The most recent price moves in cryptocurrency markets in context for May 25, 2023.
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Bitcoin’s (BTC) recent price slide may have legs, reports by technical analysis by alternative investment management company Valkyrie Investments. The leading digital currency by market price has declined by 10 percent to $26,200 these 30 days – including a slide of nearly 4 percent over just the past day-plus – thanks in part to renewed bets the Fed will remain hawkish, a recovery in the United States dollar index, and lingering United States debt ceiling uncertainty. Per Valkyrie, a further decline toward $24,000 could be seen as bitcoin’s daily chart Ichimoku cloud – a momentum indicator – has flipped bearish. “This suggests an ongoing high-timeframe positive tendency tendency with a decline in positive tendency momentum and the capacity for near-term retrenchment,” wrote Chief Investment Officer Steven McClurg and team in a note to clients on Tuesday.
Cryptocurrency consortium Fahrenheit has won a bid to acquire insolvent lender Celsius Network LLC Network, whose assets were previously valued at around $2 billion, reports by court filings made early Thursday morning. The team will acquire Celsius’ institutional loan portfolio, staked digital currencies, mining unit and additional alternative investments, and must pay a deposit of $10 Million within 3 days to cement the deal, court filings show. A consortium of buyers that includes deal financial resources company Arrington Financial resources and miner United States Bitcoin (BTC) Corp, Farenheit was chosen as successful bidder following a lengthy auction process. Under the terms of the deal, the newly-formed company will get betwixt $450 and $500 Million in liquid digital currency, and United States Bitcoin (BTC) Corp will construct a range of cryptocurrency mining facilities including a new 100 megawatt plant.
Terraform Labs co- founder Do Kwon will remain in detention while he faces charges of falsifying official documents in Montenegro, reports by a court statement Thursday. Despite the fact that the Basic Court in the country’s financial resources Podgorica had at the beginning accepted a bail proposition from Kwon’s lawyers, Bloomberg informed that a higher court had thereafter annulled the decision. The Basic Court of Podgorica confirmed to CoinDesk the high court’s decision, and that it had received the agreed payment of 400,000 euros ($428,000) from Kwon on May 17. After the High Court ruling, the Basic Court has decided to extend Kwon’s detention.
Chart of the Day
- The chart shows smaller crypto tokens like decentralized GPU-based rendering solution Render Network’s RNDR, and ARPA, the native crypto token of privacy-preserving computation network ARPA Chain, outperformed market leaders by a big margin in the week ended May 23.
- RNDR has perhaps benefitted from speculation that Apple’s virtual reality headset will utilize its decentralized graphics processing network.
- APRA Chain’s impending mainnet launch, reportedly due in June, appears to have galvanized investor interest in the native cryptocurrency.
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!– –> Stephen Alpher.
