Currency Forecast

Well, butter my biscuit and call me disappointed. Legend, the decentralized finance app that swore it would make crypto as mainstream as Netflix, has decided to call it quits after a two-year rollercoaster of “almosts” and “not quites.”

• Key Takeaways:

• Cryptoquant’s Bull-Bear Cycle Indicator turned green for the first time since March 2023 on May 12. A momentous occasion, akin to a serf declaring himself a prince, though one must wonder if the crown is made of gold or mere fool’s glitter.
• The March 2023 signal preceded a bull run that took bitcoin above $73,000, but a 2022 false signal warrants caution. Ah, the cruel jest of history-when the wolf comes, it is often dressed in sheep’s clothing, or in this case, a green light.
• April spot ETF inflows hit $2.44B, and whale accumulation has grown, adding weight to the bullish read. One might say the whales are swimming toward the shore, eager to bask in the sun of a potential bull market-though the ocean is as treacherous as ever.

Posting on X, Kamath explained that the world still runs on the dollar but pointed to a quiet shift happening underneath. Countries are buying gold, trading in non-dollar currency pairs, and building payment infrastructure outside SWIFT. India’s own UPI system, he said, has been an exceptional example of building independent financial rails.

Coinbase now lets users borrow up to $100,000 using their Solana (SOL) as collateral. This new feature, which works through a partnership with Morpho on the Base network, allows users to take out loans backed by their SOL holdings, according to The Block.

On Tuesday, May 12th, the cryptocurrency market became more cautious after new U.S. inflation data showed prices rising faster than expected. Bitcoin managed to stay above $80,000, but Ethereum dropped below $2,300. Other cryptocurrencies, known as altcoins, showed mixed results, leaning towards declines, and stocks of companies involved in crypto performed worse than the cryptocurrencies themselves.

According to a Bloomberg report (you know, the one everyone pretends to understand but secretly Googles), BlackRock has filed with the U.S. SEC to launch these funds. The first one, the BlackRock Select Treasury-Based Liquidity Fund (BSTBL), is basically the Beyoncé of funds-it’s going straight to the Ethereum network. The second fund, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is playing the field, launching on multiple chains. But XRP? Still waiting by the phone like it’s 2007.

The economic situation is now very different than it was six years ago, with ongoing war, rising prices, and a surge in oil costs all contributing to the change.

U.S.-listed XRP exchange-traded funds saw a combined $25.8 million in net inflows on Monday, marking their biggest single-day gain since January 5th. That was when these funds first launched and attracted $46 million in their initial week, according to data from SoSoValue.

Lummis, ever the optimist, heralds this moment as the culmination of her tireless efforts since 2022. “Wyoming has been at the forefront,” she declares, as if the fate of crypto hinges on the whims of a single state. Yet, one must admire her persistence, even if the end result may be a regulatory straitjacket rather than the promised land of innovation.

According to the wizards at crypto.news, Solana was spotted loitering around $95 on May 12, after a brief flirtation with $97.6 earlier in the day. It’s still up from its April sulk near $80, so let’s give it a golf clap. The recent chill? Blame it on Bitcoin’s mood swings and the crypto market’s sudden urge to lock in profits after last week’s party. Geopolitical tensions? Oh, those again. U.S.-Iran drama is apparently the new FUD in town.