Overview
Crypto Daybook Americas serves as your daily briefing of significant events in the cryptocurrency markets overnight and outlines expectations for the day ahead. This newsletter will be delivered to your inbox at 7 a.m. ET. If you haven’t subscribed yet, you can do so here.
Current Trends
Despite a current pause in the upward trend of Bitcoin and overall crypto markets, the corporate adoption of Bitcoin is thriving. Publicly listed Brazilian fintech Méliuz just reported acquiring 274.52 BTC, now totaling 320.2 BTC, valued at over $33.3 million. Also, A1 Abraaj Restaurants Group, listed in Bahrain, recently made plans to significantly increase its Bitcoin holdings after initially purchasing 5 BTC.
In remarks during CoinDesk’s Consensus Toronto event, Eric Trump shared: > “I’m traveling. I’m on a plane. Everybody in the world is trying to hoard bitcoin right now. Everybody. I hear it from sovereign wealth funds. I hear it from the wealthiest families. I hear from the biggest companies.”
Recent challenges in the market, such as the waning bipartisan interest in the GENUIS Act for a national regulatory framework for stablecoins, alongside a worrying data breach at Coinbase, cast a shadow on the bullish sentiment.
Quinn Thompson, chief investment officer at Lekker Capital, expressed concerns: > “While many are cheering COIN’s entry into the S&P 500, it’s been quite the week otherwise, obstructing the stablecoin bill… losing customer funds and jeopardizing personal data.”
Coinbase witnessed a 7% decline as the exchange acknowledged an ongoing SEC investigation regarding potentially misleading user metrics.
Market Insights
Despite recent concerns, inflows into U.S.-listed spot Bitcoin ETFs have slowed, which may explain the stagnation in Bitcoin’s price fluctuations around $105,000. Additionally, FTX’s creditors will start receiving distributions exceeding $5 billion from May 30 as part of the second phase of its court-approved recovery plan.
Key Events to Monitor
- May 16, 9:30 a.m.: Galaxy Digital shares start trading on the Nasdaq.
- May 19: CME Group plans to launch cash-settled XRP futures.
- May 22: Bitcoin Pizza Day celebration.
Stay tuned as we monitor these developments!
