Crypto Market Analysis: Crypto Holds Strong Amid US Debt Turbulence

Trending Tokens on BTSE:

 (as of  2:45 AM UTC, May 18, 2023) 

A relatively stable night for the large market cap cryptocurrencies last night, with Asia waking up to minor Bitcoin gains of 0.9% and a 0% change in the price of Ethereum in the 24 hours preceding. On the BTSE platform, Cartesi saw large gains of as much as 18.5% while Pogai dropped around 12%.

Meanwhile, USDT stablecoin giant Tether revealed that it not only has US$1.5 billion in Bitcoin holdings, but will use up to 15% of its realized profits starting this month on Bitcoin investments. This forms part of Tether’s investment strategy – but unrealized profits – that is, profits that have occurred due to rising prices, but have not been sold and ‘realized’ –  will not be reinvested in this way. 

Prices of Filecoin (FIL) dropped overnight in Asia, as the United States SEC publicly requested that Grayscale withdraw its voluntary Form 10 application to make its product, Filecoin (FIL), a reporting company that would have had to make quarterly and annual reports. Grayscale announced in a press release that the SEC had notified it that Filecoin only meets the definition of a security. Despite its sudden drop to as low as US$4.45, FIL prices have since recovered to their pre-SEC announcement levels. 

Prices of large market cap cryptocurrencies like Bitcoin and Ethereum seem unaffected by heated discussions in the US over its debt ceiling and a potential default, even despite a lowered level of liquidity in the market following multiple liquidity providers’ exit internationally. 

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