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The latest price moves in bitcoin (BTC) and crypto markets in context for May 4, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Negative funding rates indicate dominance of bearish positions in the perpetual futures market.
Bitcoin’s outperformance during the banking crisis indicates the cryptocurrency is the anti-dollar liquid play for investors, one portfolio manager said.
The U.S. dollar has been heavily shorted since early October in hopes for a so-called dovish Fed pivot and looks ripe for a short squeeze, a move higher driven by unwinding of bearish positions. Bitcoin tends to move in the opposite direction of the dollar.
The BRC-20 standard sounds like the popular ERC-20, but the two are different, with the former lacking the ability to interact with smart contracts.
PLUS: Western crypto innovators with great ideas are eying the East for tech-embracing governments and fresh opportunities. A West-East partnership may be crypto’s model for the future, the co-founder of Taipei-based Woo Network, Jack Tan, writes.
“Binance LaunchPool are meant as air drops for our retail users, not just for a few whales,” Binance CEO Changpeng Zhao tweeted after Sun transferred $56 million in TUSD to Binance.
ALSO: Five CoinDesk journalists offer their takeaways from Consensus 2023. They found an industry still filled with optimism but also realistic about the challenges ahead, most notably, regulatory uncertainty.
Ripple has continued to sell XRP only in connection with its international transaction product.
No investor or financial advisor has a crystal ball that can predict the movement of an asset, including bitcoin, with total certainty. But past bitcoin halvings can provide clues on what we could potentially expect.