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India’s Supreme Court urges government to regulate cryptocurrency
India’s Supreme Court questioned the government’s lack of regulatory clarity on cryptocurrencies despite imposing taxes on digital assets like Bitcoin.According to the Indian legal news outlet LawChakra, the country’s Supreme Court expressed concern over the increasing use of Bitcoin (BTC) and other cryptocurrencies, which remain largely unregulated.“This is a whole parallel economy running with such coins, and it is a danger to the economy of the country,” Justice Surya Kant reportedly said during a recent hearing related to an ongoing investigation into a Bitcoin transaction.Kant said that while the government has implemented crypto taxation, it has failed to regulate the space.“If you can tax it at 30%, also please regulate it as you have recognised it by taxing it,” the judge said.Related: Indian high court orders steps to block Proton MailGovernment says review may followThe Additional Solicitor General of India — a senior legal officer representing the government of India — reportedly answered the request by saying that the government “will take instructions, my lord,” indicating that the government may consider reviewing the country’s current cryptocurrency regulation.The report follows a May 5 hearing by the Supreme Court during which Kant and lawyer Mahesh Jethmalani shared their views on cryptocurrency. Jethmalani said that Bitcoin is already being used worldwide, noting that “in Europe, you can walk into a car showroom and buy a car using just one Bitcoin.”Related: Coinbase plans India comeback with FIU registrationWhile this scenario is not as common as this statement may suggest, buying a car with Bitcoin is possible at specialized sellers. The lawyer also showed that he misunderstood the pseudonymous nature of Bitcoin’s creator, Satoshi Nakamoto, claiming that he was from Japan:“It was created by someone from Japan who used a fake name.”Concerns over misuseKant also expressed concern over the misuse of cryptocurrencies. He said that “there is some system of rules that applies to this.”Kant also said that “some Bitcoins are genuine, but some might not be.” However, it’s unclear whether he meant to suggest that counterfeit Bitcoin are in circulation (there are none) or that illegal activities taint some. The latter appears likely since the statement was followed by the judge saying that “it has also become a possible way to do illegal business.”India’s government has not yet introduced comprehensive legislation to govern cryptocurrencies, though it taxes gains and requires firms to report certain activities to financial regulators. The lack of regulation has drawn criticism from both the industry and policymakers amid the asset class’s continued growth.Magazine: India mulls new crypto ban to support CBDC, Lazarus Group strikes again: Asia Express
Published: 1 hour ago
Bitcoin privacy tool Payjoin receives $100K grant from Maelstrom
Bitcoin developer Ben Allen has received a $100,000 grant from investment firm Maelstrom to support the development of Payjoin, a privacy-focused tool aimed at improving Bitcoin’s scalability and privacy.According to a May 20 announcement shared with Cointelegraph, Maelstrom will finance Allen’s work on his Payjoin devkit alongside Dan Gould. The system allows Bitcoin (BTC) senders and receivers to use batched transactions, with positive implications for scalability and privacy.Payjoin Developer Kit’s website. Source: Payjoin Dev KitPayjoin was first proposed by Nicolas Dorier in 2019 in Bitcoin improvement proposal (BIP) 78. The core principle behind the system is that both senders and receivers may contribute inputs to a transaction.“Namely that privacy is enhanced and improved consolidation of transaction outputs is achieved, benefiting scalability,“ the Maelstrom announcement states.A Maelstrom representative told Cointelegraph that grantees are paid monthly for a total of $100,000 per year in Bitcoin and Allen’s grant will last one year. There are no concrete milestones and the grant is managed on a hands-off approach:“We believe grantees may work better with freedom to work on what they wish, rather than being tightly controlled by those who provide the funding.“Related: Bitcoin privacy will survive despite CoinJoin closure — zkSNACKs CEOPayjoin: Soon in wallets near you?Allen will be working on improving Payjoin implementations, with the clear objective of making it possible for the feature to be added to more wallets. He explained that the funding will enable him to work on the project full time.The announcement points out that the system presents challenges, with the receiver needing to be online and the payment communication flow being more complex than normal non-interactive Bitcoin transactions. Maelstrom’s chief investment officer and BitMEX crypto exchange co-founder and former CEO Arthur Hayes said that “improving financial privacy in Bitcoin is extremely important.” He added:“The great thing about Payjoin is that if only a small amount of adoption is achieved, it breaks a key assumption used by financial surveillance companies. The assumption they have is that if a Bitcoin transaction has multiple inputs, all the inputs must all belong to the same entity.“A Maelstrom representative explained to Cointelegraph that the firm “is keen to support more grantees in the privacy area.” The company is actively seeking candidates with strong track records in Bitcoin privacy projects.Related: What are privacy coins and how do they differ from Bitcoin?Enjoy the benefits whether you use it or notHayes noted that “Payjoin adoption improves the privacy of even the people who don’t use it.” Allen said he believes privacy is important for Bitcoin users to enjoy a better experience and control their financial data when using it daily.Allen told Cointelegraph he is “building out benchmarks to help downstream developers implement Payjoin in individual wallet software as well as expanding test coverage to ensure consistent and reproducible code.” He explained that encouraging its adoption “is the biggest step we can take for simplifying the experience and encouraging Payjoin adoption by moving the complexities mostly away from the user.” The Maelstrom representative told Cointelegraph that “a key metric for Payjoin success would be adoption by popular open source Bitcoin wallets.” “In particular if the BitcoinCore wallet ever adopts it, that would be a huge signal of success,” they added.Magazine: Big Questions: What did Satoshi Nakamoto think about ZK-proofs?
Published: 3 hours ago
Bitcoin is signaling a golden cross — What does it mean for BTC price?
Key takeaways:Bitcoin is nearing a golden cross that led to 45–60% price rallies in the recent past.Fundamentals like rising M2 supply and easing trade tensions support a bullish outlook.Bearish divergence and overbought conditions show there’s still a risk of BTC falling below $100,000.Bitcoin (BTC) will likely confirm a “golden cross” on its daily chart by the end of May, a technical pattern whose occurrences in recent years often preceded rallies.Source: Benjamin CowenPrevious golden crosses led to 45-60% BTC price ralliesAs of May 20, Bitcoin’s 50-day simple moving average (50-day SMA; the red wave) was eyeing a close above its 200-day SMA (the blue wave) for the first time since October 2024, forming a golden cross.BTC/USD daily price chart. Source: TradingViewPreviously, BTC price had gained over 60%, with the reelection of Donald Trump as the US president playing a key role. In October 2023, the golden cross was followed by a 45% BTC price rally, helped by Bitcoin ETF euphoria. September 2021 saw 50% gains in BTC price after painting a similar SMA crossover.Bitcoin’s golden crosses can failUsing indicators that worked in the past is not a guaranteed strategy. Traders learned that in February 2020, when Bitcoin’s golden cross preceded a 62% price crash, primarily due to the global market rout led by the COVID-19 lockdowns.BTC/USD daily price chart. Source: TradingViewThat episode underscores the importance of using golden crosses with broader technical and macro indicators while factoring in the possibility of unexpected events. As of now, Bitcoin’s upcoming golden cross aligns with mostly supportive fundamentals, placing the signal on the bullish side of the ledger. Increasing M2 money supply and easing US-China trade tensions, for instance, have propelled bets on a new record high for Bitcoin. Source: Michaël van de PoppeWhat’s notable this time is that BTC is signaling a correction after its relative strength index (RSI) crossed above the overbought threshold of 70 earlier in May. Related: Bitcoin trading in six-figure territory shows BTC is ready to carry gold’s ‘baton’ — Fidelity execSo, instead of an immediate rally after the cross, Bitcoin may initially pull back toward its SMA supports, sitting around the $92,400-95,000 range as of May 20. BTC/USDT daily price chart. Source: TradingViewA growing bearish divergence between the rising Bitcoin price and falling RSI furthers the chances of short-term downside. Nonetheless, some technical indicators see the BTC price rallying toward $150,000 in the coming months.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Published: 3 hours ago
Coinbase data leak could put users in physical danger: TechCrunch founder
A recent data breach at crypto exchange Coinbase has raised concerns about user safety after hackers gained access to sensitive information, including home addresses.Coinbase, the world’s third-largest cryptocurrency exchange, confirmed that less than 1% of its transacting monthly users were affected in an attack that may cost the exchange up to $400 million in reimbursement expenses, Cointelegraph reported on May 15.However, the “human cost” of this data breach may be much higher for users, according to Michael Arrington, the founder of TechCrunch and Arrington Capital.“Very disappointed in Coinbase right now. Using the cheapest option for customer service has its price,” Arrington said in a May 20 X post, adding:“Something that has to be said though - this hack - which includes home addresses and account balances - will lead to people dying. It probably has already.”Source: Michael ArringtonWhile no passwords, private keys or account funds were exposed, cybercriminals reportedly bribed overseas customer service contractors to access internal systems. This allowed them to steal personal data that could be used in social engineering scams or even physical extortion attempts.Related: Hoskinson promises audit, is ‘deeply hurt’ by $600M Cardano treasury claimsWith Bitcoin (BTC) trading above $100,000, crypto wealth has become a growing target for criminals. Experts warn that leaked address data could expose high-net-worth individuals to real-world risks. On May 16, Cointelegraph reported on six violent robberies that targeted cryptocurrency investors, aiming to extort digital assets via kidnapping or torture.In a ruthless attack on May 4, the father of a French crypto entrepreneur was abducted in Paris, France. The kidnappers cut the victim’s finger and sent a video to his son, demanding 5 million euros in crypto.The victim was held for two days before French police were able to find and rescue him. According to CNN, five people were arrested in connection with the kidnapping. Related: US crypto funds top $7.5B inflows in 2025 as investor appetite growsCrypto exchanges need “layered” cybersecurityTo prevent similar user data breaches, crypto exchanges need to adopt a “layered defense strategy,” according to Ronghui Gu, the co-founder of CertiK Web3 security firm.“This can include privileged access management, zero trust architecture, multifactor authentication across internal systems, and continuous monitoring with behavioral analytics,” Gu told Cointelegraph, adding: “Preventive measures such as regular phishing simulations, tailored security training, and restricting third-party access to sensitive systems may help reduce these risks.”However, crypto platforms will need to “rethink their security posture” as attackers “increasingly target human vulnerabilities rather than technical ones,” added Gu, warning of the rising threat of social engineering schemes.Incidents and losses in 2024 by month. Source: CertiKSocial engineering schemes, such as phishing scams, were the most significant security threat of 2024, costing the industry over $1 billion across 296 incidents, according to CertiK.Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19
Published: 3 hours ago
Why is Bitcoin price up today?
Key points:Bitcoin gained 3% to above $105,000 on May 20, fueled by high open interest in the futures market and increasing institutional demand.A classic bullish pattern is in play, targeting BTC price at $138,000 and beyond.Bitcoin (BTC) is up today, rising over 3% in the last 24 hours to over $105,500 on May 20. Data from Cointelegraph Markets Pro and TradingView shows that the BTC/USD pair climbed as much as 5% to an intraday high of $107,148 on May 20 from a low of $102,100 on May 19. BTC/USD daily chart. Source: Cointelegraph/TradingViewLet’s take a look at the factors driving up Bitcoin price today.Spot Bitcoin ETF inflows boost BTC priceBitcoin's recent price rise coincides with rising capital inflows into US spot Bitcoin exchange-traded funds (ETFs), highlighting the growing demand for regulated exposure to the cryptocurrency.Spot Bitcoin ETFs have recorded inflows 18 out of the last 21 days, accumulating a total of $6.9 billion in new capital in three weeks, as per data from Farside Investors.Spot Bitcoin ETF total cumulative flow. Source: Farside InvestorsAdditional data from CoinShares reveals that institutional investors asserted their optimism in crypto markets as $785 million flowed into crypto investment products, marking a five-week streak of inflows. Bitcoin investment products attracted $557 million in inflows over the past week, indicating growing investor confidence in Bitcoin as a long-term asset.More institutional demand came from corporate investors, with Strategy, formerly MicroStrategy, the top corporate Bitcoin holder, acquiring 7,390 BTC worth about $765 million last week. Japan’s Metaplanet has bagged another 1,004 BTC for about $129 million as per a May 19 announcement. Metaplanet has acquired 1004 BTC for ~$104.3 million at ~$103,873 per bitcoin and has achieved BTC Yield of 189.1% YTD 2025. As of 5/19/2025, we hold 7800 $BTC acquired for ~$712.5 million at ~$91,343 per bitcoin. $MTPLF pic.twitter.com/w4tqZA2QPK— Simon Gerovich (@gerovich) May 19, 2025With increasing institutional demand for Bitcoin, the price is well-positioned to continue its upward trajectory toward all-time highs and into price discovery.Bitcoin OI hit all-time highsAn increase in open long BTC positions in the futures market preceded Bitcoin’s rally to $107,000. Bitcoin’s total open interest (OI) in the derivatives market increased to an all-time high of $72.63 billion on May 20 from $57.1 billion on April 19, data from CoinGlass shows. Bitcoin OI on all exchanges. Source: CryptoQuantThe chart above shows that Bitcoin’s OI has jumped 27% in the past 30 days, suggesting increased demand for leveraged BTC positions.Additionally, Bitcoin CME futures OI also hit a 90-day high of 157,875 BTC on May 19, worth approximately $16.76 billion at the time, as per Glassnode data. Bitcoin CME futures national OI. Source: CryptoQuantWith the current strong demand for BTC futures contracts, investors are expecting Bitcoin to continue its uptrend similar to the one that occurred between late October 2024 and December 2024, when rising OI accompanied BTC’s 84% rally to its previous all-time highs of $108,000 reached on Dec. 16, 2024.Bitcoin’s cup-and-handle pattern targets $138,000From a technical perspective, the BTC/USD pair has been forming a cup-and-handle chart pattern on its daily chart since Dec. 17, 2024.A cup and handle setup is a technical formation that appears when the price falls initially, followed by a steady recovery in what appears to be a U-shaped recovery, which forms the cup. The recovery leads to a pullback move, wherein the price trends lower inside a descending channel, forming the handle.The pattern is resolved when the price breaks above the handle, rallying to an approximately equal size to the prior decline. The BTC/USD daily chart below illustrates a similar bullish technical setup.BTC/USD daily chart. Source: Cointelegraph/TradingViewNote that BTC's price now trades above the handle range and is pursuing a break above the neckline resistance at $106,000. A decisive daily candlestick close above the neckline could lead the BTC price to confront resistance from the $109,000 all-time high.Breaking this barrier would clear the path toward the technical target of the prevailing chart pattern at $138,000, up 31% from the current level.As Cointelegraph reported, a move to new highs of $116,000 could come as early as this week. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published: 4 hours ago
Sorry bears — Bitcoin analysis dismisses $107K BTC price double top
Key points:Bitcoin is not in line to cancel its attack on all-time highs, says the Bitcoin Fundamental Index (BFI).BTC price strength remains “intact,” says Swissblock Technologies, removing the risk of a double top.Historically, a return to within 10% of all-time highs delivers price discovery almost every time.Bitcoin (BTC) does not risk a “double top” bull market reversal with its trip past $107,000, new analysis says.In one of its latest X updates, private wealth manager Swissblock Technologies described BTC price strength as “intact.”BTC price indicator ignores double top “noise”Bitcoin shows “no signs of bearish divergence,” as seen through the lens of a basket of network indicators.Commenting on the latest signals from its Bitcoin Fundamental Index (BFI), Swissblock argued that despite being less than $5,000 from all-time highs, BTC/USD is not about to abandon its push into price discovery.“A lot of noise about a potential double top as $BTC struggles to break ATH,” it said.BFI combines various extant indicators into a single oscillator to provide insight into trend strength at a given price point.Since August 2024, BFI has stuck rigidly to its middle territory around the 50/100 mark, irrespective of price action.“Even during the Feb–Mar pullback, it held neutral, never dipped into weakness,” the post notes.Swissblock explained that if BTC/USD were to reverse now and head lower, leaving all-time highs untouched, BFI would already be “breaking down.”“On-chain strength is intact,” it concluded. “Bears: not this time, got to wait.”Bitcoin Fundamental Index (BFI). Source: Swissblock Technologies/XStats favor Bitcoin bullsThat perspective chimes with that of the majority of popular crypto market participants this month.Related: $107K fakeout or new all-time highs? 5 things to know in Bitcoin this weekAs Cointelegraph continues to report, price discovery is expected to reenter sooner rather than later, with one BTC price target for this week already at $116,000.On that topic, network economist Timothy Peterson used statistical analysis to assume a trip to at least $115,000 by the end of June.“Bitcoin has pulled to within 10% of its all-time high,” his X post from May 9 reads. “What happens next? This has happened nearly 300 times since 2015. Within 50 days, Bitcoin made a new all-time high 98% of the time.”Peterson acknowledged that post-2020 gains have been more modest than those before, with an average 8% move giving BTC/USD a target of up to $125,000.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published: 6 hours ago
Indonesia’s DigiAsia shares pop 90% on plan to raise $100M to buy Bitcoin
Shares in the Indonesian fintech firm DigiAsia Corp nearly doubled after the company said it plans to raise $100 million to seed its first of many Bitcoin buys. The Jakarta-based Nasdaq-listed company said on May 19 that its board of directors approved creating a Bitcoin (BTC) “treasury reserve” and it was “committing up to 50% of any net profits generated to fund the acquisition of BTC.”DigiAsia said it was also “actively exploring a capital raise of up to US$100 million” to kickstart its Bitcoin holdings and would look to earn yield on its holdings through means like lending and staking.DigiAsia said it had “initiated discussions with regulated partners” on yield strategies and managing its planned Bitcoin holdings. The company added that it was also assessing whether to offer convertible notes or crypto finance instruments linked to its planned Bitcoin haul. DigiAsia stocks explode on Bitcoin plansShares in DigiAsia Corp (FAAS) closed May 19 trading at a gain of just over 91% at 36 cents after the company’s Bitcoin announcement, according to Google Finance.DigiAsia’s Bitcoin plan has seen its stock price rise over 90% in the regular trading session. Source: Google FinanceHowever, after the bell, DigiAsia stock dropped 22% to 28 cents. The company’s shares are down nearly 53% so far this year, having peaked at just under $12 in March 2024. In a financial update on April 1, DigiAsia reported its revenues grew 36% year-on-year to $101 million in 2024. It projected growth of 24% to $125 million in 2025, along with earnings before interest and taxes of $12 million.A growing number of companies are adding Bitcoin to their corporate holdings, following its popularization by Michael Saylor’s Strategy, formerly MicroStrategy, which has the largest Bitcoin holdings of any public company at 576,230 BTC, worth nearly $60.9 billion.Strive Asset Management announced on May 7 that it will transition into a Bitcoin treasury company, and video game retailer GameStop Corporation (GME) finished a convertible debt offering on April 1 that raised $1.5 billion, with some proceeds earmarked for buying Bitcoin. Related: Metaplanet scoops 1,004 Bitcoin in 2nd-biggest buy everCorporate Bitcoin treasuries collectively hold over three million in Bitcoin, worth over $340 billion, according to Bitbo data.Blockstream co-founder and CEO Adam Back predicted that firms with Bitcoin-focused treasuries are driving global adoption and could push Bitcoin’s market cap hit $200 trillion in the coming decade. Bitcoin’s market cap is currently sitting at around $2 trillion, with BTC changing hands at $105,642, up 2% in the past day, according to CoinGecko. Magazine: Rise of MicroStrategy clones, Asia dominates crypto adoption: Asia Express 2024 review
Published: 8 hours ago
JPMorgan boss says bank users can soon buy Bitcoin
Jamie Dimon, the CEO of JPMorgan, said his bank will soon allow its clients to buy Bitcoin, but it won’t custody the cryptocurrency.“We are going to allow you to buy it,” Dimon said at JPMorgan’s annual investor day on May 19. “We’re not going to custody it. We’re going to put it in statements for clients.”CNBC reported that Dimon also remarked on his long-held skepticism about crypto assets, pointing to their use in money laundering, sex trafficking and terrorism.“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” he said.Michael Saylor comments on Dimon’s announcement. Source: Michael SaylorJPMorgan will offer clients access to Bitcoin (BTC) exchange-traded funds (ETFs), CNBC reported, citing sources familiar with the situation. Until now, the firm has limited its crypto exposure primarily to futures-based products, not direct ownership of digital assets.Related: Morgan Stanley advisers can officially pitch Bitcoin ETFsJPMorgan rival Morgan Stanley has also moved to offer spot Bitcoin ETFs to qualifying clients. Spot Bitcoin ETFs in the US have seen significant adoption, with almost $42 billion in total aggregate inflows since they launched in January 2024. Dimon’s Bitcoin bashing historyDimon has long been skeptical of Bitcoin, labeling it a scam that he had no interest in buying in 2018 and calling it “worthless” during the 2021 crypto bull market.“I’ve always been deeply opposed to crypto, Bitcoin, etc.,” he said during a Senate Banking Committee hearing in 2023. “The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance.”“If I were the government, I’d close it down,” he said.At the 2024 World Economic Forum in Davos, Switzerland, Dimon said Bitcoin “does nothing. I call it the pet rock,” which came after the asset topped $100,000 for the first time. Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest
Published: 11 hours ago
Bitcoin trading in six-figure territory shows BTC is ready to carry gold’s ‘baton’ — Fidelity exec
Key takeaways:Bitcoin’s Sharpe ratio converges with gold’s, indicating similar risk-adjusted returns, supporting its store-of-value role.Gold outperformed Bitcoin in Q1 2025 with a 30.33% price gain versus Bitcoin’s 3.84%, driven by economic uncertainty.Bitcoin ETF inflows are recovering, and analysts predict BTC could reach $110,000–$444,000 in 2025.Bitcoin’s (BTC) price is holding above $100,000, leading Fidelity Director of Global Macro, Jurrien Timmer to say the crypto asset could reclaim its position as a leading store-of-value contender. Timmer’s recent analysis highlights a convergence in the Sharpe ratios of Bitcoin and gold, suggesting that the two assets are increasingly comparable in risk-adjusted returns. The Sharpe ratio measures the rate of return an investment provides for the risk taken, by comparing its performance to a risk-free benchmark relative to its volatility.The chart below, tracking weekly data between 2018 and May 2025, shows Bitcoin’s returns (1x) catching up to gold’s (4x), with gold at $22.48 and Bitcoin at $15.95 in relative performance terms. Gold vs Bitcoin Sharpe ratio. Source: X.comFrom an allocation standpoint, Timmer recommended a 4:1 gold-to-Bitcoin ratio for a store-of-value hedge, highlighting an intriguing observation. Timmer said, “I continue to be fascinated by the fact that the most negatively correlated asset to Bitcoin is gold. For two players on the same store-of-value team, it’s not what I would expect to see. Bitcoin’s risk-reward ratio has continued to impress. There is no other asset quite like it!”While Bitcoin’s SoV credential improves above $100,000, Ecoinometrics, a Bitcoin-focused macroeconomic newsletter, pointed out that it was not smooth sailing in Q1 2025. In 2024, Bitcoin spot exchange-traded traded-funds (ETFs) saw a staggering $35 billion net inflows, purchasing 500,000 BTC and driving a 120% return. However, 2025 started on a different note. The first four months saw Bitcoin ETF flows drop to less than a third compared to 2024, while gold ETFs attracted more capital. The newsletter noted that this shift could be attributed to Q1 uncertainty surrounding Federal Reserve policy, trade policy, and the US economy. Ecoinometrics stated,“Between two hard assets, gold and Bitcoin, it’s easy to see why capital went to the one seen as a haven.” Bitcoin vs gold ETF netflows comparison. Source: X.comGold, with a 30.33% price gain in 2025 compared to Bitcoin’s 3.84%, benefited from its stability during economic unease. Additionally, the analysis added that Bitcoin performed better as a “high-beta growth asset,” thriving in rising liquidity and fiat debasement environments. Recent developments signal a shift: US trade policy clarity, a softer Federal Reserve stance, and easing financial conditions have spurred steady inflows into Bitcoin ETFs.Related: Bitcoin bull flag and standard profit taking hint at eventual rally to new BTC price highsBitcoin is on track for new highs in 2025A higher Sharpe ratio is a positive metric for Bitcoin, significantly increasing the probability of reaching new all-time highs above $110,000 in May. According to Bitcoin Suisse, a crypto custody firm, BTC’s high Sharpe ratio has allowed the asset to thrive in risk-on and risk-off environments since the US presidential election. Bitcoin price performance in risk-on, risk-off. Source: Bitcoin SuisseWith more than 88% of its supply in profit, BTC currently behaves as a high-conviction bet, where the likelihood of an “acceleration phase” moving forward. Bitcoin Suisse head of research Dominic Weibei said, “In this environment, Bitcoin has emerged as the Swiss army knife asset. Whether equities rally or bonds crumble, BTC trades on its supply-demand fundamentals, delivering a win-win profile that traditional assets simply can't offer.”Similarly, Cointelegraph reported that Bitcoin has a "decent chance" of reaching $250,000 or more in 2025, driven by its interplay with gold, according to a gold-based forecast. The report uses a scenario-based framework rooted in its gold model to project Bitcoin’s potential revaluation as a non-sovereign hard asset. If Bitcoin’s network value, measured in gold, follows a power curve, and gold maintains its current value, analysts suggest it could hit $444,000 in 2025. However, a more conservative estimate by Bitcoin analyst Apsk32 points to a "reasonable" target of $220,000 for the year. Related: Altcoins are on the verge of ‘most powerful rally’ since 2017 — AnalystThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published: 14 hours ago
Bitcoin fractal analysis forecasts new all-time highs above $110K by end of week
Key takeaways: Bitcoin onchain and technical data suggest new all-time highs are imminent.Glassnode data shows most Bitcoin wallet cohorts accumulating BTC. A daily timeframe bearish divergence signals fading momentum, raising doubt on BTC’s ability to rally into the $120,000 to $130,000 range.Bitcoin (BTC) price rallied back above $105,000 during the US market trading session, after forming a double bottom pattern in the 1-hour chart. Bitcoin 1-hour chart. Source: Cointelegraph/TradingViewAvailable liquidity around the $102,500 zone was swept, possibly laying the foundation for new Bitcoin price highs this week.Bitcoin fractals hint at new all-time highsBitcoin’s current range between $106,300 and $100,600 represents a similar setup to its previous range between $97,900 and $92,700. The price action pattern can be summarized into three different conditions: Range lows and range highs led to immediate trend reversal. A double bottom occurred after range highs ($97,900 and $107,144) were formed. The double bottom formation occurred above range lows, sweeping internal liquidity levels, but the bottom.Bitcoin price fractal analysis. Source: Cointelegraph/TradingViewBitcoin could consolidate between $103,500 and $105,200 (orange boxes) over the next 24 hours, mirroring its earlier sideways movement between $95,800 and $97,300. If this pattern holds, it could increase the chances of Bitcoin breaking above $107,000, potentially reaching new highs above $110,000 this week.Conversely, a failure to hold $103,500 could lead to a retest of the $102,000 support. This would be treated as an invalidation of the price fractal, which could open the possibility of new lows under $102,000 in the coming days. Related: Bitcoin ignores Moody’s US debt downgrade, rallies back to $105K after profit-taking sell-offWill Bitcoin overcome a daily bearish divergence?Glassnode revealed a significant shift in Bitcoin investor behavior, with the latest Accumulation Trend Score chart showing small holders with less than 1 BTC joining the bullish trend at a score of 0.55. Larger cohorts holding 100–1,000 BTC and 1,000–10,000 BTC exhibited strong accumulation scores of 0.9 and 0.85, respectively. Bitcoin accumulation trend score. Source: GlassnodeOnly the 1–10 BTC cohort remains in distribution. The heatmap, transitioning from blue (distribution) to red (accumulation), suggests growing market confidence. Historically, such trends have preceded BTC price rallies. However, crypto analyst Bluntz noted a bearish divergence on the daily chart, which could damp BTC’s hopes for a new all-time high this week. A bearish divergence takes place when the price is forming a higher high, but the relative strength index (RSI) indicator is forming a higher low, meaning that buying pressure is beginning to fade as prices soar. Bitcoin bearish divergence by Bluntz Capital. Source: X.comSimilarly, Bitcoin analyst Matthew Hyland pointed out that if the bulls want to remain in control, they need to push prices higher in the coming weeks. Hyland said,“BTC is now on the clock and probably needs to make a move to $120k-$130k in the coming weeks to make a higher high on the RSI and avoid any weekly bearish divergence from being confirmed.”Related: Bitcoin bull market 'almost over?' Traders split over BTC price at $105KThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published: 16 hours ago
Here’s what happened in crypto today
Today in crypto, the US Senate advanced a key stablecoin bill, Ripple launched cross-border payments in the United Arab Emirates, Strategy bagged another 7,390 Bitcoin last week as prices rallied above $100,000 and also got hit with a class-action lawsuit.US Senate moves forward with GENIUS stablecoin billThe US Senate voted 66-32 on May 19 local time to advance a key stablecoin-regulating bill after Democratic senators blocked an earlier attempt to move the bill forward over concerns about President Donald Trump’s crypto interests.Several Democrats changed their votes to pass a motion to invoke cloture on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, which will now set the bill up for debate on the Senate floor.Previously, on May 8, some Democratic senators withdrew support for the bill and blocked a motion to move it forward, citing concerns over potential conflicts of interest involving Trump’s various crypto ventures and the bill’s Anti-Money Laundering provisions.The US Senate voted 66-32 to advance debate on the GENIUS stablecoin bill. Source: US SenateDemocratic Senator Mark Warner said before the vote that the US couldn’t “afford to keep standing on the sidelines,” while crypto-skeptic Democratic Senator Elizabeth Warren argued before the vote that it failed to address Trump’s “blatant crypto corruption.”Republican Senator Cynthia Lummis, one of the bill’s key backers, has said she thinks it’s a “fair target” to have the bill passed by May 26.Ripple could boost crypto adoption in UAE with cross-border paymentsRipple has rolled out blockchain-based cross-border payments in the UAE through partnerships with Zand Bank and Mamo, a fintech company that offers digital payment services.According to a May 19 announcement, Zand Bank and Mamo will utilize “Ripple Payments” to facilitate the transfers. The launch came roughly two months after Ripple secured a crypto payments license by the Dubai Financial Services Authority. The UAE ranks highly for certain types of crypto adoption, including decentralized finance and stablecoin usage, according to a 2024 report by Chainalysis. As reported by Cointelegraph, the country has plans to establish a digital dirham, its version of a central bank digital currency.Strategy adds 7,390 BTC for $765 million, gets hit with class-action lawsuitStrategy, formerly MicroStrategy, the top corporate Bitcoin holder, acquired nearly $765 million of Bitcoin last week. The purchase came as the company faced a class-action lawsuit.According to a May 19 announcement, Strategy acquired 7,390 BTC for about $764.9 million at an average price just under $103,500. Strategy reported a Bitcoin yield of 16.3% year-to-date. Strategy executive chairman Michael Saylor made his usual hint at the purchase in a May 18 X post.Source: Michael SaylorAccording to a May 19 filing with the US Securities and Exchange Commission (SEC), the company was also the recipient of a class-action lawsuit. The suit accuses Strategy officials of having failed to represent the nature of Bitcoin investments accurately.As of May 18, Strategy holds 576,230 BTC acquired for around $40.2 billion at an average price of $69,726 per coin. At current prices, the company’s total holdings are valued at more than $59.2 billion, representing an unrealized gain of $19.2 billion, or 47%.According to CoinMarketCap data, Bitcoin traded at around $102,615 at the time of writing, up 20.3% over the last month.
Published: 16 hours ago
Bitcoin futures data aligns with BTC traders’ hope for new all-time highs
Key takeaways:Bitcoin buying in the spot and futures markets helped BTC price keep its upward momentum despite $170 million in margin liquidations.Weak stablecoin demand in China and the limited use of futures leverage suggest Bitcoin’s current rally is sustainable.Bitcoin (BTC) price has displayed strength at the $102,000 support level on May 19, following the $170 million in liquidations of leveraged positions. The abrupt $5,000 correction after hitting $107,090 may have been unexpected, but it does not mean the odds of reaching an all-time high in the near term are lower, especially since Bitcoin derivatives metrics have shown resilience.Bitcoin 1-month futures annualized premium. Source: laevitas.chThe annualized one-month futures premium for Bitcoin remained close to 6% despite the retest of $102,000 support. This current level is within the 5% to 10% neutral range, which has been the norm over the past week. While at first glance such data might suggest a lack of optimism, at the same time, it proves that the buying pressure is coming from the spot market rather than from leveraged bets.Japan bond spike and credit fears weigh on Bitcoin sentimentSome analysts attribute Bitcoin’s correction to comments by Japan’s Prime Minister Shigeru Ishiba on the country’s fiscal situation being “undoubtedly extremely poor,” as reported by Bloomberg. Japan 15-year government bond yield. Source: TradingView / CointelegraphYields on Japan’s long-term government bonds soared to their highest level ever on May 19 as traders demanded higher returns, signaling a lack of trust. Japan is the largest holder of US Treasury bonds, so investors are concerned about contagion risks at a delicate moment for the global economy, especially as the ongoing trade war has severely limited growth prospects.The fact that Moody’s rating agency cut the US government’s long-term credit rating to AA1 from AAA has also played a significant role in limiting Bitcoin’s upside, particularly as its correlation with the S&P 500 index has stayed above 80% since early May. Investor sentiment could quickly deteriorate as the impact of tariffs becomes partially visible in second-quarter corporate earnings.To understand if Bitcoin has what it takes to reach an all-time high in the near term, one should analyze the demand for stablecoins in China. Periods of excessive optimism usually lead to stablecoins trading above fair value, which is not a healthy indicator, as Bitcoin jumps above $105,000.USDT Tether (USDT/CNY) vs. US dollar/CNY. Source: OKXUSD Tether (USDT) has been trading at a slight 0.4% discount in China, meaning Bitcoin’s price increase has likely not been driven by FOMO. The absence of excessive leverage on Bitcoin futures and the lack of desperate inflows into Chinese markets are key ingredients for sustainable price gains, paving the way for a more solid bullish momentum above $105,000.Bitcoin shrugs off bad news, holds support amid strong spot demandBitcoin’s price displayed significant resilience after the announcement of a class-action lawsuit against Strategy’s top executives, claiming “false and/or misleading statements” regarding risks associated with Bitcoin’s investment. The complaint specifically mentions unrealized losses, although those events do not affect the company’s cash flow.Regardless of whether the case has foundation, negative headlines tend to have a much stronger and longer price impact in neutral to bearish markets, which clearly was not the case as Strategy (MSTR) shares traded up 2.4% on May 19. Additionally, the fact that the $102,000 support held amid increased global economic uncertainty, combined with strong spot buying and resilient derivatives metrics, provides every indication that Bitcoin is well-positioned for further price gains.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Published: 17 hours ago
Quantum Biopharma bolsters Bitcoin treasury
Quantum Biopharma has purchased an additional $1 million worth of Bitcoin and other cryptocurrencies, the Canadian biotechnology company said. The buys take Quantum’s total cryptocurrency holdings to approximately $4.5 million, according to a May 19 press release. The biotech company plans to stake a portion of its crypto to generate revenue. Quantum expects that holding a treasury of Bitcoin (BTC) and other crypto assets will “provide a return on investment for shareholders and […] provide some hedge against the Canadian dollar,” it said. Shares of Quantum’s stock, QNTM, rose by approximately 25% following the announcement, according to data from Google Finance. Quantum Biopharma’s stock rose on the announcement. Source: Google FinanceRelated: Basel Medical shares down 15% on $1B Bitcoin buying plansPopular treasury strategyQuantum is one of several healthcare companies accumulating Bitcoin as corporate crypto treasuries become increasingly popular. In March, NASDAQ-listed biopharmaceutical company Atai Life Sciences tipped plans to buy $5 million worth of Bitcoin. In a March 20 X post, Atai’s founder, Christian Angermayer, said “Bitcoin should be a part of ANY corporate treasury – especially, in fact, in the biotech sector.”Angermayer added in a blog post that Bitcoin can help the biotech hedge against inflation and stay solvent during the long periods before drug approvals. Corporate treasuries are now major Bitcoin holders. Source: Bitcointreasuries.netOn May 16, Singapore-based healthcare company Basel Medical Group announced plans to buy $1 billion worth of Bitcoin. It said a Bitcoin treasury will support its plans to expand in Asia through acquisitions by giving Basel “one of the strongest balance sheets among Asia-focused healthcare providers.”Unlike Quantum, however, Basel’s shares dropped significantly on the day of the announcement.Collectively, corporate treasuries hold more than $83 billion in Bitcoin as of May 19, according to data from BitcoinTreasuries.NET. Publicly traded companies are now the largest institutional Bitcoin holders after exchange-traded funds (ETFs), the data shows. Bitcoin can “potentially be a valuable hedge against growing fiscal deficits, currency debasement, and geopolitical risks” for companies, asset manager Fidelity Digital Assets said in a 2024 report.Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee
Published: 17 hours ago
Price predictions 5/19: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI
Key points:Bitcoin’s rejection at $107,000 shows sellers are active at higher levels, but the recovery from the intraday low shows solid buying.Strategy and Metaplanet continue to accumulate Bitcoin, adding steady buy-side pressure to BTC price. Select altcoins have pulled back, but they have not yet turned negative.Bitcoin’s (BTC) attempt to challenge the all-time high faced a strong rejection near $107,100 on May 19, signaling that the bears are unlikely to give up without a fight. However, the long tail on the candlestick shows solid buying at lower levels.The short-term uncertainty has not deterred the long-term buyers from accumulating more Bitcoin. Strategy, formerly MicroStrategy, announced the purchase of 7,390 Bitcoin for an average price of about $103,500, taking its total holding to 576,230 Bitcoin. Similarly, Japanese investment firm Metaplanet said on May 19 it acquired 1,004 Bitcoin, boosting its total to 7,800 Bitcoin. Crypto market data daily view. Source: Coin360Although Bitcoin’s trend remains bullish, repeated failure to break above the overhead resistance may tempt short-term traders to book profits. That increases the risk of a break below the psychological level of $100,000.What are the crucial support and resistance levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.S&P 500 Index price predictionThe S&P 500 Index (SPX) extended its up move last week, indicating continued buying by the bulls.SPX daily chart. Source: Cointelegraph/TradingViewThe upsloping 20-day exponential moving average (5,712) and the relative strength index (RSI) near the overbought zone signal an advantage to buyers, but the up move is expected to face significant resistance in the 6,000 to 6,147 zone. If the price turns down from the overhead zone, the index could find support at 5,800 and then at the 20-day EMA. If the price rebounds off the 20-day EMA, the bulls will again try to drive the index to the all-time high. Sellers will have to tug the price below the 20-day EMA to break the bullish momentum. US Dollar Index price predictionThe relief rally in the US Dollar Index (DXY) hit a wall at the 50-day simple moving average (101.67) on May 12, indicating that the bears are selling on rallies.DXY daily chart. Source: Cointelegraph/TradingViewThe index is likely to find support at the 100.27 level. If the price rebounds off 100.27, the bulls will again try to kick the index above the 50-day SMA. If they manage to do that, the index could pick up momentum and surge toward 103.54. Such a move signals that the corrective phase may be over.Sellers will retain the advantage if the price closes below the 100.27 support. That opens the doors for a retest of the 99 level.Bitcoin price predictionBitcoin broke above the overhead resistance at $105,820 on May 18, but the bulls could not sustain the momentum.BTC/USDT daily chart. Source: Cointelegraph/TradingViewSellers are expected to fiercely defend the zone between $107,000 and $109,588. The 20-day EMA ($100,787) is the crucial support to watch out for on the downside. A rebound off the 20-day EMA suggests the positive sentiment remains intact. The bulls will again try to clear the overhead zone. If they succeed, the BTC/USDT pair could skyrocket toward $130,000.This positive view will be invalidated in the near term if the price continues to fall and breaks below the psychologically crucial $100,000 support. The pair could then plummet to the 50-day SMA ($91,916).Ether price predictionEther’s (ETH) bounce off the 20-day EMA ($2,288) on May 18 fizzled out near $2,600, signaling that the bears have kept up the pressure.ETH/USDT daily chart. Source: Cointelegraph/TradingViewSellers tried to pull the price below the 20-day EMA, but the long tail on the candlestick shows solid buying at lower levels. The bulls will try to kick the price above the $2,738 resistance, opening the gates for a rally to $3,000. There is minor resistance at $2,850, but it is likely to be crossed.Contrarily, a break and close below the 20-day EMA tilts the advantage in favor of the bears. The ETH/USDT pair could then slump to $2,111.XRP price predictionXRP (XRP) remains stuck inside the $2.65 to $2 range, indicating buying near the support and selling close to the resistance.XRP/USDT daily chart. Source: Cointelegraph/TradingViewThe XRP/USDT pair bounced off the 20-day EMA ($2.34) on May 17, but the bulls are facing selling at higher levels. If the price sustains below the 20-day EMA, the pair could stay inside the range for some more time. The price action inside the range is expected to be random and volatile.The next trending move is likely to begin on a break above $2.65 or below $2. If buyers pierce the $2.65 resistance, the pair could travel to $3.BNB price predictionBNB (BNB) bounced off the 20-day EMA ($635) on May 18, but the higher levels attracted selling by the bears.BNB/USDT daily chart. Source: Cointelegraph/TradingViewThe gradually upsloping 20-day EMA and the RSI in the positive territory indicate a slight edge to the bulls. If the price rises and maintains above $644, the bulls will again try to drive the BNB/USDT pair above $680. If they succeed, the pair may start its northward march toward the overhead resistance of $745.Contrary to this assumption, a break and close below the 20-day EMA clears the path for a decline to the 50-day SMA ($606) and later to $580.Solana price predictionSolana (SOL) turned up from the 20-day EMA ($163) on May 17, but the bulls could not push the price above the $180 resistance.SOL/USDT daily chart. Source: Cointelegraph/TradingViewSellers are trying to pull and retain the price below the 20-day EMA. If they manage to do that, the SOL/USDT pair could tumble to $153 and, after that, to the 50-day SMA ($143). That points to a possible range-bound action between $180 and $120 in the near term.The bulls will have to propel the price above the $185 level to regain control. The pair could then pick up momentum and rally to $210 and subsequently to $220. Related: XRP price risks falling to $2 after classic bearish chart pattern confirmsDogecoin price predictionBuyers successfully defended the breakout level of $0.21 on May 17 but are struggling to sustain the bounce in Dogecoin (DOGE).DOGE/USDT daily chart. Source: Cointelegraph/TradingViewSellers will try to make a comeback by pulling the price below $0.21. If they do that, the DOGE/USDT pair could slide to the 50-day SMA ($0.18). That signals a possible range formation between $0.26 and $0.14.Buyers will have to thrust the price above the $0.26 resistance to signal the resumption of the recovery. There is minor resistance at $0.30, but it is likely to be crossed. The pair may then ascend to $0.35.Cardano price predictionCardano (ADA) has broken below the neckline of the inverted head-and-shoulders pattern, indicating that the bulls are losing their grip.ADA/USDT daily chart. Source: Cointelegraph/TradingViewThe next support is at the 50-day SMA ($0.68). If the price turns up from the 50-day SMA, the bulls will try to push the ADA/USDT pair above the neckline. If they can pull it off, the pair could retest the $0.86 level. A break and close above the $0.86 resistance clears the path for a rally to $1.01.Conversely, a break and close below the 50-day SMA suggests the markets have rejected the breakout above the neckline. That increases the risk of a drop to $0.58.Sui price predictionSui’s (SUI) bounce off the 20-day EMA ($3.67) turned down from the $3.90 to $4.25 zone, indicating that the bears are active at higher levels.SUI/USDT daily chart. Source: Cointelegraph/TradingViewThe pullback could deepen if the price breaks and sustains below the 20-day EMA. If that happens, the SUI/USDT pair could skid to $3.12 and then to the 50-day SMA ($2.97).On the contrary, if the price snaps back from the 20-day EMA and rises above $3.90, it suggests a positive sentiment. That enhances the prospects of a break above the $4.25 level. The pair could then surge to $5. Sellers are expected to fiercely defend the zone between $5 and the all-time high of $5.37.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published: 19 hours ago
‘Before Bitcoin, my most successful investment was shorting the Bolivar’ — Ledn co-founder
Before discovering Bitcoin (BTC), Ledn co-founder Mauricio di Bartolomeo found success shorting the Venezuelan Bolivar as it rapidly lost value against the stronger US dollar. Now, with the US dollar depreciating against Bitcoin, borrowing against Bitcoin instead of selling it has become a more viable strategy.“Prior to Bitcoin, my most successful investment was shorting the Bolivar with dollars,” di Bartolomeo told Cointelegraph in an exclusive interview at the Consensus conference in Toronto, Canada. “I was borrowing Bolivars and buying dollars with them, holding the hard dollars and having a borrow [position] on the weaker currency,” he said.The arrival of Bitcoin-backed loans means investors can now effectively implement the same strategy by using a harder currency as collateral. Ledn co-founder Mauricio di Bartolomeo, right, and Cointelegraph’s Sam Bourgi at Consensus. Source: CointelegraphThis was part of the motivation behind launching Ledn, a Cayman Islands-based company that gives Bitcoin holders the ability to access dollar liquidity without having to sell their BTC. By borrowing against Bitcoin, “you’re basically doing the same thing, but you are in effect holding the hard money, which is Bitcoin, and taking a borrow [position] on dollars, which is a weaker currency,” said di Bartolomeo, adding:“This creates a bit of a virtuous cycle that we see happen time and again with real estate, with borrowing against your stock, borrowing against your gold, and so Bitcoin is no different.”Related: Bitcoin miners should pay costs in depreciating currency — Ledn execCrypto lending market on the riseLedn operates in a much broader crypto lending industry that has grown over the past five years due to the rapid appreciation of Bitcoin, the arrival of institutional investors and the growing utility of stablecoins.By the fourth quarter of 2024, the crypto lending market was valued at $30.2 billion, a more than threefold increase compared to two years earlier, according to Galaxy Research. However, the size of the overall industry remains below the 2021 peak. The researchers attributed the recent rise to decentralized finance applications, which allow users to borrow against assets onchain. This trend was further corroborated by a recent Cointelegraph report, which documented the growing monetary value secured by DeFi lending protocols. The crypto lending market has rebounded sharply from its 2022 lows but remains well below the peak from 2021. Source: Galaxy ResearchLedn was ranked among the top three centralized finance (CeFi) lenders, with a loan book valued at $9.9 billion at the end of 2024. Together, the top three CeFi lenders — Ledn, Tether and Galaxy — account for 89% of the total market, the Galaxy report showed. Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee
Published: 19 hours ago
Bitcoin ignores Moody’s US debt downgrade, rallies back to $105K after profit-taking sell-off
Key takeaways:Bitcoin recovered from its sharp sell-off from $107,000, suggesting it functions as a hedge against uncertainty for investors reacting to Moody’s recent downgrade of US debt.Moody’s downgraded the US credit rating to Aa1, citing a $36 trillion debt and rising deficits, causing market turbulence and a spike in US Treasury yields.Despite short-term pressure from macroeconomic shifts, Bitcoin’s long-term outlook remains bullish due to cautious shorting and a weakening US dollar.Bitcoin (BTC) price faced a sharp 4% correction during the Asian trading session on May 19, tumbling from an “important level” as noted by Glassnode. The data analytics platform indicated that Bitcoin’s surge stalled just below $106,600, a critical level where 31,000 BTC are held. This supply cluster, formed on Dec. 16, 2024, reflects firm holder conviction, as investors have neither sold nor averaged down despite price fluctuations.Bitcoin price cost basis chart. Source: GlassnodeThe BTC price drop occurred after macroeconomic headwinds intensified, with a historic downgrade of the US credit rating by Moody’s and a rise in US Treasury yields, raising speculation around risk assets such as Bitcoin’s near-term trajectory.Moody’s US credit downgrade spooks marketsAfter the US markets closed on May 16, Moody’s Investors Service downgraded the US credit rating to Aa1 from Aaa, marking the third time since 2011 that a ratings service has done so. Moody's cited concerns over the US's ballooning $36 trillion debt pile, with federal deficits projected to reach 9% of GDP by 2035, up from 6.4% in 2024. Interest payments on US debt are expected to consume 30% of federal revenue by 2035, a significant rise from 18%. Following similar actions by S&P in 2011 and Fitch in 2023, this downgrade underscores the unsustainable fiscal path of the US, rattling investor confidence and contributing to market turbulence.US 30Y treasury yields reached its highest level since Oct 2023. Source: Cointelegraph/TradingViewThe downgrade also coincided with a surge in US Treasury yields, further impacting markets. The 10-year Treasury yield opened at 5.53% post-downgrade on May 19, while the 30-year yield followed a similar upward trend, currently at 4.98%, reflecting investor concerns over higher borrowing costs for the US government. The Kobeissi newsletter highlighted that historically, past downgrades led to mixed yield reactions — yields fell 35% after the 2011 S&P downgrade but rose 23% after Fitch's 2023 downgrade. This time, the yield spike mirrors the 2023 pattern, signaling fears of inflation and fiscal strain, which likely contributed to Bitcoin's price correction as investors sought safer assets.Related: Bitcoin bulls should 'be careful with longs' as BTC price risks $100K breakdownWill short-term pain shift to long-term gain for Bitcoin?Bitcoin's price dump on May 19 reflects its sensitivity to macroeconomic shifts. Bitcoin could face continued pressure in the short term as investors pivot to safer assets amid rising uncertainty and borrowing costs.However, Bitcoin researcher Axel Adler Jr. on X highlighted a shift in market sentiment, noting that traders betting on price declines have been “significantly more cautious” in building short positions during this bull cycle compared to 2021. This suggests a generally bullish long-term outlook, as bears grow risk-averse. Bitcoin Advanced Short/Long signals. Source: X.comHistorically, Bitcoin has served as a safe haven during economic turmoil, such as the COVID-19 crisis, and could benefit long-term from eroding trust in fiat systems, especially with the US fiscal outlook deteriorating.The US Dollar Index (DXY) is signaling a potential decline below $100, reflecting a weakening dollar that has triggered a classic "risk-off" response. This shift has reignited interest in gold, which saw a modest 0.4% increase, though broader market reactions remain subdued. Typically, a weaker dollar bolsters risk assets like Bitcoin, as investors seek alternative stores of value. Adler Jr said,“Overall, despite the prevailing “risk-off” sentiment (typically a headwind for high-volatility assets), Bitcoin may find itself in a relatively stronger position in the current environment due to its “digital gold” narrative and the supportive effect of a weaker dollar.”Related: $107K fakeout or new all-time highs? 5 things to know in Bitcoin this weekThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published: 20 hours ago
Bitcoin bull market 'almost over?' Traders split over BTC price at $105K
Key points:BTC price action retargets $105,000 after the Wall Street open, rising 2.5% from the day’s lows.Volatility continues, leading market participants to varying conclusions over what will happen to BTC/USD next.Perspectives include the Bitcoin bull market being in its final stages.Bitcoin (BTC) sought a rebound from a 4% dive at the May 19 Wall Street open as traders diverged on bull market strength.BTC/USD 1-hour chart. Source: Cointelegraph/TradingView$106,000 becomes BTC price zone to watchData from Cointelegraph Markets Pro and TradingView showed BTC/USD passing $104,500, up 2.5% from the day’s low.The pair had seen flash volatility around the weekly close, which although the highest ever recorded, swiftly saw bulls lose control.Now, opinions differed about when, or if, new all-time highs would come.“This is exactly what Bitcoin needs to be doing,” an optimistic Rekt Capital wrote in part of his latest X analysis.“Needs to hold ~$104400 as support to position itself for a successful post-breakout retest.”BTC/USD 1-week chart. Source: Rekt Capital/XPopular trader Daan Crypto Trades flagged $102,000 and $106,000 as the levels to watch below and above spot price.“These mark the local range low and high and price has been trading within these for most of the last 1-2 weeks,” he wrote in part of his own X post. “Keep an eye out for a clean break below either of these. So far, price has not sustained above or below for more than a day.”BTC/USDT perpetual contract 4-hour chart. Source: Daan Crypto Trades/XThe area around $106,000 was also on the radar for onchain analytics firm Glassnode.“BTC's price surge stalled just below $106.6K - a level with 31K $BTC held at that cost basis,” it observed on the day. “This supply cluster originated on Dec 16 and remains unshaken. Holders haven’t redistributed, nor averaged down - making $106.6K an important level to watch in the short term.”BTC supply cost basis heatmap. Source: Glassnode/XTrader: “Too many bearish signs to ignore” on BitcoinA renewed warning meanwhile came from fellow trader Roman, who considered weekly timeframes to be no longer in bulls’ favor.Related: $107K fakeout or new all-time highs? 5 things to know in Bitcoin this week“Not a good close as we rejected resistance, created more bearish divergences, and have pumped with low volume. Stoch RSI has also topped,” he summarized. “Too many bearish signs to ignore, and it’s why I’ve been continuously saying the bull run is likely almost over.”BTC/USD 1-day chart with 1-week stoch RSI data. Source: Cointelegraph/TradingViewRoman referred to the stochastic relative strength index (RSI) indicator, a trend strength tool now firmly in “overbought” territory.As Cointelegraph reported, various short-term BTC price predictions have surfaced in recent days, including an “early week” target of $116,000 along with a potential retracement toward $90,000.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published: 21 hours ago
Why is Bitcoin price down today?
Key takeaways:Bitcoin price fell 1.4% to $102,460 amid US economic concerns, with daily trading volume up 94%, indicating the return of sellers.Moody’s US credit downgrade to Aa1 and a class-action lawsuit against Strategy add to BTC’s headwinds.Bitcoin’s (BTC) price has dropped by over 1.4% over the last 24 hours to $102,460 as concerns over the health of the US economy sour investor sentiment. Its daily trading volume has jumped by 94% to $66.6 billion, suggesting that the sell-side activity is intensifying. BTC/USD daily chart. Source: Cointelegraph/TradingViewMacroeconomic uncertainty drives Bitcoin price downMoody’s downgrade of the US credit rating from Aaa to Aa1 on May 16, citing rising debt and deficits has heightened macroeconomic uncertainty, contributing to a decline in Bitcoin’s price on May 19. This downgrade and fears of inflation spurred by potential tariff policies under US President Donald Trump have rattled financial markets, increasing Treasury yields and triggering risk-off sentiment. “The 30Y Note Yield is above 5.00% and the 10Y Note Yield is up another +11 bps,” said capital markets commentator The Kobeissi Letter in a May 19 post on X, adding:“If the Trump Administration does not intervene here, 8% mortgages are coming.”Increasing US Treasury Bills. Source: The Kobeissi LetterHigher yields increase borrowing costs, hurting businesses and consumers, especially amid recession fears and fiscal concerns. Adding to the sell-side pressure is the news that a class action lawsuit has been filed against Strategy, the largest corporate Bitcoin holder.According to a May 19 filing with the US Securities and Exchange Commission (SEC), the company faces a class-action lawsuit that accuses Strategy officials of failure to accurately represent the nature of Bitcoin investments.🚨 JUST IN: MicroStrategy hit with class action lawsuit over alleged misleading statements tied to its Bitcoin strategy and $5.9B unrealized Q1 loss. pic.twitter.com/TdJJfUZTRe— Cointelegraph (@Cointelegraph) May 19, 2025Strategy, holding 576,230 BTC worth approximately $59.9 billion at current rates, is a major player in the crypto space. The lawsuit introduces uncertainty about the company’s financial stability and casts doubts over its aggressive Bitcoin accumulation strategy.Over $87 million in long BTC positions liquidatedBTC’s drop on May 19 is accompanied by massive liquidations in the derivatives market, signaling strong bearish pressure.Over $87 million worth of long Bitcoin positions have been liquidated over the last 24 hours alone, compared to $15 million in short liquidations. More than $43 million long BTC positions were liquidated over the last 12 hours alone, against just $2.55 million in short positions. Bullish traders are forced to close their positions when long positions are liquidated. More than $674 million in leveraged positions were liquidated across crypto assets in the past 24 hours.Total crypto liquidations. Source: CoinGlassThe scale of these liquidations mirrors the period between April 10, when a total of $65 million in long BTC positions were wiped out, accompanied by a 6.5% drop in price on the same day.Meanwhile, Bitcoin’s open interest (OI) has also increased sharply over the last 14 days, up 12% to $70.01 billion on May 19 from $62.56 billion on May 5. The OI is now just 2.3% away from the $71.8 billion all-time high recorded on Dec. 19, 2024. BTC futures open interest. Source: CoinGlassBitcoin’s bearish divergenceBitcoin’s drop today precedes a period of growing bearish divergence between its price and the relative strength index (RSI).The daily chart below shows that the BTC/USD pair rose between May 9 and May 19, forming higher highs. But, in the same period, its daily RSI descended from 76 to 63, forming lower highs, as shown in the daily chart below.BTC/USD daily chart. Source: Cointelegraph/TradingViewA divergence between rising prices and a falling RSI usually indicates weakness in the prevailing uptrend, often prompting traders to take profit.The chart above also shows an area of stiff resistance on the upside, stifling BTC’s efforts to rise higher. These are areas defined by the $104,600 to $109,000 supplier congestion zone. Bulls are required to push the price above the all-time high of $109,000 to continue the uptrend.“Bigger Bitcoin correction has started?” said popular crypto analyst AlphaBTC in his latest Bitcoin analysis, adding that the price is likely to drop to $100,000 this week in response to the US credit rating being downgraded. “Most likely it will be a quick correction in markets, so we watch how $BTC reacts and if it can get back above $103K, or roll over and head to the low $90Ks first?”BTC/USD 12-hour chart. Source: AlphaBTCThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published: 22 hours ago
Who’s got the charm, cash and code to be a crypto hub?
Kazakhstan, the Maldives and Pakistan have recently outlined ambitions to position themselves as crypto hubs and build out their digital economies.Historically, these countries haven’t been top of mind for global crypto firms — though Kazakhstan did have a brief moment in the spotlight as a go-to destination for Bitcoin (BTC) miners after China’s mining ban.Meanwhile, established financial centers are now in a race to become the world’s leading crypto hub by finding the right balance of regulation, talent, capital and infrastructure.Here’s how five of them are backing their crypto dreams.Singapore is the crypto hub with parental guidanceSingapore has long stood out as a financial hub, bolstered by its AAA credit rating, low corporate tax rates and pro-business regulations. With the emergence of digital assets, the Lion City is among the front-runners in the crypto hub race.Singapore was among the early movers in crypto regulation. Its Payment Services Act (PSA) of 2019 — enacted in 2020 — was one of Asia’s first comprehensive legal frameworks that covered crypto activities. The PSA uses the term “digital payment token” (DPT) to define digital representation of value that can be transferred, stored or traded electronically — like crypto.At the time of writing, there are 33 DPT service providers licensed by the Monetary Authority of Singapore (MAS), the city-state’s central bank. Casper Johansen, co-founder of Singapore- and Hong Kong-based Spartan Group, said license approvals have moved at a measured pace, giving faster-moving hubs like Dubai room to catch up.“Singapore is more of an institutional financial hub than a retail financial hub,” Johansen said, alluding to the city-state’s limitations on crypto marketing to retail investors.Singapore’s retail crypto promotion ban includes social media influencer marketing and third-party websites. Source: Monetary Authority of Singapore“The ban on marketing to retail has not affected Singapore’s position as a global crypto hub. Crypto firms set up in Singapore for the low and transparent taxes, strong regulatory framework and rule of law, world-class professional services, ease of living and global connectivity,” Johansen added.But cracks have emerged recently, particularly around immigration and hiring policy. In late 2024, concerns flared when the CEO of blockchain analytics firm Nansen, Alex Svanevik, shared that he was denied permanent residency. The government has ramped up efforts to prioritize local hiring amid growing political sensitivity over foreign labor.Nansen CEO’s permanent residency rejection highlighted Singapore’s tight visa and immigration environment. Source: Alex SvanevikUAE rolls out the welcome mat for crypto hub statusUnlike other crypto hub contenders, Dubai has a dedicated digital asset regulator, the Virtual Assets Regulatory Authority (VARA). Its wide-ranging licensing regime provides clear guidelines — even for NFT platforms — which major economies like the European Union have yet to address. The EU’s Markets in Crypto-Assets (MiCA) framework currently excludes NFTs.VARA’s clarity is appealing to companies frustrated by regulatory uncertainty elsewhere. Binance, a borderless exchange with no official head office, has had to rethink that model under global regulatory pressure — and the exchange’s ties to the UAE have been growing.Richard Teng, former CEO of free zone Abu Dhabi Global Market, took over as the CEO of Binance after Zhao, and has recently hinted that UAE is a strong candidate for the exchange’s headquarters, though a decision hasn’t been made yet.Binance’s first institutional investment is a $2-billion bet from Abu Dhabi-based MGX. Source: BinanceThe UAE also provides its own incentives, such as no personal income tax and free zones like the Dubai Multi Commodities Centre (DMCC) and Dubai International Financial Centre (DIFC) offer 0% corporate tax advantages and 100% foreign ownership.Related: The lessons learned at Operation Chokepoint 2.0 Congressional hearingsCrypto firms have reported easier access to banking services in Dubai, which is an improvement over the challenges companies say they’ve faced in the US under “Operation Chokepoint 2.0.”Hong Kong makes crypto hub push with retail access and staking ETFsHong Kong has long acted as a financial gateway to mainland China, where crypto activities like mining and trading remain banned.Previously, the city had a voluntary licensing regime, when only OSL and HashKey were licensed to serve institutions and professional investors. In Hong Kong, professional investors are legally defined as those with portfolios worth at least 8 million Hong Kong dollars (about $1 million). It was later updated to the mandatory regime, launched in 2023, which opened the doors to retail. The shift to mandatory licensing marked a turning point. OSL and HashKey became the first exchanges authorized to serve retail investors, while firms like Bybit and OKX withdrew their applications and exited the market. As of now, 10 platforms are licensed, while 15 have either withdrawn or been rejected.Eight applicants in Hong Kong still wait the SFC’s decision. Source: Securities and Futures CommissionHong Kong has made further strides with the listing of Bitcoin and Ether (ETH) ETFs, and recently approved staking within Ether ETFs, which is not yet permitted in the US. It has also introduced stablecoin sandboxes under the supervision of the Hong Kong Monetary Authority to trial approved digital assets in a controlled environment.“Sandboxes are an experiment, so too are staking ETFs,” said Kelvin Koh, a Spartan Group co-founder. “The key point is that these experiments are happening in Hong Kong.”Hong Kong recently released its ASPIRe roadmap in February 2025, which aims to foster blockchain innovation and fill regulatory gaps to set the city up as a global crypto hub.Hong Kong’s five-pillar strategy to become a crypto hub. Source: Securities and Futures CommissionTrump 2.0 dreams of crypto hubUS crypto firms were stuck in regulatory gridlock under the Securities and Exchange Commission formerly led by Gary Gensler, whose aggressive “regulation by enforcement” strategy triggered years-long legal battles.That changed with the inauguration of President Donald Trump, who has embraced a crypto-friendly stance. The SEC has since dropped multiple high-profile cases and investigations, including those against Coinbase, Uniswap and Consensys, signaling a shifting regulatory climate that is prepared to welcome back crypto to US soil.President Trump declares the US the future capital of AI and crypto. Source: The White HouseBinance.US resumed US dollar services in February after 18 months of restriction that followed enforcement action from the Commodity Futures Trading Commission, a $2.7-billion settlement and a four-month prison sentence for ex-Binance CEO Changpeng Zhao.Related: 8 major crypto firms announce US expansion this yearRival exchange OKX reentered the US market in April 2025 after a $500-million settlement with the Department of Justice. Also in April, Nexo announced — during an event with Trump’s son in attendance — that it rekindled its American dream after scrapping it in 2022.Traditional finance is warming up, with institutional investments flooding into Bitcoin and Ether spot ETFs, provided by some of the world’s largest asset managers, including the $11.5-trillion giant BlackRock.The financial love affair goes both ways as crypto firms are also increasingly open to integrating into the existing US infrastructure. Galaxy Digital listed on Nasdaq on May 16, Circle is considering another IPO attempt, and Hong Kong’s blockchain unicorn Animoca Brands is now eyeing a New York listing, citing Trump’s stance on crypto.NYC Mayor Eric Adams opens Wall Street to crypto. Source: Yedda Araujo/CointelegraphThe world’s largest financial center, New York City, is making its own move. Mayor Eric Adams said on May 12 that the Big Apple is “open for business” with crypto companies. UK’s crypto hub push goes quiet, but London’s still callingIn 2023, then-Prime Minister Rishi Sunak launched a bold vision to make the UK a global crypto hub, pushing for stablecoins to be recognized as regulated payment instruments and outlining a broader framework to integrate crypto into the country’s financial system. That momentum translated into real movement: In April 2025, the UK Treasury released near-final legislation aimed at bringing crypto assets — like trading platforms, stablecoins and staking services — within the country’s regulatory perimeter.The Financial Conduct Authority (FCA) is now consulting on how to regulate intermediaries, lending and other core parts of the ecosystem, signaling continued regulatory development.But while the machinery of regulation keeps turning, the political will has cooled. As Arvin Abraham, partner at law firm Goodwin’s private equity group, told Cointelegraph, crypto was once central to Sunak’s competitiveness agenda, but under the current Labour government, that focus has faded.The new Financial Services Growth and Competitiveness Strategy, spearheaded by Chancellor Rachel Reeves, highlights fintech as a priority without a focus solely on crypto.“The UK does not feel like it’s prioritizing it as much as it was a few years ago,” Abraham said.In January, Andreessen Horowitz announced the closure of its UK office to move back to the US. Source: Anthony AlbaneseAbraham added the UK remains “one of the best places to set up a new startup,” especially for early-stage capital raising. He points to generous tax incentives for angel investors and the unique convergence of finance and startups in London, calling it “probably one of the best cities in the world for fintech-type businesses.” In that sense, even without headline-grabbing crypto policy, the UK’s structural appeal still draws Web3 firms — just now with a quieter backdrop.Magazine: South Africa’s digital-nomad crypto hub: Cape Town, Crypto City Guide
Published: 22 hours ago
Community sales are the future of crypto fundraising
Opinion by: Darius Moukhtarzadeh, Research Strategist at 21SharesA new wave of crypto fundraising is emerging, changing how Web3 projects launch and who can invest at an early stage: Community Sales. At first glance, community sales may seem reminiscent of the ICO (Initial Coin Offering) era from 2016–2017. Yet, they represent a significant evolution that better aligns with crypto's core values of democratization, transparency, and inclusivity.Projects should include community sales as a core element of their fundraising strategy, besides raising from angel investors and VCs. Professional investors should embrace community sales as they highly increase the chances of sustainable success of Web3 projects. The ICO eraThe original ICO boom promised broad retail participation and democratized investment opportunities previously reserved for well-connected insiders. The lack of clear regulatory frameworks led to widespread fraud, rug pulls, and market manipulation. This chaotic environment, rampant exploitation, and regulatory uncertainty eventually forced projects to abandon ICOs, shifting instead to private rounds accessible to well-connected angel investors and venture capitalists. Private funding problemsWhile private funding initially brought much-needed stability and credibility, it also introduced new problems. Over the past two years, many tokens have launched at excessively high FDVs (Fully Diluted Valuation) with a low circulating token supply. These tokens entered exchanges with the majority of supply locked and sky-high valuation, which did not meet the demand. Retail investors, attracted by initial hype, often became collateral damage. The result? Devalued tokens and damaged trust. Most of these tokens will most likely never recover. This market dynamic discouraged investments in new projects and undermined community-building efforts, weakening the overall sustainability of Web3 projects.Airdrops as an unsustainable alternativeAirdrops appeared as another alternative, designed to distribute tokens widely and spark interest in the community for a project. Airdrops frequently fail to produce meaningful, sustainable engagement. Instead, they often became targets for Sybil attackers employing multiple accounts to maximize token gains or airdrop mercenaries hopping from one project to the next, quickly dumping tokens, depressing prices and undermining project credibility. Without genuine financial commitment and interest in the project beyond the airdrop, recipients had little incentive to hold tokens or participate actively in the community.Community sales as the new cool kid on the block(chain)Community sales represent a practical, strategic alternative to private funding and token airdrops, offering a structured way to engage retail investors meaningfully and transparently. Modern community sales on platforms like Legion and Echo feature robust regulatory frameworks, with thorough KYC and AML processes ensuring regulatory compliance and security. These inclusive fundraising opportunities require participants to make real capital commitments, even if modest, cultivating genuine stakeholder interest and reducing short-term speculation.Recent: Blockchain needs efficient use cases for AI agents: X Spaces recap with VCsOne of the most significant advantages of community sales is their ability to democratize access. Investors gain entry under equitable terms, similar or sometimes superior to those previously reserved for venture capitalists. With minimum investments often as low as $100, community sales encourage broad participation, helping to build a genuinely decentralized and committed investor base. Investors who financially commit are far more likely to become long-term holders and active community members.Win-win for projects, other investors, and the communityFor Web3 projects, community sales offer profound benefits beyond immediate capital raising. Early community involvement leads to a more distributed investor base, reducing concentration risk and diverse future users. Projects with broadly distributed tokens consistently exhibit more stable prices, higher community activity, and healthier onchain engagement. Community sales significantly enhance a project's market reputation. Embracing transparent, inclusive fundraising sends a clear signal to the market and prospective users — the project prioritizes collaboration and community involvement over the extraction of value. This transparency builds grassroots evangelism, drives organic growth, and creates a loyal community base committed to the project's ongoing success. Professional investors should embrace community sales and actively encourage their portfolio companies to allocate to the community. The broader crypto market benefits substantially from a shift toward community sales. Projects that raise funds transparently and inclusively from their communities tend to attract more stable, supportive investor bases. This stability positively affects token markets, reducing volatility, restoring investor confidence, and accelerating broader adoption and integration of blockchain technologies into everyday financial services and applications.Community sales represent far more than a revival of ICOs. They mark a mature approach, combining early crypto ideals with today's regulatory clarity and technological possibilities. Projects committed to community sales position themselves for initial fundraising success, enduring market resilience, and community loyalty. The crypto ecosystem, founded on principles of decentralization and inclusivity, should embrace this model to fulfill its potential. Founders should, where possible, include the community when raising capital, as in the end, everyone wins: WAGMI.The views and opinions expressed in this article are solely my own and do not reflect the views of my employer, 21Shares, or any affiliated organizations.Opinion by: Darius Moukhtarzadeh, Research Strategist at 21Shares.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Published: 22 hours ago
Chinese printer maker spread Bitcoin stealing malware — Report
Chinese printer manufacturer Procolored distributed Bitcoin-stealing malware alongside its official drivers, according to local media reports.Chinese news outlet Landian News reported on May 19 that Shenzhen-based printer company Procolored has been distributing Bitcoin-stealing (BTC) malware alongside official drivers. The company reportedly used USB drivers to distribute malware-ridden drivers and uploaded the compromised software to cloud storage for global download.A total of 9.3 BTC worth over $953,000 have been stolen, according to the report. Crypto tracking and compliance firm Slow Mist described how the malware operates in a May 19 X post:“The official driver provided by this printer carries a backdoor program. It will hijack the wallet address in the user’s clipboard and replace it with the attacker's address.“Source: MistTrackRelated: Massive supply chain attack targeting small number of crypto companies: KasperskyYouTuber flags malware in Procolored driversLandian News recommended users who downloaded Procolored printer drivers in the past six months to “immediately perform a full system scan using antivirus software.” Still, given the hit or miss nature of antivirus software, a full system reset is always the better option when in doubt:“Ideally, you should reinstall your operating system and thoroughly check old files.“The issue was allegedly first reported by YouTuber Cameron Coward, whose antivirus software detected malware in the drivers while testing a Procolored UV printer. The software flagged the drive as containing a worm and a trojan virus named Foxif.Related: Coinbase faces $400M bill after insider phishing attackCybersecurity company confirms crypto-stealing malwareWhen contacted, Procolored denied the claims and dismissed the antivirus tool flagging the drivers as a false positive. Coward turned to Reddit, where he shared the issue with cybersecurity professionals, attracting the attention of cybersecurity firm G-Data.G-Data’s investigation found that most of Procolored’s drivers were hosted on the file hosting service MEGA, with uploads as old as October 2023. Analysis of those files confirmed that they were compromised by two distinct pieces of malware: backdoor Win32.Backdoor.XRedRAT.A and a crypto stealer designed to substitute addresses in the clipboard with those controlled by the attacker.G-Data contacted Procolored, with the hardware producer saying it deleted the infected drivers from its storage on May 8 and re-scanned all files. Procolored attributed the malware to a supply chain compromise, stating that the malicious files were introduced through infected USB devices before being uploaded online.Related: Crypto drainers as a service: What you need to know
Published: 23 hours ago
How to read a Bitcoin liquidation map (without getting liquidated)
Understanding a Bitcoin liquidation map is imperative in dealing with the inherent volatility of the crypto market. The visual tool showcases probable liquidation levels, indicating where large orders may cause cascading price changes. This post explores how to interpret a Bitcoin liquidation map, allowing you to trade smarter in the volatile world of cryptocurrency.What is liquidation in crypto trading?In cryptocurrency trading, liquidation happens when an exchange forcefully closes a trader's leveraged position due to insufficient margin to pay losses. This usually occurs when the market moves sharply against the position. Long liquidations occur when prices fall, affecting traders who bet on an uptrend. Short liquidations happen when prices unexpectedly rise, impacting those who bet on a decline. Did you know? In crypto, a single liquidation cascade can wipe out millions in minutes, triggered not by hacking but by traders using too much leverage at the wrong time.What is a Bitcoin liquidation map?A Bitcoin liquidation map is a visual heatmap indicating price levels where large liquidations are expected to occur. These maps assist traders in identifying zones where leveraged positions may be closed forcibly if prices fluctuate sharply. Tools like CoinGlass provide real-time Bitcoin (BTC) liquidation maps, valuable resources for risk-aware traders. With the liquidation map, you canUse breakout trading strategies for profitable scalping opportunities.Set stop-loss levels based on key liquidation zones for better risk management.Target high-liquidity areas to secure profits efficiently.Enter large trades near liquidity clusters to minimize slippage and enhance execution.Analyze the gradient of liquidation intensity to anticipate potential price movements..Functioning of a liquidation map and key components The X-axis of the liquidation chart represents the bid price, while the Y-axis denotes the relative strength of liquidation activity. Each column on the graphic illustrates a liquidation cluster's relative significance compared to other clusters.The chart demonstrates how the market will respond if the price reaches certain thresholds. Taller liquidation bars indicate a higher potential impact. The various hues are solely for visual clarity, allowing users to distinguish between distinct liquidation zones.Here are the main components of a liquidation map:Heat zones: Indicate where most positions could be eliminated if the price reaches specific levels.Liquidity pools: Collections of stop-loss and liquidation orders that can cause rapid price movements.Open interest levels: Demonstrate where large amounts of leveraged positions are concentrated.Price imbalances or gaps: Disclose areas without support or resistance, allowing prices to move swiftly.Did you know? Crypto liquidations often follow the herd; when too many traders place similar bets, liquidation maps light up and whales use them as price targets.How to use a liquidation map in your Bitcoin trading strategyA Bitcoin liquidation map provides insights into probable price movements and risk zones by visually representing places where leveraged positions will likely be closed. Here is how to use a liquidation map in Bitcoin trading:Identify high-risk zones: Identify places with dense liquidation clusters to avoid overleveraging. These areas come across as magnets, attracting price changes that might cause a series of liquidations.Time entry and exit: Liquidation clusters help find the optimal entry and exit points. Entering and exiting trades before a cluster becomes risky helps you lock in profits before reversals.Combine with technical indicators: Enhance your research by combining liquidation maps with tools such as support/resistance levels and relative strength index (RSI). This sets out a comprehensive view of market conditions.Avoid herd mentality: Exercise caution in places with high leverage concentrations. Such zones may be traps constructed by larger players to induce liquidations and profit from the resulting volatility.Monitor whale activity: Large traders frequently target liquidation zones to turn price moves to their advantage. Observing these patterns can provide insights about prospective market movements.Anticipate reversals: Markets frequently experience reversals following large liquidation events. Recognizing these trends can aid in positioning for possible rebounds.Implement robust risk management: Use stop-loss orders and handle leverage carefully. Liquidation maps can help you determine where to put these orders to minimize exposure.Common mistakes to avoid when using the Bitcoin liquidation mapUsing a Bitcoin liquidation map can enhance trading decisions, but misinterpretation can lead to costly errors. Here are common mistakes you need to avoid:Blindly trading toward liquidity zones: If you are trading toward liquidity zones without thinking, expect reversals.Misreading map colors or scale: Making a mistake in judging map colors or scale can skew your risk assessment.Over-relying on liquidation data without context: Maps are valuable tools, not an assurance that what they reflect will happen.Ignoring macro news or sentiment analysis: External events often override technical signals. A sudden event may make all predictions fall flat.Always combine liquidation maps with broader technical analysis. Smart trading requires context, not just colorful charts.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published: 1 day ago
Australian court ruling could lead to $640M in Bitcoin tax refunds
A court decision in Australia could open the door to as much as $640 million in capital gains tax (CGT) refunds on Bitcoin transactions after a judge ruled that crypto should be treated as money rather than a taxable asset. On May 19, the Australian Financial Review (AFR) reported that the decision arose within a criminal case involving federal police officer William Wheatley, who allegedly stole 81.6 Bitcoin (BTC) in 2019. At the time, the assets were worth roughly $492,000. At current market prices, the tokens are valued at more than $13 million.In the case, Judge Michael O’Connell of Victoria ruled that Bitcoin qualifies as a form of money rather than property, likening the digital asset to Australian dollars rather than to shares, gold or foreign currency.The interpretation could set a legal precedent, potentially placing Bitcoin transactions outside the scope of Australia’s current CGT regime. New court ruling challenges Australian crypto tax lawsIn an AFR interview, tax lawyer Adrian Cartland said the verdict “totally upends” the Australian Taxation Office’s (ATO) current position. Since 2014, the ATO has classified crypto assets as CGT assets. This means that users must pay tax when selling or trading them. Under the ATO’s guidance, any disposal of Bitcoin, including selling it for fiat, exchanging it for another crypto or using it to purchase goods or services, constitutes a CGT event. This framework has been the basis for taxing cryptocurrency transactions in Australia for over a decade. However, the recent ruling challenges the approach by suggesting that Bitcoin functions more like money than property. This potentially exempts it from CGT.Related: Australian feds seize mansion, Bitcoin allegedly linked to crypto exchange hackTax refunds could reach $640 millionCartland said it was held that Bitcoin is Australian money. “That is, it is not a CGT asset. Therefore, acquisitions and disposals of Bitcoin have no tax consequences,” the tax lawyer added. If the ruling is upheld on the appeal, Cartland estimates that there could be potential tax refunds totalling 1 billion Australian dollars ($640 million). However, while Cartland thinks there could be up to a billion in refunds, the ATO said there were no official figures that confirm the amount to be potentially refunded if the case changes how Bitcoin is taxed in Australia. Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express
Published: 1 day ago
US crypto funds top $7.5B inflows in 2025 as investor appetite grows
Crypto investment products in the United States have attracted over $7.5 billion worth of investment in 2025, with a fifth week of net positive inflows last week signaling growing investor demand for digital assets.US-based crypto investment products attracted $785 million worth of investment last week, pushing the year-to-date (YTD) total to over $7.5 billion, according to a May 19 report by digital asset manager CoinShares. The latest figure marks the fifth consecutive week of net positive flows, following nearly $7 billion in outflows during February and March.Weekly crypto asset flows, USD, million. Source: CoinSharesThe United States accounted for the bulk of inflows, with $681 million, followed by Germany at $86.3 million and Hong Kong at $24.4 million. Crypto flows by country. Source: CoinSharesInvestor demand for risk assets such as cryptocurrencies staged a significant recovery after the White House announced a 90-day pause on additional tariffs on May 12, which marked a 24% cut for import tariffs for both the US and China.A day after the announcement, Coinbase exchange saw 9,739 Bitcoin (BTC) worth more than $1 billion withdrawn from the exchange — the highest net outflow recorded in 2025, signaling that institutional appetite was “accelerating,” according to Bitwise head of European research, André Dragosch.Related: Tether surpasses Germany’s $111B of US Treasury holdingsEthereum leads with $205 million in weekly inflowsEther (ETH) was the top performer among crypto investment products, attracting $205 million in inflows last week. That brings its year-to-date total to more than $575 million. The report attributed the $200 million to renewed investor optimism following the successful Pectra upgrade and the appointment of new co-executive director Tomasz Stańczak.After initial delays, Ethereum’s Pectra upgrade went live on the mainnet on May 7, introducing improvements such as higher staking limits and account abstraction via EIP-7702.By contrast, Solana (SOL) investment products were the only major assets to see net outflows, with $890,000 withdrawn over the past week. Related: Bitcoin breaks out while Coinbase breaks down: Finance RedefinedMeanwhile, Ethereum co-founder Vitalik Buterin published a proposal to preserve trustless, censorship-resistant access to Ethereum, aiming to make Ethereum layer-1 scaling “more friendly” to users running local nodes for personal use. “The plan would drastically reduce the 1.3TB data burden by allowing nodes to sync only relevant information, opening the door to broader participation,” Stella Zlatareva, Nexo Dispatch editor, told Cointelegraph.Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19
Published: 1 day ago
$107K fakeout or new all-time highs? 5 things to know in Bitcoin this week
Bitcoin (BTC) starts a new week with a long-awaited breakout from a narrow trading range around $103,000. BTC price action grabs liquidity before reversing to its starting position, liquidating many an emotional trader on the way. A fakeout or a taste of things to come?The May 18 daily and weekly close nonetheless became Bitcoin’s highest ever.US trade deals remain high on the list of macro volatility triggers for risk asset traders this week.Crypto’s correlation with stocks paints a mixed picture, adding to uncertainty over how macro developments will influence Bitcoin and altcoins going forward.Bitcoin exchange volume delta becomes a key ingredient in assessing the staying power of BTC price breakouts, per analysis from CryptoQuant. A liquidity grab for the agesBitcoin price action delivered some “classic” moves around the May 18 weekly close.A trip to new multimonth highs near $107,000 was followed by a 4% correction in a matter of hours, data from Cointelegraph Markets Pro and TradingView shows.BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewThe spike took out a block of liquidity nestled close to all-time highs, with BTC/USD performing a liquidity “grab” designed to first squeeze out shorts and then trap late longs.“Classic liquidity trap above the recent high and reversal downwards,” crypto trader, analyst and entrepreneur Michaël van de Poppe responded on X. “I think we'll do the same at $100K before we'll start breaking out above the ATHs. Those are the zones to accumulate your Bitcoin.”BTC/USDT 4-hour chart with RSI data. Source: Michaël van de Poppe/XData from monitoring resource CoinGlass showed ask liquidity being replenished at $107,500, keeping the price from heading higher. The market then took out bid liquidity to $102,000.Total crypto liquidations in the 24 hours to the time of writing were $673 million.BTC liquidation heatmap. Source: CoinGlassDiscussing the outlook for Bitcoin, trader CrypNuevo was among those arguing for caution instead of entering at any level in the current range above $100,000.“From a risk management perspective, I don’t see it worth it to go long right now at market price,” he wrote in an X thread prior to the weekly close volatility. “Yes, price could go up as the HTF trend suggests but as a trader I look for low risk entries. We're currently at resistance. Clearing it would make a much more attractive entry.”BTC/USDT 1-week chart with 50EMA. Source: CrypNuevo/XCrypNuevo acknowledged that bullish signals on high timeframes remain and highlighted the retest of the 50-week exponential moving average (EMA) in April, which has historically led to new all-time highs.This weekend, another prediction called for $116,000 to arrive in the coming days.Bitcoin scores highest weekly close in historyIt may not have lasted long, but Bitcoin’s latest weekly close has become the highest ever recorded.Coming in at around $106,500, the weekly candle also allowed for a new all-time high daily close.BTC/USD 1-week chart. Source: Cointelegraph/TradingViewDespite the subsequent correction of nearly 4%, traders are keen to celebrate what they see as an underlying desire for the market to push higher.Highest weekly close ever for Bitcoin. The trend is your friend! pic.twitter.com/p4td9Ab4R8— CryptoGoos (@crypto_goos) May 19, 2025“Highest weekly close ever followed by a red start to the week? Yeah - get the low in early, this week likely ends in the green big time,” trader Jelle argued in an X analysis.Fellow trader Chad noted that BTC/USD has also managed to close above a key Fibonacci extension level for two consecutive weeks — a first of its kind.BTC/USD 1-week chart with Fibonacci levels. Source: Chad/XPrivate wealth manager Swissblock Technologies saw one key ingredient to bullish continuation.“Bitcoin flirted with $107K, grabbed liquidity above $104K–$106K but failed to hold,” it summarized in its latest X reaction.“Back in the range, support holding, for now. Bulls have one job: defend this range.”BTC price data. Source: Swissblock Technologies/XCoinGlass showed that May is a highly varied month for BTC price action. Currently, its 10% gains sit in the middle of a wide range of historical outcomes, with under two weeks left until the monthly close.BTC/USD monthly returns (screenshot). Source: CoinGlassUS trade war rumbles on as Bitcoin ignores rate-cut oddsA lack of crucial macroeconomic data reports this week places the focus on the Federal Reserve and US trade deals.In particular, markets will be looking for positive developments regarding trade ties between the US and its partners. Treasury Secretary Scott Bessent promised to enact new tariffs on those who do not negotiate in “good faith.”News of a deal with China caused a snap reaction for stocks earlier this month, with traders feeling a sense of relief.This may not be so evident as the week begins, thanks to the recent US credit downgrade by Moody’s, wiping 1% off stocks’ futures prior to the first Wall Street open.With the dollar again under pressure, trading resource The Kobeissi Letter suggested that Bitcoin and altcoins may still benefit in the current climate.“Crypto is loving the Moody’s downgrade: Bitcoin is now 4% away from a new all time high and up over +40% since its April low,” it noted around the weekly close. “As the US Dollar weakens and uncertainty rises, Bitcoin and Gold are thriving. Instability is Bitcoin’s best friend.”US dollar Index (DXY) 1-day chart. Source: Cointelegraph/TradingViewCrypto is also increasingly resilient to hawkish cues from the Fed, which has given markets reason to believe that interest rate cuts will not come before September. Data from CME Group’s FedWatch Tool shows the odds of a cut at the Fed’s upcoming June meeting at just 12%. Jobless claims on May 22 could shift those expectations if the result differs significantly from predictions.Fed target rate probabilities (screenshot). Source: CME GroupFed Chair Jerome Powell will deliver the annual Georgetown University Law Center Commencement Address on May 25, but it is unlikely to provide much policy insight.Crypto stocks correlation in fluxDiverging reactions to the Moody’s downgrade set the stage for a debate around crypto’s correlation with US stocks.In its latest analysis, research firm Santiment could not draw a clear conclusion over the two asset classes’ relationship, calling them “somewhat correlated.”“With the 90-day tariff pause between the US & China Monday, markets remain within striking distance of all-time highs,” it summarized on May 17, referring to the S&P 500, Bitcoin and gold.Bitcoin vs. S&P 500 vs. gold. Source: Santiment/XSeparate findings from blockchain data provider RedStone Oracles drew a distinction between long- and short-term correlation.While negative on a rolling seven-day basis, it told Cointelegraph, a 30-day perspective delivers a “valuable correlation” between Bitcoin and the S&P 500.Bitcoin, S&P 500, 30-day rolling correlation, 1-year chart. Source: Redstone OraclesMeanwhile, market participants have aired frustration at crypto’s susceptibility to the same volatility triggers impacting stocks.“It was a lot more enjoyable when $BTC traded independently of stocks,” commentator IncomeSharks told X followers on May 19. “It seems now it's just a way for people to trade stock futures during the weekend and mirror what the $SPY is doing during the week.”Volume delta warns over “local market top”Considering what it might take to launch Bitcoin back into price discovery, a new analysis looked at exchange order-book behavior.Related: Bitcoin hitting $220K ‘reasonable’ in 2025, says gold-based forecastBinance, in particular, was under the microscope as the exchange with the largest spot volumes. Volume delta, onchain analytics platform CryptoQuant said, is a key ingredient in sustained price moves.“After the recent market correction, the spot net volume delta on Binance has turned positive again,” contributor Darkfost wrote in a “Quicktake” blog post on May 18.“This signals that buying activity is picking up on spot markets, but more importantly, that selling pressure has significantly declined, even with BTC trading above $100 000. However, historically, when spot volumes on Binance rise too quickly and too sharply, it has often coincided with local market tops.”Bitcoin spot net volume delta. Source: CryptoQuantVolume delta measures the difference in buy and sell pressure across candles, helping assess the underlying strength of bid and ask sides.CryptoQuant suggests that investors throwing caution to the wind around breakouts contributes to unsustainable price spikes, and monitoring volume delta helps avoid disadvantageous market entries.“Rather than being a warning sign, rising spot volumes at this point would be encouraging for market strength,” Darkfost continued. “Tracking spot volumes can provide valuable insights into investor behavior, especially on Binance, which handles the largest share of global trading.”This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published: 1 day ago
Bitcoin bulls should 'be careful with longs' as BTC price risks $100K breakdown
Key takeaways:Bitcoin dropped over 4.5% on May 19, confirming a bearish divergence and threatening a break below $100,000.Analysts highlight $97,000–$98,500 as key support that the bulls must hold. A potential inverse head-and-shoulders pattern points to a retest of $91,000 before any bullish continuation.Bitcoin (BTC) is down over 4.5% from its intraday high on May 19, falling to around $102,000 in its worst daily drop in over a month.BTC/USD daily price chart. Source: TradingViewBTC’s drop accompanied downside moves elsewhere in the risk market, prompted by Moody’s latest downgrade of the US government due to a rising budget deficit and the lack of a credible fiscal consolidation plan.The decline confirms a bearish divergence and, combined with other technical factors, raises the risk of a BTC price breakdown below $100,000, a key support level.Bitcoin’s bearish divergence hints at sub-$100KBitcoin’s price action showed technical weakness ahead of its May 19 sell-off. On May 19, BTC pushed to a new local high above $107,000, but its relative strength index (RSI) printed a lower high, confirming a classic bearish divergence. Source: BluntzThis discrepancy between price and momentum is often a precursor to a trend reversal, and in this case, it played out with a swift 4.5% intraday decline. Analyst Bluntz warned traders to “be careful with [placing] longs.”Swissblock analysts observed that Bitcoin “grabbed liquidity” above the $104,000–$106,000 resistance range but failed to sustain a breakout. Bitcoin’s price vs. BTC onchain and trading volume. Source: SwissblockThe rejection pushed the price back into a prior volume-heavy zone, with immediate support between $101,500 and $102,500 now under pressure. Swissblock identifies the $97,000–$98,500 range as a key downside target based on historical onchain volume and trading activity if the $101,500-102,500 area fails to hold.Bitcoin’s H&S pattern targets $91,000On the three-day chart, Bitcoin is forming the right shoulder of a potential inverse-head-and-shoulders pattern. While typically bullish in the long term, this setup implies a short-term retest of the 50-period exponential moving average (50-period EMA; the red wave) near $91,000. BTC/USD three-day price chart. Source: TradingViewThe chances of such a drop have increased since BTC failed to close above the critical $107,000 neckline level, the same zone that triggered bearish reversals in December 2024 and January 2025.Related: Metaplanet scoops 1,004 Bitcoin in 2nd-biggest buy everA rebound from the $91,000 zone toward the neckline at around $107,000 could increase Bitcoin’s odds of rising toward $150,000.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published: 1 day ago
Metaplanet scoops 1,004 Bitcoin in 2nd-biggest buy ever
Japanese investment firm Metaplanet has made its second-largest single Bitcoin purchase ever, scooping up more than 1,000 Bitcoin as the cryptocurrency came within 3% of its all-time high.Metaplanet said on May 19 that it purchased 1,004 Bitcoin (BTC) for a total cost of around 15.2 billion yen ($104.6 million), bringing its total holdings to 7,800 Bitcoin worth around $807 million at current market prices.It is the second-largest purchase the firm has made following its buy of 1,241 BTC for $129 million on May 12 in a move that pushed its Bitcoin holdings above that of El Salvador.Metaplanet has the largest Bitcoin holdings of a public company in Asia and has the tenth largest holdings among public firms globally, according to BiTBO data.The firm reported a first-quarter BTC Yield of 95.6% and a yield of 47.8% so far in the second quarter, which measures the ratio of percentage change in Bitcoin holdings per fully diluted share.If Metaplanet buys another 301 BTC, it would surpass Galaxy Digital Holdings, which is in ninth spot with its holdings of 8,100 Bitcoin.Metaplanet Bitcoin purchase disclosure. Source: MetaplanetMichael Saylor’s Strategy remains the clear leader in terms of corporate BTC holdings with 568,840 Bitcoin worth around $59 billion.Related: Metaplanet is raising another $21M through bonds to buy more BitcoinMetaplanet has been much more aggressive in its accumulation of the asset in recent months, with 2,800 scooped up so far in May. It made four purchases in April, totaling 794 BTC, and six purchases in March, totaling 1,655 BTC. Saylor hints at another buyMeanwhile, Michael Saylor has hinted at another Monday purchase by posting a screenshot of the Saylor tracker, which follows the firm’s Bitcoin portfolio, on X. “Never short a man who buys orange ink by the barrel,” Saylor said.Strategy leads the corporate pack with 77% of the growth in Bitcoin holdings so far this year, according to BTC investment firm River.On May 12, River researchers revealed that corporations and businesses are the largest net buyers of Bitcoin so far this year, outpacing exchange-traded funds, governments, and even retail investors. Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest
Published: 1 day ago
Coinbase hit with wave of lawsuits over customer data breaches
Coinbase has been hit with a flood of lawsuits after it recently disclosed its user data was breached, with users accusing the crypto exchange of mishandling the incident.At least six lawsuits were filed against Coinbase between May 15 and May 16, which all made various claims that the exchange failed to keep stringent security protocols to protect user data and handled the data breach aftermath poorly.In one of the lawsuits, filed in a New York federal court on May 16, plaintiff Paul Bender argued that Coinbase failed to protect the sensitive personal information of millions of users during the data breach. Users are suing Coinbase, alleging the exchange failed to protect their sensitive data. Source: PACERCoinbase reported on May 15 that four days earlier it had been hit with a $20 million extortion attempt after cybercriminals bribed several of its customer support agents to access internal systems and steal a limited amount of user account data.The stolen data included names, addresses, phone numbers, emails, the last four digits of Social Security numbers, some bank account identifiers, driver’s licenses, passports and some account data, such as balance snapshots and transaction history.Bender claimed that “Coinbase failed to implement and maintain reasonable security safeguards,” which exposed users to “serious and ongoing risks.”The suit also claimed Coinbase’s response to the incident was “inadequate, fragmented, and delayed.”“Users were not promptly or fully informed of the compromise, and Coinbase did not immediately take meaningful steps to mitigate further harm, provide identity protection services, or offer actionable guidance to affected individuals,” the complaint claimed.The lawsuit claimed users could face “substantial, immediate, and ongoing threat of identity theft and financial fraud” and that the consequences of the breach could be long-term or “potentially permanent” because the compromised information can’t be recovered or made secure once exposed.Flurry of lawsuits make similar allegations Two other lawsuits filed in a New York federal court made similar claims against Coinbase, while a fourth lawsuit added the allegation of unjust enrichment, arguing that Coinbase didn’t spend enough on data security measures.All four complaints ask for damages and other measures to help protect the plaintiff’s sensitive data.Meanwhile, a fifth lawsuit filed in a California federal court on May 15 made similar claims against Coinbase, but asked the court to order Coinbase to purge all sensitive data it holds about the plaintiffs and hire third-party security auditors to test its security systems, among other requests.A Coinbase spokesperson did not comment on the lawsuits and instead pointed Cointelegraph to a blog post it shared regarding the data breaches.Coinbase said it refused to pay the $20 million ransom and has flagged plans to reimburse users tricked into sending crypto to phishing scammers due to the data breach.In a filing with the US Securities and Exchange Commission, the exchange said it expects reimbursement expenses ranging from $180 million to $400 million.Related: Retired artist loses $2M in crypto to Coinbase impersonatorThe exchange also reportedly fired a group of customer support agents based in India following their alleged involvement in social engineering attacks on users.Coinbase (COIN) shares dipped 7% and dropped to $244 after it disclosed the data breach along with an ongoing SEC probe over misstated user numbers in 2021.The stock has since staged a comeback, spiking 9% and hitting $266 by the closing bell on May 16, according to Google Finance. Coinbase has climbed even higher following the data breach. Source: Google Finance Magazine: Arthur Hayes $1M Bitcoin tip, altcoins’ powerful rally’ looms: Hodler’s Digest, May 11 – 17
Published: 1 day ago
‘Sats’ vs ‘bits’ debate reignites amid proposal to change Bitcoin base unit
A recent proposal that aims to change Bitcoin’s base unit to make it easier to understand as a payment tool has run into opposition, with critics saying Bitcoin’s satoshis are no more confusing than the dollar’s cents. Bitcoin developer John Carvalho introduced Bitcoin Improvement Proposal-177 on April 23, which seeks to eliminate the concept of satoshis, of which there are 100,000,000 in 1 Bitcoin (BTC), and effectively split Bitcoin’s fixed supply of 21 million into 21 quadrillion units.It follows a 2017 proposal from Bitcoin developer Jimmy Song to create “bits,” representing one-millionth of 1 Bitcoin. However, Carvalho said Song’s approach would still require Bitcoin users to think about decimals and “shifts complexity rather than eliminating it.”Block Inc. CEO Jack Dorsey is among those calling for the change, saying in a May 18 X post that satoshis, or sats, are too confusing for newcomers.“Bits of Bitcoin is better, and just Bitcoin is best,” Dorsey said.Dorsey pointed to a December 2024 discussion on the topic where Stevie Lee, product lead of Bitcoin infrastructure firm Spiral, argued that not enough people know or care about what satoshis are.“Everyone knows Bitcoin, no one knows sats, people just want to send and receive Bitcoin,” Lee said, recalling past conversations where people thought satoshis were an entirely new token, unrelated to Bitcoin.He added that the Bitcoin community shouldn’t be too concerned with the change, as they know the underlying economics of Bitcoin would remain intact.Related: DOJ charges 12 more gamer-turned $263M Bitcoin robbersSwan Bitcoin CEO Cory Klippsten and Byte Federal director of product Michelle Weekley were among those who opposed the change.“People understand cents in a dollar, they will understand sats in a Bitcoin,” Weekley said on X.Magdalena Gronowska, a self-described Bitcoin consultant, claimed that the change could make some people think that Bitcoin abruptly crashed from its current price of around $100,000 and that its “supply has massively inflated.”Zaprite business development lead Parker Lewis argued that sats were easier to understand. Source: Parker LewisBitcoin creator was open to the ideaRobin Linus, the creator of the Bitcoin Virtual Machine (BitVM), highlighted that even Bitcoin’s pseudonymous creator, Satoshi Nakamoto, was open to changing how Bitcoin’s units are displayed for the purpose of usability.“If it gets tiresome working with small numbers, we could change where the display shows the decimal point,” Satoshi said in a February 2010 post before vanishing the following year.“Same amount of money, just different convention,” Satoshi added.Comment from Satoshi Nakamoto about changing Bitcoin’s unit base in February 2010. Source: BitcointalkThe Bitcoin network hasn't implemented any improvement proposals since the Taproot upgrade in November 2021, which aimed to improve Bitcoin’s speed, efficiency and privacy.Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee
Published: 1 day ago
Bitcoin notches record weekly close after highest-ever daily close candle
Bitcoin has notched its highest-ever weekly close as crypto market momentum continues and the cryptocurrency is again nearing its all-time high.Bitcoin (BTC) has closed at a weekly gain for the past six weeks in a row, and its most recent close at midnight UTC on May 18 was its highest weekly close ever at just below $106,500, according to TradingView.Its last highest weekly close was in December when it reached $104,400. It later went on to reach an all-time high of $109,358 on Jan. 20, according to TradingView. Bitcoin is now less than 3% away from its peak price and has gained 2% over the past 24 hours to trade around $104,730 at the time of writing.Bitcoin also posted its highest-ever close in a 24-hour period on May 18. However, this is not the largest daily gain Bitcoin has made.“Bitcoin just had its highest daily candle close... ever,” investor Scott Melker posted to X on May 19. With a daily close above $105,000, “Bitcoin will develop a brand new higher high,” said analyst Rekt Capital.BTC/USD weekly timeframe. Source: TradingViewBitcoin’s weekly gains over the past six weeks are mirroring its gains in November when it added $30,000 in three of its largest weekly candles ever.It has added around $12,000 so far in May, climbing from $94,000 to over $106,000 before it pulled back to around $105,400.Related: BTC price to $116K next? Bitcoin trader sees 'early week' all-time highAdditionally, Arete Capital partner “McKenna” said the Coinbase premium had returned, which measures US sentiment by comparing the difference between Coinbase’s BTC/USD pair and Binance’s BTC/USDT equivalent. The “strength of this bid on a Sunday night feels strange,” they said, adding its “possible someone knows some important news dropping next week.”Bitcoin’s CAGR cools downOn May 18, analyst Willy Woo dived into Bitcoin’s compound annual growth rate (CAGR), noting that it was trending downward as the network continues to store more capital.“BTC is now traded as the newest macro asset in 150 years, it'll continue to absorb capital until it reaches its equilibrium,” he said.Woo compared it to long-term monetary expansion of 5% and GDP growth of 3%, estimating that Bitcoin’s annual growth rate will be around 8% in around 15 to 20 years when it has settled. “Until then, enjoy the ride because almost no publicly investable product can match BTC performance long term, even as BTC's CAGR continues to erode.”Bitcoin annualized growth rate. Source: Willy WooMagazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest
Published: 1 day ago
Twitter User Claims TradingView Has Ignored a Fibonacci Retracement Bug for 5 Years
Update: the CTO of TradingView told Cointelegraph in comments that the reports of a bug were inaccurate, and the Twitter user partially withdrew his earlier claims that the tool was broken. Popular chart analysis service TradingView reportedly contains a bug in the Fibonacci retracement technical analysis tool, according to a tweet by self-proclaimed certified Elliott wave analyst Cryptoteddybear published on June 13. The Elliott wave principle is a type of technical analysis for predicting prices in financial markets by looking at recurring patterns. In a video that he uploaded to YouTube, the analyst explains that the tool does linear calculations when in logarithmic charts, which he notes is a significant issue for Elliot wave traders. The official Twitter account of the company behind the charting service answered his tweet, announcing that the issue is being investigated, to which Cryptoteddybear answered: “Thank you @tradingview for finally taking this issue seriously.” The first reports of the bug, posted over five years ago (in November 2014) on consumer community platform getsatisfaction, have been reportedly ignored by the company. Another report submitted on the same platform, dated June 3, 2017, has seen the official TradingView account answer in the thread: “Hi, you are right, we have a planned task to fix this. Thanks for bringing this to our attention.” However, the problem apparently has not yet been solved. Cryptoteddybear claims that a company representative told him that he asked the technicians to increase the priority given to solving the bug. As Cointelegraph recently reported, TradingView is one of the platforms that added the “CIX100” index — an AI-powered index for the 100 strongest-performing cryptocurrencies and tokens. At the beginning of the current month, cryptocurrency analytics company Coin Metrics announced that it has acquired digital asset index firm Bletchley Indexes and plans to launch crypto smart beta indexes. As of press time, TradingView has not responded to a request for comment.
Published: 6 years ago