Bitcoin Faces Resistance at $27K As Market Session Starts Slowly, Ripple Dominates With 6.5% Gains
The market session started off slowly today, with a 0.2% increase in trading and a total market cap of $1.13T. Bitcoin is experiencing a turbulent session, dropping back to $26K and facing resistance at the $27K level. While Bitcoin's volatility levels are decreasing, the RSI is moving below its average line, signaling a potential bearish trend.
Tokenized Real World Assets Outperform Bitcoin and Ethereum in 2023, According to Nansen Report
According to a report by Nansen, tokenized versions of real world assets, including commodities and real estate, have outperformed Bitcoin and Ethereum in 2023. The report introduces Nansen's Real World Asset Index, which tracks 22 different governance tokens created on Ethereum. Tokenization of assets such as commodities, real estate, art, and bonds has become a popular way to manage these assets, with a significant uptick in interest in tokenized RWAs in 2023. Debt market protocols have been particularly popular, with five protocols in this category reaching the top 10. Despite the ongoing bear market, interest by investors in real world asset markets is trending positive.
Ethereum Price Analysis: Consolidation Continues as Technical Outlook Remains Bearish
Ethereum has been consolidating below an important resistance level and has not made significant price advancements in the past 24 hours or on the weekly chart. The technical outlook for ETH is bearish, with indications of falling demand and accumulation. However, there is a possibility of a bullish breakout in the near future, but broader market support is needed for Ethereum to reverse its declining price trend. The market capitalization of Ethereum has declined, indicating an increasing dominance of sellers, and the trading volume has also decreased, pointing towards fatigue among sellers. The Relative Strength Index (RSI) indicates that sellers currently outnumber buyers, and the Directional Movement Index shows a negative trend. However, there is a potential hint of recovery suggested by the Chaikin Money Flow indicator.
Cryptocurrency Market Sees $17.6 Billion in Net Outflows, Bitcoin and Ethereum Market Caps Fall
In the past 24 hours, the cryptocurrency market saw a net outflow of $17.6 billion, leading to a decrease in the total market cap to $1.13 trillion, down 1.5% from $1.14 trillion. Bitcoin and Ethereum market caps both fell, while TRON and Litecoin were the only assets in the top 10 to post gains.
Ethereum Yields Outshining Traditional Deposits: A Promising Alternative for Investors
Amidst the ongoing pressure on traditional banking yields, Ethereum is emerging as an attractive alternative for investors seeking higher yields. With its yield denominated in ETH, a deflationary cryptocurrency, Ethereum offers a potential safeguard against fiat currency depreciation.
Massive Withdrawal of ETH from Coinbase's cbETH Deposit Address Suggests Building Sell Pressure for Ethereum
Coinbase's cbETH has recently received a large influx of over 53,400 ETH, indicating that many people have terminated their ETH staking contracts, leading to sell pressure for Ethereum.
Lido Enables Staked Ethereum Withdrawals with Lido V2 Upgrade on Ethereum Mainnet
Lido, the largest Ethereum staking protocol, has upgraded its platform to enable users to withdraw staked Ethereum without any fee and receive ETH at a 1:1 ratio. The upgrade also improves the staking experience and increases decentralization. The withdrawal process usually takes 1 to 5 days, but currently, it only takes 1 to 2 days. Lido has a significant market share in liquid staking derivatives and its Lido DAO (LDO) token price has seen a significant increase in the last 24 hours and a week. For those looking for promising crypto presale projects to invest in for 2023, our updated list includes Ethereum-based Lido and staked ETH. We've also compiled an updated list of crypto Telegram channels for 2023 to help you make informed investment decisions.
Celsius Shifts Ethereum Staking Tokens from Lido Amid Enabled Withdrawals
Crypto lender Celsius has moved its Ethereum staking tokens from Lido, which recently enabled withdrawals, according to on-chain data. The transfer of 428,015 stETH, worth $781m at the time, was made on 15 May. Some observers believe the move was in preparation for withdrawal. Celsius could be "lining up for staking directly without Lido in the middle", said Bitcoin pioneer and Celsius creditor Simon Dixon. Meanwhile, Lido accounts for 29% of all staked Ethereum, or 6.27 million ETH valued at around $11.3bn.
US Ethereum Developer Charged with Aiding North Korea in Circumventing Sanctions through Blockchain and Cryptocurrency Technologies
Virgil Griffith, a prominent Ethereum developer and American citizen, has been charged with violating the International Emergency Economic Powers Act (IEEPA) for allegedly assisting North Korea in using blockchain and cryptocurrency to circumvent sanctions. Griffith was arrested at Los Angeles International Airport on November 28, 2019, after ignoring warnings against traveling to North Korea. The charges against him are a violation of U.S. law and pose a severe threat to national security. Griffith faces a maximum penalty of 20 years in prison if convicted. This case highlights the potential misuse of blockchain and cryptocurrency technologies by adversarial nations.
Charges Against Ethereum Adviser Steven Nerayoff Dismissed by New York Judge After Three-and-a-Half Year Legal Battle
Steven Nerayoff, an early advisor to Ethereum, had criminal extortion charges against him dismissed by a New York judge on May 5. The charges were related to allegations that he and his employee, Michael Hlady, had threatened to "destroy" a crypto startup if they were not paid millions of dollars. While Hlady pleaded guilty to extortion in April 2021, Nerayoff maintained his innocence and claimed that he was set up by the FBI. The dismissal of the charges against Nerayoff is unusual, and experts suggest that there may have been a change in circumstances that led to the case being dropped. It is not uncommon for the government to use tactics to obtain cooperation, but there is no evidence that Nerayoff was coerced into talking.
