Good morning Here’s what happens:
Prices: Ethereum’s Shanghai upgrade is a few days away, but that doesn’t lead to selling pressure as most of the staked ethers are lost.
Insights: In his latest column, Money Reimagined, CoinDesk Chief Content Officer Michael Casey argues that the recent backlash against the crypto industry stems from the alleged misdeeds of disgraced FTX CEO Sam Bankman-Fried.
Is there a sharp step ahead?
Bitcoin opens Asian trading week up 1.3% to $28,383, while Ether is up 0.5% to $1,863.
“The market leader has been trading in a very tight range for the past week and has barely bounced. Such consolidation along with falling volume could indicate that a sharp move is around the corner,” Bitbull Capital CEO Joe DiPasquale said in a note to CoinDesk.
DiPasquale said that a correction towards $25,000 “would not break the bullish structure, while a move to $30,000 is likely to face resistance.”
“Market sentiment remains positive for now, and we could see select altcoins performing decently if Bitcoin stays within the current range for longer,” he added.
Ether’s relatively flat performance may assuage fears that the Ethereum blockchain’s software upgrade, scheduled for mid-week, will generate selling pressure in Shanghai.
“Typically, selling pressure arises when market participants are sitting on extreme profits, which is currently not the case with the deployed ethers,” the company wrote.
SBF, revenge and the future of global crypto leadership
In making policy in Washington, it’s important to remember that governments, like all human organizations, are made up of people—complicated creatures whose emotions often undermine their ability to make rational decisions.
Last week, I warned of a dangerous politicization trend in US cryptocurrency following a spate of regulatory enforcement action against the industry. I remain concerned about this trend, but my opinion is now a bit more nuanced thanks to insights from two people with very good DC connections. They explained how emotions – particularly anger and embarrassment – played a large role in driving these policies.
It reminded me of the importance of clear, untouchable rules of governance, whether burned into democratic institutions like the US Constitution or forged into consensus mechanisms used by open-source software communities such as those attached to blockchain protocols .
regulation through retaliation
Among a string of “thank you Sam” moments over the past five months, this one takes the cake. It can be argued that the crackdown on Kraken, Coinbase, Paxos, Binance, and others was largely driven by a desire to punish Sam Bankman-Fried, the former founder of FTX, whose incredibly rapid collapse in November sent shockwaves through the crypto industry.
Here’s how one source of mine described the mindset of Biden administration officials and lawmakers from both political parties: “You can’t come into their house, slosh around that kind of money, leave politicians with balls in their faces, not expecting to pay a heavy price.” .” He was referring to the fact that prior to FTX’s collapse, politicians — mostly Democrats, but also some Republicans — had benefited from more than $74 million in FTX political donations and had formed ties with Bankman-Fried, the progressive with its “effective altruism” commitments. (A CoinDesk investigation found that a third of Congress took money from Bankman-Fried or his associates.)
You can find the whole story here:
The Hash picks up on today’s hot topics: The US Treasury has released its first report assessing the risks of decentralized finance. Some crypto traders are warning about the market prospects for dog-themed Shiba Inu meme coins. India plans to rapidly scale up its central bank digital currency tests for the digital rupee. Also, is there a secret Bitcoin Maxi working at Apple (AAPL)?
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