ZachXBT points out an exploit on Rain exchange that stole $14.8 million in Bitcoin, Ethereum, Solana, and XRP.

The exploit possibly happened on April 29 and the stolen funds were immediately transferred into 2 wallets.

Rain updates that the issues were solved and the customer fund is safe.

According to a recent revelation by crypto sleuth ZachXBT, the prominent Middle Eastern cryptocurrency exchange, Rain, was “likely exploited” on April 29 for $14.8 million. The sleuth reported that a suspicious flow of cryptocurrecies like Bitcoin, Ethereum, Solana, and XRP into two wallets has been identified.

In ZachXBT’s Telegram page, the researcher shared insights on the stolen funds from Rain, which were reportedly transferred into two wallets holding 137.9 BTC and 1,881 ETH. Both wallets remained inactive since they received the stolen funds. ZachXBT’s statement read,

“It appears the crypto exchange Rain was likely exploited for $14.8M on April 29, 2024 after their BTC, ETH, SOL, and XRP wallets saw suspicious outflows. Funds were quickly transferred to instant exchanges and swapped for BTC and ETH.”

However, Rain shared an official blog post in response to ZachXBT’s report on the platform’s security breach. The platform assured that the situation was resolved and the customer funds were safe. Rain added, “This means that all your fiat currency and crypto assets are held with the highest standards of security and regulatory compliance.”

Further, Rain narrated its efforts to tackle the situation and strengthen the platform’s security measures. The crypto exchange wrote,

“As soon as we became aware of the incident, we isolated the issue and put additional controls to strengthen our security…All customer and operational activity including crypto buy, sell, send, receive, along with fiat deposit, and withdrawals, remain operational and uninterrupted across all our platforms.”

Blockchain security firm CertiK’s report in April pointed out that the crypto market has witnessed a loss of $502,522,934 in a total of 223 onchain security incidents. The report also highlighted that the losses incurred in crypto attacks in 2024 Q1 are significantly higher than the losses in last year’s first quarter.

The post Rain Exchange Assures Safe Customer Funds Following a $14.8M Exploit Revelation appeared first on Coin Edition.

According to DeFi^2 Worldcoin might become the greatest transfer of wealth in the upcoming bull cycle.

The top trader accused the Worldcoin team of plans to manipulate its system and extort the public.

According to the trader, the Worldcoin team designed WLD to have predatory tokenomics.

According to DeFi^2, a ranked trader on Bybit, Worldcoin might become the most significant transfer of wealth in the upcoming bull cycle. In a post on X, the famous trader alleged that the indicated wealth transfer would be from the public to the pockets of the Worldcoin team and insiders, citing the project’s upcoming WLD unlock and vesting program.

Worldcoin realistically might become the greatest transfer of wealth of this entire cycle. Unfortunately, this wealth transfer isn't in the form of universal basic income as their mission suggests, but instead to the pockets of the team and insiders. I’ve posted a bit on it… pic.twitter.com/Gr83mnt3Ms

— DeFi^2 (@DefiSquared) May 13, 2024

In his opening statement, DeFi^2 accused Worldcoin of being a deceptive project with no link to OpenAI as popularly assumed. He accused the Worldcoin team of planning to sell off the project’s native coin, WLD, as unlocks ramp up in the coming months, which would lead to hyperinflation.

According to the trader, WLD is undergoing a 0.6% daily devaluation from grant emissions and operator claims. He noted that the Worldcoin Foundation has announced it will sell $200 million more WLD tokens to trading firms, marking an additional 18% of the circulating supply to sell at a discount.

Meanwhile, the Bybit top trader highlighted that in just 70 days, when VC and team unlocks begin vesting, WLD supply will begin inflating at 4% PER DAY from unlocks and emissions. From his calculations, he disclosed that the process would lead to $50 million a day of nonstop sell pressure on a coin insiders are hoping to cash out at a $60 billion fully diluted valuation (FDV).

Warning his followers, DeFi^2 highlighted that people design coins like WLD to have predatory tokenomics that benefit the team and early investors. He noted that the Foundation intentionally ended the market maker contract, which prevented the price from squeezing higher on a low float in December. He accused the  Worldcoin team of engaging in actions similar to Sam Bankman-Fried’s routine by manipulating the system to enrich insiders.

The post Frontline Bybit Trader Accuses Worldcoin Team of System Manipulation appeared first on Coin Edition.

Smart money withdraws $4.26M PEPE as investor interest spikes.

PEPE nears critical resistance at $0.00001101 on a bullish trend.

Technical indicators show strong short-term bullish momentum.

Pepe Coin (PEPE) has experienced an impressive ascendancy, soaring by over 26.20% in the past week, eclipsing all prominent meme coins in terms of gains over the last fortnight. As of press time, PEPE is valued at $0.00001035, reflecting a 23.73% increase from its price the previous day. This remarkable performance has crowned PEPE as the top meme coin for this period.

PEPE/USD 24-Hour Chart (Source: CoinStats)

Comparing Pepe Coin to Bitcoin, PEPE has seen an uptick of 18.06% within the same time frame. This performance has positioned PEPE as the 23rd largest cryptocurrency by market cap. As a result, in the last 24 hours, PEPE’s market cap increased by 23.83% to reach $4,357,670,903.

Concurrent with this price escalation, Pepe Coin has witnessed a remarkable surge in trading volume. Over the past 24 hours, PEPE’s trading volume has catapulted to $2,058,373,276, representing a notable 276.22% increase from the previous day’s tally. This extraordinary rise in trading activity highlights burgeoning investor interest and amplified market engagement with the coin.

Smart Money Withdraws $4.26M Worth of $PEPE  

A prominent investor, often referred to as “smart money,” withdrew 406.74 million $PEPE tokens worth $4.26 million from Binance. According to Lookonchain, this investor previously earned $3.72 million from $PEPE and also traded eight different tokens, profiting from each one, showcasing a strong track record of profitable trades.

A smart money withdrew 406.74M $PEPE ($4.26M) from #Binance 20 minutes ago.The smart money made $3.72M on $PEPE before, and he had traded 8 tokens, making money on each one.https://t.co/eUF6GEqoLm pic.twitter.com/quG400luXA

— Lookonchain (@lookonchain) May 13, 2024

In a separate yet related transaction on April 10, the same whale deposited multiple tokens on Binance to take profits. This whale deposited 182.4 billion $PEPE worth $1.24 million, 351,520 $CAKE valued at $1.31 million, 1.88 million $MANA worth $1.11 million, and 1.83 million $SAND valued at $1.09 million. Overall, the whale accumulated a total profit of approximately $5.4 million from trading these eight tokens.

Bullish PEPE Tests Limits

Since April 13, the PEPE token has shown a bullish trend on the daily chart, with the price range tool indicating a 155.62% increase. During this period, PEPE has taken out old highs and retained old lows, demonstrating strong upward momentum. As of press time, PEPE is nearing a critical resistance level at $0.00001101, a level last reached on March 14.

PEPE/USD 1-Day Chart (Source: Tradingview)

Should the bullish trend continue, PEPE is expected to surpass this resistance level, potentially reaching higher targets, including its all-time high of $0.00002. However, if PEPE fails to break this level, prices could decline, aiming to challenge the 78.6% Fibonacci retracement level. 

This would lead to a support level around the 61.8% Fibonacci level before attempting another bull run. If this support is breached, PEPE could fall further, potentially reaching the May low.

PEPE/USD 1-Day Chart (Source: Tradingview)

Technically, the Moving Average Convergence Divergence (MACD) indicator is moving vertically, positioned at 0.00000068, signaling a bullish trajectory in the short term. Moreover, the MACD line trading above the signal line indicates a strengthening bullish sentiment for PEPE, with potential price increases. Additionally, the MACD histogram shows widening green bars above the zero line, further supporting the bullish momentum.

In tandem, the Relative Strength Index (RSI) trades vertically in overbought conditions, positioned at 71.44. This suggests that PEPE may be approaching an overvalued point, potentially leading to a price correction in the short term. However, the RSI line moving above the signal line indicates there may still be room for growth before a significant pullback occurs.

The post PEPE Soars 26% Weekly as Whale Withdraws $4.26M Amid Bullish Outlook appeared first on Coin Edition.

Keith Gill’s return to social media coincides with GameStop’s over 110% stock surge, signaling renewed market interest.

GameStop’s rapid climb, propelled by Gill’s return, signifies a resurgence in meme stock trading driven by online communities.

The stock’s rise triggers a 5% increase in Crypto Memecoins, suggesting a connection between meme stocks and cryptocurrency markets.

Wu Blockchain, a cryptocurrency and blockchain news source, reported a resurgence in GameStop stock alongside the return of Keith Gill, famously known as “Roaring Kitty,” after a three-year social media hiatus. Gill’s online presence coincided with GameStop’s stock soaring over 110%, triggering multiple circuit breakers. This surge also influenced a 5% increase in the broader Crypto Memecoin sector.

Roaring Kitty suddenly became active on social media after nearly three years. GameStop stock once soared over 110%, triggering six circuit breakers. The return of Roaring Kitty and the surge in GameStop also brought about the rise of Crypto Memecooin. The sector as a whole rose…

— Wu Blockchain (@WuBlockchain) May 14, 2024

GameStop, a video game retailer, experienced a rapid rise in its shares, climbing over 70% in Monday’s morning trade to surpass $30, marking its highest level since 2022. This surge follows Gill’s reappearance, known for his role in the January 2021 rally that defied Wall Street predictions. Despite a slight price retreat, the stock’s recent performance reflects renewed investor interest.

Following his social media disappearance, Gill returned on Sunday with a cryptic post featuring a drawing of a man seemingly preparing for action. Subsequent posts on Monday further hinted at his re-engagement in the market.

pic.twitter.com/YgjVqtgcNS

— Roaring Kitty (@TheRoaringKitty) May 13, 2024

The rise and fall of GameStop shares earlier this year were emblematic of meme stock trading, a trend driven by independent online traders sharing investment tips. Gill, among the most prominent figures in this movement, denied allegations of manipulating investors, attributing his social media activity to personal enjoyment. 

The meme stock phenomenon is part of a larger pattern of growing retail investor trading. Analysts believe that the first spike in meme stocks during the epidemic was caused by greater savings and free time. This year, when markets improved, retail investor activity surged on trading platforms such as Charles Schwab and Robinhood.

As of the latest update, the GameStop price surged to $0.012947 with a 24-hour trading volume of $167,602,349, representing a 429.35% increase in the past 24 hours. GameStop’s market cap stands at $89,140,304, with a circulating supply of 6,885,214,218 GME coins. 

The post GameStop Surges 110% Following Roaring Kitty’s Return appeared first on Coin Edition.

Coinbase is experiencing a widespread system outage.

The Coinbase team is investigating the issue and working on a solution.

The crypto exchange assured users that their funds were safe.

Coinbase, the largest cryptocurrency exchange in the U.S., is experiencing a widespread system outage. A post from Coinbase Support on X in the early hours of Tuesday stated that the crypto exchange is investigating the issue and working on a solution. The team further assured users that their funds were safe while they worked to resolve the problem. 

Coinbase is experiencing a system wide outage. We are investigating this issue and working on a solution. Please see https://t.co/a3pl4WiDhZ for updates. Your funds are safe.

— Coinbase Support (@CoinbaseSupport) May 14, 2024

The outage interrupted trading activities on both the Coinbase website and app. As of the time of writing, attempting to access the crypto exchange’s website returned a 503 error message, showing the problem persisted. 

Meanwhile, Coinbase users have expressed frustration over the issue, with some taking to the social media platform X to communicate their inability to carry out operations. A user responding to Coinbase’s post shared a screenshot of a message he received trying to access the Coinbase app. The message on the shared screenshot read – “Planned maintenance in progress.”

Apart from the initial message from the Coinbase Support team, the crypto exchange had yet to state the reason for the outage as of the time of filing this report. The crypto exchange’s position remained the same as its original message of investigating the situation.

Coinbase experienced a similar outage in March this year. However, the firm later found the reason behind the March incident was heavy trading activities on the platform. 

The post Coinbase Reports Widespread Outage, Confirms Ongoing Investigation appeared first on Coin Edition.

Tether CEO Paolo Ardoino called Ripple’s Brad Garlinghouse an “uninformed CEO.”

Ripple’s CEO recently said that the US authorities are coming after USDT.

Garlinghouse noted that he wasn’t attacking Tether.

Tether chief executive Paolo Ardoino recently took to social media platform X to highlight the statement on USDT given by Ripple CEO Brad Garlinghouse in an interview, calling him an “uninformed CEO.”

As reported earlier, Garlinghouse said in an interview that the US authorities are targeting USDT and seeking to crackdown on the stablecoin, while adding that he cannot predict the impact that this would have on the digital asset sector. 

Ardoino stated in a post on X that Garlinghouse is “spreading fear” about USDT and emphasizing that his firm seeks to roll out a competitive stablecoin. He also noted that USDT has “proved overtime to have strong price stability, highly liquid reserves, top tier custodians and profound compliance.”

Garlinghouse replied to the post by Ardoino, clarifying his statement, stating that Tether is indeed a very important part of the digital asset ecosystem, and noting:

“I wasn’t attacking Tether…the next words out of my mouth during the podcast were that I view Tether as a hugely important part of the ecosystem”

The Ripple executive claimed that his “point was that the US govt has clearly indicated they want more control over USD-backed stablecoin issuers, and thus, Tether, as the largest player, is in their line of sight.”

On the other hand, Tether has been planning expansion beyond the stablecoin business, recently announcing four new divisions.

The post I wasn’t attacking Tether,’ Ripple CEO Clarifies Statement on USDT appeared first on Coin Edition.

The US has blocked the Chinese crypto mining firm MineOne from owning land near the F.E. Warren Air Force Base.

The country states that the Chinese company’s land near the Wyoming nuclear missile base poses a national security threat.

Federal and state officials warn against a common case of Chinese companies targeting the US military installations.

US President Joe Biden prevented a Chinese crypto firm, MineOne Partners Ltd., from owning land located near the F.E. Warren Air Force Base. As the Wyoming Air Force base houses intercontinental ballistic missiles, Biden addressed the mining firm as a threat to national security.

The government has ordered the company and its affiliates to dispossess the real estate it bought in 2022 near the Wyoming Air Force base. While the company refused to comment, the Committee on Foreign Investment in the United States (CFIUS) highlighted the possibility of a potential threat behind the Chinese company’s purchase of the area. The US Treasury pointed out,

“The proximity of the foreign-owned cryptocurrency mining facility to a strategic missile base and key element of America’s nuclear triad, and the presence of specialized and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities, presented a significant national security risk that led to CFIUS’s referral to the president.”

Adding to the complexity, the CFIUS conducted a review and identified that the Chinese crypto firm’s purchase of the land posed a significant risk. Though the department’s explanations on the threat were vague, the US Treasury Secretary and CFIUS Chairperson Janet Yellen stated that the committee’s role is “to ensure that foreign investment does not undermine our national security, particularly as it relates to transactions that present risk to sensitive U.S. military installations as well as those involving specialized equipment and technologies.”

In addition, federal and state officials have warned against a common practice of Chinese firms targeting US military installations by buying lands near them. In the current case, MineOne’s real estate is reportedly just one mile away from the Air Force base.

The post US Expels Chinese Crypto Firm from Land Near Wyoming Nuclear Missile Base appeared first on Coin Edition.

Tether froze 5.2 million USDT tokens as per a May 14 post from MistTrack.

The tokens were associated with 12 Ethereum addresses.

The addresses might be connected to laundering addresses for phishing groups.

Tether, the firm associated with the world’s largest stablecoin by market capitalization, froze 5.2 million USDT on May 14 as per the data from MistTrack, a crypto tracking and compliance platform. 

In a post on social media platform X (formerly known as Twitter), MistTrack stated that the stablecoin firm froze 5.2 million USDT on 12 Ethereum addresses tagged as “USDT Banned Address” by the crypto tracking platform. 

Notably, these 12 addresses may be money laundering addresses for phishing groups. It is a common practice for attackers to withdraw their funds to another platform and use crypto mixers to launder their money. 

Back in November 2023, the stablecoin issuer announced the “largest-ever freeze of USDT in history” while teaming up with digital asset trading platform OKX. Over 225 million USDT tokens associated with 37 wallets were frozen, and the funds were tied to a human trafficking group on Monday.

Further, the stablecoin issuer also froze 41 wallets controlled by those on the Office of Foreign Assets Control’s (OFAC) Specially Designated Nationals (SDN) List in December 2023.It is important to note that crypto firms have been actively freezing addresses associated with scammers and hackers. As per earlier reports, Binance and Huobi froze $1.4 million worth of crypto assets that were associated with Lazarus Group’s Harmony Bridge heist in June 2022.

The post Tether Freezes 5.2M USDT On 12 ETH Addresses appeared first on Coin Edition.

USDt-TON hits $200 million circulation in record time, signaling high demand.

Tether and TON Foundation partnership enables USD₮ and XAU₮ integration on the Ton blockchain.

TON network surpasses $200 million TVL, with initiatives like The Open League driving engagement and adoption.

USDt-TON has hit an adoption milestone, hitting a circulation of $200 million within a month of issuance. This growth sets a new record for the fastest token circulation in Tether’s USDt’s history and highlights the growing demand for USDT within the TON ecosystem.

TON announced this achievement via Twitter, stating, “$USDt – $TON reaches $200M in circulation in less than a month after launch, setting a new record as the fastest growing launch in the history of Tether.”

The Tether and TON Foundation partnership was disclosed during the Token2049 crypto conference in Dubai on April 19, signaling an advancement in stablecoin integration. 

“Tether Tokens USD₮ and XAU₮ are now live on the Ton blockchain & available in the 

@telegram wallet.” Tether posted via X. 

The partnership aimed to allow the use of USDT and XAUT for peer-to-peer payments on the TON blockchain, targeting Telegram’s 900 user base. To assure users, the TON blockchain emphasized the simplicity and speed of cross-border payments on its network, likening it to sending a text message on Telegram. 

Meanwhile, the TON network recently made another headline in the crypto arena. Data from DefiLlama revealed that the network surpassed the $200 million mark in Total Value Locked (TVL) over the past week. This figure bettered March’s TVL value of $22.9 million by 900%, demonstrating substantial growth and adoption within its ecosystem.

Not long ago, TON moved to launch its protocol integrations and unveil The Open League, a move that attracted significant attention in the blockchain arena. This initiative offers prizes totaling over $150 million in TON tokens to the community and projects operating within the TON ecosystem.

Following this launch, the Open League has sparked improved user engagement with the TON blockchain. For context, the league has triggered a 264% increase in TON’s monthly active users (MSUs) to 1.5 million users. According to data from Coinmarketcap, TON trades at $7.05 during press time, representing a 4.15% intraday increase.

The post USDT-TON Hits $200M Circulation in Less Than a Month appeared first on Coin Edition.

Liminal, a Singapore-based custody service provider, expands to Abu Dhabi after regulatory approval.

Recent regulatory wins in Dubai and India signify Liminal’s broader regional presence.

Strategic vision involves extending regulatory footprint beyond current markets to serve institutional clients globally.

Liminal, a Singapore-based custody service provider, has expanded beyond its shores by attaining regulatory approval in Abu Dhabi. As reported by the company’s spokesperson, Liminal’s subsidiary, First Answer Middle East, has been granted Financial Services Permission (FSP) by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). 

In light of this, Liminal can provide custody services in UAE’s second-most populous city, following in-principal approval received last year.

Moreover, the company has witnessed several regulatory advancements over the past week. It has received the green light in the Asian Pacific (APAC), Middle East, and North Africa (MENA) regions. On another positive note, Liminal’s Dubai arm, First Answer Custody FZE, recently secured initial approval from the emirate’s Virtual Asset Regulatory Authority (VARA). 

Speaking on the development, Liminal’s Senior Vice President of Strategy and Business Operations, Manan Vora, noted, “We initiated a strategic drive two years ago to secure regulatory licenses in key markets across APAC and EMEA (Europe, Middle East, and Africa), strategically positioning ourselves to cater to institutional clients.”

Vora added that Liminal aims to move beyond its technology presence in Europe and Taiwan to get regulatory approval in these regions. The VP also mentioned Liminal’s involvement as a technology provider for Indonesia’s “sovereign digital asset exchange.”

Meanwhile, India’s Financial Intelligence Unit (FIU) disclosed that Liminal’s Indian subsidiary has been registered as a reporting entity, making it the first digital asset custodian to achieve this recognition. This follows Liminal’s appointment by India’s Central Bureau of Investigation (CBI) to manage seized digital assets in November.

Furthermore, Liminal has been busy on its home front, offering custody solutions in Singapore before the country introduced new licensing requirements in April. As such, it was grandfathered into the new guidelines, an agreement set for six months. Nonetheless, the company has notified the Monetary Authority of Singapore (MAS) of its intention to apply for a license.

The post Liminal Expands into Asia with Abu Dhabi Approval appeared first on Coin Edition.

Metaplanet adopts Bitcoin as its main treasury asset in response to Japan’s economic challenges.

The company boasts a Bitcoin portfolio of 117.7 BTC worth $32.71 million.

Bitcoin value reclaimed $63K amid Metaplanet’s new BTC-only reserver policy.

Metaplanet, a Japanese public company listed on the Tokyo Stock Exchange, has unveiled a white paper detailing its decision to adopt Bitcoin as its primary treasury reserve asset. This strategic pivot comes as a response to Japan’s persistent economic challenges, which include high levels of government debt, enduring negative real interest rates, and a weakening yen.

Metaplanet’s white paper outlines a “Bitcoin-first, Bitcoin-only” approach, departing from traditional treasury management strategies. The company strongly believes in Bitcoin’s fundamental advantages over traditional currencies, other stores of value, and different crypto-assets. 

Furthermore, Metaplanet hails Bitcoin as an “absolutely scarce digital synthetic monetary commodity” with a fixed supply cap of 21 million coins. According to the paper, this feature sets Bitcoin apart from other monetary systems and commodities.

Contrary to widespread criticism, Metaplanet champions Bitcoin’s Proof-of-Work (PoW) consensus mechanism as a critical advantage. The white paper highlights the mining difficulty adjustment, which ensures that the cost of producing new bitcoins increases over time, as a unique attribute that distinguishes Bitcoin from traditional commodities.

Looking ahead, Metaplanet plans to leverage various capital market instruments to grow its Bitcoin reserves. This strategy seeks to protect the company’s balance sheet from the yen’s devaluation and establish Metaplanet as a forward-thinking investment vehicle on the global stage. 

By capitalizing on Japan’s unique position with low global capital costs, the company aims to enhance its competitive edge internationally. According to public records, Metaplanet holds 117.7 BTC, valued at $32.71 million. The news of Metaplanet migrating to a Bitcoin-only reserve has had a notable impact on the value of BTC. At press time, Bitcoin has increased by over 3% to reclaim the $63K threshold following the news.

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Solana’s resilience and significant trading volume signify growing investor interest in its ecosystem.

Arweave’s innovative data storage solution continues to intrigue investors despite recent price fluctuations.

TON’s impressive surge of 7.05% highlights growing confidence in its potential for substantial gains.

In the realm of cryptocurrency investments, strategic choices can often lead to divergent paths. While some investors opt for stalwarts like Bitcoin or Ethereum, others delve into the realm of altcoins, seeking out potential gems amidst the volatility. 

As highlightted by Ran Neuner, an analyst, amidst the dynamic landscape of digital assets, Solana ($SOL ), Hedera ($HBAR), Arweave ($AR ), XRP ($XRP), TON ($TON), and Cardano ($ADA) are among the tokens commanding attention. Each offers its own narrative, propelled by factors ranging from technological advancements to market sentiment.

I’m buying $SOL . You’re buying $HBAR.I’m buying $AR .You’re buying $XRP.I’m buying $TON.You’re buying $ADA.We are not the same.

— Ran Neuner (@cryptomanran) May 12, 2024

Solana, currently trading at $146.73, has experienced a slight uptick of 1.19% in the last 24 hours, showcasing its resilience in the volatile crypto market. With a 24-hour trading volume of $1,780,235,444, Solana’s momentum is noteworthy, attracting both seasoned investors and newcomers alike.

On the other hand, Hedera Hashgraph stands firm at $0.109154, marking a modest increase of 0.37% in the past day. Despite its relatively lower price point, the project’s innovative approach to distributed ledger technology has garnered attention, reflected in its trading volume of $75,365,381.

Arweave, priced at $38.95, has seen a decline of 6.61% within the same timeframe. Despite this setback, Arweave’s unique data storage solution continues to intrigue investors, evidenced by its substantial trading volume of $151,081,090.

XRP, priced at $0.505188, has maintained stability with a marginal increase of 0.11% in the last 24 hours. With a trading volume of $797,945,567, XRP’s resilience amidst regulatory challenges underscores its enduring appeal to investors.

TON, trading at $7.44, has surged impressively by 7.05% within the past day, reflecting growing confidence in its ecosystem. Bolstered by a trading volume of $671,859,299, TON’s ascent highlights the potential for significant gains in the cryptocurrency market.Meanwhile, Cardano has exhibited notable growth, currently valued at $0.452142, with a 24-hour trading volume of $280,495,872. Its rise of 3.17% underscores the project’s strong fundamentals and community support, positioning it as a formidable contender in the crypto space.

The post Solana’s Surge, Arweave’s Dip, XRP’s Steady Hold, and TON’s Impressive Surge: What Next? appeared first on Coin Edition.

Ethereum Whale’s transactions yield $28.5M profit, signaling savvy decisions.

ETH price action signals bullish momentum and potential upside if resistance breaks.

Bullish indicators hint at ETH price rally, resistance at $3,061.77.

An astute early adopter of Ethereum, identified by the address 0x2ce, has recently executed substantial transactions, garnering considerable intrigue within the cryptocurrency sphere. According to a Spot On Chain X post, this influential holder transferred 4,153 ETH, valued at $12.2 million, to Coinbase at a rate of $2,931 per ETH.

3 hours ago, Early $ETH holder 0x2ce deposited 4,153 $ETH ($12.2M) to #Coinbase at $2,931.The whale withdrew 12,423 $ETH from #Poloneix at ~$11.03 ($137K) in 2016,And has deposited 9,436 $ETH to #Coinbase and #Luno at ~$2,245 ($21.2M) since 2021.Current holding: 2,566 $ETH … pic.twitter.com/ky5g0uy2n5

— Spot On Chain (@spotonchain) May 13, 2024

Moreover, in 2016, this whale disengaged 12,423 ETH from Poloniex at an approximate value of $11.03 per ETH, culminating in roughly $137,000. This early procurement of Ethereum has yielded extraordinary returns over the subsequent years.

Since 2021, the investor has transferred a cumulative 9,436 ETH to both Coinbase and Luno at an average rate of $2,245 per ETH, amounting to $21.2 million. Presently, the whale’s holdings are quantified at 2,566 ETH, with an estimated worth of $7.48 million.

Based on the report, the projected aggregate profit from these dealings is approximately $28.5 million, which denotes a 204% appreciation from the initial investments.

ETH Price Action

As of press time, the ETH token is trading at $2,980.71, reflecting a 2.27% increment from the prior day. Furthermore, its daily market capitalization has ascended by 1.90%, attaining a valuation of $357,626,638,421. This augmentation in market cap mirrors the escalating interest and investment in Ethereum.

ETH/USD 24-Hour Chart (Source: CoinStats)

Additionally, ETH’s trading volume has experienced a remarkable upsurge of 67.91%, reaching $10,196,235,638. This amplification in trading volume signals an intensified level of investor enthusiasm and engagement. The escalating trading volume, in tandem with the hike in token price, suggests a bullish disposition among investors.

ETH Token: Bullish or Bearish?

The ETH token is presently displaying a symmetrical triangle on the 4-hour chart, with prices oscillating between $3,353.12 and $2,817.29. This formation signifies that the price movement of the ETH token is consolidating within a narrowing range, priming for a potential breakout in either direction.

ETH/USD 4-Hour Chart (Source: Tradingview)

Should the bullish momentum persist, the ETH token might initiate an upward rally, challenging the lower resistance at $3,061.77. The goal would be to reach the key resistance level around the 50% Fibonacci retracement level. Success in this move could propel ETH prices to higher levels, potentially targeting the 61.8% Fibonacci retracement level, aligning with the bulls’ target.

Conversely, if the ETH token experiences bearish pressure, the price is expected to find support at $2868.24 before attempting another upward movement. A breach of this support level could lead to further declines, with prices potentially falling to the $2817.29 support level, which was last touched on May 1.

ETH/USD 4-Hour Chart (Source: Tradingview)

From a technical perspective, the Bull Bear Power indicator is showing a green bar above the zero line, positioned at 73.30. This scenario hints at an intensification of bullish momentum for the ETH token in the near term, suggesting the possibility of further price ascensions if the momentum sustains.

Moreover, the stochastic RSI is trading near the overbought region, signifying a potential short-term reversal for the ETH token. However, the upward trajectory of the K line (blue) above the signal line suggests there is still room for growth before a possible correction transpires.

The post Ethereum Whale Gains $28.5M Profit Amid ETH Bullish Trends appeared first on Coin Edition.

Institutional involvement in XRPL validation is on the rise, with Infinite Block and SBI Holdings joining as validators.

South Korea’s regulatory compliance enhances XRPL’s reliability, fostering a safe environment for investors.

SBI VC Trade’s move as an XRPL validator reflects efforts to enhance the ecosystem and represent XRP holders in Japan.

A significant development in the XRP Ledger (XRPL) ecosystem is the decision by South Korea’s Infinite Block to become a validator, following a similar move by Japan’s SBI Holdings. This indicates a rising trend of institutional participation in validating XRPL transactions. The decision by Infinite Block underscores the strategic significance of such participation, particularly in light of recent additions to the network’s validator pool.

The timing of Infinite Block’s entry following SBI Holdings’ validation as an XRPL node cannot be overlooked. Bill Morgan, a prominent pro-XRP lawyer, emphasized this point, suggesting a potential strategic alignment between these validator additions. Such alignment hints at collaborative efforts aimed at bolstering the XRPL landscape and fostering synergies within the ecosystem.

Can’t be a coincidence so soon after the SBI entity became an XRPL validator https://t.co/5FqPlvclji

— bill morgan (@Belisarius2020) May 13, 2024

Infinite Block’s decision to participate as a validator aligns with South Korea’s robust blockchain regulatory framework. The country’s adherence to regulations such as the Travel Rule and anti-money laundering measures underscores its commitment to fostering a safe environment for XRPL projects and investors. CEO Jung Gu-tae reaffirmed this commitment, highlighting the company’s focus on regulatory compliance and user protection.

Moreover, Infinite Block’s involvement is poised to facilitate governance participation and ecosystem expansion within the XRPL network. By prioritizing regulatory compliance, the company aims to enhance the reliability of XRPL both domestically and internationally, catering to the institutional characteristics of the Korean virtual asset industry.

As earlier reported by Coinedition, SBI Holdings’ announcement regarding its node operation as an XRPL validator further contributes to the ecosystem’s development. The move by SBI VC Trade, a prominent cryptocurrency firm in Japan, signifies a concerted effort to enhance the XRPL ecosystem and reflect the voices of the XRP holder community in Japan. 

By registering as a validator within the Unique Node List (UNL), SBI VC Trade aims to wield influence in voting decisions regarding new features and developments on the network

The post XRP Lawyer Reacts As South Korea’s Infinite Block Joins XRPL Validator—What’s the Ripple Effect? appeared first on Coin Edition.

Trump-themed memecoin rises 60% despite crypto market pessimism.

TRUMP token breaks resistance and hints at bullish rally potential.

Bullish indicators suggest the TRUMP token may continue an upward trend.

Despite the pessimistic sentiment prevailing in the global cryptocurrency terrain, the Trump-themed memecoin MAGA (TRUMP) has astonishingly ascended by 60% in the last week. This remarkable rise coincides with statements made by Republican presidential contender Donald Trump concerning digital currencies.

These remarks were delivered at a dinner soirée on May 8 at Mar-a-Lago, where Trump convened supporters who had acquired non-fungible tokens (NFTs) from his “Mugshot Version” collection. At the gathering, Trump also declared his acceptance of cryptocurrency contributions for his presidential campaign.

TRUMP/USD 24-Hour Chart (Source: CoinStats)

As of press time, the TRUMP token is valued at $7.50, a 23.81% ascent from the preceding day. This noteworthy escalation in value has concurrently influenced the token’s market capitalization, which has amplified by 23.86% and is now standing at $329,603,686. This increment positions the TRUMP token as the 225th largest cryptocurrency by market cap. 

Furthermore, the token’s trading volume within the last 24 hours has surged by 51.43%, amounting to $13,157,245. This optimistic trajectory of the TRUMP coin signals an escalating investor interest and engagement with the token, indicating a potential for further price augmentation.

TRUMP Token’s Bullish Outlook

The TRUMP token has broken the resistance level around $6.982 on the day chart, last touched on April 6, signaling a bullish trend. If this bullish momentum continues, the TRUMP token could break above the 78.6% Fibonacci level at $7.53. A successful breach at this point could result in a bullish rally, challenging a crucial high experienced in March.

TRUMP/USDT 1-Day Chart (Source: Tradingview)

However, if the TRUMP token shows a bearish sentiment, it is expected to find support around the 68.2% Fibonacci level. This level, previously a resistance, now acts as support. If this critical point is breached, the TRUMP token could see its prices fall to deeper levels, potentially reaching the support level at $5.549, aiming for April’s low.

On the technical front, the MACD indicator is above the zero line at 0.339, indicating strong bullish momentum for the TRUMP token. The token is also well above the signal line, suggesting the bullish trajectory will continue in the short term. Additionally, the MACD histogram chart shows expanding green bars above the zero line, further supporting the bullish momentum.

TRUMP/USDT 1-Day Chart (Source: Tradingview)

In tandem, the Chaikin Money Flow index indicator is moving upwards but is still below the zero line at 0.05. This indicates an increasing influx of money and potential buying pressure, aligning with the overall bullish sentiment in the TRUMP token market.

The post Trump-Themed Memecoin MAGA Surges 60% in a Week Amid Trump’s Remarks appeared first on Coin Edition.

Degen Chain’s halt in block production for over 11 hours raises concerns about its operational stability.

Despite the setback, DEGEN token has shown resilience in its market performance, with a 3.69% increase in the past 24 hours.

Technical indicators like RSI and MACD suggest a neutral to bullish sentiment for DEGEN, indicating a potential price recovery.

Wu Blockchain, a crypto news reporter, brought to light that the L3 blockchain Degen Chain has halted block production for more than 11 hours, with the reason behind it still undisclosed. Degen Chain, developed by Syndicate and formerly supported by a16z, operates on Arbitrum Orbit. Degen Chain’s Gas token, DEGEN, serves as the principal currency of Farcaster.

The L3 blockchain Degen Chain has stopped producing blocks for more than 11 hours, the reason is unknown. Degen Chain was built by Syndicate, which was once invested by a16z, using Arbitrum Orbit. Its Gas token DEGEN is the largest coin of Farcaster.https://t.co/tpMYeGzQ9j

— Wu Blockchain (@WuBlockchain) May 13, 2024

Despite the fallout, the DEGEN token’s market performance remains resilient. DEGEN’s current price is $0.018955, and its 24-hour trading volume exceeds $26 million. This is a 3.69% growth in the last 24 hours. Concurrently, it has fallen 13.61% in the previous seven days. 

Moreover, its market cap stands at $268.77 million, backed by a circulating supply of over 14 billion coins. Investors are closely monitoring the situation, as Degen Chain’s status directly influences DEGEN’s market dynamics.

Analyzing DEGEN’s technical indicators provides insights into its current market sentiment and potential future trends. The Relative Strength Index (RSI) on the 4-hour price chart sits at 51.86, signaling a neutral stance among traders. 

Source: TradingView

However, the KST indicator, at 8.1201, indicates that additional investigation is required to determine the stock’s performance trajectory. In addition, the Moving Average Convergence Divergence (MACD) indicator signals a positive trend reversal, providing traders with optimism in the face of uncertainty.

Delving deeper into the price action, DEGEN experienced a volatile start. Witnessing a sharp decline early in the morning, it bottomed out around 7:30 AM. However, the token staged a remarkable recovery after that, steadily climbing for several hours. 

Around 9:00 AM, the pace of recovery accelerated, propelling DEGEN to surpass its initial price, reaching a peak of $0.019 before 11:00 AM. Following the peak, a minor correction ensued, though the price remained significantly higher than both its starting point and the day’s low. 

The post DEGEN Token Holds Strong Despite Degen Chain’s Block Production Halt appeared first on Coin Edition.

SHIB experienced a price slump in the early hours of Monday amid investor interest.

A SHIB whale transferred 100 billion SHIB tokens to Coinbase early Monday morning.

The memecoin recovered from the slump to gain 6.4% a few hours later.

SHIB, the native cryptocurrency of the Shiba Inu ecosystem, experienced a price slump in the early hours of Monday, May 13, amid investor interest. Onchain data showed that a whale transferred 100 billion SHIB to Coinbase, one of the leading centralized exchanges (CEX).

The whale’s action attracted the interest of the memecoin’s community members, triggering speculations over the short-term impact of the transaction. Furthermore, the significant transfer added more energy to the already-existing bearish sentiment in the Shiba Inu community.

While the identified SHIB transfer to Coinbase does not necessarily indicate a sell transaction, the speculations around it stem from the current plunge in SHIB’s price. Users of the dog-themed memecoin appear to be pondering about the implications of this transfer.

It is essential to note that in many cases, crypto users consider transferring digital assets to CEXs a sign that the holder may be planning to sell. They see it as an attempt to introduce the assets into an ecosystem where they can be exchanged easily for fiat or other crypto assets, unlike holding them in isolated portfolios.

Considering the available data, the whale purchased the said SHIB tokens at an average price of $0.00002408. Selling them at the current price would amount to a loss of about $178,000. The data also revealed that the wallet behind the SHIB transfer did not hold any other token, showing that all of its past transfers revolved around SHIB.The transaction led to a 4% drop in SHIB’s price on Monday morning. However, the flagship memecoin has recovered from the slump and pushed towards higher levels. Data from TradingView showed that SHIB traded for $0.00002370 at the time of writing, reflecting a 6.4% profit for the trading day.

The post SHIB Recovers From Early Shock Following 100 Billion Whale Transaction appeared first on Coin Edition.

There is increasing bearish pressure on Bitcoin’s price.

BTC is putting in lower highs and lower lows since it achieved an ATH in March.

Breaking below the latest daily swing low could cause BTC to drop to $51K.

There is increasing bearish pressure on Bitcoin’s price as the flagship crypto repeatedly fails to break above resistance levels. In a gradual trend, BTC has continued to put in lower highs and lower lows since it achieved a new all-time high (ATH) in March 2024. While many analysts consider the pullback an accumulation, breaking below critical support could lower Bitcoin’s price.

Data from TradingView shows that Bitcoin met resistance around $65,500 after recovering from the $56,500 swing low. That level also represents the 0.5 Fibonacci retracement level, covering the drop from the ATH to the recently identified swing low.

BTCUSD Daily Chart on TradingView

The latest phase of the Bitcoin trend has introduced a new dynamic into the pioneer crypto’s price projections. Initially, the majority of analysts assumed the BTC retracement to be an accumulation that would soon meet substantial support and initiate a turnaround. However, the recent price behavior suggests increasing bearish pressure for Bitcoin.

Notably, Bitcoin’s daily chart reveals the flagship crypto is trading in a consistent downward channel. Continuing with this pattern could lead to BTC dropping below $60,000 for the second time since achieving the March 2024 ATH. That could also escalate the developing Fear, Uncertainty, and Doubt (FUD) sentiment, with traders selling off their BTC holdings. 

For that to happen, BTC could break below the recent swing low and head toward the next significant support of around $51,000. However, with a resurgence, BTC could reclaim the $65,500 resistance level, a break above which could trigger a rally towards $70,000.

Bitcoin traded for $61,658 at the time of writing, the 0.23 Fibonacci support. Although in small measure, the flagship crypto has delivered consecutive bullish candles in the past 48 hours. 

The post Bitcoin Price Indicates Bearish Trend, Explaining Why BTC May Fall Below $60K appeared first on Coin Edition.

Tether CEO refutes Ripple CEO’s claims of USDt being targeted by U.S.

Tether defends USDt’s role as a stablecoin for the unbanked and highlights its security measures.

Also, the CEO accused the media of bias, outlining Tether’s cooperation with law enforcement.

Paolo Ardoino, the CEO of prominent stablecoin issuer Tether (USDt), has fired back at the critical remarks of Ripple CEO Brad Garlinghouse. For context, Garlinghouse recently asserted that the U.S. government is targeting Tether. 

Garlinghouse expressed that while he considers USDt a significant player in the crypto scene, he doubts its future impact on the crypto landscape due to the supposed investigation he hinted at.

Ardoino, in his response on platform X, directly referred to Garlinghouse as an “uninformed CEO” of a company currently dealing with its own legal issues with the U.S. SEC. He accused Garlinghouse of spreading fear, uncertainty, and doubt (FUD) about USDt, particularly as Ripple is preparing to launch its own stablecoin.

Accordingly, Ardoino presented some details regarding the security of the Tether USDt ecosystem.

An uniformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDt.Let me give you an update on Tether USDt ecosystem safety.USDt is the most used stablecoin in the world, with…

— Paolo Ardoino 🍐 (@paoloardoino) May 13, 2024

Tether’s CEO defended USDt against skepticism by highlighting its role as the most utilized stablecoin globally, particularly in emerging markets and developing countries. According to him, USDt serves as a de facto checking and savings account for many unbanked communities.

Furthermore, Ardoino emphasized Tether’s commitment to fostering a secure global financial system that is accessible to all. He outlined vital attributes for stablecoin adoption: price stability, liquid reserves, reputable custodians, and strict compliance—all of which he asserts USDt consistently demonstrates.

Meanwhile, Ardoino claimed that despite his efforts to communicate these points through interviews, mainstream media has been reluctant to report on such positive aspects. He suggested that the media’s preference for sensationalism against stablecoin and cryptocurrencies might be an attempt to safeguard the interests of the established financial sector.

Furthermore, the CEO highlighted that the company respects and complies with OFAC/SDN lists. Ardoino added that Tether has collaborated with 124 law enforcement agencies from over 40 countries, blocking over $1.3 billion related to illicit activities, including $1.6 million tied to terrorism.

Moreover, he claimed Tether has responded to 198 law enforcement requests to block wallets in the past year, with 90 from U.S. agencies and 339 over three years, with 158 from U.S. agencies.

The post Tether Attacks Ripple CEO Over USDt FUD, Calls Him “Uninformed CEO” appeared first on Coin Edition.

Bitcoin maintains a steady $61K, with XRP and Solana taking 5% weekly losses.

Upcoming U.S. economic events, including PPI and CPI, are poised to influence crypto market trends.

Market commentators expect positive CPI data to send Bitcoin to $72K.

The crypto markets have been stagnant since last week. Bitcoin, for instance, has been maintaining a steady position around the $61K price level, often experiencing price declines in the past week. Bitcoin’s subdued performance is also reflected in the broader market sphere. Altcoins like XRP and Solana are registering over 5% losses in their weekly performance. 

Now, crypto investors are turning their attention to this week’s U.S. economic calendar, which is packed with events that could significantly sway the markets. The widely followed X account “The Kobeissi Letter” recently compiled the economic events expected to unfold this week.

Key Events This Week:1. April PPI Inflation data – Tuesday2. Fed Chair Powell Speaks – Tuesday3. April CPI Inflation data – Wednesday4. April Retail Sales data – Wednesday5. Philadelphia Fed Manufacturing data – Thursday6. Total of 12 Fed speaker events this week…

— The Kobeissi Letter (@KobeissiLetter) May 12, 2024

One of the key inflation reports on the horizon is the U.S. Producer Price Index (PPI), slated for release on Tuesday. This report is crucial as it provides insights into the input costs for producers and manufacturers, which is a direct precursor to consumer pricing. The PPI is often seen as an announcer of inflationary trends.

Meanwhile, insights into April’s Consumer Price Index (CPI) report will be unveiled on Wednesday. The Kobeissi Letter noted that if CPI inflation rises again this week, it would be the third consecutive monthly increase. 

Recently, a Conference Board survey revealed that a majority of U.S. CEOs anticipate only a single rate cut by the Fed this year. Of 136 CEOs surveyed, 31% expect no rate cuts, while 26% foresee two. 

The Kobeissi Letter observed that market expectations have settled on two rate cuts for the year, with the first anticipated in September. Meanwhile, the commentary highlighted the market’s fluctuating expectations. It noted that predictions have swung from six rate cuts to one and then back to two, all within four months.As the financial markets await vital events in the U.S. this week, the cryptocurrency market is exhibiting modest signs of recovery. At press time, Bitcoin has risen by 1%, with other major cryptocurrencies like Ethereum also posting slight gains. Market commentators expect positive CPI data to send Bitcoin within the $67K and $72K range.

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