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Crypto SWOT: Is the Crypto rebound losing momentum?

Commentaries & Views


  • Among the cryptocurrencies monitored by CoinMarketCap, Injective was the top performer this week, gaining 22.25%.
  • A crypto startup co-founded by OpenAI CEO Sam Altman raised additional funding to further its mission of creating a digital ID for every person on the planet. As reported by Bloomberg, the startup intends to generate distinct IDs for each individual, in part, by scanning their eyes.
  • Galaxy Digital CEO Michael Novogratz, while acknowledging the recent low trading volume and range-bound behavior of Bitcoin and Ethereum, told Bloomberg that these are still "the best assets to invest in over two, three, and six years."


  • Pep, among the cryptocurrencies monitored by CoinMarketCap, was the worst performer this week, depreciating 13.75%.
  • The cryptocurrency rebound is losing momentum, causing Bitcoin to record its worst month since the FTX exchange collapse in November of the previous year. Bloomberg reports that Bitcoin's roughly 7.6% drop in May was its first monthly decline of 2023.

  • Binance, the world's largest cryptocurrency exchange, has lost a quarter of its market share in the past three months due to an ongoing investigation by a U.S. watchdog for alleged violations of federal laws, as reported by Bloomberg.


  • Bloomberg reports that Binance is considering a proposal to allow some institutional clients to keep their trading collateral in a bank instead of with the crypto platform. This step could potentially reduce counterparty risk.
  • Bitcoin and other digital tokens were trading at a discount on Binance Australia compared to rival exchanges in the country. This situation arose as the platform is set to lose access to a key local currency withdrawal route.
  • Avalanche, a layer 1 blockchain network, has surpassed 1 million monthly active users for the first time. Ava Labs, the creator of Avalanche, credits the recent launch of AvaCloud as a major contributor to this growth, according to Bloomberg.


  • A crypto entrepreneur, whose business in China was disrupted by regulatory crackdowns, views his experience as a warning for companies attracted to Hong Kong's initiative to establish a digital-asset hub. Bloomberg reports that crypto may not remain a long-term priority for Hong Kong, even though the city is currently focused on implementing new rules for the sector.
  • Bitcoin mining difficulty experienced a 3.4% surge at block number 792,288, crossing the 50 trillion threshold for the first time, according to Bloomberg data.
  • Binance, the crypto exchange, has reportedly received an order from one of Canada's securities regulators to investigate whether the platform tried to bypass local regulations and compliance controls while seeking approvals in the country, as reported by Bloomberg.
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