The bear market continues despite recent relief rally, regulation roadblocks prevent big players from entering the game, and is there a beef between Elon and a DOGE co-founder? My name is Ben. This is your crypto nightly news wrap-up. Let’s get it! It was an eventful Memorial Day weekend for bulls in the crypto community. And the oversold relief rally has hopes running high for those who are tired of bearish price action. When I start to see a handful of influencers saying the bottom is in, that’s when I began to worry. As much as I want to get on here and say, “The bear market’s over! $100K incoming!” when I zoom out and look at the big picture, I don’t believe we’ve hit a bottom quite yet. Now, I’m not trying to say this and be a Debbie Downer. I just don’t want to see a bunch of newcomers get wrecked, FOMO in at the wrong time. The Fed still has much more tightening to do this year. We already know how their hawkish approach has affected the markets so far this year, stocks and crypto included. Co-founder of Three Arrows Capital Zhu Su states that MicroStrategy and Coinbase stock charts are proof that American boomers have capitulated in crypto in mid-May. An article from Ethereum World News highlights that these two charts are closely tied to Bitcoin’s price action.
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Coinbase stocks price action comes as a result of their top executives offloading $1.2 billion worth of shares since their listing last April. Although it’s noted these types of selloffs are normal and the executives still maintain large positions in the company, unfortunately, this goes to show the bear market is alive and well, or they wouldn’t have sold anything in the first place. Yes, Bitcoin is technically in an accumulation range, but the coming Fed tightening could add additional selling pressure on crypto and the traditional markets in the coming weeks. I’m not saying not to dollar-cost average, but I am saying to be cautious, considering there are rumors circulating saying the next Fed meeting can see a hike of 75 basis points.
Let’s jump in and do a little market watch here. We’ve got Bitcoin finally showing us a little bit of relief. As we have been saying, it felt like the relief pump was in the room with us. Finally seen a little bit of green Bitcoin coming in at about $31,850 Ethereum coming in at $1,950 Let’s check our top gainers. Waves up 22% on the day We’ve got HOT up 13%. Cardano with a decent move Up 21% on the week, 10% on the day We’ve got Kava up 8%. Oasis Network up 8% And KuCoin Token up about 5% Guys, I know we’ve been talking about it. It felt like the relief pump was in the room with us last week. And finally we got some green candles and we’re getting a little bit of relief. I do think this could possibly be sustained for a little while here. The first target I’m watching for this relief pump, if it does continue, is about $35K. We do have some really strong resistance there, so looking for a rejection at that point.
The rate of crypto adoption on the global stage is undeniable. But that doesn’t mean regulatory roadblocks aren’t preventing big players from entering the game. At the World Economic Forum in Davos, Bank of America CEO Brian Moynihan has unfortunately made it clear that they won’t be offering crypto services. Despite the Bank of America having hundreds of crypto patents to use blockchain as a tool, Moynihan stated, “The reality is that we can’t do it by the regulation. We’re not really allowed to engage. They’ve said, ‘You have to ask us before you do it. And by the way, don’t ask.’ ” It’s sad that a fish as big as a Bank of America is being held back by the cloudy clarity in the waters of regulation because they clearly see the opportunity. Last year, they stated that the crypto industry is too big to ignore. And earlier this year, they said that Solana could be the Visa of crypto.
On the flipside, Moynihan did state that their research team is working on including crypto operations once the regulation is ready, saying that “On the trading side, we could do it.” Intense pressure needs to be put on the regulating bodies to clear this up because they’re holding this industry back, and they know it. You would think that since Elon is opening so many doors for DOGE that the co-founders would be grateful, right? Well, not all of them. Jackson Palmer, who denounced crypto in 2015 because it’s “inherently right-wing, hyper-capitalistic technology,” he has beef with Elon because he’s the guy designing autonomous cars, can’t code, and he called Elon a self-absorbed grifter. Long story short, Palmer sent Elon a script of code that he thought will get rid of Twitter bots, and Elon asked him, “How can I execute this Python script?” Palmer also went on the H3 Podcast trashing Musk, but I’m sure no one heard it. In response, Elon tweeted, “My kids wrote better code when they were 12 than the nonsense script Jackson sent me.” “Jackson Palmer is a tool.” In what seems to me like a lopsided affair, one of them barely gets 35 likes per tweet. The other one pumps DOGE 15% per tweet. In the words of James Franco, Haters gonna hate.
This article is a transcription of a video made by BitBoy Crypto
Original video: https://youtu.be/4fxas6wTzPs
