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Bitcoin reclaims $28K, and charts suggest ARB, XRP, EOS and AAVE could follow

The United States looks to avoid a catastrophic debt default after the White House and the House Republicans agreed upon a tentative deal on May 27. The U.S. equities markets rallied in anticipation of the deal on May 26 and the positive sentiment has rubbed off onto the cryptocurrency sector, which is attempting a recovery.

Buying is not limited to Bitcoin (BTC) alone as select altcoins are also showing signs of a short-term up-move. However, sustaining the rally at higher levels may prove to be difficult for the bulls.

Crypto market data daily view. Source: Coin360

After the debt ceiling deal, traders are likely to focus their attention on the Federal Reserve’s rate hikes. The hot Personal Consumption Expenditures data on May 26 increased the likelihood of a rate hike at the Fed’s June meeting. The probability of a 25 basis point rate hike has risen from 17% a week back to 64% on May 28, according to the CME FedWatch Tool.

Along with Bitcoin, what altcoins that are looking ripe for a short-term up-move? Let’s study the charts of these top five cryptocurrencies to spot the important levels to watch out for.

Bitcoin price analysis

Bitcoin has reached the overhead resistance zone between the 20-day exponential moving average ($27,146) and the support line of the symmetrical triangle. This zone is likely to witness a solid tussle between the bulls and the bears.

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USDT market share jumps amid economic uncertainty, USDC shrinks

The market dominance of stablecoins pegged to the United States dollar has undergone some changes over the past year. While most of them are in a downward trend, Tether (USDT) has climbed back to its all-time high, data from CoinGecko shows.

In the past 12 months, Circle's USD Coin (USDC) has seen its market share decline from 34.88% to 23.05% at the time of writing. Market participation of Binance USD (BUSD) plunged from 11.68% to 4.18% in the same period, while Dai (DAI) held its participation rate at 3.66%, down from 4.05% in May 2022.

Tether's USDT is moving in a contrasting trend. The stablecoin market dominance currently sits at 65.89% from 47.04% one year ago. Its market capitalization soared to $83.1 billion, while the USDC market cap dropped to $29 billion from its $55 billion peak.

In a recent interview with Bloomberg, Circle CEO Jeremy Allaire blamed the crypto crackdown by the United States regulators for the stablecoin's declining market capitalization. The current environment in the United States appears to be beneficial for Tether.

USD Stablecoins by Market Dominance. Source: CoinGecko.

The U.S. banking crisis led to USDC depegging in March as reserves worth $3.3 billion were stuck at Silicon Valley Bank, one of three crypto-friendly banks shut down by regulators. Despite Circle's assurances, the market quickly responded to the news, causing USDC to depeg from the dollar.

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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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Price analysis 5/26: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

Bitcoin (BTC) remains pinned below $27,000 and the recent weakness of the past few days has increased calls from analysts for a fall to the low $20,000 levels. While anything is possible, the bulls are unlikely to give up the $25,000 support without putting up a fight.

Glassnode’s lead on-chain analyst Checkmate said in his comments on May 24 that the Sell-side Risk Ratio metric suggests that “sellers are exhausted on both sides” and that indicates big moves “are coming.” The last time the Sell-side Risk Ratio was this low was in late 2015, which started the bull run that reached $20,000 in December 2017.

Daily cryptocurrency market performance. Source: Coin360

Another short-term positive is that market observers expect a debt ceiling deal to be reached and that has boosted the price of the United States equities markets on May 26. If the risk-on sentiment sustains, it could increase demand for Bitcoin and select altcoins.

What are the crucial resistance levels in Bitcoin and the major altcoins that need to be crossed for a sustained recovery to begin? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin bounced off $25,871 on May 25, close to the strong support zone of $25,811 to $25,250. The bulls will try to push the price to the 20-day exponential moving average ($27,173).

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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.

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.

Coinbase-backed motion makes 4 key arguments to lift Tornado Cash sanctions

According to the filing, the Treasury lacks the authority to prohibit Tornado Cash and transactions associated with it.

Price analysis 5/24: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

Bitcoin and altcoin prices continue to slump, but potential progress on the debt ceiling discussion could possibly produce a price reversal.

Multichain token plunges 30% on backend upgrade delay

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On May 24, the token price of cross-chain router protocol Multichain (MULTI) fell by 30% over 24 hours to trade at $4.97 at the time of publication. 

The selloff came after users reported that their multi-chain funds had not arrived due to a backend node upgrade "taking longer than expected." An admin in the Multichain Discord channel wrote:

"Most routes are working as usual, as some routes (Kava, zkSync, Polygon zkEVM) are temporarily suspended. All affected transactions will arrive after the upgrade is complete. We sincerely apologize for the inconvenience caused."

At the same time, a wallet address linked to layer-1 blockchain developer Fantom Foundation reportedly removed 449,740 MULTI ($2.4 million) from liquidity on decentralized exchange SushiSwap. Rumors also appear to have fueled the selloff. In a tweet viewed over 300,000 times since publication, one user wrote: "It's rumored that the multichain team has been arrested by the Chinese police, with 1.5 billion dollars of contract funds under control."

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

3 key indicators are behind the prolonged bearish trend in Ether, and data fails to identify an immediate catalyst for a price breakout.

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.

Price analysis 5/22: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC

Bitcoin’s tight-range trading suggests that traders are content to wait for a catalyst to start the next trending move.

TON Foundation launches $25M accelerator program

The accelerator will invest between $50,000 to $250,000 per project that builds on TON and has an MVP.

Illuvium controversy, Aurory Prologue review, Fornite CEO salty, Assassin’s Creed NFTs: Web3 Gamer

Illuvium CEO Kieran Warwick has once again been in the thick of a controversy, this time taking aim at applicants seeking to join Illuvium DAO’s marketing sub-council.

Warwick, who is not coincidentally also the game studio’s chief marketing officer, took to Twitter on May 9 to say that the DAO faced a “significant challenge,” with the sub-DAO hopefuls vying for the gig as they “need to possess the requisite marketing experience.” This upset the hopefuls, given the backhander about their lack of experience.

Not one to let an opportunity go to waste, Warwick then issued a media release about the “controversy stirred by its CEO, Kieran Warwick.”

The marketing sub-council is one of four sub-councils within the Illuvium DAO focused on particular tasks related to developing Illuvium’s products and community. The others relate to community, game and strategy, with the idea being to draw on community expertise to develop the project.

Sub-council members are paid in Illuvium tokens.

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GameFi developer Gala Games to launch Web3 poker platform with PokerGO

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On May 22, GameFi project Gala Games announced that it has partnered with Las Vegas poker streaming platform PokerGO to launch a new Web3 social poker game. Dubbed PokerGO Play, users will have the ability to enhance and upgrade their players in addition to redeeming real-world prizes. PokerGO is scheduled for beta testing in June, with the full release being available later this year.

In May 2022, PokerGO released its 1,326 Genesis nonfungible tokens (NFT) collection representing all of the possible starting hand combinations in Texas Hold’em. The collection has around 52 Ether (ETH) in cumulative volume traded with a floor price of 0.1 ETH. At the time, perks for NFT holders included but weren’t limited to “chances to win cash, memorabilia, and merchandise when their hand appears in winning moments.“ As part of the May 22 announcement, developers wrote:

“PokerGO Genesis NFT holders will receive beneficial status within the game, and the two sides plan to host special events inside the PokerGO Studio in Las Vegas.“

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Tornado Cash attacker to potentially giveback governance control, proposal reveals

Just a day after an attacker sparked community-wide panic after hijacking the Tornado Cash governance, a new proposal hints at the possible restoration of the state of governance.

On May 21, the passing of a malicious proposal allowed an attacker to gain complete control over Tornado Cash’s governance. With total control over the governance of the decentralized crypto mixer, the attacker was in a position to inflict massive losses considering they could withdraw all of the locked votes, drain all of the tokens in the governance contract and brick the router.

While the story unfolded, community member Tornadosaurus-Hex or Mr. Tornadosaurus Hex, took proactive steps to minimize the potential damages by publishing a subsequent proposal requesting all members to withdraw all funds locked in governance, as shown below.

Tornado Cash community member's proposal for gaining control from attacker. Source:

However, Mr. Tornadosaurus Hex (Hex) was uncertain about the effectiveness of the new proposal considering the attacker’s grip over the mixer’s governance. A few hours into the hack, to everyone’s surprise, the attacker surprisingly reached out to the Tornado Cash community with a new proposal, hinting at their intent to give back the governance control.

Tornado Cash attacker's proposal to return governance control. Source:

As shown above, Hex communicated the attacker’s plan to the community stating that:

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Ordinals sends LTC and DOGE network activity surging for 3 straight weeks

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What began with developer Casey Rodarmor creating the Ordinals protocol to “inscribe” text and imagery on the Bitcoin (BTC) network has now made its way to Litecoin (LTC) and Dogecoin (DOGE) sending transaction volume on the two chains surging for the better part of a month. 

Recent network activity on Litecoin and Dogecoin networks. Source: BitInfoCharts.

On May 18, Dogecoin reached a new transaction volume record, with 1.2 million transactions in a single 24-hour period, according to data from BitInfoCharts. Similarly, on May 10, Litecoin reached its highest ever daily transaction volume with 584,000 transactions.

Ordinals first arrived on Litecoin after pseudonymous Twitter user Indigo Nakamoto offered 5 LTC — worth approximately $500 at the time — to anyone who could “port” the Ordinals protocol to the Litecoin network.

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These four altcoins could be ready for an up-move if Bitcoin rallies above $27,500

Inexperienced traders usually chase prices higher during the end of the bull phase as they fear missing out on the rally. However, institutional investors tend to wait for the froth to settle before entering. Bitcoin’s (BTC) bear market in 2022 ended the hype that was seen in 2021.

Fred Pye, CEO of 3iQ, Canada’s first Bitcoin fund issuer, said in an interview with Cointelegraph that as “the FOMO in Bitcoin is gone” institutional investors and portfolio managers have started to take a look at it as “a serious venue.”

Crypto market data daily view. Source: Coin360

While analysts are bullish for the long term, the short-term picture looks uncertain as the price is stuck inside a range for the past several days. Analysts expect a trending move to start either next week or the week after.

If Bitcoin breaks out to the upside, what are the altcoins that may follow it higher? Let’s analyze the charts of the top five cryptocurrencies that may rally in the short term.

Bitcoin price analysis

Bitcoin has been trading near the support line of the symmetrical triangle but the bulls have failed to push the price above it. This indicates that the bears are active at higher levels.

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