Weekly Crypto Roundup 5/28
Down but not out — read on to learn the highlights in crypto this week.
Despite the recent drawdown, there’s exciting news on the horizon as innovation hasn’t slowed at all and funds continue to flow into crypto markets.
Of course, we’re still feeling the effects of the latest shakeup in the short-term. Bitcoin (BTC) is in its fourth-longest downtrend ever, and Cointelegraph Markets Pro and TradingView report that it’s headed for a record-setting nine consecutive weeks in red.
Stock markets have put in gains for the week with equities rallying on May 25 and 26. Unfortunately, crypto hasn’t managed to follow along.
Chart of Bitcoin to USD over the last 7 days from CoinMarketCap.
But a “crypto winter” isn’t a done deal. JP Morgan sent a note to their clients saying BTC is undervalued and they expect crypto markets to rally. And in exciting news for adoption, a new survey by the Federal Reserve reports that in 2021, 12% of U.S. adults held crypto.
In China, where crypto was officially banned last summer, new research from the Cambridge Centre for Alternative Finance (CCAF) shows mining activity has strongly rebounded.
Let’s take a look into how the top five coins by market cap are doing.
24-hour returns of top 20 assets via CoinDesk.
For most of last week, BTC was trading around $30,000 with a fall to below $28,630 on May 26.
The current price sits at $29,355.98. Coinglass confirms BTC is on track to have the second-worst May in its history with GlassNode reporting that BTC whales are reducing.
On May 26, Ethereum selling picked up momentum, and today its price is at $1,805.42. The big news related to ETH is that its long-awaited ETH2 upgrade is coming in August. To move from its original Proof of Work to the more efficient Proof of Stake mechanism, Ethereum will merge its chains and beginning phasing out the old. This merge will have widespread effects on the crypto ecosystem as Ethereum smart contract-friendly blockchain powers a multitiude of DeFi projects including top name NFT Bored Ape Yacht Club.
Currently, USDT’s price is just shy of its $1 peg at $0.999. In exciting recent developments, Tether is expanding its reach by launching on the Polygon network and launching a new peso-backed stablecoin in Mexico.
USD Coin (USDC)
USDC is stable at $1.00 at the time of writing. This week, USDC has expanded its interoperability with a bridge between Cardano and Ethereum through Milkomeda. Now, users can swap coins by using the bridge from USDC to Milkomeda and then transferring over to Cardano.
The price of BNB currently sits at $304.41. BNB has grown 10% in price in the last week while other big names have suffered losses, including Bitcoin, XRP, Cardano, Dogecoin, Shiba Inu, Solana, and Polkadot. In light of these short-term bullish signals, some analysts are saying BNB is the coin to buy right now.
Overall, it continues to be difficult to pin down what the market has in store for the next few months. If you’re feeling overwhelmed by the noise and unsure of how to adjust your portfolio, a community of expert traders can help you navigate this moment. Join Alpha Impact’s social trading platform today and join a community of traders, expert and novice.
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