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FTX 2.0 coming up, Multichain FUD and Worldcoin raises six figures: Hodler’s Digest, May 21-27

Top Stories This Week

Binance suspends deposits for bridged tokens, seeks clarity from Multichain team

Crypto exchange Binance suspended deposits for 10 bridged tokens following days of uncertainty surrounding the Multichain protocol. Transactions on the cross-chain protocol have been delayed over multiple bridges in the past few days, with little information from Multichain’s team about the ongoing issues. In a tweet from May 24, Multichain said that some cross-chain routes were unavailable “due to force majeure,” noting that the time for service restoration was unclear. Binance was not the only company to take steps amid the unexplained downtime — the Fantom Foundation removed 449,740 MULTI ($2.4 million) from liquidity on SushiSwap. The MULTI token plunged during the week. On Twitter, rumors circulated that Multichain’s team had been arrested by the Chinese police, with $1.5 billion of smart contract funds under authorities’ control.

FTX 2.0 launching soon? Court filing shows a reboot plan in the works

Bankrupt crypto exchange FTX’s revival plans could soon become reality. According to court filing documents, FTX’s new management had a series of meetings with creditors and debtors in the past month, reviewing plans for restarting the exchange and finalizing the material required for its rebooting as FTX 2.0. The documents also suggest FTX could soon enter into a bidding process. Previous reports pointed out that a reboot could come as early as 2024, as the exchange has already recovered over $7 billion in assets.

Sam Altman’s Worldcoin secures $115M for decentralized ID

The bear market didn’t stop Worldcoin from raising $115 million this week in a Series C round led by Blockchain Capital. Funds will be used to support its decentralized World ID and recently released gas-free crypto wallet, World App. The project was co-founded by OpenAI CEO Sam Altman and built by Tools for Humanity developers to address issues emerging from the exponential complexity of artificial intelligence, such as proving personhood. Worldcoin’s token, WLD, is not available in the United States and some other countries.

Fahrenheit wins bid to acquire assets of crypto lender Celsius

Crypto consortium Fahrenheit won the bidding war for insolvent crypto lender Celsius Network. The bid incorporates Celsius assets previously valued at nearly $2 billion, including institutional loan portfolio, staked cryptocurrencies, mining unit, alternative assets, and over $450 million in liquid cryptocurrency. Behind the consortium are the venture capital firm Arrington Capital and crypto miner US Bitcoin Corp. While Celsius and its creditors have accepted the bid, regulatory approval is still required to complete the acquisition. Celsius filed for bankruptcy protection in July 2022, contributing to a prolonged “crypto winter” in the industry.

Earlier this week, the crypto community celebrated the 13th anniversary of the first Bitcoin transaction when developer Laszlo Hanyecz made the first documented purchase of a good with BTC. The exchange involved 10,000 BTC — worth $41 at the time — and two pizzas from a local restaurant in Florida. The milestone turned into an annual celebration for the crypto space, with community members reminiscing on how far the industry has come since the transaction. Over a decade on, the pioneer cryptocurrency network faces a new wave of disruption thanks to the advent of Ordinals, highlighting the need for developers and capital to build layer-2 solutions.


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Bitcoin holds 200-week average as trader says ‘inflection point’ is here

Bitcoin (BTC) held its most recent gains into May 27 as traders called for a change in “bearish” market sentiment.

BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView

Trader awaits “pretty major move” for BTC price

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it entered the weekend at around $26,700.

The week’s macroeconomic data from the United States had ended with a surprise, as a new Personal Consumption Expenditures (PCE) index print showed the economy weathering tighter financial conditions much better than expected.

Markets then began to price in a June interest rate hike from the Federal Reserve, which should form a headwind for risk assets but failed to dampen a BTC price rebound.

Despite the price comeback, however, the mood remained overly cautious for some.

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Bitcoin nears $27K despite ‘hot’ PCE data sparking June rate hike bets

Bitcoin (BTC) made snap gains at the May 26 Wall Street open as United States macroeconomic data delivered a nasty surprise.

BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView

Bitcoin shrugs off new U.S. inflation woes

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $27,000 on Bitstamp.

The pair rose unexpectedly after the day’s Personal Consumption Expenditures (PCE) data showed its first rises since October 2022.

Such a reading should present a headwind for risk assets, including crypto, as it implies that inflation remains persistent and that more financial tightening may be required to tame it.

“This is a major setback to the Fed’s fight against inflation,” financial commentary resource The Kobeissi Letter wrote in part of a response.

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Bitcoin reaches ‘decision point’ — 4 BTC price metrics to watch

Bitcoin bulls are sitting on their hands but need to combat short-term sellers rapidly losing profitability, Glassnode warns.

Chinese TV’s crypto ‘bull run’ report censored, Multichain crisis: Asia Express

News of HK legalizing crypto exchanges censored by state media after just two days, meanwhile, Multichain token plunges after police arrest rumors.

This bearish technical pattern hints at a double-digit drop in Bitcoin price

Inflation concerns and the U.S. debt standoff cast a long shadow over Bitcoin’s dwindling bullish prospects.

Ripe for the squeeze? Bitcoin mining stocks remain under attack from short sellers

BTC price has struggled for nearly a month, but Bitcoin miners revenue is up, calling into question the logic of short sellers betting against mining stocks.

Synthetix (SNX) trading volume overtakes GMX, but is the DEX token rally sustainable?

Volumes at Synthetix surpassed its nearest DEX competitor, but contracting user activity across decentralized exchanges could be a red flag.

Bitcoin losing its 200-week trendline puts $20K in play — BTC price analysis

BTC price action gives analysts reasons to be bearish, while Bitcoin shuns volatility from the day's macro triggers.

Getting a home loan using crypto collateral: Insane or just risky?

You can use crypto as collateral to get a home loan — but as one Bitcoin OG found out, it’s super risky and you can lose the lot.

Bitcoin holds $20K realized price as analyst eyes 'big moves coming'

Bitcoin "panic" is unwarranted, Philip Swift suggests, with BTC price action conforming to expectations on longer timeframes.

Bitcoin price hangs in the balance — Friday’s $2.26B BTC options could result in more downside

Bitcoin bears benefit from the current macroeconomic uncertainty and are aiming for a $270 million profit if the BTC price falls below $25,000.

Bitcoin dips 5% to key support in ‘moment of truth’ for crypto market

Both BTC price and the total crypto market cap line up a retest of the 200-week moving average — a key bear market support line.

Ethereum is ‘woefully undervalued’ but growing more powerful: DeFi Dad, Hall of Flame

DeFi Dad has 152,100 Twitter followers. He’s a DeFi podcaster, head of portfolios at Fourth Revolution Capital and a prolific crypto YouTuber.

Who is this guy anyway?

Travis Blane, who is better known as “DeFi Dad” to his 152,100 Twitter followers, has been actively making crypto content since 2019.

He’s also the head honcho of marketing and portfolio support at Fourth Revolution Capital, an adviser for several Web3 projects, including Zapper and Push Protocol, and hosts two podcasts, The Edge Podcast and The DeFi Podcast.

Somehow, he still manages to tuck his two kids into bed every night and fight off monsters for them – which is completely on brand for Blane.

Blane is a jack of many trades but has defied the old saying and actually mastered some, too.

DeFi Dad
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$160K at next halving? Model counts down to new Bitcoin all-time high

Bitcoin (BTC) price action may lack momentum this month, but one popular analyst is still eyeing new all-time highs.

In his latest analysis, TechDev confirmed that he believes BTC/USD will see a “parabolic top” around the 2024 block subsidy halving.

Can Bitcoin gain 500% in a year?

Less than 12 months away, Bitcoin’s next halving is already the topic of debate among market participants.

Some argue that the event will lay the foundations for the next all-time high, in line with previous halving cycles.

For TechDev, however, the new BTC price record should come sooner than later, in Q2 of 2024.

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Ethereum price is pinned below $1.9K, and data suggests that is unlikely to change in the short–term

Ether’s price has been stuck below $1,920 for the past 16 days, which is especially concerning since the latest breakout attempt on May 6 lasted less than 24 hours. Excluding this brief price pump, Ether’s (ETH) journey below $1,920 was initiated on April 21, over 30 days ago.

One can likely blame the Ethereum network’s $8.80 average transaction fee for investors’ diminished appetite, but the macroeconomic environment has also played an important role. On May 22, JPMorgan Chase CEO Jamie Dimon said it is impossible to predict the outcome of the Federal Reserve’s monetary policy, designed to curb inflation.

As CNN reported, Dimon added:

“You’re already seeing credit tighten up because the easiest way for a bank to retain capital is not to make the next loan."

The uncertainty surrounding the United States debt ceiling standoff between Joe Biden’s administration and the U.S. Congress is the probable cause for the worsening sentiment among institutional investors toward cryptocurrencies. According to CoinShares’ latest “Digital Asset Fund Flows Report," outflows across digital asset investment products hit $232 million over the past five weeks.

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Bitcoin surpasses Solana to become second most popular NFT blockchain

Bitcoin’s NFT market is growing, but it is primarily driven by newfound hype for memecoin trading on the blockchain.

Bitcoin ‘buys the rumor’ on US debt ceiling as BTC price nears $27.5K

BTC price action could attempt a reclaim of $30,000, analysis says, with Bitcoin climbing through its trading range.

Crypto City: Guide to Osaka, Japan’s second-biggest city

Osaka may or may not have been Satoshi’s home, Binance has moved in, the city hosted Devcon 5, and there’s finally a Bitcoin ATM again!

PEPE price crashes 65% in two weeks as top whales take profits — More pain ahead?

Top Pepe mania profiteers have dumped their PEPE tokens en masse, suggesting declining holding interest among whales.

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