The death cross on the 4-hour chart indicated that XRP could fall to $0.50

ADA lacked buying pressure but the golden ratio suggested a move to $0.47.

TON’s price might fall to $5.50 while SOL could slip to the $161 support.

Many altcoins struggled to make significant gains in the last week of May. According to CoinMarketCap, Ripple (XRP), Cardano (ADA), Toncoin (TON), and Solana (SOL) all traded within tight ranges.

In this analysis, Coin Edition examines the near-term price potential of these cryptocurrencies as the market continues its sideways movement.

XRP Price Analysis

XRP’s price was $0.52 at press time. A look at the Money Flow Index (MFI) on the 4-hour chart showed a reading below the midpoint, indicating capital has flowed out of the XRP market. This suggests upward price movement could be challenging in the short term.

Beyond that, the Exponential Moving Average (EMA) flashed a similar signal. As of this writing, the 50 EMA (yellow) had crossed over the 20 EMA (blue)— a death cross, indicating a bearish trend.

XRP/USD 4-Hour Chart (Source: TradingView)

In addition, XRP was trading below both EMAs, suggesting that the token could find it hard to break past the overhead resistance. Going by this outlook, XRP could drop to $0.50 in the short term.

ADA Price Analysis

ADA’s price was $0.44 at press time. From the chart below, the 0..618 Fibonacci level was at the same point, suggesting that the token might not hit a pullback point that could potentially lead to a price increase.

If the price bounces, ADA could head in the $0.47 direction where the 1.618 golden ratio was located. However, the spot Cumulative Volume Delta (CVD) was down, indicating that the token lacked buying pressure. 

Also, the Average Directional Index (ADX) trended downwards, reinforcing the notion that Cardano was weak. While the price might experience a slight jump, ADA might find it difficult to sustain an uptrend.

XRP/USD 4-Hour Chart (Source: TradingView)

TON Price Analysis

TON seemed to have lost its bullish momentum as the price of the token fell to $6. Proof of this was shown in the Relative Strength Index (RSI). 

At press time, the  RSI reading was close to the oversold region of 30.00. With this trend, TON’s price could slip below the $6 region. The Moving Average Convergence (MACD) also shared a similar viewpoint as the reading was negative.

However, the 12 and 26 EMAs on the MACD indicated that bulls and bears were struggling to gain control. A successful attempt for bulls could send TON above $7.15. However, bearish dominance could pull the token down toward $5.50.

TON/USD 4-Hour Chart (Source: TradingView)

SOL Price Analysis

In recent times, Solana’s price action has been underwhelming, and as it stands, it could remain that way. This was because of the signals shown by the Bollinger Bands (BB).

As of this writing, the BB showed decreasing volatility as the bands contracted. Hence, SOL could keep moving between $164 and $170. Furthermore, the Awesome Oscillator (AO) was negative and indicated an increasing downward momentum.

SOL/USD 4-Hour Chart (Source: TradingView)

If this continues, SOL’s price would decrease to the $161 support. However, if the market condition becomes bullish, the price of the token might rally and hit $175.

The post Price Analysis: XRP ADA, TON, and SOL Show Bearish Signals appeared first on Coin Edition.

Hong Kong will license 11 crypto exchanges, including Crypto.com and Bullish.

The deadline for exchanges to be licensed or “deemed to be licensed” is June 1st.

Major players like Binance, OKX, and Coinbase did not apply for licenses.

Hong Kong’s Securities and Futures Commission (SFC) has announced that 11 virtual asset trading platforms (VATPs) are poised to receive official licenses, a year after the city introduced new regulations to foster a thriving crypto industry.

Prominent platforms such as Crypto.com and Bullish, identified as “deemed to be licensed” in the SFC’s recent update, are among the applicants close to receiving the licenses. These exchanges, known for their significant global trading volumes, are now a step closer to operating fully under Hong Kong’s regulatory framework.

However, not all major players have sought licensing in Hong Kong. Exchanges like OKX and Bybit have withdrawn their applications, while Binance, the world’s largest exchange, did not apply. Leading U.S.-based platforms Coinbase Global and Kraken have also opted out of seeking permits.

The SFC set June 1 as the deadline for exchanges to either secure a license or be deemed eligible. To continue operating and serving local investors, firms must at a minimum be classified as “deemed to be licensed.” Full licenses will be issued once the SFC confirms ongoing compliance with its regulations.

Hong Kong’s push to become a virtual asset hub began in late 2022 as part of a broader effort to re-establish its status as a global financial center. The city’s initiatives to attract the crypto industry include expanding the list of authorized exchanges, introducing Bitcoin spot and Ethereum exchange-traded funds (ETFs), and developing frameworks for stablecoin regulation and digital bond issuance on tokenization platforms.

Notably, Hong Kong faces competition from other jurisdictions like Dubai and Singapore for the title of top digital asset center. Approximately two dozen entities applied for crypto exchange licenses by the February 29 deadline. Currently, HashKey Exchange and OSL Group are the only two fully licensed VATPs in Hong Kong.

The post Hong Kong’s Crypto Crackdown? 11 Exchanges Get Nod, But Big Names Skip Out appeared first on Coin Edition.

Ripple’s CEO shared opinions about developments in the crypto industry.

Garlinghouse asked the Biden administration to sack Gary Gensler.

The CEO expressed disappointment over Biden’s SAB 121 veto.

Ripple’s CEO, Brad Garlinghouse, shared his opinions about recent developments in the crypto industry. In a recent interview, Garlinghouse told CNBC’s MacKenzie Sigalos, “It is a magical time to be alive.” He said this in response to Sigalos’ question about his feelings on current crypto events.

Garlinghouse discussed several issues, including the SEC’s recent spot Ethereum ETF approval, Gary Gensler’s continued role at the SEC, and President Biden’s veto of SAB 121.

Among the recent developments, Garlinghouse noted a renewed national focus on institutional involvement in crypto. He highlighted improvements in the industry’s participation in mainstream leadership roles, citing the election of pro-crypto, pro-innovation, and pro-consumer protection leaders to key positions.

Meanwhile, Garlinghouse said the SEC’s recent Ethereum ETF approval was inevitable. He noted the SEC has been losing in courts, including the court of public opinion and politics. Therefore, not supporting Ethereum ETFs could have resulted in another loss for the commission.

Acknowledging improvements in the crypto sector, Garlinghouse believes the most crucial decision for the Biden administration would be to remove Gary Gensler as the SEC Chair. He considers this the most important step to promote crypto development and appeal to the electorate.

However, the CEO expressed disappointment over President Biden’s veto of Congress’s decision on the SEC’s Staff Accounting Bulletin (SAB 121). He described the move as “incredibly disappointing” from the White House, noting that Biden’s administration chose a pivotal time to make a wrong decision.

Garlinghouse believes the SAB 121 veto announcement highlighted the Biden administration’s stance on crypto and could influence crypto voters in the upcoming U.S. Presidential election.

The post Ripple CEO Calls Out Biden’s Crypto Veto appeared first on Coin Edition.

An advisory group spots stigmatization as a challenge in promoting Web3 in Hong Kong.

The advisory group comprises 12 leaders from the technology sector.

The group recommends the timely creation of appropriate and effective regulatory systems.

Hong Kong’s “Technology Crime Police Advisory Group” identifies stigmatization as a key challenge in fostering Web3 growth in the region. The group asserts that inaccurate labeling of web3 concepts like blockchain and cryptocurrency creates mix-ups about their role in both legitimate and illicit activities.

Established by Hong Kong police in December 2022, the advisory group consists of 12 technology sector leaders. Their mission is to inform the police about the latest information technology developments, providing early insights into the rapidly changing tech landscape.

In March, the group convened its fifth meeting to discuss web3 development trends, focusing on the technology and its associated risks. The advisory group emphasized Hong Kong’s active involvement in promoting web3 and blockchain technology.

According to the group, Hong Kong’s web3 engagement extends beyond the virtual asset market, encompassing sectors like gaming, finance, art, culture, and historical preservation. However, the group expressed concern over the rise in virtual currency-related fraud.

Following the meeting, the advisory group recommended the development of appropriate and effective regulatory frameworks to proactively identify and mitigate risks in the evolving sector. The group noted that such measures would limit opportunities for criminals to exploit blockchain technology or use the virtual asset market for money laundering.

On the flip side, the advisory group believes that a well-regulated industry would allow legitimate businesses to thrive while maintaining compliance. It also anticipates that such an environment would restore public and corporate confidence in web3-related concepts, laying the groundwork for the sector’s growth in Hong Kong.

The post Police Advisory Group Urges Hong Kong to Combat Web3 Misconceptions appeared first on Coin Edition.

Joe Biden has vetoed the Congressional decision on SAB 121.

According to Biden, SAB 121 would constrain the SEC from addressing future issues.

SAB 121 passed both chambers of Congress with an easy majority.

U.S. President Joe Biden vetoed a joint resolution by Congress that would have repealed the SECs Staff Accounting Bulletin 121 (SAB 121). Announcing his veto on Friday, Biden said he would not support any “measures that jeopardize the well-being of consumers and investors.”

In his statement, Biden described SAB 121 as a Republican-led resolution that would undermine the SEC’s ability to set necessary guardrails and address future issues. He noted that reversing the SEC staff’s considered judgment risks weakening the SEC’s broader authority regarding accounting practices.

Biden previously expressed his intention to work with Congress on legislation addressing the digital asset market. He stated that “appropriate guardrails that protect consumers and investors are necessary.”

Meanwhile, some banking groups and certain Congress members sent letters to the President urging him to sign the resolution to overturn SAB 121 a few hours before he vetoed it. A section of the letter claimed that the guidance, as noted by the Government Accountability Office, blocks regulated banking groups from offering custody services.

Furthermore, in their letter, the lawmakers urged the administration to at least work with the SEC to rescind the guidance if the President decided to go ahead with his earlier promise of vetoing the resolution.

It is worth noting that SAB-121 passed both chambers of Congress with an easy majority. According to Senator Ron Wyden of Biden’s Democratic party, the guidance creates a different standard for crypto than other assets in the financial sector.

The post SAB 121: Biden Intervenes, Vetoes Congressional SEC Guidance Resolution appeared first on Coin Edition.

Binance founder CZ has reported to a federal prison in California to begin a four-month sentence.

CZ’s sentencing is part of a plea deal with U.S. authorities regarding AML charges.

Founder of FTX Sam Bankman-Fried is serving a 25-year sentence for fraud.

Changpeng Zhao (CZ), the billionaire founder of Binance, has begun a four-month prison sentence at a low-security federal facility in Lompoc, California. Latham & Watkins, Zhao’s defense team, confirmed the former crypto executive is now in custody.

In April, Zhao was sentenced after pleading guilty to charges related to enabling money laundering through his cryptocurrency exchange, Binance.

The sentence is less than the three years federal prosecutors initially sought. Zhao’s defense had requested five months of probation, while sentencing guidelines suggested 12 to 18 months in prison.

Before U.S. District Judge Richard Jones handed down the sentence, Zhao expressed remorse. “I’m sorry,” he stated, acknowledging his failure to implement adequate anti-money laundering measures at Binance. “I believe the first step of taking responsibility is fully recognizing the mistakes,” Zhao added.

In November 2023, Zhao reached a plea deal with the U.S. government, concluding a multiyear investigation into Binance, the world’s largest crypto exchange by trading volume. As part of the settlement, Zhao resigned as CEO of the company.

Zhao’s crimes included the willful omission of an effective AML program, as required by the Bank Secrecy Act, and allowing Binance to facilitate transactions involving illicit funds, including transactions between U.S. residents and individuals in sanctioned jurisdictions.

As a result of Zhao’s actions, the U.S. has imposed $4.3 billion in fines and forfeiture against Binance, with Zhao agreeing to pay $50 million personally. Notably, Zhao’s imprisonment coincides with the crypto industry’s ongoing challenges from another prominent criminal case.

Sam Bankman-Fried, the founder of the bankrupt FTX exchange, is currently serving a 25-year sentence for his role in a fraud conspiracy that caused the collapse of FTX and its affiliated hedge fund, Alameda Research. Unlike Zhao, Bankman-Fried did not enter a plea deal, and his conviction followed the cooperation of other executives from his company with prosecutors.

The post The Fall of CZ: Binance Founder Begins Prison Sentence appeared first on Coin Edition.

Crypto whale pays $150,000 in fees for a tiny Ethereum transaction.

MEV Bots to blame for Ethereum’s soaring gas fees.

Ethereum users demand solutions as network congestion cripples transactions.

Whale Alert spotted a bizarre transaction costing 40 ETH ($150,470) in gas fees, on May 31, 2024.

The transaction originated from the wallet of well-known memecoin and NFT enthusiast, jaredfromsubway.eth. The transfer went to the MEV Bot wallet. What makes the fees paid so bizarre is the fact that it was paid to transfer a meager 0.000012 ETH, worth $0.05.

💸 A fee of 40 #ETH (150,470 USD) has just been paid for a single transaction!https://t.co/5TXNvET9ja

— Whale Alert (@whale_alert) May 31, 2024

It is worth noting that automated applications running on cryptocurrency networks like Ethereum are what’s known as Miner Extractable Value bots or MEV bots in short. Within a block, they reorganize, censor, or include particular transactions to seize economic chances. This brings to light the exorbitant gas fees connected to the Ethereum network. Reports and comments on the skyrocketing Ethereum gas fees have been a dime a dozen on social media platforms since 2023.

Reasons for the prices to skyrocket can be attributed to limited block space, network congestion, or an inordinate use of MEV bots. Users are then forced to pay much higher fees, for instance, at times of increased network activity, such as the minting of well-known NFTs or major market swings.

The problem has persisted even after Ethereum switched to a proof-of-stake paradigm. The implementation of EIP-1559 among other improvements meant to lower these fees has not resolved this significant problem.

Even after Ethereum switched to a proof-of-stake paradigm and EIP-1559 was implemented, among other improvements and suggestions meant to lower these fees, high transaction fees are still a significant problem. Constantly voicing their worries, users have pushed for more affordable and scalable solutions.

Ultimately, the exorbitant price that jaredfromsubway paid is a stark reminder to the long wait in resolving such matters in the crypto space.

The post High Fees on Ethereum Network Spark Debate Over Scalability appeared first on Coin Edition.

XRP price declines to 4.06%, with resistance at the 50-day EMA and support at the 50-day SMA.

Possibility of a bullish spike if XRP closes above the 200-day EMA and breaks beyond the prior high of 55.7 cents.

The long-term picture shows solid support between 33 and 35 cents, and reasonable price goals are between $5.59 and $11.26.

Over the last several days, the price of XRP, a cryptocurrency that investors keep a close eye on, has taken a dip. It is currently finding support at the 50-day Simple Moving Average (SMA), which is around 52.10 cents, according to a video analysis by Cheeky Crypto. Determining its short-term trajectory depends critically on this support level.

If this support at the 50-day SMA holds, analysts anticipate a potential upward swing soon. However, XRP faces a significant hurdle in resistance at the 50-day Exponential Moving Average (EMA), situated at 53.40 cents. Clearing this resistance level is essential for any substantial price pump.

If XRP breaks above the 200-day EMA, which is also at 55.70 cents, and surpasses its prior high of 55.70 cents, there will be a notable price rise. This movement would suggest a positive trend and might lead to more buying pressure.

A long position can be considered by investors if XRP closes above the 200-day EMA. With 61 cents being the next resistance level, a stop loss should be placed below the 50-day EMA. Investors may think about shorting XRP with a stop loss right above the 200-day EMA to target lower price levels if the cryptocurrency cannot break above the 200-day EMA.

Various market indicators offer insights into XRP’s current status. The Stochastic RSI suggests a potential bullish stance due to insufficient selling pressure, while the Volume Profile indicates a decrease in volume, signaling a lack of significant selling pressure. Smart Money Concepts also highlight possible resistance around 57 to 59 cents and support at lower ranges.

Long-term indicators show that XRP, which is currently up 0.49% over the last day at $0.519631 with a trading volume of $1,142,890,007, has strong support levels around 33 to 35 cents. Weekly EMA and SMA resistances are roughly at 54.8 and 56.8 cents, respectively. The range of conservative price expectations for XRP is $5.59 to $11.26, although these estimates could fluctuate depending on how the SEC vs. Ripple case churns out.

The post XRP’s Price Action Explained: What Technical Indicators Say About the Crypto’s Next Move appeared first on Coin Edition.

May’s crypto losses totaled $42.6M due to hacks, scams, and exploits.

Gala Games suffered the largest exploit, losing $21.6M in May.

Sonne Finance faced a $20 million flash loan attack, topping the list.

CertiK verified that in May, the crypto space lost a staggering $42.6 million from a multitude of hacks, exploits, and rug pulls. This sum is a tad higher than the $41.6 million loss in April.

According to CertiK’s study, exit scam losses in May amounted to $1.8 million, flash loans drained $20.7 million, and exploits siphoned off $19.7 million. Gala Games was hit the hardest in May over a $21.6 million scam. This topped the biggest exploit instances, followed by Sonne Finance, which suffered a $20 million loss.

Trees On Sol suffered a $1.11 million loss in exit scams in May; Pii Park followed with $490,000; Novamind with $123,019; and Arbalest with $91,520.

What’s interesting is, that flash loan attacks have resulted in notable losses in odd-numbered months this entire year. Each of January, March, and May had overall losses of $15.3 million, $21.9 million, and $20.7 million.

By contrast, losses in February and April came to less than $150,000. Exit scams claimed the most severe money loss overall in February ($58.3 million). Less than 10% of this total was recorded in other months.

Gala Games losses can be attributed to unauthorized money transfers due to flaws in their smart contract infrastructure. This event emphasizes how difficult it is still to protect decentralized platforms from advanced attackers.

The post CertiK Report Reveals $42.6 Million in Crypto Losses in May appeared first on Coin Edition.

Shiba Inu’s whale purchase of 445 billion SHIB coins from Robinhood sparks optimism, indicating strong investor confidence.

Despite recent price fluctuations, SHIB’s substantial trading volumes and whale activity suggest underlying strength.

Technical indicators like the moderate RSI and potential bullish MACD crossover provide mixed signals for traders.

Ali Charts, an on-chain and technical analyst, reveals that over 4 trillion Shiba Inu (SHIB) tokens, valued at roughly $103 million, have flown into crypto exchanges in the last two weeks. This flurry of activity has unfolded amidst SHIB’s volatile price action, signaling a shift in investor sentiment.

#ShibaInu | Over 4 trillion $SHIB have been sent to #crypto exchanges in the last two weeks, worth around $103 million! pic.twitter.com/dqVGW3LzuA

— Ali (@ali_charts) May 31, 2024

Notably, a whale recently snagged a massive 445 billion SHIB tokens from the Robinhood trading platform. This hefty transaction has ignited optimism for SHIB’s future price trajectory, with the whale’s move underscoring strong confidence among big-money players in this meme-inspired cryptocurrency.

On-chain transaction data from Whale Alert pinpointed the unknown wallet address 0x66E0 as the source of this SHIB accumulation. The whale’s significant buy-in highlights the enduring interest in SHIB from prominent crypto investors, painting a bullish outlook despite recent market swings.

Currently, Shiba Inu is trading at $0.000026, with a 24-hour trading volume of $696,630,772. SHIB has dipped 0.53% in the last 24 hours, bringing its live market cap to $15,365,366,006. The circulating supply of SHIB tokens holds steady at 589,271,831,134,488.

Technical analysis of Shiba Inu’s price chart reveals a Relative Strength Index (RSI) of 54.16. This reading suggests SHIB is riding a wave of moderate momentum, neither overbought nor oversold. Traders might see this as an opportunity to enter or exit positions, depending on their individual strategies.

Source: TradingView

Additionally, the Moving Average Convergence Divergence (MACD) on the daily price chart registers at 0.00000051. With the MACD line above the signal line, a potential bullish trend reversal is in sight. Traders may interpret this as a buy signal, but confirmation from other technical indicators is always wise before making any trading decisions.

Beyond the whale’s massive purchase, the overall market sentiment around Shiba Inu remains cautiously optimistic. The recent dip in SHIB’s price may raise eyebrows for some investors, but the substantial trading volumes and whale activity hint at underlying strength.

Moreover, the sustained interest from large-scale investors could bolster SHIB’s price stability in the near term. As the market continues to unfold, keeping a close eye on SHIB’s technical indicators and whale activities will be crucial for gaining further insights into its potential price movements.

The post Crypto Market Update: Shiba Inu Whale Purchase Points to Investor Confidence appeared first on Coin Edition.

BlackFort and anyloc XR Studio collaborate to innovate film distribution using blockchain.

The alliance will provide transparent funding and anti-piracy measures for indie filmmakers.

Fan engagement will be revolutionized through tokenized rewards, fostering active participation and support.

In a groundbreaking move, BlackFort, a trailblazer in blockchain technology, has joined forces with the acclaimed anyloc XR Studio, a luminary in the German film industry, to spearhead research and development initiatives aimed at revolutionizing the cinematic landscape.

This strategic alliance is set to bridge the gap between blockchain solutions and the intricate needs of the film industry. Through a synergy of expertise, BlackFort and anyloc XR Studio are committed to regular knowledge exchange, ensuring the creation of solutions that cater to the unique demands of film production and distribution.

The collaboration will focus on several key areas, including Film Distribution and Rights Management, Transparent Funding for Indie Projects, Fan Engagement through Tokenized Rewards, and Enhanced Anti-Piracy Measures.

Film Distribution and Rights Management: By harnessing blockchain’s potential, the partnership is set to streamline the management and distribution of film rights. This promises to bolster efficiency and, most importantly, safeguard intellectual property with unprecedented security measures.

Transparent Funding for Indie Projects: This innovative partnership is not just about technology; it’s about empowering the creative community. Indie filmmakers stand to gain from transparent, blockchain-enabled financing avenues, which foster a climate of trust and support between investors and the creative community.

Fan Engagement through Tokenized Rewards: The initiative will also introduce a novel fan engagement model, leveraging tokenized rewards to cultivate a participatory audience base and allow fans to play an active role in filmmaking.

Enhanced Anti-Piracy Measures: With advanced blockchain-based anti-piracy protocols, the partnership aims to protect the integrity of film content and ensure rightful revenue streams for creators.

The collaboration is expected to yield significant benefits in terms of Copyright Protection, Seamless and Transparent Financing, and Efficiency Improvement through Automated Processes.

Copyright Protection: Blockchain’s immutable ledger will offer robust copyright protection, ensuring each transaction and proof of ownership is transparent and permanent.

Seamless and Transparent Financing: Integrating blockchain into financing models is set to transform capital acquisition for film projects, enhancing transparency and bolstering investor confidence.

Efficiency Improvement through Automated Processes: Smart contracts will automate distribution processes, significantly reducing the time and costs associated with traditional distribution methods.

According to the announcement, this partnership marks a pivotal moment for innovation in the film industry. BlackFort and anyloc XR Studio are set to redefine industry standards and pave the way for a new era of technological advancement in filmmaking.

The post BlackFort and anyloc XR Studio Forge Blockchain Partnership for the Film Industry appeared first on Coin Edition.

Michael Saylor described Bitcoin as an ideal treasury asset.

According to Saylor, the technology behind Bitcoin enables a shift in the balance of power.

Saylor considers Bitcoin a monetary virus that can give sound money to the world.

Former MicroStrategy CEO Michael Saylor hailed Bitcoin as the ideal treasury asset, calling it the solution for every corporation, investor, family, and individual. Saylor made the statement during a recent interview with Peter McCormack, host of the “What Bitcoin Did” YouTube channel.

The renowned Bitcoin maximalist touched on several aspects of Bitcoin, including how the emerging digital money is accelerating fiat decay and leading to a stealth revolution in the global financial system. According to Saylor, the flagship cryptocurrency is a technology for human empowerment.

Notably, Saylor highlighted how the technology behind Bitcoin shifts the balance of power away from corporations and central entities, returning it to the hands of individuals. The Bitcoin investor confirmed to McCormack that he embraces Bitcoin not just as an asset but also as a technology, noting that understanding the technology leads to the Bitcoin ideology.

Furthermore, the former CEO noted that the Bitcoin ideology is based on a protocol that empowers technology to create an asset. However, he identified the core tenets of the ideology to include self-sovereignty, privacy, individual rights, property rights, and freedom.

Saylor highlighted several ways that the mainstream systems have failed to address failing economic practices and policies, including the deployment of deliberate misinformation regarding financial indices to conceal the growing decay of traditional systems. However, he told McCormack that he adopted a “sly roundabout” way to deal with the situation.

According to Saylor, instead of fighting the system entrenched in the civilization that always pushes back, he adopted Bitcoin as a new idea that will go viral. He described Bitcoin as a “freedom virus” or a “monetary virus” to give sound money to the world. Hence, he uses Bitcoin to give freedom, dignity, and sovereignty to eight billion people worldwide.

The post Michael Saylor’s Bitcoin Prophecy: The ‘Freedom Virus’ for a New Financial System appeared first on Coin Edition.

Bitcoin has stabilized around $68K, but surging on-chain activity suggests a potential price surge.

New whale wallets are seeing an influx of $1 billion daily, with $11.8B BTC accumulated in two weeks.

This trend mirrors mid-2020, which preceded a significant Bitcoin price surge.

Bitcoin has settled around the $68K price level for the past few days after the earlier aggressive bull rally that surged the price to $71K. The premier crypto reawakened bullish optimism in the altcoin market, where tokens like PEPE smashed new all-time highs this week.

However, the market uptrend has lost steam as Bitcoin stabilizes at around $68,000. Market participants are now diving into on-chain data for clues into Bitcoin’s next direction.

In a recent post on X, Ki Young Ju, the founder of the analytics platform CryptoQuant, noted a remarkable resemblance between the current sentiment toward Bitcoin and what unfolded in mid-2020.

According to Young Ju, Bitcoin lingered near the $10,000 level during that period for half a year, accompanied by robust on-chain activity, later identified as Over-The-Counter (OTC) transactions. The on-chain activity under scrutiny involved the realized capitalization of new whale accounts.

The analyst observed that, even with muted price fluctuations, there is still significant on-chain activity, with new whale wallets seeing an influx of $1 billion daily, presumably being held in custody.

This observation is confirmed by CryptoQuant data showing that as of May 30, new whales hold a Bitcoin portfolio worth over $105.4 billion, while BTC traded at $68,300. Meanwhile, when Bitcoin traded at $61,400 on May 12, these new whales had BTC worth $93.6 billion. Essentially, new big-pocket investors have scooped up about $11.8 billion in Bitcoin in just under two weeks.

CryptoQuant data highlighted that while the current accumulation trend has been ongoing since 2022, it picked up steam in late 2023 amid the onset of the bull cycle. This trend similarly played around between late 2018 and 2020, which culminated in Bitcoin setting a cycle peak at $68K by November 2021. Essentially, the analyst sees a similar trend occurring, yet didn’t give a hint about Bitcoin’s potential value.

The post Bitcoin Whales Accumulate as Price Hovers Near $68K, Mirroring 2020 Pattern appeared first on Coin Edition.

PEPE surges 5.66% from support, reaching $0.00001503 as market cap grows by 5.60%.

FLOKI rebounds with a 1.17% increase despite a 21.96% drop in trading volume.

BONK rallies 2.14%, maintaining bullish control after testing $0.0000358 resistance.

Pepe (PEPE) price has been mooning in the last 24 hours after finding support at the intra-day low of $0.00001319. Bulls wrecked the bear trend, soaring the price to an intra-day high of $0.00001503 before hitting resistance. As of press time, PEPE was trading at $0.0000145, a 5.66% surge from the support level.

During the bull run, PEPE’s market capitalization and 24-hour trading volume surged by 5.60% and 1.44%, respectively, to $6,101,284,450 and $2,150,287,689. If the bulls break through the intra-day high of $0.00001503, the resistance levels to watch are $0.000016 and $0.000017. However, if the bears flips the script and push the price below the current support level of $0.0000145, the next levels to watch out for are $0.000014 and $0.000013.

PEPE/USD 24-hour price chart (source: CoinMarketCap)

However, the memecoin market has shown mixed reactions, with PEPE and FLOKI  seeing an upswing while other popular memecoins like BONK and  BOME have experienced declines.

FLOKI Surges Amid Market Volatility

FLOKI has also witnessed a surge in the last day after bulls swooped in to maintain support at the intra-day low of $0.0002405. During the day, FLOKI bulls managed to pump the price to a high of $0.0002601, where resistance was stiff. At press time, FLOKI was trading at $0.0002497, a 1.17% surge. 

While FLOKI’s market capitalization surged by 1.28% to $2,392,014,539, the trading volume plummeted by 21.96%, indicating potential consolidation or profit-taking among investors. This price action suggests that FLOKI may be experiencing a period of indecision as traders assess the next potential move in the market. 

FLOKI/USD 24-hour price chart (source: CoinMarketCap)

If the bulls breach the $0.0002405 resistance, the following resistance levels to watch for are $0.0002601 and $0.0002800. However, if the bears take control, FLOKI could retest the support levels at $0.0002300 and $0.0002200.

BOME Dips Following Market Correction

However, BOOK OF MEME’s (BOME) price action has been in a bearish rally in the last 24 hours after failing to breach the $0.01357 high. This failure was followed by a dip to a low of $0.01281, where support was established. Despite this dip, there is still potential for a bullish reversal if BOME can break above the $0.01357 resistance level. 

Subsequently, the next resistance levels would be $0.014 and $0.015. However, if the bearish momentum persists and the $0.01281 support level is broken, BOME could potentially test lower support levels at $0.012 and $0.011. 

BOME/USD 24-hour price chart (source: CoinMarketCap)

During its decline, BOME’s market cap decreased by 0.87% to $912,158,261, while its trading volume decreased by 25.54% to $345,793,875. This market cap and trading volume dip indicates decreased investor confidence and interest in BOME.

BONK Defies Bearish Shift 

On the other hand, BONK started the day with positive momentum, reaching a peak of $0.0000358 in early trading before facing resistance. Despite this resistance, bullish momentum was still in control after support at $0.00003243 was held. As of press time, BONK was exchanging hands at $0.00003422, a 2.14% surge from the intra-day low.

BONK/USD 24-hour price chart (source: CoinMarketCap)

During the rally, BONK’s market capitalization surged by 2.93% to $2.3 billion, while trading volume declined by 4.80% to $737.48 million. If the bullish momentum breaches the resistance level at $0.0000358, the next resistance levels to watch out for are at $0.0000382 and $0.0000400. However, if the support at $0.00003243 is broken, the price may retrace towards the next support level at $0.0000300. 

The post Memecoin Market Mixed: Pepe and Floki Surge While Bonk and Bome Wobble appeared first on Coin Edition.

Crypto personalities are supporting Tornado Cash devs in ongoing legal battle.

Nym CEO thinks Alexey Pertsev’s 64-month sentence is “radically unfair and unreasonable.”

Vitalik Buterin donated $113K to support the “Free Alexey and Roman” campaign.

Top crypto personalities are continuing to support the Tornado Cash developers in their legal battles with government authorities.

Nym CEO Harry Halpin criticized a Dutch court’s 64-month sentence of Alexey Pertsev, with Ethereum co-founder Vitalik Buterin donating $113,000 in ETH to support the legal defense of Pertsev and Roman Storm.

According to reports, Halpin criticized Pertsev’s sentence, characterizing it as “radically unfair and unreasonable.” He argued that the punishment is not proportional, noting that the court sentenced Pertsev because someone in North Korea used software he developed.

Halpin likened the scenario to jailing Richard Stallman, the Linux developer, because people in North Korea used his product, or punishing Bill Gates for those who may be using stolen copies of Windows.

The Nym CEO expressed his disappointment with the Dutch court for not learning from a World War II scenario where the Nazis exterminated most of the Netherland’s Jewish population due to sophisticated identity tracing systems. Halpin urged Pertsev to appeal the judgment.

In a related development, the “Free Alexey and Roman” campaign is gaining momentum and receiving support from several sectors of the crypto community. A verifiable transaction on Etherscan, the Ethereum blockchain explorer, shows that Vitalik Buterin donated 30 ETH to support the Pertsev and Storm legal defense.

Details of the transaction reveal the transfer originated from Buterin’s wallet and reached a Juicebox address linked to the “Free Alexey and Roman” legal defense fund. A crypto privacy advocacy group created the “Free Alexey and Roman” fund to provide legal representation for the pair.

The fund has raised 593 ETH, equivalent to $2.2 million, as of this writing. The authorities charged both developers with money laundering due to their role in creating the Tornado Cash privacy solution.

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Korean virtual asset industry to boom in 2024 

Strict regulations to ease in July with new act 

US regulatory changes to benefit crypto market 

South Korea’s virtual asset industry is poised for significant growth, said Cho Jin-seok, the CEO of CODA, at the recent Bitcoin Seoul 2024 event. Cho believes 2024 will be a pivotal year, fueled by factors like the strengthening of Bitcoin’s position and potential regulatory shifts.

While acknowledging the current challenges caused by strict regulations, Cho pointed to positive signals like the global trend towards Bitcoin spot ETFs and a more favorable U.S. political climate. He expressed hope that the implementation of the Virtual Asset User Protection Act in July will lead to a more streamlined and investor-friendly environment.

Cho emphasized the importance of a custody market for industry growth. He added that CODA is well-positioned to capitalize on this with its focus on security, transparent procedures, and regulatory compliance.

The company plans to be an early adopter of the new regulations, expanding its services with staking, OTC trading, and taking preemptive measures for potential ETF developments.

The discussion also featured Hashed CFO Seong-wook Hong, who offered insights from a VC perspective. Hong acknowledged the challenges of investing in startups within the highly regulated custody space.

He highlighted the increase in the number of established players in the U.S. market and the opportunities for joint ventures with local financial institutions in the growing markets.

Hong’s outlook included a positive spin on the recent changes in the U.S. political landscape. He believes the “Financial Technology Innovation Act for the 21st Century (FIT21)” could impact the regulatory environment for cryptocurrencies. With bipartisan support for the bill, its passage seems likely, paving the way for a more positive year for the industry.”

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Hong Kong supports the growth of DeFi, Web3, crypto, and other diverse areas.

Wong Wai-lun, Acting Financial Secretary of Hong Kong, assures the region will take initiatives to establish a crypto hub.

SFC and CSRC introduced five capital market cooperation measures to ensure Hong Kong’s financial growth.

Hong Kong Acting Financial Secretary Wong Wai-lun affirmed the city’s active engagement in the establishment of a crypto hub, a vision that Hong Kong has long embraced. Wai-lun asserted that Hong Kong envisions financial innovation and promotes the growth of diverse areas, including financial technology, green finance, decentralized finance (DeFi), Web3, and cryptocurrencies.

During the 2024 Caixin Summer Summit, Wai-lun highlighted Hong Kong’s key advantage of being “backed by the motherland and connected to the world.” In his keynote address, he added that Hong Kong’s unique position is advantageous for the city’s venture to develop a full-fledged crypto ecosystem.

The government official promised that Hong Kong would continue to take initiatives across different areas, ensuring the region’s financial and technological prosperity. The Government of the Special Administrative Region (SAR) of China has taken steps to stabilize financial risks and potential threats to a controllable level.

Previously, on April 19, 2024, the Securities and Futures Commission (SFC) of Hong Kong approved the China Securities Regulatory Commission’s (CSRC) five capital market cooperation measures. The measures focus on Hong Kong’s “status as an international financial center.” Julia Leung, SFC’s Chief Executive Officer, shared her pleasure in cooperating with Hong Kong’s strategic moves. She stated,

“We believe the expansion of the Stock Connect and the enhancements of the mutual recognition of funds will enrich product choice for Mainland and international investors, thus enabling Hong Kong to better leverage its unique role and advantages in the high-quality opening-up of the country’s capital market.”

Hong Kong has been embracing measures to foster financial security and regulatory adherence. In a related development, Hong Kong suspended Worldcoin’s services in the region, citing the platform for violating the city’s Privacy Ordinance.

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Ripple’s regulated stablecoin bridges DeFi and compliance, opening doors for institutional engagement in blockchain.

Africa’s mobile-first transformation drives fintech-driven financial inclusion, leveraging digital payments.

Europe’s exploration of a digital euro highlights its commitment to leading payment innovation despite regulatory challenges.

Ripple has been pushing for increased institutional adoption of DeFi and real-world asset tokenization in recent weeks. During Consensus 2024, Ripple’s CTO, David Schwartz, discussed the company’s focus on connecting businesses and developers and highlighted the opportunities that can be gained through collaboration.

Ripple’s announcement of the launch of a regulated stablecoin could be considered a major breakthrough in the integration of DeFi and compliance. This approach creates opportunities for institutional players to engage with blockchain technology while remaining compliant with regulations. Additionally, the application of tokenization embraced by Ripple points to the future of finance, where real-world assets interact with the DeFi market.

The company has more announcements lined up for the Apex Event scheduled for June of this year, particularly on the stablecoin front. The AMM (Automated Market Maker) feature mentioned by Schwartz could help boost liquidity and utilization of DeFi applications, driving further growth in the sector.

According to Ripple on their official X page, the payment industry as a whole is undergoing rapid transformation due to technological solutions and new consumer habits. From open banking initiatives in North America to the widespread adoption of instant payments in the Asia Pacific region, each region presents unique opportunities and challenges for payment innovation.

From instant payments and mobile banking to new technologies and regulatory challenges, our regional payments report provides insight into the ways payment systems are evolving around the world. Download our 2024 Trends in Regional Payments report now:https://t.co/r6nmFZm7wM

— Ripple (@Ripple) May 30, 2024

The adoption of digital payments combined with a mobile-first strategy in Africa demonstrates the effectiveness of fintech in achieving financial inclusion. Similarly, the increased adoption of digital payments and crypto-backed solutions in Latin America has shown the region’s shift away from the traditional banking model in favor of more efficient and inclusive solutions.

In Europe, discussions about the development of a digital euro and efforts to improve the instant payment framework are some of the measures highlighting the continent’s focus on fostering a diverse and sustainable financial landscape. Despite challenges such as interoperability issues and regulatory hurdles, Europe remains at the forefront of payment innovation, poised to lead the charge in embracing emerging technologies.

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Terraform Labs and Do Kwon settle fraud charges with the SEC; filings due by June 12.

LUNA’s market price surged 20% post-settlement, reflecting renewed investor confidence.

Kwon’s extradition issues between the U.S. and South Korea remain unresolved.

Terraform Labs and its CEO, Do Kwon, have reached a tentative settlement with the U.S. Securities and Exchange Commission (SEC) over fraud charges.

This development follows a jury verdict in April that found Kwon and his company liable for misleading investors about their cryptocurrency offerings, especially the LUNA cryptocurrency and TerraUSD (UST) stablecoin.

The settlement agreement, reported by Reuters, suggests financial restrictions on Kwon’s future financial activities. Details remain confidential until the official filings are due by June 12. This settlement addresses some of the legal challenges faced by Kwon and Terraform Labs, though there are issues still left unresolved.

Kwon still faces charges from the U.S. Department of Justice (DOJ) and South Korean authorities for financial crimes. These ongoing legal battles have intensified scrutiny of Kwon’s operations since the collapse of his companies last year.

The settlement announcement boosted LUNA’s market price to surge 20%, indicating renewed investor confidence. This price increase reflects reduced investor anxiety around LUNA’s market position. The Terra Luna community anticipates further positive outcomes on the remainder of Kwon’s legal challenges, and their potential impact on Terraform Labs’ operations.

Despite the SEC settlement, Kwon’s extradition issues remain unresolved. He is involved in a legal struggle between the U.S. and South Korea, with both countries seeking to prosecute him after his arrest in Montenegro for possessing a fake passport.

The announcement of the SEC settlement also impacted the Terra ecosystem tokens, particularly LUNA Classic (LUNC) and TerraUSD Classic (USTC). Open interest in LUNC and USTC has surged by over 20% with LUNC’s price climbing 15% within hours before settling at a 9% gain in the last 24 hours. 

Analysts forecast a 60% rally for LUNC, aiming to reach the $0.0002 level again, driven by increased trading volumes and heightened interest among traders.

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Luna Foundation Guard moves large amounts of AVAX and BNB tokens to an unknown address.

The wallet shifts 1.974 million AVAX ($71.2 million) and 39.499k BNB ($23.5 million).

AVAX and BNB are currently trading in a bearish track at $36.13 and $593.14, respectively.

Luna Foundation Guard (LFG), a Singapore-based non-profit organization connected to Terraform Labs and its founder, Do Kwon, has generated attention in the community with its recent large-scale crypto movements. A wallet address associated with LFG has transferred substantial amounts of Avalanche (AVAX) and Binance Coin (BNB) tokens to an unknown address.

LFG’s strategic token shift was revealed by Wu Blockchain, an X (formerly Twitter) account associated with Chinese crypto reporter Colin Wu. According to Wu Blockchain’s post, the wallet address moved 1.974 million AVAX, valued at $71.2 million, and 39.499k BNB, valued at $23.5 million, to an address identified as 0x13463Aab3ECcE77Cfd8Cc28fA498a5F9DB242e27.

The Luna Foundation Guard address suddenly had a large amount of transfers. Between 11:29 and 11:33 UTC+8, 1.974m AVAX (about 71.2 million USD) and 39.499k BNB (about 23.5 million USD) were transferred to the unmarked address: 0x13…2e27. https://t.co/nVERBUfAEl

— Wu Blockchain (@WuBlockchain) May 31, 2024

Following LFG wallet’s significant moves, both AVAX and BNB tokens have struggled to overcome their bearish trends. As of press time, AVAX is trading at $36.13, with a decline of 2.08% over the last 24 hours. Meanwhile, BNB shows a slight dip of 0.65%, trading at $593.14.

With a market cap of $87.5 billion, BNB holds the 4th position on CoinMarketCap. Despite reaching a daily high of $601.33, the token subsequently fell to a low of $592.11. However, a notable surge of 6% in trading volume indicates increased demand for the token.

Similarly, AVAX rose to a high of $37.05, only to dip below $36 later that day. The token is positioned 12th on CoinMarketCap, with a market cap of $14.2 billion. The 24-hour trading volume, which decreased by 1.80% to $382 million, highlights the fluctuating trends in the crypto market.

In related news, LFG recently announced the platform’s decision to enhance fund security while maintaining transparency and traceability. The platform indicated that the funds would be transferred to a direct custody solution in the following days to reinforce their safety. 

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