Coindesk

This week's main economic event comes on Friday when the U.S. government releases employment data for May. Ahead of that though, were three fairly important data points of their own on Wednesday, and all flashed unexpected weakness.First to hit was ADP private payrolls for May and that report showed the addition of just 37,000 jobs last month, far shy of expectations for 115,000 and well south of April's already weak 60,000. It was the weakest ADP number since March 2023.Next up was the May ISM Services report, which came in at 49.9 against 52 expected and 51.6 in April. A number below 50 shows contraction and May's report was the first time in that zone in one year.Finally, the U.S....

U.S. House of Representatives Republicans are forging ahead with legislation to establish regulations for U.S. crypto markets, dissecting that effort in a pair of hearings on Wednesday, but Democrats insist the complex bill is hurried, flawed and fails to address a chief complaint: their accusations that President Donald Trump is engaged in crypto corruption.The House Financial Services Committee and House Agriculture Committee both examined the changes contemplated by Digital Asset Market Clarity Act, with witnesses in the financial committee including two former chairmen of the Commodity Futures Trading Commission and a former acting chairman of the Securities and Exchange Commission.Republican lawmakers praised the bill as an urgently needed, long-awaited answer to both the digital assets industry's desperation for clear rules...

Recent price action reveals TON's struggle to maintain stability, with a failed breakout attempt at $3.22 followed by accelerated selling during peak trading hours, according to CoinDesk Research's technical analysis model. The move comes as the broader market gauge, CoinDesk20 Index, remained flat. Technical indicators paint a potential bearish picture on the short-term timeframe as the formation of lower highs and lower lows suggests building bearish momentum.The breakdown of the $3.16 support level, confirmed by high-volume selling, has opened the door to further potential downside as global economic tensions continue to reshape investor priorities across both traditional and cryptocurrency markets.Technical analysis highlights• Failed breakout attempt at the $3.22 resistance level, followed by consistent selling pressure.• Accelerated selling with above-average volume.•...

The cryptocurrency market continues to navigate choppy waters as global economic factors create ripple effects across digital assets. Cardano’s native cryptocurrency, ADA ADA, demonstrated resilience, forming a V-shaped recovery pattern after finding strong support at $0.684 with significant buying volume overnight, according to CoinDesk Research's technical analysis model. This recovery comes amid broader market uncertainty as investors weigh the impact of escalating trade tensions between major economies.ADA is down 0.45% over the past 24 hours at press time, trading at $0.68, while the broader market gauge CoinDesk 20 Index fell 2.1%. Technical Analysis HighlightsPrice action formed a V-shaped recovery pattern from the low of $0.676 to reclaim the $0.697 level.Strong volume support emerged at $0.684, with the highest 24-hour volume...

MoonPay, a cryptocurrency on-ramp and payments firm with over 20 million users, has been granted a coveted BitLicense and money transmitter license by the New York State Department of Financial Services (NYDFS).The BitLicense approval completes MoonPay’s U.S. regulatory coverage, complementing money transmission licenses in 46 other U.S. jurisdictions, as well as registrations in the UK, Australia, Canada, Italy, Ireland and Jersey, the company said in a press statement on Wednesday.Donald Trump’s crypto-friendly administration has made attaining a solid footing in the U.S. all the more desirable for firms as his administration works on federal regulations. The NYDFS BitLicense approval is widely recognized as a gold standard in the crypto industry.The NYDFS approval comes on the heels of MoonPay opening a...