3 Reasons Why Crypto Markets Are Shifting on May 26, 2023

3 Reasons Why Crypto Markets Are Shifting on May 26, 2023

Get the latest updates on crypto prices and market moves, including the shutdown of TradeBlock by Digital Currency Group, the decreasing number of ether on exchanges, and the rise of U.S. Bitcoin Corp as a major miner in America.

The most recent price moves in cryptocurrency markets in context for May 26, 2023.

This post originally appeared in 1st Mover, CoinDesk’s daily newsletter putting the latest moves in cryptocurrency markets in context. Subscribe to get it in your inbox every day.

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Digital currency Group (DCG), the parent company of CoinDesk is closing down its trade execution and prime brokerage services unit, TradeBlock, citing cryptocurrency winter and regulatory uncertainties. The shutdown of the unit, which provides trading services to institutional investors, will be effective as of May 31, a DCG spokesperson informed CoinDesk. TradeBlock was acquired in 2020 by CoinDesk, and was thereafter spun out as its own standalone business. CoinDesk kept the index data operating from the deal, which was rebranded as CoinDesk Indices, and “has proven to be a successful acquisition,” the spokesperson stated. The story was 1st informed by Bloomberg.

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The number of ether (ETH) on exchanges has hit a low not seen since July 2016 as staking saps up available tokens. Data from Glassnode shows that as of Thursday, 14.85 percent of all ether was held in wallets owned by centralized exchanges. That’s the smallest proportion since ether was in its infancy during the summer of 2016. On the other side , during the bull market of 2021, the exchange balance was around 25%. Low exchange balances are typically thought to be a positive  tendency sign as it means the supply of ether available for buy is limited.

United States Bitcoin (BTC) Corp. (USBTC) is set to become one of the largest miners in America following a deal to buy mining assets from bankrupt lender Celsius Network LLC. The company is part of the Farenheit consortium that won a bankruptcy auction for the Celsius Network LLC assets, which include a lending portfolio, digital currencies and 121,800 mining machines. Once it brings all the mining rigs online, its fleet will total at least 270,000 mining rigs and computing power of 12.2.exahash/ Second (EH/s), the company informed CoinDesk, putting United States Bitcoin (BTC) Corp. alongside other United States mining giants likes Riot Platforms (RIOT), Core Scientific (CORZ) and Marathon Digital Holdings (MARA).

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Chart of the Day

CoinDesk - UnknownTradingView

  • The chart shows dogecoin’s daily price changes since June 2022.
  • The dog-themed digital currency has broken out of a sliding wedge pattern, indicating a positive  tendency tendency reversal.

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!– –> Stephen Alpher.


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