Good morning. Here’s what’s happening:

Prices Analysts look at the next steps after bitcoin and ether’s price decline last week.

Insights David Morris, CoinDesk’s columnist, suggests that Taylor Swift displayed common sense by asking FTX the kind of critical questions that should be included in any business negotiations.

After a big rally, crypto markets have completed their round-trip. What’s next?

Last week, the big news in the crypto markets was the fact that ether fell. This erased all the price gains that were made during the mini-rally of a few weeks that followed the smooth implementation on April 12, 2012 of the highly anticipated Shanghai upgrade to the Ethereum blockchain. Bitcoin also reversed its course, dropping below $30,000 to change hands around the time of press.

According to Joe DiPasquale CEO of BitBull Capital the technical signals in bitcoin’s chart are still encouraging.

DiPasquale, in an email to CoinDesk, said that a healthy retesting of the support area between $25K and $27K was a sign for continued upward movement. “As long bitcoin stays above $22K in worst case scenario, we can expect further upward movement.”

What Taylor Swift can teach you about investing

In a lawsuit, angry victims of the FTX scam are seeking restitution from celebrity spokespersons who promoted the failed exchange. This includes Larry David and Tom Brady. Taylor Swift is not included in the list. She was reportedly offered a $100 million sponsorship contract with an offshore crypto exchange, but she declined it out of skepticism and to avoid embarrassment.

Swift asked representatives of FTX, “Can I tell you that these [listed securities] are not unregistered security?” during negotiations which ended in failure. Adam Moskowitz is the plaintiff’s lawyer in the FTX endorsers lawsuit. He spoke with The Block’s Frank Chaparro. Moskowitz says he learned about the incident during the discovery phase. I haven’t heard anything from Taylor Swift.

This article is an excerpt from The Node, CoinDesk’s daily roundup on the most important stories in blockchain and cryptocurrency news. Subscribe to the full newsletter by clicking here.

This little parable is full of wisdom, even if the story itself is a bit of an “just-so” one. Swift has shown herself to be an incredibly sharp-elbowed and brilliant businesswoman, on top of being a talented musician. She’s even managed to get out of a onerous publishing contract.

Swift’s question about unregistered securities was remarkably prescient, given that we are now seeing a href=” is operating an unregistered security exchange/”>aggressive/a> a href=” Swift’s question on unregistered securities is remarkably prescient in light of the aggressive regulated crackdowns crypto exchanges. It seems that Swift has been paying attention. It wasn’t the sale of unregistered securities that brought FTX to its knees. Instead, it was fraud. Swift didn’t ask FTX officials, it appears, “Is the management team secretly transferring user assets to a hedge fund affiliated with your company?”

Swift’s securities law question was largely unrelated with the actual risk, so why might it have caused her to hesitate to do business with FTX because of this? It’s just a guess, but I think she or someone in her team was not satisfied with how FTX dealt with this question and others. Perhaps FTX’s founder Sam Bankman Fried or his representatives appeared uncoordinated, confused or defensive – all signs that an organization may be experiencing deeper issues. Maybe the Swift camp did not appreciate FTX ‘s youngster playing “League of Legends”, during their meeting.

Read this full story here

Important events.

CoinDesk TV

If you haven’t seen it yet, here is the latest episode of “First Mover” on CoinDesk TV.

Rep. Warren Davidson, R-Ohio, joins “First Mover,” to discuss the future U.S. crypto regulations. He explains why he wants a restructured Securities and Exchange Commission and calls for Gary Gensler to be removed as SEC chairman. Bitcoin is currently falling for a third day in a row and has reached a low of $27.844.46. PV01 CEO Max Boonen, and Crypto is Macro Now’s economist Noelle Acheson joined the discussion. Acheson was formerly the head of research for CoinDesk, Genesis Trading and Digital Currency Group (CoinDesk parent company).

Judge rules Bored Ape Yacht Club Ripoffs NFTs violated Yuga copyright: Ripps’ RR/BAYC used BAYC trademarks to confuse consumers.

Bitcoin and other crypto prices also fall as Ether erases all gains from the Shanghai rally: Data from CoinDesk shows that the second largest cryptocurrency in terms of market capitalization is at its lowest level since April 9.

Gemini will Open a Crypto Derivatives Platform outside the U.S. : Gemini Foundation’s first product is a perpetual Bitcoin contract, the firm said late Friday.

Ethereum’s Shanghai Upgrade Spurs Institutional Investment into Staking: Early data shows that the largest staking platforms are seeing three times as many new deposits compared to last month.

Bradley Keoun is the editor.