Today, the world’s biggest cryptocurrency, Bitcoin (BTC), gathered massive attention following its breakout above the major resistance zone at the $67,500 level and a continuous inflow into the spot Bitcoin ETF (Exchange Traded Fund). On May 20, 2024, an on-chain analytic firm lookonchain made a post on X, that the spot Bitcoin ETF in the United States experienced a massive inflow of over $207 million, which is equivalent to 3,077 Bitcoin. 

Bitcoin ETF sees $207 million of Bitcoin inflow

This significant inflow highlights investors’ and traders’ interest and confidence in Bitcoin. As a result, Bitcoin also saw substantial support from the crypto community and gained 2.25% in upward momentum.

One notable development is the asset management giant Fidelity ETF, specifically the Fidelity Wise Origin Bitcoin Fund (FBTC), which experienced a massive inflow of over 1,487 Bitcoin, worth more than $100 million. With this influx, Fidelity’s FBTC now holds a substantial 158,259 Bitcoin, worth nearly $11 billion.

Meanwhile, another asset management giant, BlackRock’s iShare Bitcoin Trust (IBTC), experienced the second highest Bitcoin inflow, with 569 Bitcoin added. Following this inflow, IBTC’s current Bitcoin holdings amount to 276,759 Bitcoin. However, the largest Bitcoin holder, Grayscale’s GBTC, also saw a notable inflow of 59 Bitcoin, bringing Grayscale’s GBTC holdings to 288,954 Bitcoin.

Bitcoin’s upcoming level and technical analysis

This significant inflow into Bitcoin ETFs underscores the current bullish market sentiment, reflected in Bitcoin’s price. After struggling to gain momentum, Bitcoin has now broken through the major resistance level at $67,500, experiencing a price surge of nearly $2,000 in the last 24 hours, which equates to a 3% increase, according to data from TradingView.

Following this breakout, there is a high likelihood that Bitcoin will reach the $71,500 level, with continued inflows into Bitcoin ETFs. Currently, Bitcoin is trading near $68,300 and has seen a 3% increase in the last 24 hours. Over the past seven days, Bitcoin’s performance has been remarkable, with a nearly 10% upward move.

On May 20, 2024, the majority of Solana-based tokens, including Solana (SOL), are experiencing significant upside momentum. Amid this, the recently launched Solana-based meme token Dogwifhat (WIF) has gained massive attention as it has soared significantly in the last 24 hours.

Why WIF token price is increasing?

The primary reason behind this massive price surge of WIF is whale activity. In the last 24 hours, a whale created a new wallet and withdrew over 1.83 million USDC from the United States’ largest cryptocurrency exchange, Coinbase. This whale wallet address, CecqR7, initially spent 606K USDC to buy 227,896 WIF tokens at an average price of $2.66.

A whale is buying $WIF !The whale created a new wallet and withdrew 1.83M $USDC from #Coinbase to buy $WIF .So far, he has spent 606K $USDC to buy 227,896 $WIF at $2.66, with 1.22M $USDC left.The purchase is in progress.https://t.co/zx87XThnnR pic.twitter.com/ygP8em3dAu

— Lookonchain (@lookonchain) May 20, 2024

However, at the time of writing, this whale holds over 496.8K WIF tokens worth $1.35 million. This significant accumulation of WIF tokens occurred following the opening of the US market, according to Solscan data.

With this massive accumulation, WIF is currently trading near $2.74, and in the last 24 hours, it experienced a price surge of over 10%. Looking at the performance of WIF over a longer period, it has struggled in the last 7 days, with its price falling more than 10%. In the last 30 days, the WIF token price has remained relatively stable, with a slight 3% drop.

WIF technical analysis and key levels

According to expert technical analysis, WIF is looking bullish and could surge more than 25% in the coming days, potentially reaching the $3.4 level. This recent massive price surge occurred just after the WIF token reached a strong support level. Historically, whenever the WIF token has taken support at this level, it has surged by 20% to 25%, which may happen again in the coming days.

In contrast, another Solana-based meme token, BONK, saw a price drop of over 4% in the last 24 hours. Meanwhile, PEPE, another top meme coin, experienced a decent price surge of over 3% in the same period. These value highlights indicate strong interest from investors and traders in WIF tokens compared to other meme coins.

Grayscale Investments, the world’s largest crypto asset manager, Chief Executive Michael Sonnenshein stepped down from his position. The firm announced that Peter Mintzberg will take over as CEO from August 15, 2024. This comes in when Grayscale Bitcoin Trust ETF (GBTC) is getting tough competition from BlackRock.

Grayscale CEO bids adieu

Barry Silbert CEO of Digital Currency Group stated that he want to thank Michael for his stewardship as he guided Grayscale from $60 million to $30 billion of assets under management. This also includes the historic court victory against the Securities and Exchange Commission (SEC) which helped the firm to uplist the first spot Bitcoin ETF to NYSE Arca.

Michael Sonnenshein in a post stated that he is leaving Grayscale with deep gratitude for everyone who has been on this incredible rocket ship journey. He went on to thank Barry Silbert for taking a bet on him and for his partnership these last 10 years.

This comes in when the entire crypto market expects Bitcoin ETFs to recover soon. Farside data highlights a good amount of inflow into Bitcoin ETFs over five consecutive trading days. The inflow has gone on to hit over $948.3 million. This period beginning from March 11 to March 15 resulted in an unprecedented accumulation.

Wassup with Bitcoin funds?

On May 17 alone, BTC ETFs saw net inflows of $221.5 million, with eight out of 11 ETFs recording positive inflows. Fidelity’s FBTC led with $99.4 million, totaling $8.5 billion in net inflows. BlackRock’s IBIT followed with $38.1 million, totaling $15.6 billion. Grayscale’s GBTC continued its positive momentum with $31.6 million in inflows, despite total outflows of $17.6 billion. Overall, the ETFs have a net total of $12.6 billion in inflows.

Grayscale’s GBTC was the only ETF to register net outflows, losing $50.9 million on a single day but recovered with $63.2 million in inflows during the week, resulting in a net weekly inflow of $12.3 million, a first for the product since its conversion.

Despite recent inflow dominance shifts, BlackRock’s IBIT achieved a record market share by trading volume at 55.2%, significantly reducing Grayscale’s GBTC share from 50.5% to 18.5% since January 11. Fidelity’s FBTC holds a 17.7% market share.

In terms of assets under management, BlackRock’s IBIT is rapidly closing in on Grayscale. IBIT now holds 276,759 BTC ($18.6 billion), compared to GBTC’s 288,954 BTC ($19.4 billion).

On May 20, 2024, the majority of top cryptocurrencies, including Bitcoin, Ethereum, Binance Coin, and others, are struggling to gain momentum. Amid this, the world’s 5th biggest cryptocurrency, Solana (SOL), has gathered massive attention from crypto enthusiasts as its price has soared impressively.

Solana outperforms BTC, ETH, and BNB

Today, Solana (SOL) is trading near $177, and in the last 24 hours, it has experienced an impressive price surge of over 3%. Looking at the performance of SOL over a longer period, in the last 7 days it has outperformed BTC, ETH, and BNB, experiencing a price surge of over 25%. In the last 30 days, SOL has seen a 26% upward momentum, according to data from CoinMarketCap.

Besides the SOL price surge, the Total Value Locked (TVL) on the Solana blockchain has increased by over 3% in the last 24 hours, 16% in the last 7 days, and 27% in the last 30 days. This continuous TVL increase highlights investors’ and traders’ interest in the Solana blockchain and the SOL token. In the last 24 hours, the Open Interest (OI) data has also increased by nearly 6%, which further indicates strong investor confidence in SOL.

The surge in OI and TVL highlights the strong interest in SOL following the breakout of bullish inverted head and shoulder price action patterns. Additionally, an on-chain transactions tracker, Whale Alert, recently posted on X (previously Twitter) that over 11.04 million SOL, worth $1.9 billion, were transferred from an unknown wallet to another unknown wallet. Earlier, Todayq News reported on May 16, 2024, that more than 132k new tokens were created on the Solana blockchain in just 7 days.

Solana technical analysis and key levels

According to expert technical analysis, SOL is looking bullish and is heading toward the $200 level. On May 16, 2024, SOL experienced a breakout, and since then it has surged nearly 10%. Additionally, today SOL gave a candle-closing above the past 2 days of consolidation, which may lead to a price increase of over 14% in the coming days.

Besides Solana’s bullish outlook, Solana-based tokens WIF, GRT, PYTH, and RAY have also experienced significant price surges of over 7%, 3%, 8%, and 10%, respectively, in the last 24 hours.

A major development just happened for Litecoin (LTC) which might be a signal to trigger the altcoin rally ahead. Its recent price action shows a sign of whale accumulation despite the recent volatility faced by the market.

Litecoin whales making big moves

As per the data shared by IntotheBlock, Litecoin whales have been actively accumulating LTC, enjoying the recent drop-down in its prices. Over the last 30 days, crypto whales have accumulated around 2,751,633 LTC (Approx worth $229 million). However, On May 10th alone,  these addresses had a net inflow of over 900k LTC. This has been recorded as the highest daily accumulation since February.

May 15th saw a Netflow of more than of more than 400k LTC. It is important to note that these whale wallets recorded a continuous netflow of around 200K Litecoin from April 30 to May 4.

The pattern of accumulation indicates a bullish sentiment among large investors. It also suggests that the whales are positioning themselves for a potential price breakout.

Data shows that Litecoin price is up by around 15% on the year to date (YTD) basis. LTC has managed to gain more than 18% in the last 90 days. Its price jumped marginally over the last 24 hours showing doubt in the market.

Where will it can go next?

Litecoin is trading at an average price of $83.25, at the press time. It is still down by 79% from its all time high (ATH) of $412 recorded on Mat 10, 2021. Its 24 hour trading volume is up by 14% to stand at $264 million. LTC is still holding a market cap of $6.2 billion.

Since the beginning of May 2024, Litecoin has struggled to break past the $86 resistance level. Positive macroeconomic indicators, such as lower-than-expected US inflation, have not yet translated into high investor interest in LTC. 

However, the recent whale accumulation, involving $80 million in purchases over the past week, points to a possible breakout towards $100. Derivative market signals highlight significant resistance near $86. Data from Coinglass’ Liquidation heatmap shows bearish traders could face over $5.8 million in losses on leveraged short contracts if LTC exceeds $85.9.

Short traders might reduce positions or use stop-loss mechanisms as the price nears $85.9, increasing selling pressure. Conversely, hedging with long spot purchases could help LTC break through the $85.9 resistance, making $100 a more achievable target.

Since April 15, 2024, the world’s biggest cryptocurrency Bitcoin has been struggling near the $67,000 level. Amid this, Markus Thielen, the head of research at 10X Research, gathered everyone’s attention following his statement in a recent report. Markus said, “A breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.” 

Markus Thielen’s bullish outlook for Bitcoin 

This prediction comes following the Bitcoin price jump of nearly 8% in the last 7 days and regaining a $66,000 psychological level. The price recovery that Bitcoin experienced last week is a positive outlook for Bitcoin, Markus added, “A breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.” 

However, in the United States spot Bitcoin ETF (Exchange Traded Fund), there has been a positive inflow for the second consecutive week. This consecutive positive inflow for 2 consecutive weeks highlights investors’ interest in Bitcoin-related products. Additionally, before the past two weeks, spot Bitcoin ETFs experienced negative inflows for three consecutive weeks.

At the time of writing, Bitcoin is trading near the $67,000 level, and in the last 24 hours, it has remained stable. If we look at the performance of Bitcoin over a longer period, in the last 7 days, Bitcoin has seen a price surge of over 8%. Whereas, in the last 3 days, Bitcoin experienced a price surge of over 5.5%. However, the 24-hour trading volume has significantly increased by over 50%, which highlights investors’ and traders’ interest and confidence in Bitcoin.

Bitcoin technical analysis and key level

According to expert technical analysis, Bitcoin is a step ahead in experiencing massive bullish momentum. If the Bitcoin price gives a breakout and the daily candle closes above the $67,500 level, then there is a high probability that Bitcoin will cross the $70,000 level. Otherwise, it will remain consolidating in a tight range. 

However, Bitcoin in the last 30 days tried multiple times to break the $67,000 level, but Bitcoin prices keep struggling near this level. Additionally, the 24-hour Open Interest (OI) data is down 1%, which shows lower investor and institution interest in Bitcoin. 

Despite Bitcoin, recently Solana, the world’s 5th biggest cryptocurrency, experienced a breakout and massive price surge of over 25% in the last 7 days. Whereas, Chainlink (LINK) and Bitcoin Cash (BCH) also experienced massive price surges of over 24% and 13% in the last 7 days.

The global digital assets market woke up to see flat indexes as the biggest cryptos like Bitcoin (BTC) and Ethereum (ETH) seem to be in a consolidation position. However, the slow start for this week is followed by a bullish week driven by optimism about potential US interest rate cuts and a stock market rally.

Crypto longs bleed

The data shared by Coinglass shows that more than 60k traders were liquidated in the last 24 hours. The total liquidations involving both long and short bets stood at around $137 million. However, the biggest liquidation order happened on the crypto exchange OKX of  ETH-USD-SWAP valued at $4 million.

As we dig, the data depicts that more than $100.45 million (73%) of the turns out to long positions. This suggests that bulls were hoping for Bitcoin to continue its rally ahead. Meanwhile, BTC has seen a marginal drop over the past 24 hours.

Bitcoin price is up by up by 30% in the last 90 days. It is trading at an average price of $67,186, at the press time. BTC is still down by over 8% from its all time high of $73,750 recorded on March 14, 2024. However, its 24 hour trading volume is up by 44% to stand at $23.1 billion.

What’s next to expect?

The market’s focus is now shifting to the Securities and Exchange Commission (SEC) decisions on ether exchange-traded funds (ETFs). VanEck’s ETF decision is expected on May 23, and the Ark/21 Shares ETF decision on May 24. Despite market expectations of a likely rejection, some analysts, like March Zheng of Bizantine Capital, see potential for positive developments. 

Zheng suggests that the removal of staking propositions could reclassify ETH as a commodity, which might eventually lead to ETF approval supported by the Commodity Futures Trading Commission (CFTC).

Mike Novogratz of Galaxy Digital predicts a consolidation phase for Bitcoin between $55,000 and $75,000 over the next month, with potential rises towards the end of Q2. Bitfinex analysts foresee Bitcoin possibly reaching $150,000 over the next 12 months, driven by spot Bitcoin ETFs and post-halving effects.

The global digital assets market saw a marginal decline over the last 24 hours. The total market cap is $2.43 trillion. Its 24 hour trading volume is up by 30% to stand at $61 billion. The fear and Greed index stood neutral with 60 points.

Ripple’s native crypto, XRP, is dealing with intense selling pressure despite getting an edge over the US Securities and Exchange Commission (SEC) in the long running legal battle. Data shows that crypto whales have moved their XRP holding amid Ripple’s Q1 2024 market report.

XRP whales go dump

As per the data shared by WhaleAlert, crypto whales have moved more than 283 million XRP (approx worth $145.7 million) in multiple transactions over the last 24 hours. The biggest transaction recorded by the tracker has been of moving 250 million XRP (approx worth $129 million) from the crypto exchange Coincheck to an unknown wallet. This move suggests that a whale had just bought the dip as Ripple’s crypto price is down by 15% in the last 60 days.

However, another whale dumped 33 million XRP (approx worth $16.7 million) to the crypto exchange Bitstamp.

XRP price is down by around 17% on the year to date (YTD) basis, while it has managed to gain over 3% in the last 7 days. It is trading at an average price of $0.513, at the press time. Its 24 hour trading volume is up by 58% to stand at $755.5 million. Ripple’s native crypto is holding a market cap of over $28.3 billion.

What’s in the report?

Ripple published its quarterly XRP Markets report providing transparency and updates on crypto markets. This includes XRP Ledger, XRP-related announcements, and market developments from the previous quarter. 

It mentioned that in Q1 2024 Bitcoin spot ETFs saw net inflows of nearly $12 billion with cumulative trading volumes of $207 Billion. BlackRock’s iShares Bitcoin Trust recorded $13.9B in net inflows, indicating strong institutional interest.

It added Centralized exchange (CEX) volumes in March surged to $2.93 trillion for spot and $9.1 trillion for derivatives. Decentralized exchange (DEX) weekly volumes doubled from Q4 2023 to $40B.

However, average daily XRP spot volumes rose by 40% to $865M in Q1 2024, with derivatives open interest increasing to $500M. This high correlation with general market activity points to robust trading across venues.

On the Ripple Vs SEC lawsuit front, the SEC requested remedies totaling $2 billion from Ripple for its historic Institutional Sales of XRP. Ripple opposed this request, arguing the law doesn’t permit disgorgement where no harm is proven, suggesting a penalty of no more than $10M.The court’s determination on final remedies is awaited, with Ripple confident in a fair outcome.

In a bullish market sentiment, the majority of top cryptocurrencies are experiencing an upside move. Amid this trend, a crypto whale was found depositing a massive amount of Ethereum to the centralized exchange Kraken. On May 20, 2024, an on-chain analytic firm, Spotonchain, made a post on X (previously Twitter) and shared the information that a giant whale address, 0x7f1, had deposited a massive 15,000 ETH worth $45.98 million to Kraken, with an average price of $3,065.

Whale dump $46 million Ethereum

This massive Ethereum deposit highlights the whale’s weaker interest or fear in Ethereum, leading to partial profit booking. According to Spotonchain, in early September 2022, when the overall cryptocurrency market was experiencing a downside move, this whale bought 120,874 ETH at an average price of $1,645.

After this massive 15,000 Ethereum deposit, the whale currently holds over 105,874 Ethereum, with a significant profit of over $173 million, equivalent to an 87% return on the initial investment.

Additionally, this move comes near the strong resistance level that Ethereum has been facing since March 2024. At the current level, we may see either a breakout of the resistance level or a price reversal.

With this massive ETH dump, Ethereum is currently trading near $3,080, and in the last 24 hours, it experienced nearly 1% downside momentum. Over a longer period, Ethereum has shown a decent performance, with a price surge of over 5% in the last 7 days. However, in the last 30 days, Ethereum’s price has remained stable near $3,090.

Ethereum technical analysis and key levels

According to expert technical analysis, Ethereum is still in a bearish downward channel pattern and is currently experiencing resistance from this channel pattern. If Ethereum breaks out of this pattern on a daily time frame, we may see a bullish move to the $3,300 level in the coming days. Otherwise, Ethereum’s price could fall to $2,900.

Source: TradingView

Additionally, Ethereum looks weaker as the 24-hour open interest (OI) has reduced by 3%, highlighting a decrease in investors’ and traders’ interest in Ethereum. Despite Ethereum’s stability over a longer period, other top cryptocurrencies like Bitcoin, Solana, Tron, and Chainlink have experienced price surges of over 5%, 24%, 11%, and 20% respectively.

The evolving ecosystem of digital assets has seen a major popularity over the past few years. This has led to the introduction of many innovative functionalities for the ease of the user experience. However, one such feature is crypto to crypto swaps.

We will jump into the sea of digital assets swaps and explore whether crypto swapping is better than traditional trading. Let’s try to understand how it functions, and discuss the risks linked with crypto swapping.

What are crypto to crypto swaps?

Crypto to crypto swaps are also known as token swaps. It is referred to as the process of exchanging one digital asset for another at the prevailing market rate. This is very unlike the traditional exchanges where cryptos are traded against fiat currencies like the US dollar or the euro.

It allows users to swap their coins or tokens directly and without the need for an intermediate crypto-to-fiat exchange.

Is it better than traditional trading?

If we are going to evaluate whether crypto swapping is better than traditional trading then it is crucial to consider different preferences and goals. 

This exchange offers several key advantages over trading with fiat currencies. At first, it eliminates the need to convert crypto into fiat and vice versa. This simplifies the overall process and reduces transaction costs.

It provides a wider range of trading options as users can access a world of digital assets available for swapping. Moreover, crypto-to-crypto swapping allows for decentralized and peer-to-peer transactions, ensuring privacy and security.

How does crypto swapping work?

In order to understand how this swapping works, let’s break down the process into the following steps:

Crypto swapping operates on decentralized exchanges (DEXs) or decentralized finance (DeFi) platforms. These platforms use smart contracts to power peer-to-peer transactions between holders. Users need to find a reputable platform that supports this process.

Once a suitable platform is found then users need to choose the tokens they want to swap. For example, exchange Bitcoin for Ethereum or Litecoin for Solana.

The platform will provide users with an exchange rate or price for the desired swap. This information allows users to decide the amount of the tokens they will receive in exchange for the one they want to swap.

Why it’s good?

A major advantage of it is that you pay lower fees compared to traditional exchanges. By eliminating the involvement of crypto-to-fiat exchanges, users can avoid additional transaction fees and potentially save money on trading costs.

It allows users to exchange their cryptocurrencies for a wide range of options. This diversity allows individuals to explore various investment opportunities and take advantage of market fluctuations.

Crypto-to-crypto swaps reduce transaction fees by eliminating the need for multiple conversions between different cryptocurrencies and fiat currencies. This cost-effectiveness makes crypto swapping an attractive option for frequent traders.

The exchange often offers faster transaction times compared to traditional exchanges. Since these swaps occur directly between blockchain addresses, there is no need to wait for confirmations from third-party intermediaries. This makes crypto-to-crypto swaps particularly appealing to traders who value speed and efficiency.

The swaps support cross-chain exchanges, allowing users to trade coins across different blockchain networks. This opens up a wider range of trading options and opportunities for users to diversify their portfolios.

Risks involved

While crypto-to-crypto swapping offers several benefits, there are risks and challenges associated with this form of trading that users need to be aware of.

The crypto market is known for its price volatility, and this applies to both the cryptocurrency being swapped and the one being acquired. Significant price changes can occur within a short period, potentially resulting in losses if the timing of the swap is not well-timed. Traders need to carefully analyze market trends, conduct thorough research, and make informed decisions to mitigate this risk.

The regulatory landscape surrounding cryptocurrencies varies across different jurisdictions. Some countries have embraced cryptocurrencies and implemented regulations, while others have adopted a cautious approach or implemented strict regulations. The lack of comprehensive regulations poses risks such as scams, fraudulent platforms, and unreliable swap services. Users must exercise caution and conduct thorough research before engaging in any crypto-to-crypto swapping.

As with any crypto transaction, there is always a risk of hacking, theft, or fraud. It is essential to use reputable and secure platforms or exchanges that have implemented robust security measures. Users should ensure their funds are stored in secure wallets and enable additional security features such as two-factor authentication (2FA) to protect their assets.

Liquidity refers to the ease with which a cryptocurrency can be bought or sold without causing a significant impact on its price. Some cryptocurrencies may have low liquidity, making it challenging to execute swaps quickly or at desired prices. This can lead to delays, slippage, or even failed swaps. Traders must consider the liquidity of the cryptocurrencies they wish to swap and choose platforms or exchanges that offer sufficient liquidity to minimize these challenges.

In this rapidly evolving cryptocurrency landscape, Bitcoin ATMs, also known as Bitcoin Teller Machines (BTMs), are massively increasing in number across the world. These machines allow users to buy and sell Bitcoin using either fiat currency (cash) or debit/credit cards. Similar in appearance to traditional ATMs, instead of withdrawing cash, you buy Bitcoin or sell your Bitcoin for cash.

In this article, we’ll explore Bitcoin ATMs in detail, including how they work, their advantages and disadvantages, and much more. Make sure to read till the end for a complete understanding of Bitcoin ATMs.

What is a Bitcoin ATM?

A Bitcoin ATM is a machine that helps crypto enthusiasts buy or sell Bitcoin through a vending machine-like interface. To use this machine, you don’t need to have an existing account. If you do have one, great, but if not, with minimal verification, you can create a crypto wallet to store Bitcoin and other altcoins. To buy Bitcoin, you need either cash or a credit/debit card.

These machines also allow you to withdraw cash in exchange for Bitcoins, similar to traditional ATMs. However, this capability depends on the ATM’s manufacturer, service provider, and specific model. For these top-notch facilities, Bitcoin ATMs charge a small fee based on the transactions.

These fees incentivize Bitcoin ATM operators, and recently, crypto enthusiasts worldwide have been trying to make a passive income with these ATMs. According to recent news, Bitcoin ATM installations are massively increasing globally, and sales of these ATMs hit $1 billion this month.

How Does a Bitcoin ATM Work?

Bitcoin ATMs work in a straightforward manner, similar to traditional ATMs but with some variations depending on the manufacturer, service provider, or specific model. Here’s a simple overview of how it works:

User Authentication: Crypto enthusiasts need to provide their identification if they already have an account, or scan a QR code from their mobile crypto wallet. New users can create an account on the spot.

Enter the Amount for Buy/Sell: Users enter the amount of money they want to use to buy Bitcoin or the amount of Bitcoin to withdraw cash from the ATMs.

Payment Type: After entering the amount, users pay using cash or debit/credit cards. To sell, users need to scan the QR code.

Transaction Confirmation: Once the payment is successful, users receive a confirmation receipt, similar to a traditional paper receipt after a cash withdrawal from an ATM.

Bitcoin ATM Fees

Using Bitcoin ATMs is fascinating, but the charges operators take for the services can vary between 10% to 23% of the total transaction value. Several factors cause fee differences, including geographical location, Bitcoin ATM operator, and the total transaction value.

Bitcoin ATM operators charge these high fees because it is costly to operate these machines. Costs include ATM rent or cost, customer support, cash logistics services, leasing space, and other expenses, making the transaction fees higher compared to online cryptocurrency buying.

Crypto users should always cross-check the fee structure before using any Bitcoin ATMs.

Types of Bitcoin ATMs

Bitcoin ATMs allow users to buy Bitcoin using cash or debit/credit cards or sell Bitcoin for cash. However, there are two types of Bitcoin ATMs:

Unidirectional Bitcoin ATMs: This type is very common and only allows users to buy Bitcoin or altcoins using cash/fiat or debit/credit cards, charging fees based on transactions.

Bi-directional Bitcoin ATMs: This type allows users to buy cryptocurrencies using cash or sell their cryptocurrencies and withdraw cash from the ATMs. Bi-directional Bitcoin ATMs are being installed more frequently these days.

Concerns and Challenges

Despite the benefits of using Bitcoin ATMs, they also come with challenges:

Regulatory Uncertainty: In many countries, cryptocurrency is legal, and Bitcoin ATMs are used. However, in countries like India, where there is no clear stance on crypto, Bitcoin ATMs can face regulatory challenges.

Security Concerns: Since Bitcoin ATMs hold cash, they can be physically damaged for theft. Additionally, they can be targets for thefts and hackers.

High Transaction Fees: Bitcoin ATMs’ transaction fees are much higher, ranging between 10% to 23%, which can be costly for users.

Exchange Volatility: Unlike online cryptocurrency buying, where users can place limit orders, Bitcoin ATMs deal with high volatility, making it difficult for users to buy crypto.

Pros and Cons of Bitcoin ATMs

Pros

Easy to access, even with internet issues.

Allows buying cryptocurrencies with minimal personal information.

Faster than buying cryptocurrencies on online exchanges.

Enables purchasing cryptocurrencies without a bank account, using fiat/cash.

No involvement in government regulatory issues or money laundering cases often associated with online exchanges.

Risks

Higher transaction fees compared to online exchanges.

Limited ability to sell cryptocurrencies.

Concerns over theft, fraud, and tampering.

Limited customer support.

Availability is restricted to certain countries.

Lack of price maintenance compared to online exchanges.

Conclusion

A Bitcoin ATM functions similarly to a traditional ATM, allowing crypto enthusiasts to buy cryptocurrencies using cash or debit/credit cards and to sell cryptocurrencies for cash. Bitcoin ATMs, also known as BTMs, enable users to purchase cryptocurrencies with limited information. However, the transaction fees of BTMs are significantly higher compared to online exchanges.

Fantom (FTM) has turned out to be one of the biggest gainers over the past few weeks riding on the bullish momentum. Data suggests that investors are increasingly betting on the Fantom blockchain. This is linked to the upgrade named Sonic. The update promises enhanced performance and a series of airdrops.

Fantom price zooms

Data shows that, since validators began updating their software on Tuesday, Fantom price has surged by 25%. According to data provided by DefiLlama, the total value of crypto deposited in its decentralized finance (DeFi) ecosystem has also climbed by 20% to hit $147 million. 

The Sonic upgrade looks to boost Fantom’s transaction capacity to 2,000 transactions per second. This will be up from its current limit of 200. However, it will enhance security, liquid staking, and throughput via zero-knowledge technology.

Fantom price has jumped by around 110% in the last 90 days. FTM jumped by another 8% in the last 24 hours. It is trading at an average price of $0.865, at the press time. It is still down by 75% from its all time high (ATH) of $3.48 recorded on October 28, 2021. Its 24 hour trading volume stands at around $475 million. Fantom is holding a market cap of over $2.42 billion.

Fantom Foundation CEO Michael Kong emphasized that the more users interact with the network, the higher their potential airdrop rewards. However, specific details about the airdrops remain undisclosed to prevent opportunistic users from exploiting the system.

What’s the update about?

For Sonic to be implemented network-wide, two-thirds of Fantom’s 60 validators need to complete the software upgrade. As of Friday, 25 validators had done so. This upgrade is seen as a crucial test for Fantom’s recovery following a severe hack in 2023 that undermined a related protocol.

Fantom, founded by notable DeFi figure Andre Cronje, was once a leading blockchain with nearly $8 billion locked in its DeFi ecosystem. It was touted as an “Ethereum killer” alongside other low-cost, high-speed networks like Avalanche, Solana, Terra, and Tron. 

However, it suffered a significant setback after the Terra collapse in 2022 and further damage when the Multichain protocol experienced a hack, losing $125 million in cryptocurrencies. This hack particularly affected Fantom users who used Multichain to transfer assets between different blockchains.

The digital assets market woke up to the news linked to Genesis Global receiving court approval to return approximately $3 billion in cash and cryptocurrency to its customers. This was part of a bankruptcy liquidation plan. US Bankruptcy Judge Sean Lane made the decision to leave Digital Currency Group (DCG) without any recovery from the bankruptcy.

Genesis gains approval

According to reports, Judge Lane went on to approve Genesis’s Chapter 11 liquidation plan by overruling an objection from DCG. Its parent company made an argument that users and creditor payments should be based on the crypto valuations from January 2023. However, this was the time Genesis had filed for bankruptcy.

It highlighted that since then crypto prices have jumped by a huge percentage. Bitcoin (BTC), the biggest crypto asset has risen from $21,084 recorded in January 2023 to hit almost $74,000 in March 2024.

Bitcoin price is up by 51% on the year to date (YTD) basis beating all other major crypto. BTC price has jumped by more than 10% in the last 7 days helping to regain the bullish momentum. It is trading at an average price of $67,073, at the press time. Its cumulative market cap stands at $1.32 trillion.

The global crypto market is up by around 2% over the past day to stand at $2.42 trillion. Its 24 hour trading volume stood around $70 billion.

Will market react to it?

Analysts from Secure Digital Markets noted Bitcoin’s performance. They highlighted its recovery past $66,000 and a peak at $67,500. They remain optimistic and suggest that as long as BTC stays above its 50-day moving average, this upward momentum is likely to continue.

Lane rejected DCG’s argument, stating that even if customer claims were capped at the lower prices from January, Genesis would still need to settle numerous other creditor claims, including $32 billion from federal and state financial regulators, before addressing any equity recovery for DCG. Lane concluded, “There are nowhere near enough assets to provide any recovery to DCG in these cases.”

Genesis plans to repay customers in cryptocurrency where possible, but it acknowledges a shortfall in the total amount owed. Genesis attorney Sean O’Neal emphasized the company’s stance against DCG’s claim that customer repayments should be based on the January 2023 crypto values. “We don’t buy into the idea that claims are capped at the petition date value,” O’Neal stated.

Amid the bullish market sentiment, Binance CEO Richerd Teng shared a post on X (formerly Twitter) celebrating Binance’s contribution to Taiwan’s authorities in combating money laundering. Binance’s Financial Crimes Compliance (FCC) department has teamed up with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to address a major money laundering case involving 200 million New Taiwan dollars ($6.2 million).

Huge win: #Binance helped Taiwan authorities solve a major money laundering case involving nearly NT$200M (~ US$6M). Grateful to the Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office for the collaboration.  More details … pic.twitter.com/xk06HjcUhd

— Richard Teng (@_RichardTeng) May 18, 2024

Binance helped Taiwan to uncover Money Laundering case 

The operation encountered a sophisticated scheme where criminals used fake remittance documents, counterfeit identification, and manipulated communication records to launder money through cryptocurrency transactions. The fraudsters created a complex web of deception, making it difficult for law enforcement to track their illegal activities.

Although Binance did not specify the exact case, they acknowledged their involvement in an operation reported by the media. The scammers had falsified customer conversation records and identity verification data, misleading authorities into believing that legitimate merchants were behind the transactions.

With the help of Binance, prosecutor Lo Wei-yuan from the Taipei District Prosecutors Office was able to compile evidence against nine individuals indicted for money laundering, fraud, and organized crime. Binance’s role included organizing a cross-border online meeting with investigators and prosecutors to strategize the operation.

Binance has proactively cooperated with law enforcement agencies globally, beyond standard compliance measures. They have launched the industry’s first training program for law enforcement, aimed at helping officers detect and prosecute financial and cybercrimes.

Binance registration under Taiwan’s FSC and MLC Act

In 2023, Binance applied to be registered under Taiwan’s Financial Supervisory Commission (FSC) and the Money Laundering Control Act. Local regulators have praised Binance’s efforts in assisting with digital asset fraud investigations. Additionally, in March, Binance hosted a virtual asset law enforcement training workshop for the Keelung District Prosecutors Office in Taiwan, sharing their expertise to combat digital asset-related crimes.

As Taiwan plans to introduce cryptocurrency regulations by the end of 2024, the chairman of the FSC, Huang Tianzhu, has expressed concerns about the use of cryptocurrencies for illegal activities. The FSC aims to enhance its oversight of crypto exchanges and enforce stricter penalties. Binance’s collaboration with Taiwanese authorities highlights the importance of international cooperation in tackling financial crimes and ensuring the integrity of the cryptocurrency market.

On May 17, 2024, the Financial Services Commission (FSC) of South Korea released a report highlighting the nation’s massive interest in cryptocurrency. According to the report, over 6.45 million South Koreans are now actively trading cryptocurrencies. This figure represents 12.9% of the country’s total population, showcasing a significant rise in digital asset engagement.

Massive crypto users in South Korea

The survey further disclosed that a large portion of these crypto enthusiasts are small investors. Approximately 4.55 million people, or roughly 70% of the total crypto traders, hold cryptocurrencies valued below $734. Although this number is not so great it highlights investors’ interest in cryptocurrency.

The Korea Financial Intelligence Unit (KOFIU) reported a significant uptick in the crypto market during the latter half of the year, driven by rising cryptocurrency prices and improved investor sentiment. Key indicators such as trading volume, market capitalization, exchange operating income, and deposits in Korean won all saw increases.

In the first quarter of 2024, the South Korean won emerged as the most traded currency against crypto-assets globally, overtaking the US dollar. Upbit, the leading exchange in South Korea, has occasionally ranked among the top five exchanges worldwide by trading volume.

Crypto traders increased after the BTC ETF filling?

The report also mentioned a revival in the number of crypto trading users since the first half of 2023. These users account for over 10% of South Korea’s population, with the vast majority being individual investors. Notably, nearly 60% of these investors are in their 30s and 40s.

During this period, South Korea’s daily average crypto trading volume rose by 24%, reaching 3.6 trillion won ($2.6 billion). Additionally, the total value of cryptocurrencies held by registered exchanges jumped by 53% to 43.6 trillion won.

This massive number in crypto trading aligns with the popularity of digital assets which is caused by factors like technological advancements, increased accessibility, and the potential for high returns. 

Bitcoin (BTC) has recently shown a strong correlation with technology stocks when it is being perceived as an uncorrelated asset free from external factors. Reports suggest that the 90 day correlation matrics between BTC and Nasdaq tech heavy 100 index went on to hit 0.46 this week. It turns out to be the highest since last August.

Bitcoin hits correlation’s high

According to reports, since the Federal Reserve’s interest rate hikes started back in 2022, Bitcoin’s correlation with the Nasdaq 100 soared to over 0.8. This was the highest it hit since its mainstream emergence. However, this also suggests that the biggest digital asset is now being seen as a growth asset that is similar to technology stocks.

It is important to note that BTC’s original narrative as an uncorrelated, decentralized currency or digital gold has been challenged. The recent price volatility and market behavior have made it to do that. The approval of US exchange-traded funds (ETFs) linked to Bitcoin opened the gates for a new tier of investors. Bitcoin price went on to hit a record of almost $74,000 in March. This surge came after the launch of these ETFs in January.

Bitcoin price has jumped by more than 58% this year, outperforming the Nasdaq 100’s 11% increase. However, BTC price has jumped by over 10% in the last 7 days washing out the price decline recorded. It is now up by 32% in the past 90 days.

What’s up with crypto?

The biggest crypto added another 2% surge in the last 24 hours. Bitcoin is trading at an average price of $67,167, at the press time. Its 24 hour trading volume dropped by 14% to stand at $30 billion. It is holding a market cap of $1.32 trillion.

Recent data showing a slowdown in US inflation has sparked optimism that the Federal Reserve might lower interest rates soon. While several Fed officials suggest maintaining high borrowing costs for longer, any potential rate cuts are anticipated to be bullish for risk assets, including Bitcoin.

Despite this shift, Bitcoin has demonstrated steady growth and resilience since the launch of U.S. ETFs. Winterflood suggests that it will be interesting to observe how Bitcoin behaves if the Fed cuts rates, questioning whether it will continue to act as a high-risk asset or become an alternative asset appreciated by traditional markets.

On May 17, 2024, the majority of top cryptocurrencies experienced massive upside momentum, including Solana (SOL), Cardano (ADA), and Solana-based Chainlink (LINK) tokens. Amid this price surge, Spartan Group deposited a massive 140.4K LINK tokens worth $2.32 million to the world’s biggest cryptocurrency exchange, Binance.

Investment firm dumps $2.32 million of LINK token

According to Spotonchain, an on-chain analytic firm, this token deposit by a leading Singapore-based blockchain investment and advisory firm took place after the LINK token price soared by 20%. However, this investment firm withdrew this massive amount of over 140K LINK tokens from Binance when it was trading near $6.472 in July and September 2023. 

With this massive dump, Spartan Group made over $1.41 million in profits, which is a 156% return on its investment. However, Spartan Group dumped this massive amount of LINK tokens near a major resistance level of $16.60. This token dump may cause a price fall. Additionally, looking at the LINK chart on a daily timeframe, it is clearly visible that when the LINK price comes near this level, it tends to fall most of the time, which might be the reason for the LINK dump.

Currently, the LINK token is trading near $16.63, and in the last 24 hours, it experienced a massive 20% upside momentum. Over the last 7 days, LINK saw an upside momentum of over 16%, whereas in the last 30 days, it experienced over 25% upside momentum. 

According to expert technical analysis, LINK is looking bullish; however, there is strong resistance near the $16.60 level, and there might be a possibility that the LINK price may retrace to the $15.60 level. Recently, LINK gave a breakout from its bullish triple-bottom price action pattern.

LINK technical analysis and key levels 

According to price action and technical analysis, LINK needs to give a daily candle closing above $17 to maintain bullishness on the chart. If this happens, then in the coming days we may see a price surge to $18 and $20. Additionally, one more indicator showing strong interest from investors and traders is the LINK 24-hour trading volume, which has increased by 250% and currently stands near $1.25 billion.

Source: TradingView

Besides LINK, top cryptocurrencies like Bitcoin and Ethereum struggled to gain momentum today. However, Solana (SOL), Cardano (ADA), and Polkadot (DOT) have experienced price surges of over 3%, 7.5%, and 5% respectively.

The global digital assets market witnessed a recovery rally as Bitcoin (BTC) went on to regain the crucial $65k price level. Reports suggest that the growth in stablecoins’ market capitalization was one of the major factors behind this jump. It is seen as a vital indicator of investor sentiment and industry inflows as stablecoin provides a measure of how much capital is entering the crypto market.

Will stablecoin lead to recovery?

According to reports, from mid-October to mid-April the combined market caps of the biggest stablecoins have surged by 25%. This includes stablecoins like USDT, USDC, DAI, BUSD, USDP, and TUSD. This has provided the market with a period to increase trading volumes and investor confidence.

However, this growth saw a stagnancy over the past four weeks. The market cap of these top stablecoins has remained flat and showed no major growth or decline. This came to be a critical sign of future market trends.

Experts suggest that if the market caps of stablecoins begin to rise again then it would suggest a renewed confidence and an influx of capital. It could potentially drive Bitcoin towards new all-time highs. On the other hand, if this hits a decline then it might indicate a withdrawal of funds from the crypto market back into fiat currencies. It could turn hard for the market.

Data shows that the cumulative stablecoin market cap is marginal up over the past day to stand at $160.5 billion. Its 24 hour trading volume is down by almost 20% to stand at $75 billion.

Tether on the top

The biggest stablecoin, Tether recorded a 0.23% jump in its market cap to stand at $111.21 billion. Its 24 hour trading volume is down by 19% to stand at $61 billion.

Circle’s USDC also saw a marginal surge over the last 24 hours to stand at $33.3 billion. Its 24 hour trading volume is up by 22% to stand around $6.7 billion.

Amid this backdrop, Ripple CEO Brad Garlinghouse has stirred controversy by suggesting that U.S. authorities are targeting Tether, a claim made without providing substantial details. On the Worldclass podcast, Garlinghouse stated, “The US government is going after Tether. 

That is clear to me,” but did not elaborate on his sources or evidence. This statement comes at a time when Ripple itself is preparing to launch its own stablecoin, expected to be backed by cash and Treasuries.

Today, the overall crypto market is experiencing a massive upside move, with the world’s fifth-biggest cryptocurrency, Solana (SOL), seeing a 4% price surge and regaining its $170 level. This significant price surge in SOL is potentially caused by the launch of Solana’s first liquidity layer, Marginfi, and the breakout of the key level at $158.

Arthur Hayes’ enthusiasm after the Solana price surge

Arthur Hayes, a prominent trader, co-founder, and ex-CEO of BitMEX, made a post on X (previously Twitter), highlighting that SOL is in “one of those moods” and asking, “Are we back yet?” This post suggests that Hayes is long on SOL and might be anticipating a bull run similar to the one SOL experienced in 2023.

This current upside move began just after the release of United States CPI data. Over the past seven days, Solana has seen massive adoption, with over 132K new tokens and NFTs created on its network. These significant developments have attracted both investors and institutions, resulting in a nearly 20% price surge in the last two days.

In the last 30 days, Solana’s Total Value Locked (TVL) has also increased by 25%, reaching $4.5 billion. This substantial increase in TVL may indicate a significant adoption of Solana by investors and developers.

With all these ongoing developments, the Solana (SOL) token is currently trading near $170. In the last 24 hours, it experienced nearly a 4% upside momentum. Over a longer period, SOL saw a price surge of over 10% in the last seven days and over 20% in the last 30 days, despite several uncertainties.

Solana technical analysis and key levels

According to expert technical analysis, Solana (SOL) recently gave a breakout of a bullish inverted head and shoulder price action pattern on a daily time frame, indicating bullishness on the chart. With this breakout, SOL regained the $170 mark. There is a high probability that SOL could hit the $200 level and even higher in the coming days. Looking at the daily chart, currently, there isn’t any major resistance that could stop or create a hurdle for SOL until $200, although minor price corrections may occur during the price surge.

Source: TradingView

Besides the Solana (SOL) price surge, Solana-based tokens like Chainlink (LINK), Jupiter (JUP), and Arweave (AR) also experienced gains of over 20%, 5%, and 10% respectively. The 24-hour trading volume on the Solana ecosystem has increased by 50%, currently standing near $87 billion, and the market cap has increased by 5%, currently standing at $220 billion, according to CoinMarketCap.

The US Senate voted 60-38 on the effort to overturn the policy, commonly referred to as SAB 121 which is a Securities and Exchange Commission (SEC)  crypto asset accounting rule. Reports depict that the commission’s last Notice 121 requires companies to record their holdings of crypto assets on their balance sheets. However, Ripple’s legal head seems to be rejoicing about this decision.

Ripple legal chief happy with Senate

Stuart Alderoty, Chief Legal Officer at Ripple, in a post stated that finally something Democrats and Republicans can agree on. He was signaling that Gensler’s unauthorized overreach when it comes to crypto will not be tolerated.

Aligning with Ripple’s legal head’s comment, John Deaton, a well-known pro-XRP lawyer, criticized Senator Elizabeth Warren for prioritizing political agendas over investor protection. He expressed his disapproval of the current state of the SEC.

He argued that describing the SEC as a guardian of investors is ironic when given the financial harm it has caused to those it should protect.

Deaton highlighted the actions he took to safeguard individual investors. However, he claims that he has done more as a private citizen than Gensler has done in his capacity as SEC Chairman. Pro XPR lawyer mentioned a legal battle where a judge who former President Barack Obama appointed sided with him against Warren and Gensler.

Watchdog’s crypto rule ends?

Deaton criticized the SEC for targeting reputable companies like Ripple, Coinbase, Kraken, Uniswap, Dragonchain, LBRY, and MetaMask. Meanwhile, he hinted that the commission missed major frauds like Terra, FTX, Celsius, and BlockFi until it was too late. 

He noted that Gensler met with Sam Bankman-Fried (SBF) multiple times but has not disclosed the content of those meetings. During SBF’s trial, it was revealed that he donated over $10 million to the current administration to gain access to the SEC chair and other regulators. This suggests that the commission may favor those who can pay for influence. The watchdog’s actions have already troubled the market.

Deaton called on Senator Warren to educate herself on the issues facing retail investors and blockchain users by reading the three Amicus Briefs he filed on behalf of consumers and retail investors, not corporate interests. He pointed out the inconsistency in the SEC’s actions, citing the agency’s decision to accelerate Coinbase’s IPO in 2021, only to sue the company two years later, labeling its entire business model illegal.