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
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Fidelity Investments starts its own stablecoin in a massive bet that future of banking is on blockchain
The FIDD token will run on Ethereum, serve institutional and retail users, and comply with the new GENIUS Act’s reserve rules.
What to know:
- Fidelity Investments is launching its first stablecoin, the Fidelity Digital Dollar (FIDD), based on the Ethereum network.
- FIDD will be backed by reserves of cash, cash equivalents, and short-term U.S. Treasuries managed by Fidelity, in line with the new federal GENIUS Act's standards for payment stablecoins.
- The stablecoin targets use cases such as 24/7 institutional settlement and onchain retail payments, putting Fidelity in direct competition with dominant issuers like Circle’s USDC and Tether’s USDT while laying groundwork for future onchain financial products.
Top Stories
