1. Market Wrap: Bitcoin in Repair Mode as Traders Head to Miami; Dogecoin Gains
Bitcoin is stabilizing after a wild May as traders gather in Miami. DOGE sees further gains.
The cryptocurrency market is still recovering from last month’s volatile correction. Bitcoin (BTC) was up about 4% over the past 24 hours as of press time and was holding support above $35,000. Technicals suggest limited upside towards $40,000 and $45,000 as resistance remains strong.
Bitcoin (BTC) trading around $37,800 as of 21:00 UTC (4 p.m. ET). Gaining 4.25% over the previous 24 hours.
Bitcoin’s 24-hour range: $35,805.21-$38,214.79
Ether (ETH) trading around $2,756 as of 21:00 UTC (4 p.m. ET). Gaining 8.82% over the previous 24 hours.
Ether’s 24-hour range: $2,539.65-$2,802.82
Traders were met with a mix of good and bad news heading into June. The bad: The U.S. Securities and Exchange Commission (SEC) chose last week to delay a decision on WisdonTree’s bitcoin ETF application. In late April, the SEC delayed a decision on VanEck’s bitcoin ETF application to at least June.
Delayed approval of a bitcoin ETF could leave traders searching elsewhere for signs of a directional pull. Bitcoin, ether and other larger cryptocurrencies have been stuck in relatively tighter ranges over the past few days, but some analysts remain hopeful that bullish sentiment will return.
Bitcoin goes to Miami
Some are looking to the Bitcoin 2021 in-person conference in Miami starting Thursday as a possible positive influence on price movement. This is similar to the so-called CoinDesk “Consensus Effect,” an unproven theory that crypto prices typically rally during or immediately after the conference.
2. ‘Perception of Validity’: How the Market Is Reacting to Dogecoin on Coinbase Pro
“People are still going to be cautious long-term, but this debut will eventually have some ability to attract traditional investors” said Edward Moya, Senior Market Analyst at Oanda.
Retail traders have been howling ever since Tuesday’s blogpost by Coinbase saying traders on its Pro platform can begin trading dogecoin (DOGE, +13.7%) as early as Thursday, depending on “liquidity” conditions.
Dogecoin was trading at 41 cents at the time of writing, representing a 32% gain in the last 24 hours.
So, what does the listing mean for the meme cryptocurrency? We asked several analysts, fund managers and competing exchanges for their take on how the markets will receive a new market letting customers have a bite of dogecoin.
Edward Moya, Oanda
“People are still going to be cautious long-term, but this debut will eventually have some ability to attract traditional investors and not just the Robinhood/Reddit army,” said Edward Moya, Senior Market Analyst at Oanda.
3. Cardano to Launch Its First Cross-Chain Bridge With Link to Nervos
The launch, due in weeks, marks a first for the three-and-a-half year old Cardano network.
Public chain projects Nervos and Cardano said they plan to enable interoperability across their platforms within the next six weeks. The bridge furthers their goals of discovering the industry’s “Bluetooth moment,” Nervos and IOHK, according to the development team behind Cardano.
The launch is significant because it links two ecosystems worth billions of dollars in terms of market capitalization, the companies said in a press release on Wednesday. It is the first bridge for cardano (ADA, -0.42%) (ADA), currently valued at $56.3 billion and the market’s fourth most valued crypto.
Blockchain accelerator Mousebelt has been tapped to develop the tech, with funding to come from a Nervos grant. The Cardano team will commit expertise and resources to connect its network.
4. New OCC Head Doesn’t Rule Anything Out in Digital Asset Guidance Review
The Office of the Comptroller of the Currency is reviewing all of the digital asset guidance issued under the leadership of former Acting Comptroller Brian Brooks.
The Office of the Comptroller of the Currency (OCC) is looking at “everything” around digital asset guidance issued last year, its current head said.
The OCC is undertaking a broad review of interpretive guidance, conditional trust charters and other issues around digital assets, said Acting Comptroller Michael Hsu in a virtual press conference Wednesday. Hsu, who took office last month succeeding former Acting Comptrollers Brian Brooks and Blake Paulson, has called for a review of a host of issues the federal bank regulator oversees.
“I’ve instructed the team, everything’s on the table, let’s think about everything, while being cognizant of factors [like] constraints around decisions that have already been made, things that have already been put out there, what the state of play is,” Hsu said. “And so you know, it’s basically encouraging my team to think broadly about everything, while being pragmatic.”
5. Google Will Only Take Ads From FinCEN-Registered or Chartered Crypto Exchanges, Wallets
Effective Aug. 3, anyone seeking to advertise those products to U.S. customers will have to be registered with FinCEN or a federal or state chartered bank.
Google is tightening its restrictions on those seeking to pitch cryptocurrency exchanges and wallets to U.S. customers.
Effective Aug. 3, anyone seeking to advertise those products to U.S. customers will have to be registered with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) or a federal or state chartered bank regulator Google announced.
All prior certifications by Google will be revoked at that time.
No changes were announced for other regions.
This story is developing and will be updated.
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June 3, 2021