Crypto news

Bitcoin Bears or Bulls? Wall Street Prays, Reddit Cheers, and the FED Looms in Crypto’s Soap Opera!

BBG News

Let’s Dive Into This, Shall We:

By Francisco Rodrigues (Who has probably had more coffee than the Fed’s interest rate committee. Times are ET unless something goes unexpectedly Canadian.)

Wall Street, having now rediscovered what “up only” looks like, is positively giddy about jobs data due out Friday—Bitcoin (BTC) included, now waltzing just beneath $97,000 while the S&P 500 enjoys its longest rally since August. It seems “trade tensions” are cooling off (translation: nobody can afford to start a fight with their credit cards maxed out).

The CoinDesk 20 (CD20) index, on the other hand, is like your friend who brings a salad to a pizza party—present, technically unchanged, and forcing everyone to acknowledge reality. First-quarter GDP limped in, raising whispers of “economic strain” and “remind me what GDP stands for, again?” The Fed, meanwhile, is being nudged toward four interest rate cuts this year—one more than before the reciprocal tariff telenovela began. But, let the record show: the inflation metric the Fed cares about (PCE, because “CPI” was apparently too mainstream) came in too hot, leaving Jerome Powell just as nervous as a goldfish at a sushi festival, according to James Butterfill at CoinShares.

So, today’s payroll data: a “critical piece of the puzzle.” Not the whole puzzle, mind you, more like that weird bit of sky in the corner that never seems to fit anywhere.

“Once the Fed finally cuts rates, expect something between a knee-jerk and a full-on gymnastics routine,” said Butterfill, probably while eyeing his bitcoin wallet. He expects a dramatic rate cut to make bitcoin rally like it’s been double-dosed with energy drinks—investors fleeing to crypto faster than economists fleeing cable news during rate hike season.

Bitcoin itself loves May almost as much as schoolchildren love snow days. Since 2013, it’s averaged a sprightly 7.52% gain every May, according to CoinGlass—while ether (ETH), always eager to upstage, averages a sizzling 27.3% (best month for an overachiever since 2016).

Vijay Chetty, CEO of Eclipse, says confidence is clawing back into the markets, aided by regulatory clarity (or, as I like to call it, “the adult supervision effect”). Chetty thinks institutions are poised for broader crypto adoption. Prepare accordingly! 🕵️‍♂️

Conferences (Or: Where Suits and Hoodies Learn To Coexist)

CoinDesk’s Consensus is going downright Canadian with a Toronto invasion, May 14–16. Use code DAYBOOK for 15% off—use the savings to buy avocado toast or, for real crypto cred, a keychain NFT.

  • May 6–7: Financial Times Digital Assets Summit (London)
  • May 11–17: Canada Crypto Week (Toronto, a.k.a. “Maplecoin” Central)
  • May 12–13: Dubai FinTech Summit
  • May 12–13: Filecoin (FIL) Developer Summit (Toronto—maple syrup optional)
  • May 12–13: Latest in DeFi Research (TLDR) Conference (New York—bring your own acronyms)
  • May 12–14: ACI’s Annual Compliance Forum on Fintech & Emerging Payment Systems (New York—“compliance” optional, but probably ill-advised)
  • May 13: Blockchain Futurist Conference (Toronto)
  • May 13: ETHWomen (Toronto—Ethereum goes glam)
  • May 14–16: CoinDesk’s Consensus 2025 (Toronto again—you’ll know the taxi routes by heart)

Token Talk: Tales from the Meme-iverse

By Shaurya Malwa

  • Memecoins are the hot gossip. Meanwhile, tokens with actual use-cases are about as trendy as fax machines—cheered on mostly by people who still say “altseason” in public.
  • Retail investors have decided that “Fear of Missing Out” is an ancient pre-2020 myth. Now it’s all about “Hype or Bust.”
  • Seasoned hodlers will tell you: historically, everyone gets excited about altcoins just before markets dunk them in the cold shower of reality.
  • Talk of “buying crypto,” especially on dips, has spiked—suggesting a widespread enthusiasm that only historic volatility can cure.
  • Overconfident markets often get lovingly walloped by reality, usually right after the last YouTuber proclaims “Bitcoin to $1 million by Tuesday.”
  • So as May kicks off, will this altcoin party end with a bang, a whimper, or a regrettable tattoo? Stay tuned.

Derivatives Positioning (Nerd Alert 🔬)

  • BTC’s upward crawl is propped up with all the structural integrity of a Jenga tower during a toddler’s birthday party: -$30 million liquidity delta across the 1% order book, yet up 2.7% for the month, according to CoinGlass.
  • Liquidity on the way up is thinning—meaning, if things stall, slippage and volatility will storm in louder than a marching band at a library.
  • Liquidation heatmaps show prime levels for intraday drama: $97.6K ($67 million) and $96.1K ($58 million), also known as “where hopes and stop-losses go to die.”
  • Funding rates on Binance are throwing a wild party: APT, TON, UNI, XRP all hitting +10.95% APR, while USDE, BNB and SUI are getting dunked. Somebody bring towels.
  • Open interest is floating into low-cap, high-niche assets like PUNDIX (+191%) and HAEDAL (+157%), so keep eyes peeled—low-liquidity markets are easily triggered by passing headlines and, occasionally, by errant cat videos.

Market Movements: Your Crypto Weather Report

  • BTC: $96,817.27 (+2.27%; daily: +0.54%)
  • ETH: $1,822.64 (+1.48%; daily: -0.82%)
  • CoinDesk 20: 2,781.37 (+1.39%; daily: -0.32%)
  • Ether CESR Composite Staking Rate: 2.958% (down 9 bps—somewhere a validator just sighed)
  • BTC Funding Rate (Binance): -0.0093% (annualized: -10.2251%)

  • DXY: 99.74 (down 0.51%)
  • Gold: $3,258.47/oz (up 0.62%—pirates everywhere celebrate)
  • Silver: $32.38/oz (flat, much to the chagrin of werewolves)
  • Nikkei 225: 36,830.69 (+1.04%)
  • Hang Seng: 22,504.68 (+1.74%)
  • FTSE: 8,560.68 (+0.75%)
  • Euro Stoxx 50: 5,236.81 (+1.48%)
  • DJIA: 40,752.96 (+0.21%)
  • S&P 500: 5,604.14 (+0.63%)
  • Nasdaq: 17,710.74 (+1.52%)
  • S&P/TSX: 24,795.55 (-0.19%)
  • S&P 40 Latin America: 2,523.42 (-0.25%)
  • U.S. 10-year Treasury: 4.23% (up 8 bps—a spike only a bond trader’s mother could love)
  • E-mini S&P futures: 5,649.50 (+0.47%)
  • E-mini Nasdaq-100 futures: 19,935.75 (+0.33%)
  • E-mini Dow futures: 41,045.00 (+0.47%)

Bitcoin Stats: For the Fun at Crypto Parties

  • BTC Dominance: 64.85% (+0.16%; now legally allowed to look down on altcoins)
  • Ethereum to bitcoin: 0.1886 (-1.0%)
  • Hashrate (7-day avg): 847 EH/s (about the power consumption of a small Scandinavian nation)
  • Hashprice (spot): $49.98
  • Total Fees: 5.51 BTC / $533,450.65 (insert mandatory complaint about gas fees here)
  • CME Futures Open Interest: 141,430 BTC
  • BTC priced in gold: 29.8 oz (time to break out the scales)
  • BTC vs gold market cap: 8.46% (gold bugs weep, quietly)

Technical Analysis: Where Lines and Hope Intersect

  • Ether’s managed to bounce, reclaiming its swing low (sort of like a soap opera character presumed lost at sea, only for the ratings boost).
  • Price is squished between the 20- and 50-day EMA—a classic “something’s-gotta-give” standoff in the wild west of technicals.
  • If bitcoin treads water, ether might leapfrog up to $2,100, targeting the 100-day EMA—fighting for relevance and, presumably, attention.

Crypto Equities: Because You Love Volatility

  • Strategy (MSTR): $381.6, up 0.39% (pre-market: $386.82, +1.37%)
  • Coinbase Global (COIN): $201.3 (-0.78%), then $202.42 (pre-market, +0.56%)
  • Galaxy Digital Holdings (GLXY): $24.05 (+9.72%)
  • MARA Holdings (MARA): $14.05 (+5.09%), down 0.14% at $14.03
  • Riot Platforms (RIOT): $7.77 (+7.32%), down 1.93% at $7.62
  • Core Scientific (CORZ): $8.55 (+5.56%), up 0.58% at $8.60
  • CleanSpark (CLSK): $8.67 (+6.12%), up 0.69% at $8.73
  • WGMI ETF: $14.59 (+6.65%)—the ticker says it all.
  • Semler Scientific (SMLR): $33.33 (+3.09%)—surely an auspicious number
  • Exodus Movement (EXOD): $40.38 (+3.43%), up 4.95% at $42.38

ETF Flows: The Institutional Stampede

Spot BTC ETFs:

  • Daily net flow: $422.5 million (enough for a minor volcano island, priced in crypto)
  • Cumulative net flows: $39.53 billion
  • Total BTC held: ~1.15 million (or five small countries’ worth of monetary base)

Spot ETH ETFs:

  • Daily net flow: $6.5 million
  • Cumulative net flows: $2.51 billion
  • Total ETH held: ~3.45 million (roughly the size of a promising meme run)

Overnight Flows: Because Markets Never Sleep (And Neither Should You)

Chart of the Day (Pause For Applause)

  • BitcoinCounterFlow’s cycle chart says the current rally still has fuel in the tank—unless, of course, this is the world’s slowest rug-pull.
  • If the past is prologue, the market’s entering its “aha!” moment, just before debates get really shouty on Twitter.
  • The steady, measured climb may owe something to institutions—the sort of grownups who ask for receipts and never use “degen” as a verb.

In the Ether: Art, Mystery, and Possibly a Cat Meme





Read More

2025-05-02 15:27

Previous post Nikki Webster’s Mini-Me Daughter Steals the Spotlight at Les Miserables Sydney Premiere
Next post Clash Royale Players Demand 1-Minute Refunds After Gem Misclicks