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First Mover Americas: Bitcoin Falls to $26K; Is $24K Next?
The latest price moves in crypto markets in context for May 25, 2023.
Updated May 25, 2023, 12:19 p.m. Published May 25, 2023, 12:19 p.m.
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.
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Bitcoin's (BTC) recent price slide may have legs, according to technical analysis by alternative asset management firm Valkyrie Investments. The leading cryptocurrency by market value has declined by 10% to $26,200 this month – including a slide of nearly 4% over just the past day-plus – thanks in part to renewed bets the Fed will remain hawkish, a recovery in the U.S. dollar index, and lingering U.S. debt ceiling uncertainty. Per Valkyrie, a further decline toward $24,000 may be seen as bitcoin's daily chart Ichimoku cloud – a momentum indicator – has flipped bearish. "This suggests an ongoing high-timeframe bullish trend with a decline in bullish momentum and the potential for near-term retrenchment," wrote Chief Investment Officer Steven McClurg and team in a note to clients on Tuesday.
Crypto consortium Fahrenheit has won a bid to acquire insolvent lender Celsius Network, whose assets were previously valued at around $2 billion, according to court filingsmade early Thursday morning. The group will acquire Celsius’ institutional loan portfolio, staked cryptocurrencies, mining unit and additional alternative investments, and must pay a deposit of $10 million within three days to cement the deal, court filings show. A consortium of buyers that includes venture capital firm Arrington Capital and miner US Bitcoin Corp, Farenheit was selected as successful bidder following a lengthy auction process. Under the terms of the deal, the newly-formed company will get between $450 and $500 million in liquid cryptocurrency, and US Bitcoin Corp will construct a range of crypto mining facilities including a new 100 megawatt plant.
Terraform Labs co-founder Do Kwon will remain in detention while he faces charges of falsifying official documents in Montenegro, according to a court statement Thursday. Although the Basic Court in the country's capital Podgorica had initially accepted a bail proposal from Kwon's lawyers, Bloomberg reported that a higher court had later annulled the decision. The Basic Court of Podgorica confirmed to CoinDesk the high court's decision, and that it had received the agreed payment of 400,000 euros ($428,000) from Kwon on May 17. Following the High Court ruling, the Basic Court has decided to extend Kwon's detention.
Chart of the Day
- The chart shows smaller tokens like decentralized GPU-based rendering solution Render Network's RNDR, and ARPA, the native token of privacy-preserving computation network ARPA Chain, outperformed market leaders by a big margin in the week ended May 23.
- RNDR has perhaps benefitted from speculation that Apple's virtual reality headset will utilize its decentralized graphics processing network.
- APRA Chain's impending mainnet launch, reportedly due in June, seems to have galvanized investor interest in the native cryptocurrency.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Federal Reserve Cuts Rates 25 Basis Points, With Two Members Voting for Steady Policy
The anticipated move comes as policymakers are still operating without several key economic data releases that remain delayed or suspended due to the U.S. government shutdown.
What to know:
- As expected, the Federal Reserve trimmed its benchmark fed funds rate range by 25 basis points on Wednesday afternoon.
- Today's cut is notable given the unusually large amount of public dissension among Fed members for further monetary ease.
- Two Fed members dissented from the rate cut, preferring instead to hold rates steady, while one member voted for a 50 basis point rate cut.
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