Bitcoin (BTC) Mirroring Pre-Parabolic Rally That Led to Over 1,200% Gains in 2017, According to Crypto Analyst
Bitcoin’s (BTC) current market structure looks similar to 2017, just before its massive 1,200% rally to its previous record high of $20,000, according to widely followed crypto analyst TechDev. The pseudonymous analyst shares with his 450,000 followers on the social media platform X a chart that suggests the current market cycle has been strikingly reminiscent […]
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Ripple publishes math prof’s warning: ‘public-key cryptosystems should be replaced’
Mathematician Massimiliano Sala says current encryption methods won’t protect blockchain systems from quantum computers.
Professor Massimiliano Sala, of the University of Trento in Italy, recently discussed the future of blockchain technology, as it relates to encryption and quantum computing, with the crew at Ripple as part of the company’s ongoing university lecture series.
Sala’s discussion focused on the potential threat posed by quantum computers as the technology matures. According to the professor, current encryption methods could be easy for tomorrow’s quantum computers to solve, thus putting entire blockchains at risk.
Per Sala:
Bitcoin bulls take charge as SOL, AR, GRT and FTM flash bullish signs
Bitcoin is hogging all the limelight, but SOL, AR, GRT and FTM are also trying to move higher.
Bitcoin (BTC) has risen over 8% this week, indicating that lower levels continue to attract buyers. Generally, in a range, traders buy near the support and sell close to the resistance. This suggests that the price may reach the top of the range at $73,777, but clearing this hurdle might be difficult.
Analysts are divided in their opinion about Bitcoin’s next directional move. Some believe that the correction is over and Bitcoin will break out to a new all-time high, while others expect Bitcoin to turn down to retest the $60,000 support and go lower. It is difficult to predict the direction of the breakout from a range with certainty. Hence it could be prudent to wait for the price to start a new trend before establishing large trading positions.
As Bitcoin consolidates, traders may look toward altcoins for short-term trading opportunities. Although a full-blown altseason has still not arrived, select altcoins are likely to present trading opportunities.
DOJ Charges Two Chinese Nationals for Allegedly Laundering Proceeds of $73,000,000 ‘Pig Butchering’ Crypto Scam
The U.S. Department of Justice (DOJ) is charging two Chinese nationals for allegedly running a pig butchering crypto scam and laundering tens of millions of dollars. In a new press release, the DOJ says that Chinese citizens Daren Li and Yicheng Zhang were the masterminds of the pig butchering scam, which involved sending unsolicited messages […]
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Wells Fargo Accused of ‘Aiding and Abetting’ Alleged $300,000,000 Ponzi Scheme With More Than 1,000 Victims: Report
A new lawsuit accuses Wells Fargo of monitoring “both sides” of an alleged $300 million Ponzi scheme and doing nothing to stop it. Plaintiffs for the lawsuit accuse the US bank of unjust enrichment, negligence, aiding and abetting fraud and breaching fiduciary duties, reports the Sun Sentinel. In July of 2021, the Florida Office of […]
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OpenAI leadership responds to former employee safety allegations
The company’s head of alignment, Jan Leike, resigned on May 17, stating they’d reached a “breaking point” with management.
Sam Altman and Greg Brockman, the CEO and president of ChatGPT maker OpenAI, respectively, recently took to X.com to publicly discuss the recent departure of Jan Leike, arguably the company’s former top safety officer.
As Cointelegraph recently reported, Leike was the head of alignment. He resigned his post on May 17 citing irreconcilable differences with the company’s leadership.
Among Leike’s allegations was the assertion that “safety culture and processes have taken a backseat to shiny products” at OpenAI.
Bankrupt Genesis Global Receives Court Approval for $3,000,000,000 Payout to Customers
A US bankruptcy court has just greenlighted the liquidation plan of crypto lender Genesis Global to return about $3 billion to its creditors. In a memorandum decision, Judge Sean Lane says that Genesis’ Chapter 11 liquidation plan is reasonable and has been proposed in good faith. “The Court finds that the Plan should be confirmed […]
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10 US Spot Bitcoin ETFs Absorbed 548,556 BTC Worth $36 Billion in 128 Days
According to recent data, the ten spot bitcoin exchange-traded funds (ETFs), excluding Grayscale’s Bitcoin Trust (GBTC), acquired 548,556.62 BTC from the market over the last 128 days. This acquisition means the ten newly introduced spot bitcoin ETFs collectively hold 2.78% of the crypto asset’s current circulating supply. Besides Grayscale’s Pre-Existing Fund, Blackrock’s IBIT Leads New […]Tornado Cash verdict has chilling implications for crypto industry
The conviction of Tornado Cash developer Alexey Pertsev reinforces a very broad interpretation of criminal liability, which has major repercussions for blockchain.
The conviction of Alexey Pertsev, a developer of coin-mixing protocol Tornado Cash, comes from a chilling interpretation of criminal liability likely to have wider ramifications for crypto.
The Dutch court’s guilty verdict means Pertsev must now serve a sentence of five years and four months for money laundering through Tornado Cash. This is despite the fact that Pertsev had no direct involvement in the laundering itself.
Andrew Balthazor, a litigator with the legal firm Holland and Knight, spoke with Cointelegraph to explain the implications of the verdict.
Vitalik Buterin Outlines Improvements for Ethereum’s Decentralized Future
Ethereum co-founder Vitalik Buterin has proposed several enhancements aimed at improving the network’s permissionlessness and decentralization. The proposed changes focus on tackling issues such as miner extractable value (MEV), hardware requirements, and staking dynamics. Ethereum Co-Founder Proposes Enhancements to Boost Ethereum’s Decentralization Vitalik Buterin, Ethereum co-founder, recently shared his vision for the future of Ethereum’s […]Analyst Says Markets ‘100% Underestimating’ Odds of Ethereum ETF Approval, Warns Top for Memecoins in Sight
A closely followed crypto analyst thinks that market participants are too pessimistic about the odds that regulators will green-light a spot Ethereum (ETH) exchange-traded fund (ETF). Pseudonymous analyst Altcoin Psycho tells his 501,800 followers on the social media platform X that people are not bullish enough on ETH right now. “Markets 100% underestimating odds of […]
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Accidental Bitcoin Transfer Pushes Satoshi Nakamoto’s Genesis Wallet Over 100 BTC
Based on the latest data, the well-known Genesis address owned by Satoshi Nakamoto now holds over 100 BTC after someone inadvertently sent 0.10754671 BTC, valued at $7,211, to the wallet. The current value of the wallet, which has never been spent, is estimated at $6.75 million. Another Unintentional Bitcoin Transaction Pushes up the Value of […]Despite FTX’s Collapse, FTT’s $535M Market Cap Highlights Crypto Absurdity
Ten days ago, the FTX estate overseeing the bankrupt company’s proceedings informed customers they would receive more than 100% repayment. Following this announcement, the exchange token FTT from the defunct trading platform rose above $2 per unit. Astonishingly, despite being tied to a failed crypto exchange, this token still holds a market valuation of $535 […]Tether CEO Hints at Development of Global P2P Financial Markets Terminal
Tether CEO Paolo Ardoino stated that the stablecoin company might put “significant resources” into developing a global peer-to-peer (P2P) financial markets terminal. Ardoino explained that decentralization in the payments area, where humanity is “getting rid” of the monopolistic intermediaries, could also improve the financial markets data industry. This would also allow exchanges to monetize their […]Yuval Harari Criticizes Bitcoin, Naira Becomes World’s Worst-Performing Currency, and More — Week in Review
Historian Yuval Noah Harari criticized bitcoin, calling it a “currency of distrust.” The Nigerian naira has become the world’s worst-performing currency after erasing its early April gains due to ongoing foreign exchange shortages. Robert Kiyosaki warned of a potential collapse of the U.S. dollar if the BRICS nations launch a gold-backed cryptocurrency, predicting hyperinflation. Gold […]Coinbase Research Says ‘Surprise to the Upside’ Possible for Ethereum ETF Decision – Here’s Why
Research from Coinbase suggests that decisions on a spot Ethereum (ETH) exchange-traded fund (ETF) could surprise investors. In a new note, Coinbase Institutional says that an ETH ETF is a question of when, not if, and that the U.S. Securities and Exchange Commission (SEC) is likely looking at the decision with the same rationale that […]
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Western Banks Face Major Asset Seizure in Russia Amid Gazprom Subsidiary Dispute
In a significant move against western banks, a St Petersburg court has seized over $763 million of assets from Unicredit, Deutsche Bank, and Commerzbank, following a dispute with a subsidiary of Gazprom. This seizure, one of the largest since Moscow’s invasion of Ukraine, includes $504 million of Unicredit’s assets, equivalent to about 4.5% of its […]UK Shuts Down Crypto Advisory Firm for Misleading Investors and Poor Financial Records
The UK government announced this week that the Insolvency Service has secured a winding-up order against cryptocurrency advisory firm Amey Finance Academy Ltd at the High Court. The company, created by Desmond Amey in 2018, claimed to offer investment advice and financial education. However, complaints emerged that consumers lost money, and the Financial Conduct Authority […]Bitcoin clings to $67K but analysis warns of 10% BTC price drop next
Bitcoin bulls are enjoying 10% month-to-date gains currently, but one trader warns that the picture should soon look very different for BTC price action.
Bitcoin (BTC) circled $67,000 on May 19 as liquidity around spot price strengthened into the weekly close.
Data from Cointelegraph Markets Pro and TradingView showed bulls holding the week’s upside, with month-to-date gains now above 10%.
Analyzing hurdles to overcome, popular trader Daan Crypto Trades noted that $72,000 now represented the largest resistance zone.
Polkadot Creator Gavin Wood Says One Blockchain Use Case Crucial for Mass Adoption
The creator of interoperability blockchain Polkadot (DOT) says that one use case for the blockchains is crucial for their mass adoption. In a new interview on macro guru Raoul Pal’s podcast, Polkadot creator Gavin Wood says that proof of personhood – or a mechanism that digitally verifies a person’s humanity – could be the killer […]
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Venezuela bans crypto mining to protect power grid
This move follows a recent crackdown that involved confiscating 2,000 cryptocurrency mining devices as part of an anti-corruption initiative.
The Venezuelan government has joined the list of countries that have frowned on crypto mining due to its hefty electricity demands.
According to a local news outlet, Venezuela’s Ministry of Electric Power (MPPPE) has unveiled plans to disconnect cryptocurrency mining farms from the national grid. The move aims to regulate excessive energy consumption and guarantee a stable power supply for the population.
An X post from Venezuela’s National Association of Cryptocurrencies stated that crypto mining is prohibited throughout Venezuela. The move prioritizes energy stability over the burgeoning crypto-mining industry.
Coinbase Ventures Into Australia’s $600 Billion Pension Market With Tailored Crypto Services
Coinbase, the largest US crypto exchange, is planning to tap into Australia’s $600 billion self-managed pension sector, according to a Bloomberg report. The company is developing a service tailored for this sector, aiming to cater to the growing interest in crypto investments among self-managed funds. This move comes amidst a significant increase in crypto holdings […]XRPL on-chain transactions jump 108% in Q1 2024
The XRP Ledger (XRPL) recorded 251.39 million on-chain transactions during the first quarter of 2024, an increase of approximately 108% compared to the last quarter of 2023.
The XRP Ledger (XRPL) has seen over double the number of transactions during the first quarter of 2024 compared to the previous quarter, alongside the average transaction cost almost slashing in half, according to Ripple’s recent XRP market report.
The XRPL on-chain transaction activity increased by 108% during the first quarter of 2024, with approximately 251.39 million recorded, compared to the total 121.03 million in the last quarter of 2023, as per the report published on May 17.
Additionally, the average cost per transaction fell 45% to approximately 0.000856 USD.
Bitcoin Has Completed Profit-Taking Phase Amid Backdrop of Rising Capital Flows to BTC, Says Analyst Willy Woo
Popular on-chain analyst Willy Woo believes Bitcoin (BTC) is now in a position to kick start a fresh leg up after months of consolidation. Woo tells his 1.1 million followers on the social media platform X that he’s looking at Bitcoin’s spent output profit ratio (SOPR), which tracks whether coins are being sold at a […]
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Analyst: Solana to Reclaim $200, Many New Crypto ATHs Soon
In his latest social media posts, Daniel Cheung, co-founder of Syncracy Capital, expressed confidence in the strength of solana (SOL) and its potential to reclaim the $200 mark. He also hinted that upcoming upgrades could pave the way for new all-time highs (ATHs). Cheung also shared his bullish outlook on bitcoin (BTC), predicting new ATHs […]Phantom Wallet climbs Apple app store charts — Bullish sign for Solana?
Phantom Wallet has climbed to third position on the utility category on the Apple app store and several crypto commentators are taking it as a bullish signal for Solana.
Cryptocurrency wallet Phantom Wallet has now secured the third position on the Apple App Store in the utility category, just behind Google and Google Chrome Apps.
Crypto commentators are speculating that the rise could be a bullish indicator for Solana (SOL), given that Phantom Wallet initially launched as a Solana-only wallet.
“Seems like the SOL season is going to be Big! What SOL coins shall I buy?” crypto entrepreneur Evan Luthra asked his 413,900 X followers on May 19.
Bitcoin’s $66.9K price holds strong, casts doubts on a ‘deep correction’
Despite ongoing speculation about Bitcoin’s next potential “deep correction,” some cryptocurrency analysts disagree on its likelihood.
Bitcoin’s (BTC) price has cemented its position slightly above its key support level of $65,000, and crypto analysts believe that its price formation is holding strong. Some are even doubting the speculations of a deep correction in the near future.
“Bitcoin is holding up the price so strongly that I don’t think there will be a deep correction,” pseudonymous crypto trader Yoddha told his 49,000 X followers on May 18.
Meanwhile, Rekt Capital pointed out that the significant correction event has already happened, with Bitcoin’s price falling by 15% from $66,421 on April 24 to $56,792 on May 2, as per CoinMarketCap data.
Genesis wins court nod to return $3 billion to creditors
Court approves Genesis Global’s plan to distribute $3 billion to creditors, rejecting Digital Currency Group’s objections.
The post Genesis wins court nod to return $3 billion to creditors appeared first on Crypto Briefing.
$384,000,000 To Be Handed To 191,000 Victims of Banking Giant’s Illegal Practices: Consumer Financial Protection Bureau
A US banking regulator says $384 million will soon be handed to victims of an online bank’s illegal practices. The Consumer Financial Protection Bureau says 191,000 people will receive the windfall of cash, which will be given to former customers of Texas-based Think Finance. The agency filed a lawsuit against the lender in 2017, accusing […]
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Altcoin Tied to Security-Focused Crypto Wallet Surges by 43% This Week Amid Rollout of New Swaps Feature
An altcoin linked to a security-focused crypto wallet is outperforming the broader digital asset market, surging by more than 40% this week. Safe is a smart contract wallet that runs on multiple blockchains. The project introduced native swaps this week. Explains Safe, “Batch auctions consolidate multiple transactions, reducing gas costs and the need for multiple […]
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