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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 Fetch.ai have shown notable gains, outperforming the broader cryptocurrency market. SingularityNET's native token surged by over 6%, while Fetch.ai's token saw a rise of more than 5%. Fetch.ai, 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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Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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