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Analysts from cryptocurrency analytics firm MarktQuant have revealed a little-known metric that affects the price of Bitcoin.
SHIB and BTC are well in the green on a weekly scale, while the Pi Network team announced some important amendments.
Quick Take Cryptocurrencies and U.S. stocks are now more closely aligned than at almost any time in recent years, according to a Bloomberg report on a new correlation study. This increasing positive correlation suggests that macroeconomic factors, particularly following last week’s Federal Reserve rate cut, are significantly influencing both markets, the report noted.
Quick Take Ethereum has outperformed bitcoin since the U.S. Federal Reserve cut its Federal Funds rate by 50 basis points last Wednesday. This upward momentum coincides with a significant increase in the ether open interest-weighted perpetual futures funding rate, indicating stronger demand for long positions and growing optimism among traders that the price of ether may rise.
- 15:31Analyst: Bitcoin Lacks New Catalysts, Unable to Surge SignificantlyOn May 16, Trade Nation analyst David Morrison stated in a report that the cryptocurrency industry seems to be searching for a new catalyst to drive significant price increases. "As traders continue to assess the broader risk backdrop, the market tone remains cautiously optimistic." Bitcoin prices have recently rebounded from their April lows and are currently hovering in the range of $101,000 to $105,000.
- 15:29Modular Blockchain Sophon to Launch SOPH Main Utility Token in MayMay 16 news, the modular blockchain Sophon based on ZKsync announced that SOPH will be launched as the main functional token of the Sophon Network in May, with details of the token economic model and community distribution to be announced later. The official reminds users to pay attention to verification links and remain vigilant to prevent phishing risks.
- 15:29Trump's "Crypto Committee" Faces Setback in First Congressional Vote, Influence QuestionedThe "Crypto Committee" established by Trump failed to exert the expected influence in the first key vote in Congress, leading to questions about the capabilities of the White House's crypto and AI czar David Sacks and the executive director of the Digital Asset Advisory Committee, Bo Hines. The committee aims to promote cryptocurrency-related legislation but failed to make a breakthrough in the recent vote on a stablecoin regulation bill. Analysts point out that the committee's low-profile operations and lack of clear policy direction make it difficult to gain sufficient support within Congress. Additionally, crypto projects involving Trump and his family, such as Trump tokens and World Liberty Financial, have raised concerns about ethics and conflicts of interest, further undermining the committee's credibility. Democratic lawmakers have expressed concerns about these potential conflicts of interest, believing they may affect the fairness of related legislation. Currently, Trump's "Crypto Committee" faces the dual challenge of reshaping its image and enhancing its influence.