Here’s what’s happening:

Prices: Bitcoin prices, Ethereum and other major cryptos sawsawed in a wild 24-hour period.

Insights : Crypto, and its regulators, are struggling to reach a linguistic consensus. CoinDesk’s Daniel Kuhn notes.

Bitcoin Rises Above $29K

Bitcoin has gone from being good to bad in just 24 hours to being somewhere in the middle.

Recently, the largest cryptocurrency according to market capitalization traded over $29,000. This was up by more than 2.4% compared to the previous day. However, it is still far from its peak on Wednesday morning of $30,000. BTC dropped to $27,264 as investors weighed the $310 million in losses from both short and long positions over one day.

Markus Levin, the co-founder and CEO of geospatial oracle XYO Network (a blockchain-based network), also mentioned in an email to CoinDesk the impact of separate rumors claiming that the U.S. Government was dumping a large quantity of bitcoins, as well as that coins from the long-discredited crypto exchange Mt. Gox will be sold to the market. Levin said that the market had recovered quickly, a sign of bitcoin’s resilience over months.

He wrote: “It appears that these were mostly just rumors. However, it is interesting to note how much of the initial selling that this event triggered was ultimately absorbed in the market.” “The market may be jittery, but bitcoin has been steadily rising since the lows of late last year.”

Ether recently traded at around $1,910 – up 2.4% in the last 24 hours, and not too far from where it began on Wednesday. On Wednesday, the second-largest cryptocurrency in terms of market value dropped below $1800. Other major cryptos have also seensawed, but recently were in the green. The CoinDesk Market Index is a measure for the performance of crypto markets. It was up by about 1.9% recently.

The Hang Seng, Nikkei and other Asian markets opened mixed on Thursday. The U.S. market fared in a similar way, with the Nasdaq ending up 0.4% and the S&P500 falling 0.3%.

The Biggest Gainers

Biggest Losers

Can Crypto Industry Reach Consensus with Overseers?

It can be difficult to determine if all parties are speaking the same language when an industry is growing. This is most evident in conversations between financial regulators and builders of Decentralized Finance (DeFi). Consensus can you find a linguistic consensus? It is unlikely.

Financial watchdogs from the U.S. and international organizations that are basically offshoots to the U.S. Treasury Department have generally said that crypto fits clearly into the existing regulatory structure. Crypto’s rules are already written, according to rumours.

This article is an excerpt from The Node Newsletter, which will be sending out two editions per day during the Consensus2023 conference to bring you the latest news. Subscribe to the newsletter here. You can still get IRL tickets or virtual tickets to Consensus 2020 here.

And so, you have situations like the U.S. Securities and Exchange Commission chairman, Gary Gensler, telling crypto operators to “come in and register” with the agency and FinCEN advocating for stricter know-your-customer/anti-money laundering requirements across crypto.

Crypto, except for a few exceptions, is often marketed as a square-peg that can’t fit into the round hole created by the SEC’s Howey Test. This test is used to determine if something is a “security” and asks if the investing public expects profits from the work of others.

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Important events

CoinDesk TV

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

Consensus, the largest gathering of crypto leaders from around the globe, began in Austin, Texas. CoinDesk TV broadcast live from the event with Grayscale Investments’ CEO Michael Sonnenshein and Animoca Brands’ co-founder Yat Siu. Also in attendance were Travis McGhee and Hike CEO Kavin Mittal. Grayscale Investments, CoinDesk and Digital Currency Group are all owned by Digital Currency Group.

Top industry executives agree that crypto innovation and regulation can co-exist: During a panel discussion held at Consensus 20, a quartet senior crypto industry executives discussed the next steps in the evolution of digital assets.

Bitcoin could be a ‘great’ investment for IRAs or 401K plans: Retirement Accounts offer tax-free crypto investments forever and an effective way of lowering overall portfolio risk, according to ForUsAll CEO David Ramirez.

Tradfi Seeks Opportunity in Crypto Despite “Red Wedding” and Burning Buildings: Investment managers view the decline in cryptocurrency valuations as an opportunity to increase exposure.

Grayscale’s CEO expects a decision on the attempt to overturn SEC ETF rejection by end of 3Q. Michael Sonnenshein sees the crypto industry as still in its “early years.”

James Rubin is the editor.