- May was a challenging month for Bitcoin and crypto markets. BTC experienced an 8% decline and decoupled from stocks in the wrong direction. The overall spot crypto exchange volume in May was over $400B, the lowest since December 2020 and significantly less than May 2020s $1.4T. Meanwhile, with potential low liquidity following the debt deal, Bitcoin could encounter a few potential “banana skins” in June, according to our co-founder Antoni Trenchev. June seems to be turning things around now with BTC up again.
- Hong Kong has recently announced new exchange regulations, which have already been implemented. Although no exchanges have been formally licensed under the new regime, the energy and excitement in the city-state are undeniable. Beijing’s government has also published a paper in praise of Web3, a significant shift from the industry ban only a couple of years ago.
- Despite the downturn, staking Ether has been gaining momentum. Nansen data indicates that 21.7 million ETH is currently staked, with over 17% of all ETH staked and queued deposited in May alone. The appetite for staking ETH has been robust since Shapella for good reasons.
BTC Dominance Chart
- Elon Musk is facing a lawsuit from investors who lost money investing in Dogecoin, which now includes allegations of insider trading. The legal challenge accuses Musk of manipulating the market for the dog-themed cryptocurrency through public comments and appearances on TV.
- Musk’s vocal support of Dogecoin, including tweets, Tesla merch purchases with Doge, and the upcoming SpaceX mission paid for in the cryptocurrency, helped fuel its surge in price from $0.003 to an all-time high of $0.74. However, the price has since crashed to $0.07, leaving investors who did not sell at the right time facing significant losses. The lawsuit has gained momentum, with fresh allegations added to the case targeting Musk’s activities regarding Dogecoin.
- The anti-Bitcoin mining bill in Texas has officially failed to pass, which means that Texas is still open and welcoming to Bitcoin mining. Furthermore, the SEC’s proposed settlement in their case against Ishan Wahi, the former Coinbase employee, is a total surrender and exposes the weakness in the SEC’s theories about secondary market trading of crypto.
Author Profile
- Lucy Walker covers finance, health and beauty since 2014. She has been writing for various online publications.
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