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💵 Gala Games Faces $200M Security Breach Gala Games, a blockchain gaming platform, has been struck by another security breach. Around $200 million worth of $GALA tokens were minted and systematically sold by a rogue Gala Games admin address. According to on-chain movements, tokens worth $200 million were being exchanged for ETH. More use of decentralized systems would help prevent such exploits. However, this is not actually the first security breach for GALA; back in 2021, the platform suffered a loss of $130 million. The scammers impersonated the Gala Games official X platform profile to promote a fake token migration event. Gala Games’ endless security breaches show the need for critical and secure security measures and, most importantly, the use of decentralized systems within the gaming industry to protect users and maintain trust. #GALA

📈 Ethereum Soars 20%, Lifting Arbitrum and Optimism Rumors of a potential approval of Ethereum spot ETFs have fueled a full day of gains for the Ethereum ecosystem, with the price of ETH skyrocketing 20% intraday to just shy of $3,700—trading at $3,687 at time of writing—and sister tokens Arbitrum (ARB) and Optimism (OP) both notching gains of 18% on Monday. The optimistic mood had already spread to other cryptocurrencies, including Solana (SOL) and Avalanche (AVAX), which are peaking above $40 and $188 respectively, as of this writing, representing more than 25% gains over the last seven days for both. The sudden rally to start the week was sparked moments after two Bloomberg ETF analysts—Eric Balchunas and James Seyffart—revealed their joint prediction that the Securities and Exchange Commission could approve Ethereum spot ETFs when its first major deadline comes later this week. Their updated odds were 75%, a huge upgrade from their prior estimate of 25%—which was already more pessimistic than other analysts who placed the chances at 50-50 earlier this year. 💬 Update: JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied). — Eric Balchunas Crypto oddsmakers are certainly shifting their views, with the collective probability of an Ethereum spot ETF approval by the end of the month leaping from 10% yesterday to 61% as of this writing. As with the long and meandering Bitcoin spot ETF approval process, the SEC has systematically delayed making a decision on the Ethereum equivalents. Hopes for approval have steadily dimmed, with fears peaking that this week's deadline would prompt the federal regulator to outright declare Ethereum a security, decisively separating it from the commodity status enjoyed by Bitcoin. $ARB $OP $ETH #ARB #OP #ETH

#Ethereum 🔹 price is moving towards the ceiling of the channel. This is the third time that the price will try to break out of the bullish flag formed in the daily time frame. ETH's value relative to Bitcoin (BTC) is currently declining, and the ongoing #ETF approval process could significantly impact its future. If the buyers continue to act strongly, the price of Ethereum can easily reach the $4110 again #ETH #BTC

BTC target – $74,000 🥇 Traders found an inverted head and shoulders on the daily Bitcoin chart and added Elliott waves that send the price first to $71k, then a correction to $66k and a new rise to $74k. It is $66k that is now the key support level, above which we maintain the upward trend, because 530,000 BTC were sold at this price. Save the forecast and check it 🆗 $BTC #BTC

📈 #Ethereum Price Pumps, But SEC Decisions Could Spoil the Party Ethereum’s price surged by 5.59% last week, reaching $3,089.25. However, it has experienced a modest decline of 0.56% in the past 24 hours. With a trading volume of $10.95 billion and a market capitalization of $371.1 billion, Ethereum’s market activity is attracting considerable attention. Technical analysis reveals that the Relative Strength Index (RSI) for Ethereum on the weekly chart sits at 55.47. This value indicates a market that is neither oversold nor overbought. Traders are therefore anticipating potential price movements in either direction. This balanced RSI suggests that the market could soon experience increased volatility. Furthermore, the Moving Average Convergence Divergence (MACD) indicator on the weekly chart stands at 233.9, suggesting a possible bullish trend reversal. Traders often seek confirmation from other indicators before making investment decisions. Consequently, this MACD signal adds to the anticipation of a potential upward price movement. The Know Sure Thing (KST) indicator on the weekly chart also presents a strong bullish signal, reading 622.9323. This suggests that Ethereum could be a potentially lucrative buy opportunity for some investors. Meanwhile, an additional layer of uncertainty is being injected into the market by the SEC. The SEC is scheduled to deliver critical rulings on several spot Ethereum ETFs this week. VanEck’s application is expected to be submitted by May 23, while ARK Invest and 21Shares will receive their decisions on May 24. A number of prominent investment firms, including BlackRock, Fidelity, Bitwise, Galaxy Digital, Franklin Templeton, and Hashdex, are anxiously awaiting the SEC’s decisions. However, industry observers predict that the SEC will likely reject these applications. This expectation stems from the agency’s limited engagement with ETF issuers thus far. The reasons behind the SEC’s anticipated decision remain unclear. Bitwise’s Matt Hougan suggests that a lack of sufficient data could be a factor. $ETH #ETH #ETF

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