Crypto Wins the US Debt Ceiling Deal

Bitcoin breaks its monthly win streak, despite a favorable outcome on the US debt deal front

By: Zack Abrams

May 30, 2023

This week: Bitcoin breaks its hot streak as debt ceiling talks continue, the 30% tax on BTC mining appears dead, decentralized computing catches the eyes of investors, and Jimbo suffers a hack as Tornado Cash gets un-hacked. 

Here’s everything we're watching after a long weekend of crypto news.

In Bitcoin…

As debt ceiling talks between President Joe Biden and Republican leadership continue, Biden’s proposed 30% tax on Bitcoin and other crypto mining appears dead. Unfortunately, the news may be too little too late for Bitcoin, which is headed towards its first monthly loss since December.

Meanwhile, Bitcoin’s Ordinals community moves full steam ahead, with Stably launching the first dollar-backed BRC-20 stablecoin on Bitcoin using the Ordinals protocol. 

And Bitcoin billionaires Tyler and Cameron Winklevoss are struggling to steer their exchange Gemini through the crypto winter. 

In Money Moves…

NVIDIA is now worth $1 trillion as the scramble for the chips that will power the next wave of the AI boom heats up. As the broader crypto market decouples from tech stocks, the decentralized computing Render Network’s token has seen significant gains, likely because the project fits better into the AI narrative than other crypto projects.

The Arbitrum-based DeFi protocol Jimbo (from the creator: “My name is Jimmy and this is a protocol I made”) was exploited for $7M following a flash loan attack. Meanwhile, the Tornado Cash DAO passed its attacker’s proposal to hand back control, after the attacker stole nearly $1 million in ether and…routed it through Tornado Cash to cover their tracks. No notes. 

In Other Headlines…

That’s everything we’re taking a look at this week! If you missed us discussing these stories, you can check out the recording above.

If you haven’t heard, Coinage is expanding from the show you know and love to an entire media operation, posting and curating news on our site. If you have a Digital Membership Pass, you can even help us out by submitting stories you’d like to see highlighted on our site.

If there’s something we missed, come chat with us in our Discord, and subscribe to our YouTube channel for this week’s episode.


View All