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

BTC and ether both lost ground in May, the first monthly decline of 2023. LTC and RNDR were among the month’s big gainers.

May gray turned to June gloom on Thursday as crypto prices veered slightly into the red.

Bitcoin, the largest cryptocurrency by market capitalization, was recently trading at about $26,950, down 0.5% over the past 24 hours and the second consecutive day BTC dropped below $27,000, according to CoinDesk Indexes. The inauspicious beginning to June carried over the downward trend from May when bitcoin’s price dipped almost 4% to break a four-month streak of gains.

Bitcoin soared more than 60% from January, reaching to about $31,000 at one point in mid-April as crypto regained its luster as a safe-haven asset following a string of U.S. bank failures that raised concerns about traditional finance.

“Anytime you have an asset that has a significant volatility such as cryptocurrency, any real monthly move that is under a safe flat fee of 5% is relatively muted,” CoinDesk Head of Index Research Todd Groth told CoinDesk’s “First Mover” program on Wednesday. “The broad CMI was down about 2% to 3%. In the context of how much these assets can move over historical basis, it’s really a bit of a choppy month. Now we’re looking for that next big narrative to move higher.”

Groth noted optimistically that markets had recently priced in a resumption of more hawkish monetary policy after hopes rose in early May amid encouraging signs that inflation was waning enough to allow the U.S. central bank to halt its nearly year-long campaign of interest rate increases.

“We have repriced interest rate expectations to not be so dovish without any sort of big market correction lower, so that has been positive,” Groth said but added that the “repricing interest rates higher” has also been a sort of a headwind.”

Ether, the second largest crypto in market value, was recently trading at about $1,870, up slightly from Wednesday, same time. Other major digital assets were mostly down, albeit not by much, although litecoin was an exception as it recently rose more than 7% with investors seemingly buoyed by the network’s halving in two months and a jump in activity in May.

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.”

The CoinDesk Market Index, a measure of crypto markets performance, recently sank 0.4%.

Meanwhile, stocks rose a day after the U.S. House of Representatives passed a bill to raise the debt limit ensuring the government could meet its financial obligations at least for the near-term and avoid a shutdown. The tech-heavy Nasdaq Composite and S&P 500, which has a hefty technology component, both rose about a percentage point. Gold inched up 0.6% to above $1,995, although it remains well below its near record high of nearly a month ago.

In an email to CoinDesk, Leo Mizuhara, CEO of institutional crypto management platform Hashnote, wrote that crypto markets had “dodged a bullet, thanks to the resolution to the debt ceiling crisis and a growing embrace of digital assets in Asia, particularly in Hong Hong, which has been trying to create easier access for retail investors.

But he added that he is “not expecting a huge breakout for Bitcoin at the moment, and compared the current stasis in markets to 2019 when investors were recovering from an extended bear market.

“We’re basically in a builder’s market,” Mizuhara wrote. “A lot of interesting protocols and companies are being launched. Venture funding is creeping back in. So, like in 2019, we’re likely in this build-up phase that sees a lot of positive energy flowing into the space that in turn sets the foundations for the next bull cycle. Despite the difficulties facing the crypto industry in the United States, what’s happening globally makes it hard not to feel optimistic right now.”

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Tether Market Cap Climbs to All-Time High of $83.2B, Even as Stablecoin Market Sinks

USDT has reached a $83.2 billion market capitalization, recovering all the losses since the implosion of blockchain project Terra more than a year ago.

Stablecoin issuer Tether’s USDT has regained its previous all-time high market capitalization despite a shrinking stablecoin market.

USDT reached an $83.2 billion market capitalization on Thursday, the company reported, equaling its previous peak little more than a year ago. It has recovered all of the $18 billion it lost since the dramatic implosion of blockchain project Terra in May 2022 and following market rout.

Tether’s milestone is significant as it runs counter to a 14-month stablecoin market decline. Stablecoins are a $129 billion subset of cryptocurrencies and key plumbing in blockchain-based finance, bridging government-issued fiat currencies with digital assets and facilitating trading.

See also: Tether Reports $1.48B Profit in Q1, Reveals Bitcoin, Gold Reserves

USDT has greatly benefitted from the recent woes of its closest rivals. The second largest stablecoin USDC, which is issued by Circle, was hit by the implosion of banking partner Silicon Valley Bank in March, and subsequent wobbles in its price stability are still weighing on the token. The one-time $20 billion Binance USD (BUSD) was essentially given an expiry date when New York state regulators forced issuer Paxos to stop minting new tokens in February.

Tether has been criticized for years for lack of transparency about its reserve assets, including potentially risky loans to undisclosed debtors. Last year, a U.S. judge ordered the firm to produce documents about USDT’s backing as part of a lawsuit that alleged Tether conspired to manipulate the bitcoin (BTC) price with freshly minted tokens. A Wall Street Journal article reported that in the past, the company used falsified documents to get bank accounts.

Stablecoin holders, however, have flocked to USDT during this turbulent period due to its perceived safety from U.S. regulators and banks, propelling its market share to its highest level in at least 22 months.

“Tether’s rise suggests peg stability is far more important for most stablecoin holders than issuer transparency,” Conor Ryder, an analyst at digital asset research firm Kaiko, noted in a report.

A Kaiko report last month raised suspicion about what it termed USDT’s “inordinate” market cap surge because the increase was inconsistent with a plunge in trading volumes to multi-year lows. Other stablecoins’ market cap has generally correlated with trading volumes.

Paolo Ardoino, Tether’s chief technology officer, said in an interview with The Block that the difference comes from USDT’s growing use for payments predominantly in the developing world, which now accounts for about 40% of all token activity.

CoinDesk Apologizes to Alex Grebnev

On 25 May 2023 we published a story headed “Alameda-Backed ‘Samcoins’ CEO Alex Grebnev Sued by Coin Telegraph Owner Gregory Fishman. ” Those individuals are engaged in a lawsuit (a claim and counterclaim) in the High Court in London relating to the …

On 25 May 2023 we published a story headed “Alameda-Backed ‘Samcoins’ CEO Alex Grebnev Sued by Coin Telegraph Owner Gregory Fishman.” Those individuals are engaged in a lawsuit (a claim and counterclaim) in the High Court in London relating to the meaning and effect of a 2020 US$750,000 option agreement. Our account of Mr. Fishman’s claims in that lawsuit was incorrect, and we are happy to set the record straight and to confirm that the claims in the litigation do not allege the misconduct by Mr. Grebnev stated in our story. We apologize unequivocally for our error. We have taken down the article and shall not republish it.

Jimbos Protocol to Work With U.S. Homeland Security to Help Recover $7.5M From Flash Loan Exploit

The team is opening more cases in other jurisdictions and offering a roughly $800,000 bounty to the general public for information on the exploiter.

Developers of Jimbos Protocol, an Arbitrum-based application, said Wednesday they opened up a case with the New York branch of the Department of Homeland Security to arrest the attacker who exploited the protocol for millions of dollars this past weekend.

“We warned you. We’d prefer giving you the bounty so we can focus on our protocol. Instead, we will deal with law enforcement to find you,” the Jimbos team wrote to the attacker on Twitter, after giving them several days to return 90% of the stolen funds. “The door remains open for the hacker to return the funds until they are arrested, at which point the offer will be rescinded.”

The recent move to work with the Department of Homeland Security comes three days after Jimbos faced a $7.5 million flash loan exploit and about two weeks after the protocol’s official launch date.

In addition to collaborating with law enforcement in the United States, the team is currently opening more cases in other jurisdictions and is offering a 10% bounty worth about $800,000 to the general public for anyone who provides information that leads to catching the exploiter and funds being returned.

“We have a good idea who it is,” said blockchain sleuth Ogle, who is part of the recovery process and has helped with the Euler Finance exploit. “I think they end up speaking, keeping their 10%, and returning the rest — it’s a win for everybody and makes the most sense. Only an idiot would try to keep the rest, but risk prison for years and losing all of the money.”

Bitcoin, Crypto Prices Brace for Downturn in Coming Liquidity Shock, Observers Say

Improving liquidity conditions so far this year have lifted risk assets such as cryptocurrencies, but the trend is poised to turn once the U.S. debt ceiling is lifted and the Treasury along with the Fed resume tightening, analysts say.

Crypto markets are bracing for a downturn as liquidity tightening resumes after the U.S. debt ceiling is lifted, observers said.

The replenishment of the U.S. Treasury general account and the Federal Reserve (Fed) winding down its balance sheet will remove hundreds of billions of dollars from the financial system, weighing on cryptocurrency prices in the coming months.

Thawing liquidity conditions earlier this year helped lift the prices of risk assets, including equities and digital assets. The market-wide crypto rally propelled bitcoin (BTC), the largest cryptocurrency by market capitalization, to as high as $31,000 before turning into a meme coin speculative frenzy reminiscent of the sugar rush near bull market tops.

The trend, however, is set to turn once U.S. lawmakers approve raising the government’s ability to issue new debt, putting pressure on risky investments.

First, the U.S. Treasury will have to refill its almost completely depleted Treasury General Account (TGA), which means replenishing some $500 billion of cash from the financial system.

“This is likely to especially hit risk assets as they tend to be more sensitive to liquidity conditions than safer plays such as bonds and many groups of equities,” macro analyst Noelle Acheson said.

“The Treasury drawing down its account at the Fed was one of the tailwinds for the market earlier this year, as money that would normally just sit there was put into the economy in the form of government expenditures,” Acheson explained.

“Now, the reverse is likely to happen: the government needs to replenish that account balance by issuing debt which will draw liquidity out of the market and back into the Treasury’s account.”

Refilling the general account coincides with the Fed continuing its quantitative tightening campaign, briefly interrupted in March due to the regional banking crisis, to reduce its bloated balance sheet from propping up the economy during the pandemic.

Macro analyst Lyn Alden called this a “negative double-whammy for liquidity” in a market report.

“The attractiveness of many large liquidity-driven equities is lackluster for the next few months unless or until we get more clarity on forward liquidity conditions,” Alden said. “This is an environment where an investor should know what they own, be prepared for volatility and avoid excessive leverage.”

The debt ceiling resolution bill – if passed in its current form – will also contribute to the negative impact on liquidity, according to Tom Dunleavy, founder of Dunleavy Investment Research.

Some key points of the deal such as curbing non-defense funding, clawing back unspent pandemic relief funds and resuming student loan payments will constrain the available money left for consumers to invest, he explained in a tweet. “Liquidity is going to be very net negative,” Dunleavy added.

The U.S. House of Representatives is poised to vote on raising the debt ceiling Wednesday evening.

Tightening liquidity conditions, decreasing probability of the Fed cutting interest rates this year and the present trading environment with depressed volatility and volumes make crypto markets ripe for a shock, institutional trading platform FalconX wrote in a newsletter.

“This macro scenario (…) makes me believe we could be in a calm-before-the-storm moment for crypto,” David Lawant, head of research at FalconX, said.

First Digital Unveils USD Stablecoin as Hong Kong Crypto Rules Kick In

The stablecoin is issued by a registered trust owned by First Digital.

First Digital Group announced today that it’s launching a USD stablecoin, FDUSD.

The stablecoin is issued on Ethereum and BNB, a spokesperson told CoinDesk, saying that First Digital is in discussions with all major exchanges for a listing.

First Digital says FDUSD is backed by “high-quality reserves” of cash and cash equivalents in regulated financial institutions around Asia, and will be issued by First Digital Trust, a trust company registered under Hong Kong’s Trust Ordinance.

Part of the requirements of Hong Kong’s Trust Ordinance is to keep all reserves in segregated accounts, which prevents co-mingling of assets.

“The launch of this stablecoin represents a major stride forward in our mission to provide a secure and efficient digital currency that can be seamlessly integrated into everyday transactions,” Vincent Chok, CEO of First Digital, said in a release.

But as the stablecoin launches, it won’t be available to retail users in Hong Kong.

Regulators in Hong Kong have said that stablecoins should not be allowed for public trading by retail investors until the proposed rules for this asset class are officially implemented in the territory.

As CoinDesk reported in February, The Hong Kong Monetary Authority (HKMA), the special administrative region’s central bank, and one of its financial regulators are weighing new regulations for stablecoins, which could mandate local incorporation, require real-world asset backing (disallowing algorithmic stablecoins) and mandating separate operations for issuers and virtual asset exchanges.

It’s not yet clear when these regulations will kick in.

Optimism Token Prices Slide 7% Ahead of $580M OP Unlock, Doubling Token Supply

The initial vesting period for early investors and contributors ends today and will nearly double the circulating supply of the tokens.

Tokens worth over $587 million of Ethereum scaling protocol Optimism are set to be released into the open market on Tuesday as part of a planned unlock plan, leading to prices of OP tokens falling 7%.

When tokens are “unlocked,” their holders are then able to sell or swap that token if they wish to do so.

The more than 386 million optimism tokens are currently held by early contributors and investors, and the move will nearly double OP’s circulating supply – which stands at 335 million tokens on Tuesday morning.

Early investors are likely sitting on significant gains and could choose to take profits, contributing to immense selling pressure. As such, immediately available liquidity on OP token pairs across decentralized and centralized exchanges is under $10 million – and a single sell order of $600,000 could dunk prices 2% further on Binance.

The unlock comes as OP tokens have been on a general downturn since February this year, sliding from $3 to $1.5 even as bitcoin (BTC) and ether (ETH) gained at least 50% in that period.

OP trades at $1.50 as of Tuesday, with a trading volume of $103 million over the past 24 hours.

Cardano DEX Minswap Sees Volume Jump Driven by SNEK, BANK Meme Coins

Volumes surged from just over $1 million at the start of May to $18 million on Tuesday, data from Minswap shows.

Transaction volumes on Cardano-based decentralized exchange (DEX) Minswap spiked over the past few days as traders likely scoured the network for profit opportunities on meme coins.

Volumes surged from just over $1 million at the start of May to $18 million on Tuesday, data from Minswap shows. Minswap is the largest application on Cardano by locked value, holding 37% of over $175 million worth of tokens held on the network.

Such activity could bolster prices of Minswap’s min (MIN) tokens, which accrue value from platform usage and are used as a governance token.

A significant part of the increased volumes came from Cardano-based meme coins snek (SNEK) and bank (BANK). Prices of the two tokens surged as much as 34% in the past 24 hours, data shows, with a cumulative $40 million traded on Minswap alone.

The surge pushed snek to a market capitalization of $80 million on Tuesday morning, making it the eighth-largest meme coin by that metric.

Singapore’s Temasek to Exercise Caution in Crypto Space After FTX Nightmare

Temasek wrote down the entirety of its investment in FTX in November.

Singapore’s Temasek Holdings, one of its sovereign wealth funds, has pledged to take “collective accountability” for its failed $275 million investment in collapsed crypto exchange FTX.

In a statement released Monday morning, the fund said there was “fraudulent conduct intentionally hidden from investors, including Temasek.”

“Although there was no misconduct by the investment team in reaching their investment recommendation, the investment team and senior management, who are ultimately responsible for investment decisions made, took collective accountability and had their compensation reduced,” Temasek Chairman Lim Boon Heng said in a statement posted to its website.

Days after FTX collapsed in November, the fund said it had written off the entirety of its investment. In November, Temasek said that the $210 million investment, which accounted for 1% of FTX International, and $65 million for 1.5% of FTX.US, represented 0.09% of the firm’s net portfolio value of $293.5 billion (SGD 403 billion) from last year.

At the time, Temasek claimed that it did eight months of due diligence on FTX, reviewing its audited financial statements, analyzing regulatory risk, and cyber security threats.

Post-FTX, Temasek said that intends to refine its investment appraisal procedure, especially for rapidly growing firms.

Temasek reiterated that it does not plan to invest in cryptocurrencies and said it will be cautious when considering new investments in the blockchain space.

FTX was the only investment Temasek had in a crypto exchange.

During the heydays of FTX it was accessible to users based in Singapore, while Binance, its chief rival, was blocked.

The Monetary Authority of Singapore (MAS) added Binance to the Investor Alert List in September 2021, yet made no such move on Binance. MAS later said this was because Binance directly solicited Singaporean customers, and offered trades in Singapore dollar, which was not the case for FTX.

Arbitrum Based Jimbos Protocol Scurries for Revival After $7M Exploit

Version 2 of Jimbos protocol was attacked over the weekend for $7.3 million, just days after going live.

Developers behind the Arbitrum-based Jimbos Protocol are gauging the best way for the project to move forward after its version 2 (V2) faced a $7.5 million exploit over the weekend.

Jimbos said it was working with security researchers to reclaim lost funds – the same people who’ve previously helped Euler Finance recover over $200 million – and added that they would contact law enforcement by 4 P.M. UTC on Monday if the attacker failed to return the money.

Jimbos lost 4,090 ether (ETH) late on Saturday, which security analysts blamed on the lack of slippage control in the main contract. This allowed the yet-unidentified attackers to take out a $5.9 million flash loan, manipulate the prices of jimbo (JIMBO), and walk out with treasury funds.

The protocol planned to issue a semi-stable token backed by a basket of crypto tokens, alluring traders to this concept as similar projects have seen brief success.

Flash loans are a popular way for attackers to gain funds to conduct exploits on decentralized finance (DeFi) systems. The loans allow traders to borrow unsecured funds from lenders using smart contracts instead of third parties.

These do not require any collateral because the contract considers the transaction complete only when the borrower repays the lender – meaning a borrower defaulting on a flash loan would cause the smart contract to cancel the transaction, and the money would be returned to the lender.

Meanwhile, JIMBO, its token, traded at nearly 18 cents on Monday, slightly recovering in Asian morning hours as developers floated their protective plans.