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Good morning. Here’s what’s happening:
Prices: The Consensus 2023 event, held in Austin, Texas, attracted builders and investors alike, and concluded on Friday with record-breaking attendance that surpassed initial expectations. However, the trading week in Asia has begun with bitcoin (BTC) starting off on a relatively flat note.
Insights: Crypto developers and other industry experts who participated in Consensus 2023 expressed optimism about the future of the industry. However, CoinDesk reporters noted that U.S. regulatory measures continue to pose a significant obstacle.
Prices
|
$29,404
+204.0 ▲ 0.7%
|
$1,892
−10.0 ▼ 0.5%
|
1,246
+0.3 ▲ 0.0%
|
|
S&P 500
4,169.48
+34.1 ▲ 0.8%
|
Gold
$1,998
+7.7 ▲ 0.4%
|
Nikkei 225
28,856.44
+398.8 ▲ 1.4%
|
At 7 a.m. ET (11 a.m. UTC) BTC/ETH prices per CoinCryptoUs
Good morning, Asia.
At the start of the trading week, the major cryptocurrencies in the region are mostly stable, with little change in their values.
Bitcoin has increased by 0.7% and is currently trading at $29,404, whereas ether has experienced a decline of 0.5% and is currently valued at $1,892.
"Bitcoin has remained below $30,000, which is a key resistance level, but has not had to test any major supports just yet,” Joe DiPasquale, CEO of BitBull Capital, told CoinDesk in a note. “For now, the market is expecting a 25 [basis point] rate hike in the [Federal Open Market Committee meeting] this week, but we are likely to see price swings following the [Federal Reserve's] post-release commentary."
Traders using the prediction market platform Polymarket have assigned a 97% likelihood to a 25 basis point (bps) rate hike. Meanwhile, the CME's FedWatch tool places the probability of such a rate hike at around 82%. Both tools provide valuable insights for investors looking to stay informed about potential shifts in monetary policy.
“The attempts to breach $30,000 this week have failed to make a higher high, which should be concerning for the bulls,” DiPasquale also wrote. “In general, we would not be surprised to see the market leader testing $25,000 in the coming days, particularly after the FOMC.”
Whilst Solana's layer 1 blockchain tokens and Avalanche's AVAX token remained stagnant, other leading cryptocurrencies also showed little movement. The AVAX token of Avalanche experienced a minor decline of 1.2%.
| Asset | Ticker | Returns | DACS Sector |
|---|---|---|---|
| Bitcoin | BTC | +0.7% | Currency |
| Solana | SOL | +0.6% | Smart Contract Platform |
| Asset | Ticker | Returns | DACS Sector |
|---|---|---|---|
| Gala | GALA | −2.0% | Entertainment |
| Dogecoin | DOGE | −1.7% | Currency |
| Polkadot | DOT | −1.6% | Smart Contract Platform |
Insights
Consensus 2023: 5 Key Takeaways
The final day of CoinDesk's annual Consensus conference has arrived and it has been truly exhilarating to witness the myriad of captivating discussions sparked by the diverse array of speakers and panels present at this event.
Nick Baker, CoinDesk deputy editor-in-chief
As someone who is attending Consensus for the first time this year, I may sound like a naive outsider when I say that this event is truly remarkable and awe-inspiring. However, I would like to share a few key observations that I've gleaned from my experience thus far:
One, Despite the unfavorable regulatory outlook, the level of optimism towards crypto among individuals is remarkably high, which is somewhat surprising. It could be attributed, at least in part, to self-selection bias, as attendees who are willing to pay a significant sum to participate in such events are likely to hold positive views about the industry. Nonetheless, the coexistence of significant existential concerns and a prevailing sense of optimism is a remarkable observation.
Ben Schiller, head of Consensus Magazine
During a recent event, Kate Brady, head of communications for Web3 at PepsiCo, made a profound statement that really resonated with me. Despite being a mainstream American brand with no prior involvement in the crypto industry, PepsiCo is looking to venture into the world of Web3. However, Brady expressed that the lack of regulatory clarity has been a significant hindrance to her work and to PepsiCo's progress in this area. I found this particularly interesting because it highlights an issue that the industry has been grappling with for some time, and one that is not limited to the crypto world. While there are guidelines from lawmakers and policymakers in Washington, D.C., the lack of clear regulations can pose a challenge for businesses looking to explore emerging technologies.
It dawned on me that the ongoing regulatory discourse is not limited to just the crypto industry, but rather, it impacts all of corporate America and anyone interested in pursuing development in Web3 across the United States. This is a significant group of individuals and companies, and if even someone from a mainstream brand like PepsiCo is expressing concerns about crypto policy, then it is imperative for the industry and the country as a whole to prioritize this issue. It serves as a crucial reminder that the conversation around regulations is crucial for everyone to be aware of, and it highlights the importance of taking steps towards greater regulatory clarity in emerging technologies.
Read the full story here:
Important events
8:30 a.m. HKT/SGT(12:30 a.m. UTC): Jibun Bank Manufacturing PMI (April)
Source Coindesk
