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Bitcoin drops with stocks as analyst warns of banking crisis ‘endgame’

Bitcoin (BTC) slid below $29,000 around the May 4 Wall Street open as United States equities showed jitters over the resurgent banking crisis.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Too much all at once” for U.S. banks

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD losing ground as the S&P 500 shed 0.7%.

The risk asset comedown accompanied more mayhem for U.S. regional bank stocks, with PacWest Bancorp once again leading the way, falling over 50% on the day.

The embattled lender had already seen major losses and, at the time of writing, was down 86.5% year-to-date. In a statement, the bank nonetheless described its position as “solid.”

As Cointelegraph reported, reassurances of U.S. authorities over the banking system stability appeared at odds with reality for many commentators, with confusion only increasing as the crisis continued.

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Market Analysis

How are Bitcoin options traders positioning for the US banking crisis?

The total crypto market cap has been ranging sideways, but Bitcoin derivatives markets indicate pro traders don't expect any major price corrections.

Bitcoin

How are Bitcoin options traders positioning for the US banking crisis?

The total crypto market cap has been ranging sideways, but Bitcoin derivatives markets indicate pro traders don't expect any major price corrections.

Ethereum

How are Bitcoin options traders positioning for the US banking crisis?

For the past 14 days, cryptocurrency markets have been trading within an unusually tight 7.1% range. In other words, investors are unwilling to place new bets until there’s additional regulatory clarity, especially in the United States.

The total crypto market capitalization fell by 1% to $1.2 trillion over the seven days ending May 4, primarily as a result of Bitcoin’s (BTC) 1.1% price decline, Ether’s (ETH) 0.2% loss and BNB (BNB) trading down 1.4%.

Total crypto market cap in USD, 12-hour. Source: TradingView

Notice that the exact same $1.16 trillion–$1.22 trillion total market capitalization range previously stood for 12 days between March 29 and April 10. The conflicting forces: regulatory uncertainty weighing it down and the banking crisis pushing prices upward are likely the reason for the lack of risk appetite on both sides.

SEC’s crypto crackdown could backfire

The Coinbase exchange, for instance, has been battling the U.S. Securities and Exchange Commission regarding the need for clear rules for trading digital assets. The stakes were raised after the exchange was handed a Wells notice, a “legal threat” for “possible violations of securities laws,” on March 22.

However, the latest decision has been favorable to Coinbase, as the court has instructed the SEC to clarify the security rules for digital assets within 10 days.

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Market Analysis

Bitcoin crowdfunding is Lightning: El Salvador school program hits 1 BTC in donations

Bitcoin education program "My First Bitcoin" reaches 1 BTC in donations, with Bitcoin Beach matching contributions, fueling expansion.

Bitcoin

Joe Lubin: The truth about ETH founders split and ‘Crypto Google’

Joe Lubin explains what really happened in 2014 when two co-founders were pushed out and how Ethereum really is becoming the “World Computer.”

Ethereum

Joe Lubin: The truth about ETH founders split and ‘Crypto Google’

Joe Lubin explains what really happened in 2014 when two co-founders were pushed out and how Ethereum really is becoming the “World Computer.”

Market Analysis

Joe Lubin: The truth about ETH founders split and ‘Crypto Google’


There’s a narrative that’s grown up around Ethereum’s two most important co-founders, Joe Lubin and Vitalik Buterin, to explain how they went in different directions almost a decade ago.

It suggests the pair fell out over the blockchain’s future direction, with the idealistic 20-year-old Buterin determined to turn Ethereum into a nonprofit foundation, while Lubin and others wanted to commercialize the technology via a for-profit company.

“That wasn’t really what happened,” the billionaire founder of Ethereum infrastructure and software firm ConsenSys tells Magazine during an in-depth interview in Tel Aviv.

“What happened was people were looking for a way to explain why these two people were bumped out of the project. And that was a convenient way to label it. But that wasn’t the reason they were moved.”

Lubin’s referring to Ethereum’s infamous “Red Wedding” in 2014 when the eight co-founders and the team gathered to incorporate Ethereum as a company.

Hoskinson
Altcoins

Joe Lubin: The truth about ETH founders split and ‘Crypto Google’

Joe Lubin explains what really happened in 2014 when two co-founders were pushed out and how Ethereum really is becoming the “World Computer.”

Bitcoin

Joe Lubin: The truth about ETH founders split and ‘Crypto Google’

Joe Lubin explains what really happened in 2014 when two co-founders were pushed out and how Ethereum really is becoming the “World Computer.”

Blockchain

Joe Lubin: The truth about ETH founders split and ‘Crypto Google’

Joe Lubin explains what really happened in 2014 when two co-founders were pushed out and how Ethereum really is becoming the “World Computer.”

Regulations

Joe Lubin: The truth about ETH founders split and ‘Crypto Google’


There’s a narrative that’s grown up around Ethereum’s two most important co-founders, Joe Lubin and Vitalik Buterin, to explain how they went in different directions almost a decade ago.

It suggests the pair fell out over the blockchain’s future direction, with the idealistic 20-year-old Buterin determined to turn Ethereum into a nonprofit foundation, while Lubin and others wanted to commercialize the technology via a for-profit company.

“That wasn’t really what happened,” the billionaire founder of Ethereum infrastructure and software firm ConsenSys tells Magazine during an in-depth interview in Tel Aviv.

“What happened was people were looking for a way to explain why these two people were bumped out of the project. And that was a convenient way to label it. But that wasn’t the reason they were moved.”

Lubin’s referring to Ethereum’s infamous “Red Wedding” in 2014 when the eight co-founders and the team gathered to incorporate Ethereum as a company.

Hoskinson
Weekly Overview

Consensus 2023: Businesses show interest in Web3, despite US regulatory challenges

Despite negative sentiment toward crypto adoption in the United States, Consensus 2023 attracted thousands of attendees to discuss the potential of blockchain technology and cryptocurrency.

Ethereum

Consensus 2023: Businesses show interest in Web3, despite US regulatory challenges

Despite negative sentiment toward crypto adoption in the United States, Consensus 2023 attracted thousands of attendees to discuss the potential of blockchain technology and cryptocurrency.

Blockchain

DeFi exec breaks down what it takes to attract institutions to staking

In an exclusive interview with Cointelegraph, Alluvial chief product officer Matt Leisinger discusses the impact of liquid staking on the crypto ecosystem.

Blockchain

DeFi exec breaks down what it takes to attract institutions to staking

In an exclusive interview with Cointelegraph, Alluvial chief product officer Matt Leisinger discusses the impact of liquid staking on the crypto ecosystem.

Ethereum

UK reviews AI development: It can ‘drive substantial economic growth’

The U.K. Competition and Markets Authority said it would examine AI’s development, deployment and social impact.

Regulations

WallStreetBets mod dumps memecoin worth $635K in alleged rug pull

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News

Own this piece of history

Collect this article as an NFT

A moderator of the popular trading subreddit r/WallStreetBets has dumped a large portion of the WSB Coin (WSB), a token project that claims to be the official memecoin of Wall Street Bets.

On May 2, WSB was launched by people involved in moderating the WallStreetBets Reddit forum. The subreddit gained notoriety for the GameStop short squeeze, sending hedge funds to their knees in January 2021.

Altcoins

SEC has 10 days to respond to Coinbase complaint: Legal exec

Coinbase's legal battle for regulatory clarity over the trading of digital crypto assets saw a development as the Third Circuit responded to their complaint against the SEC.

Regulations

SEC has 10 days to respond to Coinbase complaint: Legal exec

Coinbase's legal battle for regulatory clarity over the trading of digital crypto assets saw a development as the Third Circuit responded to their complaint against the SEC.

Blockchain

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