What’s Next After Bitcoin $BTC Price Retreat
Crypto markets complete round trip after big rally. What comes next?
The big story in the crypto markets last week was that Ether (ETH) edged lower, erasing any price gains seen during the weeks-long mini-rally that followed the seamless implementation on April 12 of the Ethereum blockchain’s long-awaited Shanghai upgrade. Bitcoin (BTC) also reversed course, losing its footing above $30,000 and changing hands around $27,800 at press time.
According to Joe DiPasquale, CEO of BitBull Capital, technical signals found in bitcoin’s price chart still look encouraging.
“A healthy retest of the support zone between $25K to $27K is a positive sign for a continued rally,” DiPasquale told CoinDesk in an email. “As long as Bitcoin manages to stay above $22K, at worst, we can expect more action to the upside.”
What Taylor Swift Can Teach You About Investing
Angry victims of the FTX scam are seeking redress from the celebrities who staged the botched exchange, in a lawsuit that names Larry David, Tom Brady and Shaquille O’Neill, among others. One name not on that list is Taylor Swift, who was offered a reported $100 million sponsorship deal with the offshore crypto exchange — but avoided embarrassment and potential legal fallout by showing some basic skepticism.
Swift reportedly asked FTX representatives: “Can you tell me that these [listed assets] are not unregistered securities?” during the negotiations, which ultimately failed. That’s according to Adam Moskowitz, the plaintiff’s attorney in the FTX approval lawsuit, speaking with The Block’s Frank Chaparro. Moskowitz describes learning about the incident in the discovery phase of the suit, and I haven’t seen confirmation from Taylor Swift’s camp.
This article is taken from The Node, CoinDesk’s daily roundup of the top stories in blockchain and crypto news. You can subscribe to get the whole newsletter here.
But even though it’s a bit of a so-so story, there is a wealth of wisdom in this little parable. It wouldn’t be the first time Swift proved herself to be a brilliant and sharp-elbowed businesswoman at the peak of her musical talent – for example, having muscled her way out of a heavy publishing deal.
How, then, could the question of her securities laws, largely unrelated to the risk that ultimately manifested, have caused Swift to shy away from entering into business with FTX? I’m speculating here, but a likely scenario is that she or her people were not happy with the way FTX handled this and other issues. For example, perhaps Bankman-Fried or his representatives were confused or uncoordinated or defensive—all helpful signs of an organization that may be in deeper trouble. (Or maybe the Swift camp didn’t appreciate FTX’s boy wonder playing “League of Legends” during their meeting.)
Read the full story here:
Rep. Warren Davidson (R-Ohio) joins “First Mover” to discuss the future of US crypto regulation and explained why he wants to restructure the Securities and Exchange Commission and calls for the removal of SEC Chairman Gary Gensler. This comes as bitcoin (BTC) falls for the third day in a row, hitting a 24-hour low of $27,844.46. PV01 CEO Max Boonen and Crypto’s Macro Now economist Noelle Acheson also joined the conversation. Acheson is the former head of research at CoinDesk and Genesis Trading.
