Boston Fed: One Rate Cut Expected This Year Due to Uncertainties

On May 16th, as per a CoinDesk report, Sui Chung, the CEO of the crypto index provider CF Benchmarks, stated in an interview: "The recent increase in the Ethereum price is primarily attributed to short covering—traders liquidating their bearish positions—rather than a robust bullish sentiment in the market." During the process of short covering, short sellers will repurchase the futures contracts they had previously sold. This action will boost market demand in the short term, generating upward price pressure. Chung pointed out that the premium (also known as the basis) of CME Bitcoin futures remains at a low level, suggesting that this rally is mainly driven by short covering. Chung further added: "In a more typical market situation, if traders begin to use leverage to establish new long positions, we typically observe the basis level rising. This phenomenon reminds us that not all price increases are driven by new demand; sometimes they only reflect position adjustments and risk r

On May 16th, as per The Block, a lawyer representing World Liberty Financial (WLFI) has refuted a probe initiated by U.S. Senator and Democrat Richard Blumenthal. The lawyer contends that Blumenthal's investigation into the company's USD1 stablecoin and potential conflicts of interest related to former President Trump's cryptocurrency activities is "essentially flawed." Blumenthal is the leading Democratic member of the Senate Permanent Subcommittee on Investigations. He recently dispatched letters to World Liberty Financial and Fight Fight Fight LLC (the entity behind the "Official Trump" meme coin), alleging that these companies may have violated federal law by potentially enabling ethical violations or engaging in transactions with indicted foreign individuals. He demanded detailed records encompassing ownership structures, financial relationships, and conflict of interest safeguards, claiming that Trump received financial advantages from WLFI and the TRUMP project. According to t

On May 16th, David Morrison, an analyst at Trade Nation, stated in a report that the cryptocurrency industry appears to be seeking a new catalyst to prompt a substantial price increase. "As traders continuously evaluate a broader risk environment, the market sentiment remains cautiously optimistic." The price of Bitcoin has recently rebounded from its April low and is currently fluctuating within the range of $101,000 to $105,000. (IG)

On May 16th, based on LookOnChain's monitoring, Abraxas Capital continues to amass a significant quantity of Ethereum. Since May 7th, Abraxas Capital has withdrawn a total of 278,639 ETH (approximately $6.55 billion) from major exchanges. The average purchase price was $2350. Currently, the unrealized floating profit amounts to $77 million.

On May 16th, the FOX Business reporter Eleanor Terrett disclosed that Caroline Pham, who is the Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), is going to leave her position later this year and return to the private sector. During the International Swaps and Derivatives Association (ISDA) annual conference held in Amsterdam on Thursday, Pham affirmed that once Brian Quintenz is confirmed as the CFTC Chairman, she will officially tender her resignation.

On May 16th, according to Ashes Monitoring, the whale that purchased NXPC yesterday at an average price of $1.25 ultimately achieved a profit of $1.6 million. After making the purchase yesterday, the price of NXPC rose to a high of $3.8, resulting in an unrealized profit of $2.9 million. However, at that time, the whale did not sell. Instead, 2 hours ago, they transferred all 1.136 million NXPC tokens ($3.02 million) to Binance at an average price of $2.66.