Cryptoshadow

Crypto exchange Binance has announced the winner of its Web3 reality show, titled “Build the Block,” held in the metaverse. Within the show, startups competed with each other to win an investment from Binance Labs.

In an announcement sent to Cointelegraph, the Binance team said that zkPass won the contest after receiving the highest votes in the competition. The decentralized identity verification solution that preserves privacy came on top after competing with many other finalists.

The co-founder of referral-based crypto project ONFO coin has been found dead from an apparent gunshot wound about a week after he went missing, although police don’t currently suspect foul play.

Dr. John Forsyth, a crypto advocate and emergency room doctor, was reported missing by relatives after not showing up to his shift at the Mercy Hospital in Cassville, Missouri, on May 21. His family launched an appeal on his whereabouts on social media soon after.

A crypto analyst on Twitter with the identity CrediBULL Crypto has predicted a short-term bearish movement for Bitcoin. According to the crypto analyst, Bitcoin traded under a significant resistance zone and below an aggregate open interest (OI) level could be considered a danger zone.

CrediBULL Crypto shared a chart analysis highlighting critical areas on the Bitcoin chart that influenced his prediction. They include a CME gap, a supply region, and a support level. However, the most crucial indicator influencing CrediBULL’s prediction is the OI level, which he noted to have a lot of room for fulfilling a short-term downward price movement.

The confluence of events shared by CrediBULL suggests Bitcoin price would fill the CME gap below it. It also indicates the price will drop along with the OI until it achieves a bottom. Ultimately, CrediBULL projected the price would drop further if the support of around $25,000 breaks.

Focusing on the OI metric, CrediBULL considers it a crucial indicator in monitoring how trends develop. In an earlier post, he explained that aggregate OI oscillates between the 10 billion and 6 billion figure levels. According to the analyst, traders use the metric to mark local tops and bottoms in a trending market. Hence, when the OI reaches 10 billion, the traders respond by liquidating long positions, and prices drop.

On the contrary, CrediBULL explained that when the OI falls toward the 6 billion level, there is an exhaustion in the liquidation of long positions. At such times, prices begin to move back up healthily. So, traders use this metric to match the price and make decisions.

Moreover, CrediBULL noted the OI was at 8.6 billion, with more room to drop lower. In addition to other metrics, the analyst concluded that Bitcoin’s price would likely drop lower in the short term.

The post Crypto Analyst: Bitcoin Could Drop Below $25K in the Short Term appeared first on Coin Edition.

An Italian senator spoke before members of the Italian parliament with — unbeknownst to parliament members — a speech entirely composed by artificial intelligence (AI).

In the parliamentary meeting on May 31, Italian Senator Marco Lombardo pulled the stunt to spark a “serious debate” among his colleagues about what’s at stake and in-store from AI usage, according to a local news report.