VanEck’s VBILL, the tokenized US Treasury fund, has debuted on Euler’s decentralized lending platform. Investors may now post it as onchain collateral, a move as inevitable as a Chekhovian character’s untimely demise. The financial world, it seems, is learning to waltz to the tune of blockchain.
As an analyst, I’m observing continued pressure in the crypto market today, May 28th. Bitcoin is currently trading below $74,000, around $73,369.28, which represents a slight gain for the day, but it’s still down nearly 6% for the week. Most other major cryptocurrencies, or altcoins, are also experiencing weekly losses.
A chart shared by the crypto analyst known as BladeDefi (a name that sounds far more dashing than most of the people yelling about ETH on Twitter, I must say) points to a higher-timeframe ascending trendline that has propped up Ethereum’s entire structure for months, like a well-tailored waistcoat holding together a dissolute aristocrat’s failing posture. Per the chart, ETH has now wandered right back to that very region, after failing to hold above a key resistance zone near the top of its recent range-because nothing says “I have my life together” like backtracking to the one thing that’s kept you from total ruin for months.
STRCx, a token representing preferred stock in Strategy’s Stretch, is now available for lending on Kamino Finance. Kamino Finance is a decentralized finance platform built on the Solana blockchain.
Grayscale, a company that manages investments, is getting closer to launching a new exchange-traded fund (ETF) called the Hyperliquid ETF. They recently filed an updated proposal with the U.S. Securities and Exchange Commission (SEC).
Today’s newsletter features Hassan Ahmed’s analysis of the cryptocurrency landscape in Asia, including stablecoins and relevant regulations. He contrasts the region’s growth with areas that have clearer rules.
JPMorgan analysts, in a recent report, suggest Bitcoin is losing its appeal as a safe haven for investors. They believe this is because people are closing out investments made during times of high inflation and geopolitical tension, like the conflict with Iran, that were originally intended to protect against economic downturns.
Social media, never one to miss a drama, erupted with “buy-the-dip” chants faster than you can say “bad idea.” Santiment’s sentiment gauge hit a month-high of 2.4-to-1 on May 27, firmly in the “FOMO zone,” where rationality goes to die. The crowd, historically, is about as reliable as a weather forecast in Britain-usually wrong, but always enthusiastic.
The CoinDesk 20 is currently trading at 1961.44, down 3.1% (-62.25) since 4 p.m. ET on Wednesday.
