Coin price today May 30: Bitcoin falls below $28,000, Altcoin cool, stocks rise slightly as US reaches tentative agreement on debt ceiling lift

Tap Chi BitcoinPublished on 2023-05-30Last updated on 2023-05-30

Abstract

After failing to hold onto its bullish momentum, Ethereum (ETH) showed a slight correction, establishing a local intraday bottom at $1,879 and is currently working to retest the $1,900 area.

Bitcoin traded below $28,000 on May 29, as traders wary of a fresh correction following the weekend's bullish momentum.

BTC Price Chart – 1 hour | Source: TradingView

Stock market futures rallied Monday night after the Biden administration and Republican lawmakers reached a tentative agreement on raising the US debt ceiling.

Dow Jones futures were up 72 points, or 0.2%, while S&P 500 futures were up 0.3% and Nasdaq-100 futures were up 0.5%.

President Joe Biden and Speaker of the House, Kevin McCarthy, reached an agreement to raise the debt ceiling and avoid default by the end of the week, with Congress set to vote on the legislation as early as Wednesday. Lawmakers have not signaled they intend to return to Capitol Hill anytime soon to implement the deal. The support of both Republicans and Democrats is needed for the bill agreement to pass.

The deal came just days before June 5, the earliest date by which the Treasury Department signaled that the United States may not be able to meet its debt obligations.

Protracted negotiations between the White House and congressional leaders have raised concerns among investors that a U.S. debt default may be imminent. Wall Street has faced persistent inflation and a banking crisis this year.

Stocks closed higher on Friday. Nasdaq Composite and S&P 500 ended last week in the green. The market was closed on Monday for Memorial Day.

Investors will also keep an eye on May jobs data, due on Friday, while the April Labor Statistics and Job Openings Survey from the Bureau of Labor Statistics will be released on Friday. The forth day. HP Inc and Salesforce will report earnings on Tuesday and Wednesday, respectively.

Gold prices fell on Monday (May 29), as the U.S. move towards a debt ceiling agreement coupled with concerns around the possibility of higher interest rates for longer dented demand for gold.

At the end of the session, the spot gold contract fell 0.1% to $1,944.1 an ounce, hovering near a two-month low. Gold futures were mostly flat at $1,943.3 an ounce.

Oil prices rose on Monday (May 29), after US leaders reached a debt ceiling agreement and helped prevent default in the economy and the world's largest oil consumer.

Ending the session, the Brent oil contract increased 66 cents, or 0.9%, to $77.61 a barrel. The WTI oil contract added 75 cents, or 1%, to $73.42 a barrel.

Data from TradingView shows BTC/USD volatility gradually cooling off after a surprise weekly close just above $28,000.

With US markets closed for the Memorial Day holiday, crypto markets are getting quieter, traders are awaiting a congressional vote on a proposed deal to expand the US debt ceiling. .

Meanwhile, Bitcoin, up 4.4% on May 28, however, this rally does not convince everyone that the bulls can now have the upper hand.

BTC/USD chart with caption | Source: Crypto Tony

Crypto trader Tony is still leaning to the downside, saying the market still has room for a return to the $23,000 bottom.

“IF closes back below $27,500, I will close my long position and look for a short position.”

The DecenTrader trading suite further noted that short positions are increasing, despite many being liquidated on May 28.

However, Material Indicators has warned that key indicators referring to the 200-week moving average are still acting as support, with one of the closest being at $26,000.

An accompanying chart shows Binance's BTC/USD order book, with increasing bid Liquidity and currently sitting around $27,000.

Binance BTC/USD order book data | Source: Material Indicators

On the Altcoin side, most projects were in the red on the day after Bitcoin failed to sustain gains above $28,000.

Projects like Optimism (OP), Render Token (RNDR), SingularityNET (AGIX), Casper (CSPR), Flare (FLR), Fantom (FTM), Conflux (CFX), Pepe (PEPE), KAVA (KAVA), MINA (MINA), Polygon (Matic)… all dropped from 3-8%.

Source: Coinmarketcap

After failing to hold onto its bullish momentum, Ethereum (ETH) showed a slight correction, establishing a local intraday bottom at $1,879 and is currently working to retest the $1,900 area.

ETH price chart – 1 hour | Source: TradingView

The column “Coin Price today” will be updated at 9:00 daily with general market news, readers are welcome to follow.

MemeCore Token Crashes As ZachXBT Warning Puts Insider Supply Back In Focus

MemeCore's M token experienced a severe crash, plunging over 70% in a single session. This sudden sell-off revived concerns highlighted by on-chain investigator ZachXBT regarding tokens with concentrated insider supply and thin liquidity. The incident underscores the fragility of many memecoins, where large paper valuations can vanish quickly when selling pressure hits illiquid markets. It also brings exchange listing standards into question, as listings can imply a legitimacy not supported by the underlying token structure. The crash serves as a stark warning for traders that social traction and high market capitalization do not guarantee resilient liquidity, emphasizing the risks inherent in high-beta crypto assets.

bitcoinist11m ago

MemeCore Token Crashes As ZachXBT Warning Puts Insider Supply Back In Focus

bitcoinist11m ago

GPT Designs GPT

OpenAI has unveiled its first custom AI chip, Jalapeño, a move signaling a strategic shift beyond being a mere model company. While many see it as a challenge to NVIDIA, its core aim is to control the entire intelligent production pipeline—from models and chips to data centers and energy. The key driver is the evolving competitive landscape: model advantages are shrinking, while the computational gap in areas like cost-per-token, system throughput, and energy efficiency is becoming the true long-term barrier. Jalapeño is primarily an inference chip, targeting the massive and growing "inference tax"—the daily operational cost of generating tokens for services like ChatGPT and APIs. By designing its own hardware optimized for its specific workloads and future product roadmaps (even using AI to aid the chip design process), OpenAI aims to drastically reduce token generation costs and improve system efficiency. This creates a potential flywheel: better models help design better chips, which lower costs for running next-generation models, supporting more users and products, which in turn provides more data to refine future chips. The strategy mirrors Apple’s integrated approach, building a closed loop where hardware, software, and applications are co-optimized. In the long term, OpenAI is not trying to become the next NVIDIA (a supplier of "shovels" to all AI companies) but to own and operate the entire "mine"—selling the end product of intelligence itself. This move marks OpenAI's ambition to evolve from creating the smartest models to controlling the foundational infrastructure of AI production.

marsbit11m ago

marsbit11m ago

Ethereum Foundation Interim Executive Director Speaks Out: What Is Our Mission?

The Ethereum Foundation's core mission is to ensure Ethereum remains a truly permissionless, censorship-resistant, private, and open infrastructure for large-scale, sovereign coordination. The article clarifies the EF's focus and dismisses irrelevant objectives, such as pursuing institutional popularity or short-term speculation. Its core work centers on eliminating systemic weaknesses. This involves fortifying Ethereum across multiple layers—protocol, access, user, and institutional—against exploitation, control, or surveillance. Key initiatives include minimizing harmful MEV and preventing privileged control over transaction flow, making unconditional privacy a foundational default, ensuring staking remains permissionless and decentralized, and strengthening user-facing access points to uphold autonomy. Concurrently, the EF aims to seize strategic opportunities. These include leading the transition to post-quantum cryptography, achieving a fully verifiable protocol stack, establishing Ethereum as private digital cash, integrating user-owned AI agents with personal wallets, and demonstrating that trusted-neutral infrastructure can competitively handle disintermediated coordination at an institutional scale. The article also addresses recent organizational changes, stating that personnel departures were due to strategic realignment, role fit, or natural evolution. It clarifies the approach to spin-outs, emphasizing that external funding will be provided only for work critical to the EF's mission that reduces Ethereum's dependency without creating new risks or mission drift. Ultimately, the EF is committed to building an enduring, neutral system that reshapes global coordination, focusing relentlessly on the principles of censorship resistance, openness, privacy, and sovereignty (CROP).

链捕手54m ago

Ethereum Foundation Interim Executive Director Speaks Out: What Is Our Mission?

链捕手54m ago

Switching Research Fields in the Final Year of My PhD, I Landed an Offer from OpenAI: My Interview Journey Was Full of 'Surprises'

Yong Zheng-Xin, a final-year PhD student at Brown University, secured an OpenAI offer after pivoting from multilingual models to AI safety research in his last year. In his blog post "Surprising lessons from my research scientist job search," he shares six unexpected insights from his job hunt. He found that often only one or two key papers matter for securing an interview, not the total number. Interview formats were highly diverse, including unexpected rounds on system design and AI agent usage. "Work trials," common in AI startups, involved paid, sometimes week-long collaborative tasks that disrupted other interview preparations. Timing proved crucial, with opportunity windows sometimes lasting less than a month. Return offers for research roles were rare compared to software engineering. Surprisingly, many interview rounds were unrelated to his specific AI safety focus, instead testing broader research competencies. Zheng-Xin concludes that the ability to demonstrate relevant expertise in a new field can unlock opportunities, regardless of one's previous publication record.

marsbit1h ago

Switching Research Fields in the Final Year of My PhD, I Landed an Offer from OpenAI: My Interview Journey Was Full of 'Surprises'

marsbit1h ago

David Villa Officially Appointed as Brand Ambassador for BitradeX

David Villa, the legendary Spanish striker and 2010 World Cup champion, has been officially appointed as the Global Brand Ambassador for BitradeX. This partnership, announced amid the global excitement for the 2026 World Cup, aims to enhance the platform's international brand influence. Villa, a key figure in Spain's golden era of football and the nation's all-time top scorer, embodies a spirit of perseverance, focus, and the relentless pursuit of excellence. BitradeX officials stated that this champion mentality aligns perfectly with their own core values of innovation, long-term development, and global strategic expansion. As a global AI-driven digital asset ecosystem, BitradeX will collaborate with Villa across branding, global market promotion, community engagement, and strategic initiatives. The company believes Villa's widespread influence and trusted international image will serve as a crucial bridge to connect with users worldwide. This collaboration marks a significant step in BitradeX's globalization strategy, with both parties committed to exploring new opportunities in the digital age and writing a new chapter of shared achievement.

链捕手1h ago

Trading

Spot

Futures