The recent price slide of Bitcoin (BTC) seems to be continuing, and it may have legs, according to technical analysis by the alternative asset management firm Valkyrie Investments. The leading cryptocurrency by market value has declined by 10% to $26,200 this month, including a slide of nearly 4% over just the past day-plus. This is thanks in part to renewed bets that the Fed will remain hawkish, a recovery in the US dollar index, and lingering US debt ceiling uncertainty. According to Valkyrie, a further decline toward $24,000 may be seen as Bitcoin’s daily chart Ichimoku cloud – a momentum indicator – has flipped bearish. The Chief Investment Officer, Steven McClurg, and the team wrote in a note to clients on Tuesday that “This suggests an ongoing high-timeframe bullish trend with a decline in bullish momentum and the potential for near-term retrenchment.”
Crypto consortium Fahrenheit has won a bid to acquire insolvent lender Celsius Network, which previously held assets valued at around $2 billion, according to court filings made early on Thursday morning. The group will acquire Celsius’ institutional loan portfolio, staked cryptocurrencies, mining unit and additional alternative investments, and must pay a deposit of $10 million within three days to secure the deal, according to court filings. The newly-formed company will get between $450 and $500 million in liquid cryptocurrency and US Bitcoin Corp will construct a range of crypto mining facilities including a new 100-megawatt plant. The consortium of buyers includes venture capital firm Arrington Capital and miner US Bitcoin Corp.
Meanwhile, Terraform Labs co-founder Do Kwon will remain in prison while he faces charges of falsifying official documents in Montenegro, according to a court statement on Thursday. Although the Basic Court in the capital Podgorica had initially accepted a bail proposal from Kwon’s lawyers, reports suggest that a higher court later annulled the decision. The Basic Court of Podgorica confirmed the high court’s decision and that Kwon had paid the agreed payment of 400,000 euros ($428,000) on May 17. Following the High Court ruling, the Basic Court has decided to extend Kwon’s detention.
Chart of the day
The chart below shows how smaller tokens like decentralized GPU-based rendering solution Render Network’s RNDR and ARPA, the native token of privacy-preserving computation network ARPA Chain, outperformed market leaders by a big margin in the week ending May 23. RNDR has perhaps benefitted from speculation that Apple’s virtual reality headset will use its decentralized graphics processing network. APRA Chain’s impending mainnet launch, reportedly due in June, seems to have galvanized investor interest in the native cryptocurrency.
For those interested in cryptocurrency, digital assets, and the future of money, the longest-running and most influential event that brings together all sides of blockchain, crypto, and Web3, Consensus 2024, will take place soon. More details can be found at https://consensus.coindesk.com/.
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According to https://www.coindesk.com/markets/2023/05/25/first-mover-americas-bitcoin-falls-to-26k-is-24k-next/
The material in this article is written on the basis of another article.