May 26, 2023 | Read Online

A Debt Ceiling Deal to Calm Markets?

Plus the Crypto-AI exodus continues and China sends mixed messages

The Breakdown First Five - Friday May 25, 2023

5. Nvidia Soars

Chipmaker Nvidia recorded one of the largest single day moves in stock market history, adding more than 25% on Thursday and coming tantalizingly close to the Trillion dollar market-cap club. The move was fuelled by bullish earnings which blew Wall St forecasts out of the water. Earnings beat by 18% on the back of massive data center demand. Is AI enough to ward off debt ceiling jitters?

Douglas A. Boneparth @dougboneparth

Nvidia just added $151B to its market cap in under 30 minutes. Insanity.

May 24, 2023

1.47K Likes 124 Retweets 126 Replies

4. Zerochain

Fantom-centric cross chain bridge Multichain is undergoing “force majeure”, with multiple pathways down and funds backing up. Rumors are spreading of arrests of the team in mainland China as Binance closes deposits for Multichain assets. CEO has only cryptically said he is "not available yet." Multichain assets represent 78% of the market cap of tokens on Fantom.

TruthLabs 💄 @BoringSleuth

Multichain has $1.8 Billion in locked assets under control, across several chains, not just Fantom. It will impact prices on all assets, across all chains if they did indeed rug, which I suspect is the case. https://t.co/rqZPqvWlRC

May 25, 2023

258 Likes 58 Retweets 31 Replies

2. China TV pulls Crypto segment

Days after running a short segment on Hong Kong’s Crypto regulations, Chinese state TV has wiped the clip from the local internet. When the segment ran, CZ called it a big deal even though it was extremely brief. Western traders are hyped for the Hong Kong reopening, but with zero exchanges registered so far the new regulations could be a flop.

CZ 🔶 Binance @cz_binance

CCTV (China Central Television) just broadcasted crypto. It's a big deal. The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.

Not saying past predicts the future. And not financial advice.

https://t.co/2wcArnPI93

tv.cctv.com/2023/05/23/VID…
[经济信息联播]香港证监会：6月1日起实施虚拟资产交易平台强制发牌制
香港证监会：6月1日起实施虚拟资产交易平台强制发牌制。

May 24, 2023

24.2K Likes 7.02K Retweets 3.93K Replies

2. Paradigm Pivots?

Crypto VC firm Paradigm is now a “research-driven technology investment firm" according to its website, which has been scrubbed of any mention of Crypto of Web 3. Insiders say the firm will continue with Crypto investments, but want to draw attention to its wider range of skills. The firm may have simply run out of promising Web 3 startups to invest in. Co-Founder Matt Huang is still excited about Crypto though.

Matt Huang @matthuang

Never been more excited about crypto

May 25, 2023

453 Likes 34 Retweets 62 Replies

1. Debt Ceiling Deal?

Multiple reports say a debt ceiling deal is on the horizon. Negotiations are reportedly moving in the right direction, with Republicans rumored to be settling for a 2 year spending cap and $10B less in IRS funding. Military budgets will remain intact as the GOP abandons calls to ramp up Pentagon spending. X-day is next Thursday and cash is confirmed to be running low.

Adam Cochran (adamscochran.eth) @adamscochran

Multiple sources now confirming.

Looks like we’ve got a rough deal outline on the table for debt ceiling and it’s flat funding instead of large cuts.

Could be a good compromise! https://t.co/5ibVfnz9hZ

Jim Tankersley @jimtankersley

NEWS w/ @CatieEdmondson -- WH and GOP closing in on the debt-limit deal. Contours:

2 yr debt limit hike
2 yr spending caps
FY24 Biden budget levels for vets/defense
Cut from FY23 levels for NDD, but ... accounting moves... move like flat from 23
AND MORE

https://t.co/zYTy98Aqr3

May 26, 2023

76 Likes 11 Retweets 12 Replies