Bitcoin would need to hit $93K to flip Silver right now
Silver’s market cap has risen to over $500 billion larger than Bitcoin, despite the cryptocurrency flipping the precious metal just two months ago.
Silver has staged an impressive comeback against Bitcoin (BTC) this year, surpassing the cryptocurrency as the 8th largest asset by market cap after losing its position in March.
The world’s second most valuable metal has rallied 33.4% since Bitcoin reached a record $73,737 on March 14, while Bitcoin has retraced 9.5%, according to CoinGecko.
As a result, Silver’s market cap of $1.83 trillion is now $500 billion more than Bitcoin’s, which is currently at $1.31 trillion, according to Companies Market Cap — meaning Bitcoin would need to rally 40% to $93,000 to flip Silver’s current market cap (if all else remains equal.)
5 of 7 on-chain indicators suggest the bull run is just beginning
On-chain indicators such as the Bitcoin MVRV Z score, Puell Multiple and HODL Waves paint a bullish picture for Bitcoin investors.
Despite crypto markets having consolidated sideways for the past three months, at least five on-chain indicators suggest the bull market may just be getting started, according to an analyst.
Since the end of February, crypto’s total market capitalization has been range-bound at around $2.5 trillion. Market observers are conflicted about whether the cycle is already over or not.
These five on-chain indicators, as highlighted by analyst “ELI5 of TLDR” in a post on X on May 19, suggest it is just beginning.
Spot Ether ETFs will come down to a 5-person vote: Gensler the decider?
It was speculated that Gensler’s vote secured the launch of spot Bitcoin ETFs in January — and the same five commissioners are set to vote on Ether ETFs this week.
The fate of spot Ether (ETH) exchange-traded funds could be decided this week by a single vote from Gary Gensler, the chair of the United States Securities and Exchange Commission — if history is any indication.
In January, the approval of spot Bitcoin ETFs came down to a five-commissioner panel. Two crypto-friendly commissioners, Hester Pierce and Mark Uyeda, voted to approve ETFs, while Commissioners Caroline Crenshaw and Jaime Lizárraga voted against them.
Gensler also voted to approve it, leading many to believe his vote ultimately secured approval of spot Bitcoin ETFs, which were approved with a 3-2 vote on Jan. 10, 2024.
Pump.fun exploiter claims he was arrested in UK and now on bail
The ex-employee alleged of exploiting pump.fun for $1.9 million claims he was arrested and charged in Britain and is now on bail.
The former employee of memecoin creation and trading platform pump.fun — who is alleged to have carried out a recent $1.9 million exploit — claims he was arrested, charged and is now on bail in the United Kingdom.
On May 16, the X user “STACCoverflow” — who had posted and confirmed their name is Jarett Dunn — claimed responsibility for the attack which pump.fun alleges used a “privileged position” to access a “withdraw authority” and compromise the protocol’s systems.
In a series of May 18 posts on a different X account, Dunn claimed he “spent overnight in custody as the pump team alleges I stole [$2 million]” and conspired to steal an additional $80 million, adding he was “released on bail and mental health sectioned.”
Crypto exchange Kraken has ‘no plans’ to delist USDT in Europe for now
Concerns were raised after a Bloomberg article reported Kraken was “actively reviewing” which tokens it could continue to list under the European Union’s upcoming MiCA framework.
Cryptocurrency exchange Kraken has “no plans” to delist Tether (USDT) in Europe at the moment despite a recent report claiming the firm was “actively reviewing” the decision to remain legally compliant.
“[Kraken] continues to list USDT in Europe and we have no plans to delist at this time,” stated Mark Greenberg, Kraken’s global head of asset growth and management in a May 18 X post.
The firm will continue to follow all legal requirements — even those that it disagrees with — Greenberg iterated. “But the rules are not finalized yet and we continue to do everything we can to continue to offer all relevant stablecoins to our European customers.”
Analyst Issues Chainlink Warning, Says 55% Correction for LINK Natural and Healthy Following 4X Rise
A widely followed crypto strategist is warning that Chainlink (LINK) may be on the verge of a massive correction. Pseudonymous analyst Credible tells his 394,500 followers on the social media platform X that the native asset of the leading decentralized oracle network appears to have printed a mid-cycle top. According to the analyst, a deep […]
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US Congress Passes First Standalone Crypto Legislation
The U.S. Congress has passed its first standalone crypto legislation, which aims to overturn the controversial U.S. Securities and Exchange Commission (SEC)’s SAB 121 rules regarding crypto assets. However, President Joe Biden has threatened to veto this decision, citing concerns about financial stability and market uncertainty. ‘We Are Just Getting Started’ In a historic move, […]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.
Venezuelan Authorities Announce Bitcoin Mining Ban, Confiscate Over 11,000 Miners to Face the Nation’s Energy Crisis
The Venezuelan National Power Ministry announced a special operation to disconnect all bitcoin mining farms from the grid. Authorities have seized over 11,000 bitcoin miners as the government seeks to reduce the power usage from high-power customers siphoning energy from the national electric system. Venezuelan Authorities Seize and Disconnect Over 11,000 Bitcoin Miners Amidst Energy […]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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Over $23M in Casascius Bitcoins Redeemed in 2024, Leaving $2.7B Untouched
As of the latest data, 352.3 BTC valued at $23.5 million linked to Casascius physical bitcoins have been redeemed this year. Despite 155 physical bitcoin peels, an estimated $2.7 billion in value remains unclaimed and associated with these tangible assets. 18,741 of Mike Caldwell’s Casascius Coins Still Remain Unpeeled In the early days, Mike Caldwell […]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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Cryptoquant CEO Predicts Bull Run Midpoint as Bitcoin Recovers
The price of bitcoin experienced a challenging May, dipping below $60,000 to reach a low of $56,500 per unit on May 1, 2024. Currently valued at $66,900 per unit, bitcoin’s price is showing improvement as June approaches. The founder of the onchain and market data platform Cryptoquant has noted that the bull run is at […]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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