Analysts from the market intelligence platform CryptoQuant say the recent bitcoin (BTC) moves by the defunct crypto exchange Mt. Gox are no cause for alarm and would cause no immediate selling pressure on the digital asset.

According to the latest weekly report from the analytics firm, the transfers were executed between Mt. Gox’s trustee addresses and are not a sign that creditor repayments have begun.

No Cause for Alarm

On May 27, on-chain analysts noticed the movement of 138,000 BTC, worth roughly $9.4 billion at bitcoin’s trading value at the time, from wallets holding them since 2018. CryptoQuant said the transfers happened within five hours, sparking concerns amid the crypto community about the effect of such transactions.

The cryptocurrencies were moved via seven different transactions with volumes ranging between 4,000 and 32,000 BTC. The whole stash was initially moved to a single address before being distributed to three different addresses. At the time of writing, the addresses held 47,400 BTC each.

The crypto community speculated that the transfers marked the onset of distributions to Mt. Gox creditors. CryptoPotato reported that BTC lost 4% of its value as news of the transfers spread. Community members also raised concerns about the asset’s price slumping further if the exchange’s creditors decided to liquidate their holders immediately after they received them.

Contrary to what the majority of the community thinks, the new addresses that received the bitcoins belong to Mt. Gox’s Rehabilitation Trustee, which is the attorney managing the creditors’ repayment process.

Mt. Gox Creditor Repayments Have Not Begun

An announcement dated May 28 informed that the exchange has neither begun making repayments to creditors nor sold any BTC or cryptocurrency in that regard.

“The type of transfers, where an entity consolidates a large amount of Bitcoin scattered in several addresses into a few addresses, seems to be the prelude of the Trustee initiating repayments to creditors under the Rehabilitation Plan. How long it would take for the repayments to start is yet to be seen,” CryptoQuant stated.

Hence, CryptoQuant analysts believe the transactions would cause no immediate sell pressure for BTC as the assets in question are not yet available to the open market.

The post Mt. Gox Bitcoin Moves Will Cause No Immediate Selling Pressure: CryptoQuant appeared first on CryptoPotato.

After a few days of sideways trading, bitcoin’s price headed south on Friday and slipped to a weekly low of around $66,600 before it recovered approximately a grand.

The altcoins are quite sluggish today, with ETH gaining about 1% of value and closing down on the $3,800 mark.

BTC Recovers

The start of the business week went under the total domination of the bulls as they drove the primary cryptocurrency from under $69,000 to a weekly high of over $70,500. As hope started to emerge about a potential challenge to the all-time high of $73,800, though, the landscape changed and BTC slumped by more than three grand by Tuesday.

More volatility ensued in the following days, but bitcoin ultimately remained in a range between $67,000 and $69,000 with a short-lived attempt to overcome the latter on Thursday. The subsequent rejection pushed the asset south hard, and it fell by $3,000 to $66,600 yesterday, which became its lowest price tag in about a week.

The bulls finally reemerged at this point and didn’t allow any further declines. Just the opposite, BTC spiked by roughly $1,000 and now sits between $67,500 and $68,000.

Its market capitalization has slipped to $1.330 trillion, and its dominance over the alts sits tight at 50% on CG.

Bitcoin/Price/Chart 01.06.2024. Source: TradingView ETH Aims at $3.8K

Somewhat expectedly for the weekend, the price actions have diminished. Ethereum is up by around 1% on a daily scale and now sits close to $3,800, but this movement is far from the volatile ride that the asset went through last week amid the ETF news.

BNB, SOL, XRP, ADA, and DOT are with insignificant gains, while LINK and PEPE have increased by around 3-4% in a day.

In contrast, SHIB slumped by almost 3%, while UNI slumped by 6% and is close to breaking below $10.

The total crypto market cap has seen about $20 billion gone in a day and is down to $2.660 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto

The post Bitcoin (BTC) Price Recovers From a Weekly Low, Ethereum (ETH) Eyes $3.8K (Weekend Watch) appeared first on CryptoPotato.

TL;DR

XRP has stayed stable between $0.51 and $0.54 despite market volatility, with analysts predicting a potential rise due to its low RSI ratio.

The upcoming launch of a Ripple stablecoin, a possible XRP ETF, and a settlement in the lawsuit against the US SEC could also drive a price increase.

Is XRP Ready to Spike?

While the cryptocurrency market experienced substantial volatility in the past few weeks, Ripple’s XRP remained relatively unfazed. Its price has recently consolidated in the $0.51-$0.54 range and is currently trading at the lower line. 

Still, many analysts believe the asset will head north in the near future, citing some important factors. The X user EGRAG CRYPTO assumed that XRP could soon turn into a bullish mode due to the low RSI ratio.

The Relative Strength Index is a momentum oscillator used in technical analysis to measure the speed and change of price movements. It varies from 0 to 100, with a ratio above 70 generally indicating that an asset is overbought and due for correction. XRP RSI has been well below the 50 mark in the past few days, currently positioned at 40.

AlexCobb touched upon the matter, too, outlining several essential elements that could fuel a rally for the asset. The upcoming launch of a Ripple stablecoin, potential filing for an XRP ETF, and a possible settlement of the lawsuit between the company and the US Securities and Exchange Commission (SEC) are some of the factors.

The legal battle between the two entities has been ongoing for over three years, with the case recently entering its trial phase. Some industry participants believe Ripple has the upper hand in the lawsuit after securing three partial court victories last year.

Each triumph was followed by a significant XRP price resurgence, meaning a decisive win might fuel another rally. If you are curious to learn more about the case’s specifics and its impact on the token’s valuation, please check our dedicated video below:

Previous XRP Forecasts

The X users JAVON MARKS and Dark Defender also chipped in with optimistic predictions. Similar to EGRAG CRYPTO, the former pointed to the RSI pattern as a contributing element to a potential XRP price increase in the range of $15-$20.

Dark Defender was bullish, too, albeit envisioning less impressive peaks. Most recently, the analyst claimed XRP’s initial targets are $0.5882 and $0.6044. Prior to that, the X user forecasted a spike toward $1.88 should the coin’s weekly candle close above the $0.66 mark.

The post Top Ripple (XRP) Price Predictions as of Late appeared first on CryptoPotato.

Rashawn Russell, a former investment banker, has been sentenced to 41 months in jail for wire fraud related to a cryptocurrency and access device fraud.

Russell’s sentencing took place at the Eastern New York District Court in Brooklyn after his September 2023 guilty plea.

Former Banker’s $1.5 Million Crypto Fraud

Prosecutors detailed that Russell began soliciting investments in November 2020, targeting friends, former college classmates, and co-workers for his R3 Crypto Fund. He guaranteed some investors a 25% return and suggested to others that they could make up to 100%.

Leveraging his background as a former investment banker and registered broker, Russell convinced investors of the scheme’s legitimacy. He allegedly fabricated documents, including altered bank website images and fake bank wire transfer confirmations, to mislead investors about their investment status.

Russell used some funds to repay earlier investors and diverted substantial amounts for personal expenses and gambling. The scheme lasted until August 2022, with his arrest in April 2023.

In addition to the crypto fraud, Russell faces charges for acquiring nearly 100 credit and debit cards under other people’s names between September 2021 and June 2023. He allegedly intended to use them for fraudulent transactions.

The DOJ estimates Russell’s cryptocurrency fraud scheme led to approximately $1.5 million in investor losses. As a result, he was ordered to pay his victims over $1.5 million in restitution.

Initially placed on home detention after his arrest, Russell’s bail was revoked in February 2024 due to continued identity theft activities. In a letter to the judge before sentencing, Russell expressed remorse for his actions and their impact on the victims.

DOJ Intensifies Crypto Fraud Crackdown

The latest development comes amid a broader DOJ crackdown on crypto fraudsters, resulting in numerous arrests.

On May 18, Thomas John Sfraga pleaded guilty to wire fraud involving a nonexistent crypto wallet and other schemes. On the same day, two individuals were arrested on seven counts of money laundering and international money laundering related to a pig-butchering crypto scam worth over $73 million.

Earlier in May, the DOJ charged brothers Anton Peraire-Bueno and James Pepaire-Bueno with exploiting the Ethereum blockchain to siphon off $25 million in crypto within 12 seconds.

In April, an ex-software engineer was convicted for illegally obtaining over $12 million in crypto. The engineer exploited vulnerabilities in the smart contracts of Nirvana Finance and another exchange based on the Solana currency.

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Ethereum co-founder Vitalik Buterin donated 30 ETH, valued at around $113,000, to support the legal defense of Tornado Cash developers Alexey Pertsev and Roman Storm through the decentralized fundraising platform Juicebox.

According to the on-chain data, the transaction from an address linked to Buterin, named vitalik.eth, was made at 1:58 am EST on May 30 to the “Free Alexey & Roman” legal fund on Juicebox, which had raised 595.82 ETH, worth approximately $2.2 million.

Open Source Is Not a Crime

Crypto veterans, including Buterin, have consistently championed privacy tools for managing crypto assets privately. Buterin has published numerous papers on enhancing Ethereum’s privacy. Hence, his move is not surprising.

Other supporters have shown solidarity by attaching messages of encouragement to their donations. Underneath their contributions, phrases like “you have our support,” “code is not guilty,” “support freedom,” and “Open source is a form of free speech that everyone deserves” resonate strongly.

This isn’t the first time Buterin has donated to a similar cause. In 2022, he contributed 10 ETH (valued at $30,980 at the time) to a legal fund ‘AssangeDAO’ on Juicebox, supporting Australian activist and WikiLeaks founder Julian Assange.

Legal Trouble for Tornado Cash Bosses

Tornado Cash is a privacy-focused tool that facilitates anonymous crypto transactions. However, its potential for misuse has led to it being exploited by criminals to launder, hack, or steal funds. This illicit activity caught the attention of law enforcement, leading the US Treasury’s Office of Foreign Assets Control (OFAC) to impose sanctions on Tornado Cash in August 2022.

Shortly thereafter, Tornado Cash developer Alexey Pertsev was arrested in Amsterdam for allegedly hiding criminal financial flows and facilitating money laundering through the controversial Ethereum mixing service.

A year later, other developers – Roman Storm and Roman Semenov – were charged with aiding in laundering $1 billion, with Storm arrested in Washington State. Pertsev was sentenced to 5 years and 4 months in prison earlier this month.

Meanwhile, Storm remains detained in the US since his arrest in 2023, with his trial scheduled for September.

The post Ethereum’s Vitalik Buterin Donates 30 ETH to Support Tornado Cash Devs’ Legal Defense appeared first on CryptoPotato.

ConsenSys-backed Layer 2 network – Linea – has extended support to StarkWare’s statement denouncing Matter Labs’ attempts to trademark the term “zero-knowledge” (ZK) in nine countries.

Matter Labs, the entity behind zkSync, aims to assert exclusive control over this foundational cryptographic concept, sparking outrage across the industry. Notably, Matter Labs has also pursued the registration of a token under the ticker symbol “ZK” with exchanges in a bid to further their claim over the technology they did not create.

Linea Backs StarkWare: Condemns Matter Labs’ Move

Zero-knowledge (ZK) technology is crucial for privacy and security in blockchain, as it enables individuals to prove claims without revealing underlying data.

StarkWare, along with other figures like Turing Award winner and StarkWare’s Scientific Advisory Board member Shafi Goldwasser, condemned Matter Labs’ actions as an attempt to privatize a public good. In a public statement, StarkWare said,

“A company exploiting the legal system to annex a public good violates the crypto ethos, the Ethereum ethos, and the academic ethos. It even goes against Matter Labs’ own ethos, which states: “We can make this world better by increasing people’s freedom.” If the company goes through with this, it will be separating itself from the very community it claims to be part of.”

StarkWare, a software company that develops ZK-proof technology, urged the community to take action against Matter Labs while highlighting the irony in the latter’s actions. The firm noted that its stated principles advocate for collective action in the face of “oppressive behavior.”

Weighing on the matter, Linea also asserted that using a legal framework to monopolize a branch of cryptography integral to building permissionless and decentralized L2 execution environments contradicts Ethereum’s ethos.

Linea even went on to point out the collaborative nature of Ethereum’s development, where researchers contribute to scaling solutions like zkEVM Layer 2 networks. The attempt to claim ownership over ZK technology inhibits progress towards a more inclusive and censorship-resistant network, as per Linea’s statement on May 31st.

Matter Labs Addresses Controversy

In response to the controversy surrounding trademark applications, Matter Labs’ asserted that ZK technology belongs to the community and clarified that the move aims to ensure the term “ZK” can be used freely in the context of their projects like “ZK Sync” and “ZK Stack,” using trademarks as the only available legal tool for such protection.

The company also addressed the misconception that trademarks grant exclusive ownership over a word or phrase, adding that rights only extend to specific goods or services.

Polygon Labs’ Chief Legal and Policy Officer, Rebecca Rettig, responded to Matter Labs, questioning the necessity of the trademark applications and suggesting that if external challenges forced them to apply for the trademark, transparency would be essential. The exec even went on to dismiss the need for a framework to grant permission for the use of the term “zk,” as it should be freely available to everyone without permission.

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While meme coins are all the rage now, the OG Dogecoin has been relatively quiet. DOGE’s price action has been underwhelming at $0.158, as it was almost 4% down over the past week.

Despite this, whales have bought more than 700 million DOGE in the past 72 hours alone. This stash is worth around $112 million at the current price of $0.16.

DOGE Whales Accumulate

Dogecoin’s recent performance has been mixed. It gained over 17% monthly but declined over the past week and fell 0.5% in the last 24 hours.

Whale buyers took advantage of this volatility, with holdings in the 100 million to 1 billion range increasing significantly since May 29, coinciding with a bearish trend reversal. With over $112 million accumulated by whales, the current recovery trend is worth noting, according to popular crypto analyst Ali Martinez’s latest update.

The accumulation trend was further validated by Singapore-based crypto-trading firm QCP Capital’s observation, according to which traders have shifted their focus to legacy meme coins.

In addition to Dogecoin, tokens like Shiba Inu (SHIBA) and Pepe (PEPE) have gained significant attention, showing double-digit gains between 10% and 20%. These tokens are now among the top 10 in Open Interest, indicating heightened trading activity and investor interest in the meme coin sector.

SHIB and PEPE Chart Rallies

In the past two weeks, over 4 trillion SHIB tokens, valued at approximately $103 million, have been transferred to crypto exchanges. This movement suggests increased trading activity and potentially indicates a trend of investors looking to capitalize on SHIB’s recent price movements.

This follows Shiba Inu’s layer-2 scaling solution, Shibarium, achieving a significant milestone by processing over five million blocks since its launch in August last year. The network has also handled over 417 million transactions, with the number of wallet addresses exceeding 1.8 million.

Meanwhile, PEPE has been on a tear, gaining almost 130% over the past month. A whale made nearly $5 million in profit from the PEPE token within a month, achieving a 52% return on their initial investment as the token price briefly dropped over 17% from its all-time high. This whale deposited all 660.7 billion PEPE tokens, worth $9.52 million, into a Binance wallet.

The post Dogecoin Whales Scoop Up 700 Million DOGE in 72 Hours appeared first on CryptoPotato.

The surge in celebrity-backed tokens, fueled by the frenzy for meme coins, has polarized the community.

One such meme coin that has captured the market attention is that of American TV personality Caitlyn Jenner’s JENNER token. Jenner launched 12 meme coins on the Solana blockchain within a mere four days, reaping profits of 2,381 SOL, which is equivalent to $405,000.

$405K Earnings in Just 4 Days

Lookonchain’s latest findings reveal that Jenner’s approach included launching tokens like JENNER, buying large amounts, and quickly selling them for significant profits. For instance, she bought 44.56 million JENNER tokens for 1.3 SOL and sold them for 253 SOL, making a profit of 252 SOL, equivalent to $43,000.

The trail of transactions led Lookonchain investigators to uncover a network of newly created addresses, all funneling profits to a single Binance deposit address, a telltale sign of Jenner’s involvement.

Despite initial skepticism regarding Jenner’s social media posts promoting the token, concerns continued until the former Olympian confirmed her endorsement, dismissing fears of a potential hack. With meme coin mania gripping the industry amid a broader recovery in prices, several experts have highlighted the pitfalls inherent in celebrity-endorsed tokens, which often attract unsuspecting traders only to leave them financially depleted.

Even seasoned traders, like one who previously made $3.7 million in profits within five days trading another token, fell victim to the allure of Jenner’s coin, suffering losses amounting to 785 SOL, equivalent to $133,400, within a single day.

As previously explained by CryptoQuant’s Ki Young Ju, such episodes not only erode trust within the cryptocurrency community but also overshadow the genuine innovations pursued by legitimate projects.

Celebrity Cash Grab Alert

A market player under the pseudonym ‘Cold Blooded Shiller’ pointed out that historically, celebrity-backed projects have failed, with many of them quickly losing all value, some within hours or days of their launch, and very few lasting beyond a few months.

The investor advised followers to view celebrity endorsements of meme coins as opportunistic “cash grabs,” similar to previous trends like simply mentioning “crypto” during past market cycles or “NFTs” in more recent times.

He said that celebrities latch onto these buzzwords to capitalize on the hype and enthusiasm surrounding them, prompting a snowball effect where more people rush to invest in these projects without fully understanding the risks involved.

The post Here’s Caitlyn Jenner’s Profit After 12 Meme Coin Launches: Lookonchain appeared first on CryptoPotato.

European Bitcoin exchange-traded products are losing big this year after competition ramped up overseas in the form of United States-based competitors.

Data from Morningstar shows that European Bitcoin funds have suffered over $500 million in net outflows since January, despite the rising demand for Bitcoin itself during that time.

Why Are Europe’s Bitcoin ETFs Losing Customers?

During that same period, ETPs for other cryptocurrencies, such as Ether, absorbed $42 million within the region, trending in the opposite direction but doing little to compensate for Bitcoin-related losses.

Speaking to the Financial Times, Pierre Debru – head of quantitative research and multi-asset solutions at WisdomTree – said client interest in European crypto ETPs has “greatly increased” since US Bitcoin ETFs went live in January.

However, those same ETFs have also brought in unprecedented competition, creating “a new fee environment in Europe” that’s forced European issuers to lower their fees.

BlackRock and Fidelity, for example – the asset managers behind the 1st and 3rd largest Bitcoin ETFs – now offer 0.25% annual management fees, with even greater temporary discounts for early buyers.

In quick response, European Bitcoin ETP providers like Invesco, WisdomTree, and CoinShares all dropped their previous fees from rates above 0.9% to below 0.4%.

Similarly, Fidelity’s Advantage Bitcoin ETF(FBTC) in Canada also radically reduced its management fee from 0.95% to 0.39% on January 12, matching its US-based ETF at the time that went live the same day.

Lower Fees, Or Suffer

Funds that failed to lower their management fee haven’t been so fortunate.

For example, the Grayscale Bitcoin Trust (GBTC) – which charges a 1.5% fee to investors – has already lost over half of its Bitcoin since the US ETF approvals, and has been eclipsed by BlackRock as the largest Bitcoin ETF despite starting with a 600,000+ BTC lead.

Similarly, Canada’s Purpose Bitcoin ETF in Canada has lost 20% of its assets during that time after refusing to lower its 1% management fee. Outside the US, Purpose still remains the first and largest Bitcoin spot ETF.

Last week, global Bitcoin spot ETFs surpassed 1 million BTC in total assets under management.

VanEck’s CEO in Europe, Martijn Rozemuller, said that the company’s regional crypto ETFs have managed to obtain small inflows, despite the rise in competition.

“Total potential market size considered, European crypto ETPs are still relatively larger than the spot bitcoin ETFs in the US,” he said to FT.

The post Bitcoin ETFs In Europe Have Lost $500 Million This Year appeared first on CryptoPotato.

The previous week was dominated by news and developments on the spot Ethereum ETF front, while the current one was taken over by Bitcoin exchange-traded funds.

It almost felt inevitable after the launch of all US spot Bitcoin ETFs in early January that the BlackRock product will surpass that of Grayscale, which was actually converted from the former BTC Trust. Grayscale’s GBTC saw substantial outflows ever since it first reached the US markets, while BlackRock’s IBIT kept attracting billions of dollars worth of the primary cryptocurrency.

This moment finally occurred earlier this week as it took the world’s largest asset manager just 96 days to become the biggest Bitcoin ETF issuer. Currently, Grayscale’s fund has $19.7 billion in BTC, while IBIT holds $19.97, according to SoSoValue.

Another major event within the Bitcoin ETF landscape came on Tuesday when all such products, not just those in the US, attracted just over one million BTC.

These positive developments on the ETF front didn’t result in substantial gains for the underlying asset. In fact, bitcoin tried to take down the $70,000 mark on a few occasions and, although it breached it once, couldn’t succeed and currently sits about three grand away from it.

The weekly charts among most altcoins are quite less eventful than they were last time. However, some of the meme coin representatives have taken the main stage. PEPE, for instance, charted a few all-time highs this week, while WIF is up by more than 20%. Additionally, the meme coin realm saw the entrance of a celebrity, but more on that later.

Market Data

Market Cap: $2.667T | 24H Vol: $80B | BTC Dominance: 50%

BTC: $67,320 (+0.44%) | ETH: $3,773 (+2.5%) | BNB: $593 (-0.5%)

This Week’s Crypto Headlines You Can’t Miss

Ethereum Whales with Over 10,000 ETH Surging, Signaling Accumulation Trend. Although ETH’s price has been consolidating in the past week, ever since the massive surge experienced by the Ethereum ETFs news, the asset has been targeted by large investors who have been on an accumulation spree.

U.S. Spot Bitcoin ETFs See Longest Inflow Streak Since February. Adding to the massive achievements on the Bitcoin ETF front, these products have been on an impressive streak since mid-May. In fact, they are currently on the longest inflow streak in over three months, with 13 consecutive days and counting.

Caitlyn Jenner’s JENNER Meme Coin Sends Traders into a Tailspin. As mentioned above, a certain celebrity entered the meme coin ecosystem. Despite initial rumors about a hack, it turned out that Caitlyn Jenner has indeed launched a dozen meme coins on the Solana blockchain with the hope of making a quick buck.

Most Profitable Among Big Meme Coins: Over 96% of PEPE Holders in Profit. Even though PEPE retraced slightly after charting a few consecutive all-time highs, the number of token holders in profit skyrocketed to over 96% yesterday, as reported.

Gemini Earn Recovers 97% Of Customers’ Lost Crypto. Good news for Gemini Earn customers: After over a year of controversy and uncertainty, the bankrupt crypto lending arm announced that it had recovered almost all lost funds.

Former FTX Exec Ryan Salame Sentenced to 7.5 Years in Prison. One of the closest FTX execs to Sam Bankman-Fried – Ryan Salame – was sentenced to over seven years in prison. Previously, Salame’s lawyers asked for no more than 18 months.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot – click here for the complete price analysis.

The post Big Week for Spot Bitcoin ETFs, Meme Coin Mania Reaches Celebrities, and More: This Week’s Crypto Recap appeared first on CryptoPotato.

Ethereum’s recent momentum appeared to have slowed down, largely due to the pause in ETF-related excitement.

Despite this, there is a significant accumulation trend among large holders a.k.a whales, even as ETH’s price remains below $4,000.

Massive Increase in Ethereum Whales

According to the latest Glassnode data, shared by popular crypto analyst Ali Martinez, there has been a notable rise in Ethereum addresses holding 10,000 or more ETH. This shift from distribution or selling to accumulation suggests that whales are confident in altcoin’s long-term potential, choosing to amplify their holdings in anticipation of future gains.

“There’s been a notable increase in #Ethereum addresses holding 10,000+ $ETH , indicating a shift from distribution to accumulation.”

Santiment’s earlier report disclosed that wallets holding at least 10,000 Ethereum had accumulated 21.39 million ETH over the past 14 months, reflecting a 27% increase in their assets. This accumulation is a positive indicator mirroring Ethereum’s price movements.

In fact, ETH has outperformed BTC over the past month following the US Securities and Exchange Commission’s (SEC) announcement and subsequent approval of the first spot Ethereum ETFs. Therefore, it’s unsurprising that whale accumulation continues.

Analyzing $100K+ and $1M+ daily ETH transfers, the crypto analytics platform noted that the highest mass whale transaction spikes of the year occurred after the spot Ethereum ETFs were officially approved late last week.

As such, prices may continue to outperform Bitcoin as long as this cohort of wallets holding 10,000 or more ETH keeps increasing rather than decreasing amidst the volatility.

Singapore’s DBS Bank Flagged as ETH Whale

Interestingly, blockchain analysis firm Nansen recently identified DBS Bank, one of Singapore’s largest banks, as an ETH whale. According to Nansen, a crypto wallet attributed to DBS Bank holds 173,753 ETH, valued at approximately $650 million at the current market price.

This analysis, flagged on May 30, indicated that this address has already generated a paper profit of $200 million from its Ether holdings. DBS Bank has not officially confirmed ownership of the Ethereum stash. However, a community member suggested that the assets might belong to DBS’s digital exchange, which serves accredited investors.

They speculated that the ETH is likely held on behalf of investors rather than being direct bank assets.

The post Ethereum Whales with Over 10,000 ETH Surging, Signaling Accumulation Trend appeared first on CryptoPotato.

Bybit is reportedly facing an internal leadership shakeup following a controversial incident involving the listing of Notcoin (NOT).

Several executives have reportedly “voluntarily resigned” after the incident, and the exchange is now publicly recruiting new technical and spot managers.

The Notcoin Delayed Balances Incident

During the listing of NOT, an issue arose when not all users received their airdrop of tokens before trading started. This delay disadvantaged them compared to those with access to the free tokens. The trading price on Bybit was subsequently much lower than on other exchanges.

Exclusive: After the Notcoin delayed deposit incident, several executives of Bybit, the third largest offshore exchange, “voluntarily resigned” and publicly recruited new technical and spot managers, according to an internal letter to all employees. pic.twitter.com/CiUQyrAl4e

— Wu Blockchain (@WuBlockchain) May 31, 2024

Bybit CEO Ben Zhou quickly acknowledged the issue, explaining in a post just hours before trading started that the exchange’s wallet had been overwhelmed by a large volume of transactions.

“Bybit team is working very hard to solve the Notcoin airdrop balance reflection issue,” Zhou wrote in an X post on May 16. He detailed that Bybit’s wallet had received around 370,000 on-chain transactions from Notcoin, a process that took longer than anticipated to reflect in individual user balances.

To mitigate the issue, Bybit attempted manual user credits before the market opened. Zhou admitted that despite these efforts, only 70% of eligible users had been credited in time. He apologized for the oversight and promised a compensation plan for the 320,000 users affected by abnormal NOT account balances on the debut day.

The Compensation Plan

Two weeks ago, according to Ben Zhou, the compensation plan for affected Bybit users included a 30 MNT airdrop, a $50 trading bonus, and a three-month VIP +1 upgrade. VIP users would receive an additional bonus of up to $500, depending on their VIP tier. The total compensation, amounting to approximately $26 million, was to be processed within three working days, and confirmation emails sent to users.

Notcoin’s trading on Bybit saw significantly lower prices than other exchanges like Binance and Bitget, where the token opened at much higher levels. One user pointed out that Bybit listed Notcoin at $0.0007, while Binance and Bitget listed it at $0.01, and other platforms saw the token reach as high as $0.035.

Notcoin started as a Telegram Mini App, allowing users to play and mine the in-game currency directly within the messaging platform that gained more than 35 million users. This success caught the eye of major crypto exchanges, leading to planned listings on Binance, OKX, Bybit, and others.

Notcoin

Binance OKX Bybit Kucoin Gate Bitget Bitfinex and others

Trading opens May, 16

6:00 San Francisco 9:00 New York 12:00 UTC 13:00 London 14:00 Prague 15:00 Kyiv/Moscow 15:30 Tehran 16:00 Dubai 17:00 Tashkent/Orenburg 17:30 Delhi 20:00 Hong Kong 21:00 Kyoto pic.twitter.com/X1wDkXYNTJ

— Notcoin Ø (@thenotcoin) May 15, 2024

On May 16, Notcoin began trading on these exchanges across multiple time zones. The launch was marked by an airdrop of over 80 billion NOT tokens to early adopters who had mined the in-game currency and linked a TON wallet.

According to data from Coingecko, Notcoin (NOT) is presently trading at $0.01195, marking a 152.6% increase over the past week. Yesterday, it hit a new all-time high of $0.01211, with its market capitalization reaching $1.2 billion for the first time.

The post Bybit Faces Leadership Shakeup After Notcoin Listing Controversy: Report appeared first on CryptoPotato.

Polkadot recently encountered significant selling pressure at a key resistance region, encompassing the 100-day moving average and the crucial $7.4 level.

This resistance has led to a potential continuation of the bearish retracement.

Technical Analysis

By Shayan

The Daily Chart

A detailed examination of Polkadot’s daily chart reveals a bearish sentiment, with the price being rejected after a period of sideways movement around the critical $7.4 resistance level and the significant 100-day moving average. Sellers appear to be dominating the market, with a continued bearish retracement towards the $6.5 threshold looking increasingly likely.

However, in a broader context, the asset remains confined within a decisive range marked by the $7.4 resistance and the $6.5 support. A definitive breakout from this range will likely set the direction for a sustained trend.

The 4-Hour Chart

On the 4-hour chart, Polkadot buyers have been unable to overcome the crucial resistance region defined by the 0.5 ($7.4) and 0.618 ($7.8) Fibonacci levels, facing intensified selling pressure. This selling activity has led to a notable rejection, initiating a bearish retracement towards the lower boundary of an ascending wedge at $7.

The price is currently struggling against this substantial support, and if sellers succeed in breaking below the wedge’s lower boundary, an impulsive bearish decline toward the $6 support region is imminent.

In summary, Polkadot is at a critical juncture. A failure to hold current support levels could lead to further declines, while a successful defense might allow for consolidation and potential recovery.

Sentiment Analysis

By Shayan

Analyzing the futures market metrics alongside Polkadot’s price fluctuations can indeed provide valuable insights for traders. The liquidation heatmap for the DOT/USDT Binance pair, as depicted in the chart, offers a visualization of significant liquidity pools that may influence price movements.

Currently, Polkadot’s price is confined within a critical range, with resistance around $7.4 and support near $6.5. The heatmap indicates that within this range, the $6.9 and $7.2 levels contain the most substantial liquidity close to the current price.

Therefore, any breakout from either of these levels could trigger a cascade of liquidations, potentially fueling the move and leading to a breakout from the range. Such a breakout could initiate a sustained trend in the direction of the breakout.

The post DOT Price Is at Critical Juncture With Potential Retracement to $6 in Sight (Polkadot Price Analysis) appeared first on CryptoPotato.

Ethereum’s price has been gaining bullish momentum recently after experiencing a correction in the last couple of months.

With the asset approaching its recent high, investors are hoping for new records, but breaking the $4,000 resistance seems tougher than expected.

Technical Analysis

By TradingRage

The Daily Chart

In the daily timeframe, the price blasted through the higher boundary of the large descending channel a while ago. The market has been consolidating since, but there is no sign of a deep correction.

With the $3,600 area turning into a support level, the market will likely break through the key $4,000 resistance zone. In this case, market participants can be optimistic that a mid-term rally toward the $4,800 all-time high might begin soon.

The 4-Hour Chart

The 4-hour chart is also demonstrating some bullish signs. The price has been declining inside a bullish flag pattern this week. However, it seemingly breaks the flag to the upside, a classic bullish continuation signal.

With the Relative Strength Index also on the verge of rising above 50%, the momentum is also shifting in favor of a bullish move. Therefore, if things do not change drastically, it could only be a matter of time before the price breaks above the $4,000 resistance level.

Sentiment Analysis

By Shayan

Open Interest

Ethereum’s price experienced a rapid impulsive surge last week, nearing the $4K mark. This uptrend has sparked renewed demand and heightened buyer activity as traders chase substantial profits.

The accompanying chart highlights Ethereum’s open interest, a crucial metric for gauging futures market sentiment. Generally, higher open interest values are associated with bullish sentiment, while extremely high values can lead to increased volatility and potential liquidation cascades.

The chart reveals a steep rise in open interest alongside the recent bullish run. While this surge in open interest typically signals strong bullish sentiment, it also introduces potential volatility and the risk of sudden, unexpected price movements in either direction. Given the high open interest values and the inherent risks of heightened volatility, it is advisable for investors to manage their risk carefully in the short term.

 

The post Is ETH Primed to Take Down the $4K Resistance and Chart New All-Time High? (Ethereum Price Analysis) appeared first on CryptoPotato.

The United States spot Bitcoin exchange-traded funds (ETFs) market has recorded a long inflow streak, last seen in February.

According to data on Farside Investors, the spot Bitcoin ETFs have been on a 13-day inflow streak since May 13, 2024. This indicates investors’ confidence in Bitcoin’s potential and an unwavering capital inflow into the ecosystem despite BTC’s inability to register a new all-time high.

Longest Inflow Streak Since February

Following the launch of the U.S. spot Bitcoin ETFs on January 11, the funds collectively saw outflows exceeding $52 million two trading days after their listing as investors moved their assets out of Grayscale’s GBTC in droves. While the newborn nine ETFs saw substantial or no inflows in the first ten days of their existence, the outflows from GBTC surpassed their inflow streak.

However, the tide changed in late January as the inflows of the newborn nine overshadowed GBTC’s outflows. This trend extended to mid-February, resulting in a 17-day inflow streak that raked billions into the ETFs.

Although February’s inflow streak eventually broke, the ETFs recorded more inflows than outflows until BTC hit its all-time high of $73,700 in mid-March. Investors began to take profits afterward, and inflows dwindled a bit.

April had a negative vibe, as the month saw more outflow days than inflows for the ETFs. This coincided with a downturn in the broader crypto market as investors continued to realize their profits. The negative trend spilled over into May, as the first day of the month saw all the U.S. spot Bitcoin ETFs witness outflows collectively exceeding $563 million.

A 13-Day Inflow Streak

Since the ETF bloodbath on May 1, the investment vehicles saw four more days of outflows until May 13. The U.S. spot Bitcoin ETF market has been on a 13-day inflow streak since then, despite individual funds recording outflows occasionally.

Yesterday, Ark Invest’s ARKB saw outflows of roughly $100 million, but inflows into the other funds outpaced it, netting $48.8 million.

So far, May has been a good month for the spot Bitcoin ETF market. Three days ago, BlackRock’s IBIT became the world’s leading ETF by assets under management, surpassing GBTC. In addition, the global spot Bitcoin ETF market now holds more than one million BTC.

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Bitcoin’s price has been consolidating for almost 3 months now after making a new all-time high around the $74K mark.

Since then, the asset has failed to produce a new peak, but a new rally might begin soon.

Technical Analysis

By TradingRage

The Daily Chart

Bitcoin’s price action has been choppy on the daily timeframe, as the market has been consolidating inside a descending channel. Yet, the asset is currently testing the higher boundary of the channel and the $68K level.

While it has not been successful in breaking to the upside, the momentum is still bullish, and such a breakout could happen at any time. In this case, the market can rise toward the $75K all-time high and potentially make a new one.

The 4-Hour Chart

The 4-hour chart paints a clear picture of the recent consolidation. The price oscillates around the $68K level in a symmetrical triangle pattern. Considering the price action inside the pattern and the fact that the market has already touched the lower trendline of the triangle three times, a bullish breakout seems probable based on classical price action concepts.

Meanwhile, the RSI is still hovering around the 50% level, failing to point to a potential direction in the short term. Therefore, everything relies on the direction of a breakout from the triangle.

On-Chain Analysis

By TradingRage

Bitcoin Exchange Reserve

As Bitcoin’s price continues its gradual move toward a new all-time high, investors are also getting more and more optimistic. This chart demonstrates the exchange reserve metric, which measures the total amount of BTC held in exchange wallets. Naturally, a drop in the metric is considered bullish, as it practically reduces supply, while an increase is bearish, as more BTC are ready to be sold.

As the chart demonstrates, the Bitcoin exchange reserve metric has declined steeply since February. This supply shrinkage was one of the contributing factors to the recent rally. The decline has even become sharper in the past few days, as investors expect a rally toward a new all-time high soon. This decrease in exchange reserve might be just what the market needs to do.

The post BTC Price Consolidation Continues but All Signs Point to a Run Toward New ATH: Bitcoin Price Analysis appeared first on CryptoPotato.

According to sources familiar with the matter, the SEC has instructed prospective issuers to submit amended S-1 forms by Friday, May 31st.

This follows the approval of the 19b-4 forms on May 23, marking a significant milestone in the process.

Spot Ethereum ETF Approval Progresses

The recent approval of the 19b-4 forms marked a significant milestone, achieved through a last-minute change in direction from the SEC. Consequently, issuers had not prepared their S-1 forms in advance. Despite this, progress is being made, with the SEC now actively engaging with issuers to finalize these forms.

Sources familiar with the situation have reportedly confirmed that the SEC requested draft S-1 filings by today, Friday. Following this submission, the agency will provide its first round of comments, leading to further amendments. Launching an Ethereum ETF necessitates SEC approval of the 19b-4 and S-1 forms, which typically undergo several revisions before final approval.

So far, VanEck submitted an amended S-1 form on the day the ETFs were approved. BlackRock followed suit on May 30, detailing a $10 million seed investment for its ETF.

While the details of seed investments are relatively straightforward, other aspects of the forms might require more time to address. The S-1 forms are expected to undergo at least two more rounds of draft filings before they are finalized.

Mixed Sentiment Over Delays

Eric Balchunas previously pointed out that finalizing the S-1 registration statements could take additional time, potentially delaying the launch of spot Ether ETFs. “I don’t know how fast the fast track is, but it’s going to be probably a mad scramble for the next couple of days, maybe even weeks—depends on the S-1,” he noted.

Despite potential delays, JPMorgan analysts maintain optimism, anticipating the spot Ether ETF trading will commence well before November. They perceive the ETF approval and broader crypto landscape as increasingly political leading up to the 2024 U.S. presidential election.

JPM: “The issuers’ registration statements remain under review by the SEC. As such, there is no anticipated date on when these ETFs will begin trading. We note Galaxy analysts anticipate that S-1s will be finalized and trading may start in July or August 2024. We note this…

— matthew sigel, recovering CFA (@matthew_sigel) May 24, 2024

Split Capital co-founder Zaheer Ebtikar noted that the unexpected approval caught many off guard, and an immediate launch would have caused more volatile price action. He noted that the delay allows traders to anticipate and prepare for potential inflows.

GSR Research Analyst Brian Rudick added that the delay, while not highly impactful, is a marginal positive that could attract early inflows and benefit ETH’s price.

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This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot.

Ethereum (ETH)

This week, Ethereum has moved sideways with a modest 1.5% price increase. Bulls tried to take ETH above $3,900, but they were stopped despite the few attempts. It appears that the resistance at $4,000 will require more time to be broken.

As long as the price continues to move sideways under the key resistance, the asset has a good chance to eventually break this level and make new highs in 2024.

Looking ahead, the overall trend remains bullish, and another attempt at $4,000 could follow in June. Right now, there is good support at $3,700 and $3,500 should sellers push more.

Chart by TradingView Ripple (XRP)

XRP continues to disappoint without any major moves. The price is at a similar level to last week and is still to break the key resistance at $0.54. Until that happens, it is unlikely for market participants to return to Ripple’s native token.

Buyers tested the resistance three times since April and every attempt was rejected by sellers that came back to push the price lower. This shows buy momentum is weak.

Looking ahead, XRP needs a decisive move to bring back attention and interest, otherwise market participants will most likely chase the next meme coin that is in the spotlight.

Chart by TradingView Cardano (ADA)

Cardano closed the week with a 3% loss and continues to struggle with the resistance at $0.46. Last week, there were hopes the price could turn this level into support, but they were quickly invalidated.

If the price action remains bearish, then ADA could slowly drift toward $0.37, where the key support is found. If buyers are more active, they could aim to hold the asset above $0.4 and move sideways under the key resistance.

Looking ahead, Cardano faces issues similar to those of XRP as it lacks the strength to break higher at this time. Until momentum returns, it’s hard to see ADA return on an uptrend.

Chart by TradingView

Shiba Inu (SHIB)

In contrast, SHIB’s price had a fantastic week after increasing by 8%, making it the best performer on our list. While most altcoins struggle to find their footing, meme coins like SHIB have been performing well.

The price moved above $0.000025, which has now turned into support. The initial breakout was quite strong, and since then, the price has entered a pullback. Nevertheless, as long as the asset stays above $0.000025, buyers have the upper hand.

Looking ahead, SHIB has made a higher high and appears determined to capitalize on this momentum. If successful, buyers could see this meme coin break $0.00003 in June.

Chart by TradingView

Polkadot (DOT)

Polkadot tried again to break above the resistance at $7.6, but sellers rejected it. Because of this, the price closed the week in red with a 2% loss.

At the time of this post, DOT is in a local downtrend. If buyers don’t return soon, the price could re-test the key support at $6.4. Since April, buyers have always come back at the key support to stop the downtrend.

Looking ahead, Polkadot is stuck in a range and, so far, was unable to reverse and recover the losses after the April crash. The key resistance has to break to bring back momentum and higher price levels.

Chart by TradingView

The post Crypto Price Analysis May-31: ETH, XRP, ADA, SHIB, and DOT appeared first on CryptoPotato.

Bitcoin’s price went on a volatile ride in the past 24 hours by dumping to $67,100 and later skyrocketing to almost $70,000 before it was stopped.

The altcoins are with minor gains overnight, while Pepe has resumed its bullish trajectory with a 9% daily surge.

BTC’s Down and Up and Down Ride

After a quiet weekend in which BTC stood primarily around $69,000, the start of the current business week was quite positive. The asset went to a multi-day peak of just over $70,500 after gaining a grand and a half in hours.

However, the bulls failed to maintain this run and bitcoin started to lose value quite rapidly in the following days. In fact, the cryptocurrency had lost more than $3,000 just a day later.

More volatility ensued on Wednesday and especially on Thursday that drove BTC south once again to $67,100 before the asset skyrocketed to a daily peak of over $69,500. Nevertheless, it failed to challenge the coveted $70,000 line this time, and has returned to around $68,000 as of now.

Its market cap stands below $1.350 trillion but its dominance over the alts is above 50% on CG.

Bitcoin/Price/Chart 31.05.2024. Source: TradingView PEPE on the Rebound

The third-largest meme coin repeatedly made the headlines in the past few weeks by charting fresh all-time highs. However, it dumped hard yesterday by double digits. The landscape today is quite different for PEPE as it has soared by over 9% to reclaim the $0.000015 level.

The top gainers from the largest 100 altcoins include JASMY (27%), BEAM (25%), and ORDI (18%).

The larger-cap alts are a lot less volatile. Ethereum, Binance Coin, Solana, Ripple, Dogecoin, and Toncoin are all up by around 0.5% to 1%.

The total crypto market cap has recovered some ground on a daily scale, but it is still way below $2.7 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto

The post Bitcoin (BTC) Stopped Ahead of $70K, Pepe (PEPE) Resumes Bull Run (Market Watch) appeared first on CryptoPotato.

TL;DR

Shiba Inu’s Shibarium hit a new milestone in terms of total blocks processed on the network.

Additionally, SHIB’s burn rate surged by 350%, aiming to reduce supply and potentially increase value.

Shibarium Keeps Progressing

Shiba Inu’s layer-2 scaling solution – Shibarium – made the headlines again after completing another major achievement. The latest data shows that the total blocks processed on the network exceeded the five million milestone. This is a significant success considering the fact that Shibarium officially saw the light of day in August last year. 

Total transactions on the L2 blockchain solution currently stand at more than 417 million, while the number of wallet addresses recently surpassed the 1.8 million mark. 

Shibarium’s primary goal is to foster the development of the Shiba Inu ecosystem by lowering transaction fees, improving speed, and boosting scalability. 

Last month, the team behind the network launched a new user interface (UI) upgrade, describing it as “faster, smoother, and more accessible than ever.” The update aims to allow compatibility with popular self-custody wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.

Shortly after, the team introduced another development through a hard fork. Its goal is to empower the community of developers and innovators, improve user experience, and implement quicker block processing times.

Those curious to learn more about Shibarium, feel free to take a look at our dedicated video below:

Burning Goes Through the Roof

Shibarium’s advancement is considered a contributing factor to a potential SHIB price rally, but it is not the only one. The Shiba Inu burning mechanism is another element worth observing.

The burn rate exploded by 350% in the past 24 hours, resulting in almost 10 million tokens being destroyed. The program’s ultimate goal is to reduce the asset’s substantial circulating supply, making it scarcer and potentially more valuable in time (assuming demand rises or keeps its levels).

The Shiba Inu team has already burned approximately 41% of the maximum total supply of 999,982,356,918,347 coins. 

SHIB’s value is slightly in the green today (May 31) following a resurgence of the meme coin sector. Other assets of that type witnessing price increases in the past 24 hours include Dogecoin (DOGE), Pepe (PEPE), Floki Inu (FLOKI), Bonk Inu (BONK), and more.

SHIB Price, Source: CoinGecko

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