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First Mover Americas: Bitcoin Falls Back to Below $25K

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This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Bitcoin has retreated to below $25,000 after reaching a nine- month high on Tuesday at about $26,500. The rise for the world’s largest cryptocurrency by market value came minutes after the U.S. Consumer Price Index was released. The index showed that the rate of inflation is slowing down. Meanwhile, altcoins continue to rally, with stacks (STX) taking the lead. It is up 36% over the past 24 hours. The IMX token for Immutable X, a layer 2 scaling tool for non-fungible tokens on the Ethereum blockchain, surged 30%.

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Binance.US' deal to buy the assets of bankrupt crypto lender Voyager Digital for $1 billion should be put on hold while key legal objections are ironed out, the U.S. government said in a filing on Tuesday. The move follows an appeal by the U.S. Trustee, a branch of the Department of Justice responsible for bankruptcy cases, which is concerned that the deal would effectively absolve Voyager and its staff from breaches of tax or securities law.

Anchorage Digital is laying off roughly 20% of its staff, or 75 people, because of the slide in the prices of digital assets, according to a report from Bloomberg. The institutional crypto platform and parent company of Anchorage Digital Bank, the first federally chartered crypto bank in the U.S., told Bloomberg that regulatory uncertainty in the U.S. played a role in its decision to cut staff.

Chart of the Day

(Source: Aksel Kibar)
(Source: Aksel Kibar)
  • Bitcoin's weekly chart shows the cryptocurrency is again struggling to establish a foothold above $25,000, which capped gains last month and in August 2022.

  • According to chartered market technician Aksel Kibar, a breakout above $25,000 would shift focus to the next hurdle at $28,600.

  • "The challenge for BTCUSD is the immediate strong resistance at $28,600 after $25,000. The ideal condition is to break $25,000 with momentum so that it clears $28,600 in one shot," Kibar noted.

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