On a jittery Tuesday with charts splattered in red and crypto wheeling/dealing garnering mounting public scrutiny, there are a few curious moves worth mentioning.
MOVE is one of them. It's the native asset of Movement, a network billed as an ecosystem of modular, Move-programming-language-based chains custom-compatible with the Ethereum Virtual Machine. Yesterday, MOVE hit an all-time low of 16 cents. Five months ago, MOVE was $1.45. It was five days ago that Coinbase announced it would suspend MOVE trading, effective May 15, for failing to meet its listing standards. This impactful decision came after the Movement Network Foundation initiated its own third-party probe into a questionable market-making arrangement that appears to have led to severe downward pressure on MOVE in early December.
Additionally, Movement Labs has suspended Rushi Manche, a co-founder who brokered the controversial deal that appears to have led to the dumping of 5% of supply (66M MOVE worth $38M). As of this morning, MOVE had rebounded to 18 cents, up 9%. MOVE, with a market-cap of nearly half-a-billion-dollars, remains the 154th-largest digital asset, per CoinGecko.
MOVE's sudden upward surge is one of the biggest crypto moves of the day. Virtuals' VIRTUAL, the No. 92 coin, has been a major mover over the past month. A few days ago, it reached as high as $1.88, up more than 200% since early April. The rally is said to be fueled by "smart money" wallets, according to Nansen, which tracks on-chain data. VIRTUAL is the native crypto of Base-run Virtuals, a protocol for facilitating the creation and oversight of AI agents. VIRTUAL has bested all Top 100 cryptos over the past four weeks, CoinDesk said. Smart money wallets, per Nansen, are those owned by institutional investors and whales.
Yikes, VIRTUAL actually took a tumble over the past several hours, falling to $1.46.
Well, it does seem risk-asset investors are jittery over the tariff situation and are keeping a close eye on the U.S. Federal Reserve as it kicks off a meeting that will conclude tomorrow with an announcement on rates and perhaps some consequential guidance.
Canada's newly elected prime minister will talk trade with President Trump at the White House today. Last night, Trump, along with his crypto czar, David Sacks, hosted a $1.5M-per-plate dinner at the Trump National Golf Club in Sterling, Virginia. Later this month, some 220 of the top holders the TRUMP memecoin will get to have dinner with Trump at this same club. These dinners, and the Trump family crypto business, World Liberty Financial, in general are attracting negative-tinged attention relating to potential conflicts of interest. Some Democrats on Capitol Hill are now seizing on the scent of a brewing backlash and putting up a resistance to crypto legislation that they previously supported, complicating the path toward long-awaited regulatory clarity (The New York Times).