Gala Games received approximately $22 million worth of Ethereum from the individual responsible for the security incident on May 20, when $200 million worth of Gala tokens were minted and a small portion was sold before the wallet was frozen. On May 21, the attacker returned 5913.2 Ethereum worth $22.3 million; this amount was close to the market value of the 600 million GALA tokens sold the previous day.
What is Happening at Gala?
In a blog post dated May 21, the Gala team stated that the return of Ethereum came after the team's quick, effective response and the involvement of federal law enforcement. Gala mentioned that they used a new GalaChain block list protocol feature to effectively freeze 4.4 billion GALA tokens out of the 5 billion GALA tokens minted within 45 minutes.

Gala's co-founder and CEO Eric Schiermeyer stated in a May 20 X and Discord post that the identity of the alleged attacker, including their home address, had been identified. Gala Games has not publicly confirmed the identity or method of the exploit, but some community members claim that Gala said the attack was carried out by a security contractor who made a mistake after connecting to the wallet without a VPN.

Notable Statements from the Gala Team
Schiermeyer mentioned in a Discord post that the team would likely use the recovered Ethereum to buy back and burn an equivalent amount of GALA tokens. Schiermeyer shared the following statements:
"I don't see anything else we need to do with the Ethereum. We will probably buy and burn through Galaswap."
Meanwhile, Gala Games suggested in the blog post that a governance vote was being conducted to decide whether the blocked 4.4 billion GALA tokens should be considered burned. This development came after DWF Labs announced that they had purchased 28 million GALA tokens on the open market to stabilize the token's value, stating that their investments and community security were important to them. According to CoinGecko, #GALA reached $0.043 with a 0.4% increase in 24 hours and a 9.3% rise over the past seven days.

Former United States House Speaker Nancy Pelosi is reportedly considering supporting the Republican-led crypto bill, the Financial Innovation and Technology Act for the 21st Century (FIT21). According to a report by the American political magazine The American Prospect on May 21, citing sources familiar with Pelosi's thoughts, Speaker Emerita Pelosi, who is no longer in Democratic Party leadership, may support the bill that could come to the House for a vote on May 22.
Crypto Regulations in the U.S. Agenda
FIT21 will clarify how the Commodity Futures Trading Commission and the Securities and Exchange Commission will share authority over crypto assets. If approved, the bill will also amend the 90-year-old Howey test, a legal standard for determining which assets are securities, and will mostly remove cryptocurrencies from SEC oversight.
FIT21 has been welcomed by the crypto industry, with many claiming it clears the currently murky regulatory framework for crypto assets. Mark Hays, a senior policy analyst on fintech at Americans for Financial Reform, told The American Prospect:
“The bill provides what the industry has been seeking for a while: a regulatory regime mostly dominated by the CFTC and much more in tune with the global economy.”
If Pelosi supports the bill, she will oppose Democrats Maxine Waters and David Scott, who are against the bill but whose leaked emails show they will not force House Democrats to vote against it.

Details on the Issue
Pelosi's support for the pro-crypto bill is the latest warming of Democrats towards crypto, and some analysts suggest that a potential U-turn in the SEC's approval of Ethereum funds is another effort to influence the support of pro-crypto voters. However, financial reform groups and anti-crypto Democrats argue that the bill will undo decades of financial regulations to benefit the crypto industry. Hays shared the following statements on the issue:
“This is not about supporting crypto; it's about trying to overcome the threat of promises from super PACs.”
The crypto industry has benefited from super PACs that can raise unlimited amounts of money to support pro-crypto candidates in the upcoming U.S. elections. Opposing Democrats like Senator Elizabeth Warren and financial reform groups see them as a threat due to the increasing role of cryptocurrency in this year's elections. On May 21, North Carolina Representative Wiley Nickel called on lawmakers to support FIT21 to stop the SEC from turning cryptocurrency regulation into a political football.

In the cryptocurrency space, #Cardano (ADA) is struggling to find fresh momentum above the $0.500 resistance zone. However, it continues to face some challenges before achieving this goal. ADA is bound to struggle to initiate a rapid rise by maintaining a solid hold above the critical support level at $0.480.
ADA Tries to Keep Ascension Potential Alive
The recent volatility in the ADA price both excites investors and draws their attention tightly. The price is struggling intensely to gain momentum above the $0.50 zone. Trading above $0.480, ADA is trying to keep its bullish potential alive by maintaining these support levels.

The U.S. Securities and Exchange Commission (SEC) is moving toward a decision to approve the spot #Ethereum (ETH) exchange-traded fund (ETF). In response to regulatory feedback, Cboe, the exchange associated with five potential spot Ethereum ETF issuers, has published updated ETF application (19b-4) filings. These issuers include Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares and Franklin Templeton.
Revised Application Forms Submitted Upon SEC's Instruction

Crypto bulls seem to have regained full strength following speculation that an approved spot #Ethereum investment fund is more likely than ever. This comes amid reports that the Securities and Exchange Commission likely requested updates to 19b-4 filings for Ethereum ETFs due to political pressure.
Comments on Ethereum from Notable Figures
According to CoinGecko, Ethereum's price increased by 19.4% in the last 24 hours and is currently trading at $3,685. This is the highest price seen since April 9. While the cause of the sudden change is unclear, Bloomberg ETF analyst Eric Balchunas and other industry experts believe it may be due to the crypto-related turnaround process on Capitol Hill.

Henrik Andersson, Chief Investment Officer of asset manager Apollo Crypto, commented on the matter, stating that an approval suddenly seems likely and added:
"There is a turning point in Washington ignited by SAB 121, with members of both parties voting to block the bill."
Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, commented on the matter in a May 20 X post:
"This process could mean that winter is over and it's time for the US to rise again in the crypto space."
Ryan Sean Adams, one of the hosts of Bankless, suggests that a political shift could mark the end of a series of SEC lawsuits and newfound support for crypto-friendly regulation.

Meanwhile, Galaxy Digital founder and CEO Mike Novogratz stated that he has never felt more confident about the cryptocurrency industry and potential institutional adoption over the next 12 to 24 months ahead of the CNBC Financial Advisor Summit.

The US and the Crypto Market
As the US elections approach, crypto assets have become an increasingly important topic. Republican candidate Donald Trump recently made various efforts to gain support from the sector, including a dinner hosted by NFT enthusiasts at his Florida home on May 8. During the dinner, Trump earned significant points from the crypto community after promising to help prevent more local innovators from fleeing offshore. He also used the event to mock Biden's knowledge of crypto.
Some believe this has also prompted Democrats to seek political points. A recent survey conducted by the Digital Currency Group revealed that a candidate's position on cryptocurrencies could influence people's voting decisions in many swing states. The US presidential election will be held on November 5, 2024.

The cryptocurrency market was shaken last night by Ethereum's impressive rise, while XRP continued its uncertain path. XRP's participation in the rise led by #ETH was limited. At the time of writing, XRP was at $0.53.
XRP Struggles to Overcome Resistance Levels
Looking at XRP's recent performance, we can see that it started an increase above the $0.5150 resistance level. Currently, the price is trading above the $0.5250 level. Notably, there was a break above a significant downtrend line at $0.520 resistance on the hourly chart of the XRP/USD pair. This indicates that the bulls are gaining momentum and the price has significant upward potential in the near term.
XRP's recovery wave was triggered by Ethereum's rise of over 20% and Bitcoin surpassing the $70,000 level. However, we see that the price is currently correcting its gains. The immediate resistance level for XRP is shown as $0.5380. However, the first key resistance is around $0.5420. A close above this level could push the price higher and open the way towards the next key resistance level around $0.5550.
Investors should note that if #XRP surpasses the $0.5550 resistance level, a new move towards the $0.5650 resistance could be possible. Further gains could push the price to the $0.5720 resistance, thus determining XRP's performance in the coming days.
XRP Price Analysis: $0.5380 Resistance Zone Plays a Critical Role
The current state of XRP highlights the importance of the $0.5380 resistance zone as a critical determinant for future movements. As of now, if XRP fails to surpass the $0.5380 resistance zone, it could initiate a downward correction. In this case, the initial support on the downside will be near the $0.5310 level. However, if a more significant decline occurs, the next major support is at the $0.5250 level.

A break below the $0.5220 level and a close below this level could accelerate the price towards lower levels. In this scenario, XRP's price might drop and test the $0.5065 support in the near term.
Technical Indicators Show Slowing Momentum
Looking at the technical indicators, the hourly MACD for XRP/USD is losing momentum in the bullish zone. However, the hourly RSI (Relative Strength Index) is above the 50 level for XRP/USD. This level can be interpreted as a potential bullish signal for the price.
The main support levels are $0.5310 and $0.5220, while the main resistance levels are $0.5380 and $0.5420.

The spot #Bitcoin ETF market started the week on a strong note, with over $237 million in inflows reported across all eleven spot Bitcoin ETFs on May 20, the first trading day of the week. This increase in inflows coincided with a significant rise in the price of Bitcoin (BTC), which reached $72,000, a 7 percent increase. The positive sentiment in the market was further strengthened by encouraging news regarding the potential approval of a spot Ethereum ETF.
Investor Influx into Spot Bitcoin ETFs

The rise of Solana in the cryptocurrency markets has accompanied the rise of other cryptocurrencies. The recent volatility in the #SOL price has caused investors to turn their eyes to this popular cryptocurrency. SOL price increased significantly, especially against the US Dollar, and tested the $188 resistance.
SOL Coin is on the agenda with an impressive increase
Currently, SOL is trading near $180. A key bullish trend line is forming with support at $175 on the hourly chart of the SOL/USD pair. However, if the pair fails to sustain above $175, it may struggle to surpass the $188 resistance.

Silver achieved an impressive comeback against #Bitcoin this year, surpassing the cryptocurrency as the 8th largest asset by market value after losing its position in March. According to CoinGecko, the world's second most valuable metal has gained 33.4% since Bitcoin reached a record $73,737 on March 14, while Bitcoin has declined by 9.5% during this period.
The Battle Between Bitcoin and Silver Continues
As a result, silver's market value of $1.83 trillion is currently $500 billion more than Bitcoin's market value of $1.31 trillion; this means that Bitcoin would need to increase by 40% to reach $93,000 to reverse silver's current market value.

Bitcoin is currently the ninth largest asset in the world, following gold, Microsoft (MSFT), Apple (AAPL), Nvidia (NVDA), Google (GOOG), Saudi Aramco (2222.SR), Amazon (AMZN), and Silver. According to Trading Economics, gold has also stood out with a 22.4% increase since February 13.
It currently has a market value of $16.4 trillion. Industry experts are divided on how Bitcoin's price will move after reaching an all-time high in March.
What Awaits Bitcoin?
Bitcoin analyst Dylan LeClair previously noted that Bitcoin tends to double within months after reaching new peaks, especially during halving events. However, Bitcoin currently has a much higher market value than in 2020, 2016, and 2012, making such an achievement more challenging.
Galaxy Digital founder and CEO Mike Novogratz stated that Bitcoin would remain in a consolidation phase between $55,000 and $75,000 over the next month and potentially rise towards the end of the second quarter. Analysts at the cryptocurrency trading platform Bitfinex predict that Bitcoin could reach $150,000 within the next 12 months.
Many industry experts cite spot Bitcoin exchange-traded funds and the post-halving effect as the main factors behind these high predictions. Bitcoin's market sentiment score is currently 70 out of a possible 100, which indicates greed on the Crypto Fear and Greed Index.

Recently, the cryptocurrency market has been experiencing fluctuations, and XRP's price is also affected. Especially unable to surpass the $0.530 resistance level, #XRP has entered a downtrend again. The price falling below the $0.5150 level has brought several negative signs.
Key Levels to Watch for XRP Price
In recent days, XRP struggled around the $0.5300 level but failed and the price started to decline. Currently, XRP is trading above $0.5150. A break below a significant contracting triangle with support at $0.520 on the hourly chart of the XRP/USD pair occurred. This indicates that if the pair drops below the $0.500 level, the downward momentum could accelerate further.
After an upward movement, XRP's price faced resistance near the $0.530 region. The highest level recorded was $0.5293, and from this point, the price started a downward correction similar to other major cryptocurrencies like Bitcoin and Ethereum. The price dropped below the $0.5220 level, passing a significant threshold.
A break below a significant contracting triangle with support at $0.520 occurred on the hourly chart of the XRP/USD pair. This break caused concern in the markets and led to the price dropping below the $0.5150 level.
Will There Be More Losses?
XRP is struggling to surpass the $0.52 resistance area, causing concerns among investors. If this resistance cannot be overcome, further declines in XRP's price might be expected.

According to technical analysis, the first downward support level for XRP is at $0.5045. If the price falls below the $0.5045 level, we might see a decline towards the next critical support level at $0.500. The main support is currently positioned around $0.4965. If the price falls below this level and closes there, a sharper decline in XRP's price might occur.
If this scenario happens, the cryptocurrency XRP's price might test the support at $0.4840 in the near term. Such a decline could be a significant warning sign for investors and cause panic in the market.
Technical indicators also support this possibility of a decline. The hourly MACD (Moving Average Convergence Divergence) indicator is currently gaining momentum in the bearish zone. This indicates that the downtrend is strengthening. Similarly, the hourly RSI (Relative Strength Index) is also below the 50 level, indicating that selling pressure dominates the market.

#Bitcoin is up over 8% in the past week, indicating that the lows continue to attract buyers. Usually in a range, investors buy near support and sell near resistance. This suggests that the price could reach the top of the $73,777 range, but it might be difficult to overcome this hurdle. Analysts are divided in their views on Bitcoin's next directional move.
What to Expect for the Crypto Market?
While some believe that the correction is over and Bitcoin will rise to a new all-time high, others expect Bitcoin to retest the $60,000 support and move lower. It is difficult to predict with certainty the direction of the breakout from a given range. Therefore, it may be prudent to wait for the price to start a new trend before creating large trading positions.

Venture capital investments in cryptocurrencies and #Blockchain technologies increased significantly in the first three months of 2024. According to data released today, global venture capital investments exceeded $2.4 billion, a sign of a recovery in investor interest. However, it is stated that there are still uncertainties about whether this increase will be permanent.
Investment Volume for Cryptocurrencies and Blockchain is Expected to Increase