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Good morning. Here’s what’s happening:

Prices: Bitcoin has found a stable position above $29K, with some analysts suggesting that investors are seeking assets with enduring value.

Insights: At Consensus 2023, Captain Kirk makes a noteworthy entry into the NFT space with his debut collection, and confidently champions the possibilities of crypto in a panel discussion.

Prices

$29,553
+709.8 ▲ 2.5%
$1,912
+15.5 ▲ 0.8%
1,252
+17.3 ▲ 1.4%
S&P 500
4,135.35
+79.4 ▲ 2.0%
Gold
$1,998
+7.7 ▲ 0.4%
Nikkei 225
28,457.68
+41.2 ▲ 0.1%

BTC/ETH prices per CoinCryptoUs, as of 7 a.m. ET (11 a.m. UTC)

 

Bitcoin Holds Above $29K; Ether Rises Over $1.9K

Bitcoin shrugged off concerns of renewed banking unrest and a slowdown in U.S. economic growth, maintaining its position comfortably above $29,000 during Thursday's trading hours in the United States.

The leading cryptocurrency, which holds the largest market capitalization, was recently observed trading at approximately $29,500, reflecting a growth of approximately 2.2% within the past 24 hours. While BTC briefly exceeded the $30,000 mark, reaching near-weekly highs, it still remains considerably lower than its peak in April, which approached $31,000. Despite this, investors appear to have disregarded the tumultuous events of Wednesday, which resulted in a sharp decline to around $27,200 due to a widespread liquidation of both long and short positions, as well as unsubstantiated rumors concerning bitcoin sales by both the U.S. government and the failed Mt. Gox exchange, before subsequently bouncing back.

After experiencing a surge of around 40% in January, bitcoin and other cryptocurrencies have demonstrated a remarkable resilience to unforeseen events within the industry and fluctuations in the broader macroeconomic landscape.

"The operative word here is resilience," said Michael Sonnenshein, CEO at crypto asset management company Grayscale Investments, told CoinDesk TV on the opening day of the Consensus 2023 conference in Austin, Texas. "Despite recent setbacks whether it be trust or certain businesses that were once integral to crypto that are no longer around, what we're seeing is resilience."

Sonnenshein added: "It's really encouraging time and again as this industry gets challenged, it demonstrates its strengths and comes out stronger."

Digital Currency Group serves as the parent company for both Grayscale and CoinDesk, establishing a strong link between the two entities.

Ether was seen trading above $1,910 in the recent market, which indicates a rise of approximately 0.8% from its Wednesday value. Similarly, other major cryptocurrencies have also experienced a marginal rise in their value, only 36 hours after suffering significant losses. The CoinDesk Market Index, a widely used measure of cryptocurrency market performance, has recently climbed up by 0.8%.

The US equity markets witnessed a remarkable uptick as the impressive earnings figures posted by tech giants including Microsoft, Google, and the most recent Meta outperformed the concerns regarding the unexpectedly sluggish growth rate of 1.1% in the first quarter GDP and the struggles encountered by the regional bank First Republic. The tech-centric Nasdaq Composite and S&P 500, which have a strong technology orientation, surged by a significant margin of 2.4% and 2%, respectively.

Investors are eagerly anticipating next week's Federal Open Market Committee (FOMC) interest rate decision, which has become a major focus in the financial world. According to the CME FedWatch Tool, there is a high likelihood of a third consecutive 25-basis point rate hike, with an 87% probability. However, some experts, such as Edward Moya, senior market analyst for foreign exchange market maker Oanda, have suggested that the US central bank may be nearing the end of its current monetary hawkishness. This has created a sense of anticipation and uncertainty among investors, who are closely watching developments in the market. The Fed will be able to move forward with one, perhaps two more rate hikes, but then that should be it," Moya wrote. "Today’s economic data painted a picture of an economy that is slowing down, inflation is temporarily accelerating, and the labor market is softening."

Bob Baxley, the Chief Technology Officer at the decentralized finance (DeFi) platform Maverick Protocol, shared with CoinDesk's Jocelyn Yang that the recent performance of Bitcoin is a testament to investors' trust in the cryptocurrency's ability to maintain its value, even in times of uncertainty.

“Bitcoin and other crypto assets have clearly been performing as the sort of safe haven that many had hoped this technology class would become,” Baxley told CoinDesk in an email.

Biggest Gainers

Asset Ticker Returns DACS Sector
Cosmos ATOM +4.5% Smart Contract Platform
Solana SOL +3.6% Smart Contract Platform
Bitcoin BTC +2.5% Currency

Biggest Losers

Asset Ticker Returns DACS Sector
Shiba Inu SHIB −0.1% Currency
Loopring LRC −0.1% Smart Contract Platform

 

Insights

William Shatner is hurtling towards Web3 at Warp 9, with the thrill of adventure pulsing through his veins.

At CoinDesk's Consensus 2023 conference, the iconic Captain of Star Trek and a prominent figure in the Twitter crypto community made headlines by launching his exclusive NFT collection, 'Infinite Connections'.

The Infinite Connections project is composed of two distinct sets, the Cosmic Explorer collection and the Shatner 3D Avatar collection. The Cosmic Explorer collection consists of 2,500 unique NFTs that showcase a 3D avatar of William Shatner's likeness, accompanied by artwork that delves into scientific concepts such as quantum physics and sound waves. Each NFT in the collection also comes with a physical action figure of Captain James T. Kirk, the iconic character that Shatner is famous for portraying. Furthermore, each action figure is personally autographed by Shatner and features a memorable quote from the character.

The second collection, Timeless Voyager, comprises 1,000 NFTs featuring 2D artwork that showcases futuristic technology and the vast expanse of the cosmos. While this collection does not include a physical action figure like the Cosmic Explorer collection, some chosen owners of the NFTs will have exclusive access to undisclosed real-world opportunities.

"NFTs are slowly becoming more artistic," Shatner said backstage at the conference. "These, developed by Orange Comet, are among the most artistic that I've ever seen."

William Shatner collaborated with Orange Comet, a Web3 entertainment company that recently secured $7 million in a funding round, to produce and launch his NFT collection. Orange Comet has also teamed up with other notable figures, including former NBA star Scottie Pippen, Sir Anthony Hopkins, and the immensely popular TV series, The Walking Dead.

Orange Comet CEO Dave Broome, who also spoke at the conference, revealed how the deal with Shatner occurred, and how Shatner's intellectual curiosity was a key component. "This is a man at 92 who is still inquiring, and still has an ability to learn and embrace technology and understanding what it could do," Broome said. "What we're interested in doing is taking someone like iconic legendary William Shatner and all of the millions and millions of fans that he has, and bring them over into web3."

Important events.

5:00 p.m. HKT/SGT(9:00 UTC) Eurozone Gross Domestic Product s.a. (YoY/Q1)

 

Source Coindesk