Insights: Crypto developers and other industry stalwarts who attended Consensus were upbeat about the industry’s future, but U.S. regulatory actions remain an obstacle, CoinDesk journalists noted from Consensus 2023.
Good morning Asia.
As the region opens the trading week, crypto’s major tokens are largely flat.
Bitcoin is up 0.7% to $29,404, while Ether is down 0.5% to $1,892.
“Bitcoin has remained below $30,000, which is a key resistance level, but has not had to test any major supports just yet,” Joe DiPasquale, CEO of BitBull Capital, told CoinDesk in a note. “For now, the market is expecting a 25 [basis point] rate hike in the [Federal Open Market Committee meeting] this week, but we are likely to see price swings following the Fed’s post-release commentary.”
Traders on the prediction market Polymarket are putting the likelihood of a 25-basis-point (bps) rate hike at 97%, while the CME’s FedWatch tool is putting that chance at around 82%.
“The attempts to breach $30,000 this week have failed to make a higher high, which should be concerning for the bulls,” DiPasquale also wrote. “In general, we would not be surprised to see the market leader testing $25,000 in the coming days, particularly after the FOMC.”
Meanwhile, other crypto majors were also flat, including layer 1s Solana and Avalanche – the latter seeing its AVAX token fall 1.2%.
5 Consensus 2023 Takeaways
CoinDesk’s yearly Consensus conference ended Friday, and hearing all the fascinating discussions that arose from its many speakers and panels was exciting and informative.
Members of CoinDesk’s editorial team assembled on Twitter Spaces as the event was winding down to assess the big picture at Consensus 2023 and share their takeaways on critical issues that will shape how the industry continues to evolve.
Nick Baker, CoinDesk deputy editor-in-chief
Being a Consensus newbie this year, I am like a small-town yokel blown away by how big and impressive this event has been. Here are a couple of my takeaways:
One, the level of optimism people have about crypto is very high, which is a surprise given just how bad the regulatory outlook is. And I know it’s partly self-selection bias at work: People who are going to pay a lot of money to attend this event are going to be optimistic about the space. Still, that juxtaposition of existential questions and lots of optimism is striking to me.
Two, the people I know best are from traditional finance and they, too, remain quite high on the future of crypto and moving TradFi stuff to crypto or crypto-adjacent infrastructure. Now, of course, they’ve been trying for years to show progress along those lines and have little to show for it. But they’re undeterred. This point rhymes with my first point.
Ben Schiller, head of Consensus Magazine
Something that really struck me arose from what Kate Brady, head of communications for Web3 at PepsiCo, said on stage. As you know, PepsiCo is a very mainstream American brand. It’s not part of the crypto industry by any means, but it’s looking to get into Web3. And one of the things she said on stage was that she was being stymied in her work and PepsiCo has been stymied in its work by the lack of regulatory clarity, and I thought that was interesting because obviously this is something the industry says a lot that we need to do. There are guidelines from Washington, D.C., from lawmakers and from policymakers. And we think that that conversation or that that issue only affects people in the relatively small world of crypto.