Crypto News

This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.There is an old saying, "Once is a chance, twice is a coincidence, and a third time is a trend."It applies to bitcoin BTC right now. The cryptocurrency's price has fallen back to its 50-day simple moving average (SMA), which offered support on two occasions this month, leading to price bounces.Therefore, the latest re-test of the average presents an opportunity for the bulls to establish a trend in which the 50-day SMA powers new legs higher. Conversely, the fall of the 50-day SMA support could invite stronger selling pressure, potentially leading to a dip below $100,000.At press time, the bear case appears strong due to signs...

By Francisco Rodrigues (All times ET unless indicated otherwise)Bitcoin (BTC) is hovering a smidgen under $105,000 having dropped just 1.4% in the past 24 hours as crypto markets balanced the Israel-Iran war with regulatory progress in the U.S.Tensions in the Middle East are heightening after President Donald Trump called for Iran’s “unconditional surrender” after saying the country’s leader was an “easy target.” Corporate bitcoin buying, however, is underpinning demand, and Senate approval of U.S. stablecoin legislation is seen as a win for the industry.Trump's words helped raise the perceived odds of the U.S. entering the conflict to 62% on prediction market Polymarket , up from around 50% a day ago. The perceived odds of U.S. military action against Iran...

Crypto’s newest memecoin cult is embracing the “useless” narrative given to joke tokens, making it a play that reached a $100 million valuation in recent days.The aptly-named USELESS coin has embraced that narrative and turned it into a rallying cry. The official website mocks the space it inhabits, and people are doing exactly that.“USELESS coin is the greatest memecoin narrative to emerge from the trenches this year,” said Unipcs, one of its biggest backers, in a Telegram chat with CoinDesk. “Every memecoin is technically useless... yet here we are, with one actually called USELESS leading the pack.”As far as skeptics and critics are concerned, all of crypto is useless. USELESS coin taps into that irony to position itself as the...

Spanish bank BBVA is advising its wealthy private banking clients to allocate 3% to 7% of their portfolios to cryptocurrencies. BBVA to Advise on More Cryptocurrencies Spanish giant lender BBVA is reportedly advising its wealthy private banking clients to allocate between 3% and 7% of their portfolios to cryptocurrencies. This marks a significant step beyondSource link

It’s only a matter of time until every cryptocurrency exchange and fintech firm is running its own blockchain, according to OP Labs, builder of Ethereum overlay protocol Optimism.The logic is straightforward and simple, says OP Labs head of product, Sam McIngvale, pointing to the runaway success of Coinbase’s layer-2 (L2) network Base since its debut in 2023.For a start, Base has accrued an incredible ecosystem of users and developers to back the exchange, McIngvale said. But the biggest no-brainer is how a system like Base, combined with Coinbase’s bitcoin-backed loans, allows dormant crypto assets sitting in custody to be monetized by lending them out, he added.Base was built using Optimism's OP Stack, a software product that helps users to develop...