Bitcoin bounced — does it have legs?

Senate voted 50-47 to curb Trump’s Iran war powers. BTC bounced above $77K. But derivatives say this rally may not have legs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Wednesday, May 20, 2026   Bitcoin has rebounded above $77,000 — and analysts are divided on whether it lasts. The catalyst was the Senate voting 50-47 to curb Trump’s Iran war powers, sending Treasury yields and oil lower and giving crypto its first broad green session in five days. But futures open interest fell during the bounce and altcoin performance was mixed, suggesting traders are reducing risk rather than chasing the move. Bitfinex margin longs just hit a 2.5-year high, a historically ambiguous signal that can cut either way. The bounce has legs — or it doesn’t. That’s the question for today. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $77,200 +0.56% ETH $2,128 +0.66% SOL $85.00 +0.59% XRP $1.38 +0.73% Prices approximate. Visit coindesk.com/price for live data. A message from Grayscale Grayscale Solana Staking ETF (ticker: GSOL) is now delivering enhanced value to investors, including 100% staking. Solana staking rewards have historically averaged 6-8% a year.1 Learn more here. Grayscale Solana Staking ETF (GSOL), an exchange traded product, is not registered under the Investment Company Act of 1940, as amended (“40 Act”), and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. GSOL is subject to significant risk and heightened volatility. GSOL is not suitable for an investor who cannot afford to the loss of the entire investment. An investment in GSOL is not a direct investment in Solana. Learn more Please read the prospectus carefully before investing in the Fund. Foreside Fund Services, LLC is the Marketing Agent for the Trust. Potential staking rewards are earned by the Fund. The Fund’s ability to engage in staking is conditional and may be modified. Staking requires that the Fund lock up SOL for the period of time required by the staking protocol, meaning the Fund cannot sell or transfer the staked SOL, thereby making it illiquid for the period it is being staked. 1 Stakingrewards.com. The range observed is from 09/16/22 to 09/28/25 and the average over this period is 7.10%. Past performance is not indicative of future results. CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. What matters today Markets   Story 1 of 3 Senate curbed Trump’s Iran war powers. BTC bounced. Does the rally have legs? The Senate passed a bill 50-47 to curtail Trump’s Iran war powers during Asian hours Wednesday, snapping BTC’s five-session losing streak and lifting markets broadly as Treasury yields and oil pulled back. But the derivatives picture is ambiguous: futures open interest declined during the bounce — a sign traders are unwinding positions rather than building new longs — and altcoin performance was mixed. Bitfinex margin longs hit a 2.5-year high during the five-day slide, historically a contrarian long signal, though it also reflects the degree to which bulls are underwater. BTC’s implied volatility remains compressed despite the selloff, and analysts flagging the Fed minutes release as the next catalyst. A sustained move above $78,000 would shift the technical picture; failure to hold $76,000 would not. Read more → Legal   Story 2 of 3 A Telegram group is at the center of the Jane Street insider trading allegations in the Terra collapse. New details in the Jane Street insider trading case reveal a private Telegram group as the alleged coordination hub for trading activity tied to advance knowledge of Terra’s May 2022 collapse. The allegations — which Jane Street denies — implicate communications that regulators say were used to position ahead of LUNA/UST’s depegging event. The case is significant beyond Jane Street: it is the first major enforcement action to allege that institutional traders used private messaging infrastructure to coordinate around a crypto-specific event, setting a precedent for how prosecutors and regulators may approach similar fact patterns across DeFi exploits, token listings, and protocol governance events going forward. Read more → Policy   Story 3 of 3 Trump pledged to kill the CBDC. A former CFTC chair says it’s being explored behind closed doors. Despite Trump signing an executive order banning a U.S. central bank digital currency, former CFTC chair Timothy Massad says quiet exploratory work on a CBDC is continuing within government, characterizing it as contingency planning rather than active development. The disclosure sits uncomfortably alongside Trump’s anti-CBDC posture and raises questions about what distinguishes tokenized Federal Reserve liabilities from the kind of digital dollar Trump says he opposes. It also lands as Morgan Stanley’s stablecoin reserve fund and the GENIUS Act Senate deadline intersect — placing CBDC risk and private-stablecoin regulatory frameworks on a collision course that the market hasn’t fully priced. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences