This Week in Crypto
May 26, 2023
While the world battles with the debt ceiling crisis in the US and the official beginning of the recession in Germany, the crypto industry has been relatively quiet, however, to say that there has been no development would be wrong. This week, we are looking at some essential headline news you should be aware of.
Key Points
- Binance suspends multiple bridged tokens citing lack of clarity
- NVIDIA stock rally brings a temporary boost to AI-themed tokens
- Bitcoin (BTC) records the lowest weekly volatility level
- Exclusive prizes for NEO NFT holders
Binance Suspends Multi-Bridged Token Deposits
Binance has suspended the deposit of a few tokens that are bridged to other networks, citing a lack of clarity from the Multichain team. The affected assets currently are the following tickers, with the bridged network in parentheses: POLS(BSC), ACH(BSC), BIFI(FTM), SUPER(BSC), AVA(ETH), SPELL(AVAXC), ALPACA(FTM), FARM(BSC), DEXE(BSC). It is currently unclear when the deposits will be made available.
While it is unclear the exact issue Binance has raised to the Multichain port team, the move can be seen as Binance’s increased effort in bringing responsible audit and accounting within the crypto space, as more assets are being bridged over to various networks other than their native ones.
NVIDIA Rally Brings AI Token Pump
As the demand for AI has significantly increased, NVIDIA’s earnings report truly solidified the additional demand for advanced computer chips. Following the news, the price of NVIDIA stock has rallied by more than 24%. The increase in NVIDIA stock price also had an impact on the crypto market, with AI-themed crypto assets witnessing a sharp pump in price. Assets such as AGIX, FET, CTXC, and OPTI that fit the AI narrative all recorded a jump in price.
Traders should take note that while movements in the stock market and the crypto market may have formed a causational relationship, the crypto market may react more harshly in terms of price correction.
Bitcoin Weekly Volatility at Low
While the world is holding its breath to see the final outcome of the US debt crisis, the macroeconomic conditions are sending mixed signals around the world. Potentially due to this reason, it appears that crypto investors are more cautious than before and waiting to see what would happen. This resulted in the Bitcoin weekly volatility reaching one of the lowest levels seen in the past few years.
Those interested in obtaining more BTC at a moderate price for long-term holding may take interest in leveraging the opportunity presented currently.
Exclusive Prizes for NEO NFT Holders
If you have purchased a NEO, we have some good news for you. You are eligible to claim your free NFT and participate in campaigns to win exclusive prizes!
Simply follow the steps provided in your email, connect to our Common Ground space, and enter the NEO corner. There currently is a competition running with a cash prize in USDT. More campaigns are coming soon, so stay tuned.
