Bitcoin’s ‘Out-of-Control’ Fundamentals Await a Catch-Up, Analyst Warns!

3 min readMay 26, 2023

Hello Crypto Champs!

Today Cryptocurrency Price Update: Market Cap Reaches $1.11 Trillion! 🚀💰

💱 Bitcoin (BTC) and Ethereum (ETH) Stay Steady, Altcoins Show Mixed Results 🔒 BTC: $26,385.55 | ETH: $1,800

🔄 Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) Trading Sideways 📉 Some red, some green, as coins experience a range of movements.

💥 SingularityNET (AGIX) Takes the Lead as Top Gainer! 📈 AGIX surges nearly 8% in just 24 hours.

💹 Global Crypto Market Cap Reaches $1.11 Trillion 📈 A 0.66% increase in market cap within the last 24 hours.

Multichain protocol experiences a rug-pull incident, locking $1.8 billion in wallets.
Fantom blockchain is the most impacted, with 36.7% of the total value locked (TVL) on Multichain.
Nearly 40% of assets on the Fantom blockchain are wrapped on Multichain.
Fantom assures normal operation of its Multi Chain Bridge, preventing major price correction.

Bitcoin’s price stagnates despite positive fundamentals and decreasing supply on exchanges.
Long-term holders hold approximately 14.5 million Bitcoin, indicating strong accumulation.
Despite strong fundamentals, Bitcoin’s price fails to reflect the current situation.
Bitcoin struggles to recover, trading at $26,217 and facing resistance at $26,500 level.

Unbanked, a crypto fintech firm, is closing down due to a harsh regulatory environment in the United States.
Despite partnerships and expected funding, Unbanked struggled to raise capital and sustain its business.
Other crypto firms like BottlePay, HotBit, Teressa, and TradeBlock have also recently shut down.
Unbanked has urged its clients to withdraw their funds as soon as possible.

Gideon Nweze, founder of Digital Bitcoin Art and Assets (DIBA), proposes using the RGB Smart Contract Protocol to bring NFTs to Bitcoin without affecting block space and transaction fees.
The RGB protocol, introduced in 2016 and relaunched in 2019, allows the minting of NFTs on top of the Bitcoin network with Lightning Network functionality.
Ordinals Protocol, used for Bitcoin-based NFTs, has faced criticism for its impact on block space and inefficiency.
Nweze believes that layering transactions with smart contracts, as done by RGB, is more efficient than inscribing assets directly into the Bitcoin blockchain, addressing Bitcoin’s blockspace problems.

Paradigm, a cryptocurrency venture capital firm, is expanding its focus beyond blockchain to include cutting-edge technologies like artificial intelligence (AI).
The firm has rebranded itself as a research-driven technology investment firm, shifting away from exclusively investing in disruptive cryptocurrency/Web3 companies.
The revision was implemented around May 3, with changes made to the homepage, including the removal of statements about cryptocurrencies defining the future and no mention of web3 or blockchain.
However, sources familiar with the strategy clarified that Paradigm has not changed its mission and continues to prioritize cryptocurrencies and web3, while also highlighting its support for companies exploring new technologies like AI in its core strategy, such as the AI Arena.

The National Assembly of South Korea has approved a bill that mandates the disclosure of digital asset holdings by lawmakers and senior government officials.
The bill, known as the Kim Nam-guk Prevention Act, was unanimously passed by the 268 members of the unicameral body.
The bill underwent amendments and successfully passed a key committee before its final approval.
The amendment requires sitting members of parliament to declare all digital assets acquired between the start of their term and May 31, with the declaration deadline set for the end of June.