May 10, 2024

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Coinbase-Backed Stand With Crypto Group Launches PAC for US Elections

Stand With Crypto, an advocacy group initiated by Coinbase, is launching a political action committee (PAC) to support preferred congressional candidates using contributions from its over 400,000 members. The PAC will make direct donations to endorsed candidates, with each member limited to contributing $5,000. This move comes as the organization has grown rapidly, amassing over 443,000 supporters since its inception in August 2023 and raising more than $86 million for advocacy operations. The PAC aims to support candidates who demonstrate knowledge and commitment to crypto and blockchain innovation in the United States. Notable endorsements include candidates like Eddy Morales, Troy Downing, Shomari Figures, Rep. Jim Banks, and West Virginia Gov. Jim Justice, among others. This PAC distinguishes itself from other crypto campaign-finance efforts by directly donating to candidates rather than providing unlimited indirect support.

Grayscale Bitcoin ETF Reverses $66.9 Million Inflows Over Two Days

Grayscale's Bitcoin ETF experienced a short-lived period of inflows totaling $66.9 million in May, marking a notable reversal from its consistent outflows since its launch in January. However, these inflows quickly turned to outflows, with $28.6 million and $43.4 million leaving the ETF on May 7 and 9, respectively. Grayscale was the sole issuer among nine approved Bitcoin ETFs to report outflows during this period. In contrast, other ETFs, including BlackRock's iShares Bitcoin Trust, Fidelity's Wise Origin Bitcoin Fund, and ARK 21Shares Bitcoin ETF, have seen positive inflows, with BlackRock's ETF leading with nearly $15.5 billion in investments. VanEck CEO Jan VanEck mentioned that retail investors contributed significantly to Bitcoin ETF inflows, but he anticipated a surge in institutional investments from banks and traditional firms by May.

AI Tokens Outperform Crypto Market

In the last 24 hours, major AI-related tokens associated with SingularityNET and have shown notable gains, outperforming the broader cryptocurrency market. SingularityNET's native token surged by over 6%, while's token saw a rise of more than 5%., known for leveraging AI and machine learning for business automation, has experienced a remarkable 15% increase over the past month. The AI token market cap, now standing at $27.7 billion according to CoinGecko data, marked a significant 10% rise within a day, contrasting with the global cryptocurrency market cap's 2.6% increase to $2.45 trillion. Among the top ten AI tokens, nearly all have gained except one, underscoring the sector's strong performance. Notably, Render's token, supporting artists in rendering generative AI artwork via a decentralized platform, surged by over 7% during the same period.

Trading Desk Insights

Bitcoin has rallied from its recent dip to $60,600, peaking at $63,500 before experiencing a slight retreat. The cryptocurrency is currently trading below its 20-day moving average, typically a bearish signal. Surpassing the recent $63,500 peak could pave the way to breach the 50-day moving average around $66,000, a critical threshold for reigniting bullish momentum. There is substantial short-term support accumulating between $61,000 and $62,000.

In the realm of Bitcoin ETFs, the market has absorbed modest outflows of $11.3 million, predominantly from Grayscale, which reported outflows of $43.4 million. Conversely, Blackrock and Fidelity have registered net inflows of $14.2 million and $2.7 million, respectively.

In other news, Apple's recent nod to using Render's Octane 3D design software has sparked enthusiasm in the RNDR token, which surged over 20%, pushing its gains this month to an impressive 56%.

Dogecoin, the leading meme coin by market cap, appears on the verge of replicating its early 2021 "golden cross" bullish signal. The 50-week simple moving average (SMA) is trending upward and is expected to surpass the 200-week SMA soon, potentially signaling a robust bullish phase ahead.

U.S. stock futures are up, indicating another positive session ahead. The S&P 500 has broken past the 5,200 mark for the first time since early April, fueled by increasing optimism after the Federal Reserve suggested that a rate hike might not be forthcoming. This, along with a strong earnings season and softer labor data, has bolstered investor confidence in the equity markets.

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