The market swings of Bitcoin have a significant impact on the entire blockchain industry due to its large market capitalization and popularity. However, the presale of TCRV, the utility token of the Tradecurve platform, has gained the attention of many traders. Meanwhile, Bitcoin Ordinals have seen a 700% increase in network fees, reaching 1,414 BTC worth $38.2 million, despite the increased interest in NFTs. Investors are now looking for alternative projects to invest in, such as Tradecurve, which offers a hybrid platform with low fees and no KYC verification process. TCRV is currently in Stage 2 of its presale, trading at $0.012, and is predicted to climb by 50x during the presale and 100x in value when it launches.

The New York City Banking Commission has limited deposits for Capital One and KeyBank due to their failure to submit plans to root out discrimination. This move is part of a crackdown on five banks that have failed to comply with the Commission's regulations. The U.S. banking system has been under immense pressure this year, with several banks collapsing and others potentially on the brink. While some argue that Bitcoin could be the solution to these issues, it still relies on involving banks for fiat on and off-ramps, which most retail and central banks are against.

A majority of bitcoin options contracts worth $2.26 billion are set to expire on May 26, with a maximum pain point of $27,000. The Put/Call Ratio for this batch of bitcoin options is 0.38, indicating a bullish sentiment among derivatives traders. Similarly, 695,000 Ethereum options contracts worth $1.25 billion are also set to expire, with a PCR of 0.49 in favor of Call contracts. While the bitcoin price hit a ten-week low below $26,000, it recovered to $26,423 during the Asian trading session on Friday morning. However, a breakdown from the key long-term Fibonacci level of support at $26,200 could lead to a slide as low as $24,400 if selling pressure continues.

Bitcoin maintained its stability around $26.5K despite positive job and productivity data, while Ethereum's price remained steady just above $1,800. The US economy grew by 1.3% in the third quarter, but equity markets remained stagnant, with major cryptos showing mixed results. Nvidia's focus has shifted to AI as its revenue from GPUs for gamers has been declining rapidly. The debt limit of Bitcoin is currently in a holding pattern, and crypto investors are closely monitoring negotiations about the US debt ceiling.

Bitcoin has become a topic of discussion among Republican candidates ahead of the 2024 US presidential election. Vivek Ramaswamy, a biotechnical entrepreneur and Republican candidate, claims to have a deeper understanding of Bitcoin than Florida Governor Ron DeSantis, who recently announced his candidacy and expressed support for the cryptocurrency.

The writer's opinion is presented and it is not financial, investment, trading, or other types of advice. The market structure has been bearish since late April and the bulls were unable to breach the $30k mark.

On Thursday morning in Asia, major cryptocurrencies experienced a decline, with Bitcoin trading just above US$26,000 and all other top 10 non-stablecoin cryptos also recording losses. The overall crypto market decline can be attributed to uncertainty in the macroeconomic environment, as investors assess the ongoing U.S. debt ceiling talks and the latest Federal Reserve meeting minutes released on Wednesday. Justin d’Anethan, head of APAC business development at Belgium-based crypto market maker Keyrock, noted that the trend is led by macro sentiment and not by any industry issue. Meanwhile, founder of crypto exchange Binance, Changpeng Zhao, tweeted that Chinese state broadcaster CCTV’s coverage of Hong Kong’s crypto trading regulatory regime could signal more positivity ahead for crypto markets.

Bitcoin has been unable to maintain its price gains over the past few weeks, with most of the upward moves being driven by futures markets. This has resulted in the spot market struggling to keep up, with price gains outpacing actual buy demand for Bitcoin. The recent volatility and price reversals in Bitcoin have been largely driven by leveraged trading and liquidations in futures markets, which has led to impulsive moves upward and downward that lack strength and sustainability. With highly leveraged and unstable dynamics currently driving Bitcoin’s price action, traders should protect their capital and avoid getting chopped up in the market.

At the May Fed meeting, the FOMC expressed uncertainty about future interest rate hikes due to concerns about the debt ceiling crisis and expected disruptions. Despite this, there was a unanimous decision to raise interest rates, but the committee acknowledged the uncertainty about future rate hikes and will continue to monitor economic information. Although there is no commitment from the US government about avoiding a debt default, top Republican Kevin McCarthy expressed confidence in reaching a deal. The release of the Fed meeting minutes did not have any significant impact on the crypto market. 

The Bitcoin sell-side risk ratio has dropped to all-time lows, indicating a potential big move for the cryptocurrency. This ratio measures the ratio between profits and losses in the Bitcoin market and the realized cap. The realized cap is a capitalization model that calculates the "true" value of Bitcoin by assuming that each coin in the supply is not worth the same as the current spot price, but the price at which it was last moved. Low values of the sell-side risk ratio imply that holders are reluctant to sell, which could be a bullish sign, but it's uncertain which direction the volatility might go.