Share this article
First Mover Americas: Bitcoin Settles Into $63K-$64K Range
The latest price moves in crypto markets in context for May 7, 2024.
Updated May 7, 2024, 8:06 p.m. Published May 7, 2024, 12:01 p.m.
Make us preferred on Google
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Top Stories
Bitcoin fluctuated between $63,000-$64,000 during the Asian and European mornings on Tuesday, consolidating its recovery from last week's crash below $57,000. Despite retreating from Monday's high of around $65,500, BTC appears to have settled into a range comfortably above the $60,000 level. At the time of writing, it was priced at $64,114, largely unchanged from its price 24 hours before, but nonetheless up around 10% since the start of May following a slide of over 16% in April. The broader digital asset market has dropped 1.33% since yesterday, as measured by the CoinDesk 20 Index (CD20).
Robinhood would probably win a court case against the U.S. Securities and Exchange Commission, according to broker KBW. The SEC's issuing of a Wells Notice against the trading platform is surprising given its conservative approach to digital asset listings, KBW said in a research report on Monday. “Our preliminary view is that HOOD would likely fight the SEC in court and has a higher likelihood to prevail than most U.S. competitors (if put in similar situations) given HOOD’s stricter listings standards,” the authors wrote. KBW added that HOOD shareholders won't have full clarity on the outcome of any legal case until late 2025, based on the timescales of the SEC's ongoing suit with Coinbase.
Digital bank Revolut's new crypto exchange is now available to professional cryptocurrency traders. Revolut X is designed to entice users to trade through it rather than buying and selling with the Revolut app by offering lower fees. Revolut will charge zero fees to the maker of a trade and 0.09% to the taker. Revolut has allowed the buying and selling of crypto within its app for several years and has now launched its own exchange to compete with other leading participants. The London-based company, which has more than 40 million customers worldwide, is among the first banks to build a standalone crypto exchange.
Chart of the Day
- The chart shows monthly venture capital funding in the crypto market since October 2022.
- VC funding surpassed the $1 billion mark for the second straight month in April.
- According to Tagus Capital, the U.S. accounted for 35% of the global fundraising, followed by Singapore's 9.2% and Britain's 7.4%.
- Source: Tagus Capital, Rootdata
- Omkar Godbole
Trending Posts
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Coreweave stock gains 9% on fresh $2 billion Nvidia investment
Already an investor in CoreWeave, Nvidia last September had agreed to purchase $6.3 billion of computing services from the AI infrastructure provider.
What to know:
- CoreWeave shares jumped about 9% in pre-market trading after Nvidia invested another $2 billion in the AI-focused cloud company.
- The new funding is intended to help CoreWeave expand to more than 5 gigawatts of AI-dedicated data centers by the end of the decade.
- The deal deepens a yearslong collaboration in which Nvidia and CoreWeave will align on hardware, software and data center strategy, and test CoreWeave’s Mission Control resource-scheduling platform for potential integration into Nvidia’s ecosystem.
Top Stories
