $28,500 as investors await the Federal Reserve's next two-day monetary policy meeting beginning on Tuesday.
- Former NSA whistleblower Edward Snowden told a Consensus 2023 audience he was hopeful about AI.
- Also at Consensus 2023, Blockchain Association President Kristin Smith said the industry was at war with Federal agencies and legislators.
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CoinDesk Market Index (CMI): 1,253 −2.8%
Bitcoin (BTC): $28,536 −2.3%
Ether (ETC): $1,847 −3.0%
S&P 500 futures: 4,187.25 −0.0%
FTSE 100: 7,870.60 +0.5% |
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Treasury Yield 10 Years: 3.45% −0.1
Bitcoin was recently trading at $28,500, down more than 2% over the past 24 hours. The world's largest crypto by market cap had challenged $30,000 at one point on Sunday afternoon, but a sudden plunge later that evening brought the price to its current level. BTC spent April changing hands in a range between $27,400 and $31,000 as investors weighed ongoing crypto industry woes and deep concerns about the U.S. banking sector. Over the weekend, the Federal Deposit Insurance Corporation (FDIC) was weighing offers for First Republic, the latest, regional U.S. bank to implode. Early Monday morning, JPMorgan was announced as having acquired all of First Republic's deposits and a "substantial majority of assets." Investors will next be turning their attention to the Federal Open Market Committee (FOMC) two-day meeting beginning on Tuesday to discuss a potential interest rate hike. The CME's FedWatch tool is forecasting an 82% probability of a third consecutive 25 basis point increase. Former NSA whistleblower Edward Snowden shared his hopes that AI's intelligence could exceed that of humans and ultimately benefit humanity, despite fears the technology could be co-opted by bad actors. Snowden, who joined CoinDesk's Consensus 2023 conference virtually from Russia, shared his cautiously optimistic views on the future of AI, the technology that exploded into the mainstream after OpenAI's ChatGPT roll out last fall. While Snowden at times echoed some experts' warnings that AI technologies might empower bad actors, he also considered positive use cases for the emerging technology. The crypto industry is "absolutely at war" against policy and lawmakers in the U.S., particularly against SEC Chairman Gary Gensler and Senator Elizabeth Warren (D-Mass.), Blockchain Association CEO Kristin Smith said during a panel Friday at Consensus 2023. "Elizabeth Warren has an anti crypto army. She is advertising on Twitter for her campaign, that she has an anti crypto army," Smith said during "Beltway Confidential: Inside the D.C. Crypto Scene." Smith added, however, that industry groups had formed their own army to sway opinion. "So we're fighting. I don't think this is a war that lasts forever, but we're going to probably be at war for the next 18 to 20 months," Smith said. |
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Addresses With Over 32 ETH Appear to be Stabilizing The number of addresses with more than 32 ETH is showing signs of stabilizing after an initial post "Shappella" upgrade decline. The March 12 upgrade allowed investors to remove staked ETH that had been previously locked. A minimum of 32 ETH is the required amount in order to stake the asset. Initial concerns were that the allowance of un-staking would create downside pressure on the price of ether, as investors unstaked and potentially sold. The concerns have been unfounded however as ETH prices have increased more than 10% since the upgrade A reversal of the initial decline would imply that the Shappella upgrade has removed an element of risk for stakers, which could prove bullish for the asset long term. |
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CoinDesk is coming back to Austin for Consensus 2024. Get your super early bird tickets for the lowest possible rates and join us May 29-June 1, 2024. Get your tickets now. |
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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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