New York Attorney General Letitia James has secured a $2 billion settlement with bankrupt cryptocurrency firms Genesis Global Capital, Genesis Asia Pacific, and Genesis Global Holdco. The settlement, which requires bankruptcy court approval, will establish a victims’ fund to compensate over 29,000 New Yorkers who invested more than $1.1 billion through the Gemini Earn program.
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Bitcoin Price Soars Back: Reclaims the Coveted $70K Milestone
Bitcoin price gained over 8% and surged above $70,000. BTC is now consolidating gains and showing signs of more upsides in the near term. Bitcoin started a fresh increase above the $70,000 resistance zone. The price is trading above $79,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $70,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase unless the bears push it below $68,800. Bitcoin Price Pumps 8% Bitcoin price formed a base above the $66,500 level. BTC started a fresh increase above the $68,000 resistance zone after Ethereum rallied above $3,200. There was a strong move above the $70,000 resistance zone. The price gained over 8% and even tested the $72,000 resistance zone. A new weekly high was formed at $71,896 and the price is now consolidating gains. The price is well above the 23.6% Fib retracement level of the upward move from the $66,047 swing low to the $71,896 high. Bitcoin is also trading above $79,000 and the 100 hourly Simple moving average. Besides, there is a connecting bullish trend line forming with support at $70,500 on the hourly chart of the BTC/USD pair. The price is now facing resistance near the $71,850 level. The first major resistance could be $72,000. The next key resistance could be $72,500. A clear move above the $72,500 resistance might send the price higher. In the stated case, the price could rise and test the $73,200 resistance. If the bulls remain in action, the price could rise toward the $74,400 resistance zone. Any more gains might send BTC toward the $75,000 barrier. Are Dips Limited In BTC? If Bitcoin fails to climb above the $72,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $70,500 level and the trend line. The first major support is $70,000. The main support is now forming near $68,850 or the 50% Fib retracement level of the upward move from the $66,047 swing low to the $71,896 high. Any more losses might send the price toward the $67,450 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 70 level. Major Support Levels – $70,500, followed by $70,000. Major Resistance Levels – $71,850, $72,000, and $72,500.
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Is $68,500 Bitcoin Recovery A Dead-Cat Bounce? What Data Suggests
Here’s what futures market data could suggest about whether this latest Bitcoin recovery will be a dead-cat bounce or not. Bitcoin Futures Market Shows No Signs Of Overheating So Far As explained by an analyst in a CryptoQuant Quicktake post, the BTC funding rate has stabilized around a relatively low value recently. The “funding rate”
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Litecoin Whales Go On $230 Million Buying Spree: Will This Change LTC’s Stars?
On-chain data shows the Litecoin whales have gone on a $230 million buying spree recently, which could bring bullish winds for the coin. Litecoin Whales Have Been Making Net Inflows To Their Wallets Recently According to data from the market intelligence platform IntoTheBlock, the Litecoin whales have received large net inflows in their addresses over the past month or so. The on-chain indicator relevant here is the “Large Holders Netflow,” which tracks the net amount of Bitcoin entering into or moving out of the combined wallets of investors owning at least 1% of the cryptocurrency’s circulating supply. Related Reading: Bitcoin “Profit-Taking Has Completed,” Top Analyst Reveals IntoTheBlock defines such “large holders” as the whale entities of the asset. Whales are generally considered to be influential beings on the network, owing to their ability to move large amounts on the network in a short span of time. When the Large Holders Netflow has a positive value, it means that these humongous investors are receiving a net amount of coins into their balance right now. Naturally, such buying can be bullish for the coin’s price. On the other hand, the negative indicator implies the whales are potentially participating in selling currently, which could have bearish consequences for the asset. Now, here is a chart that shows the trend in the Litecoin Large Holders Netflow over the past month: The value of the metric seems to have been positive in recent days | Source: IntoTheBlock on X As displayed in the above graph, the Litecoin Large Holders Netflow has mostly observed positive values inside this window, suggesting that the whales’ wallets have been receiving net deposits. According to the analytics firm, these large holders have accumulated 2,751,633 LTC in the last 30 days. At the current exchange rate of the asset, this stack is worth a whopping $230 million. As the chart also shows, the indicator spiked particularly strongly on the 10th of this month. During these net inflows alone, the whales bought 900,000 LTC, the highest daily amount since February, representing around one-third of the total accumulation in the past month. Related Reading: Chainlink Becomes Crypto Winner With 21% Rally: What’s Driving This? This buying spree from the large holders has come as the asset’s price has been consolidating around its lows following the mid-April crash. Thus, it would imply the whales believe the recent prices of Litecoin to have been worthy entry points into the coin. This could certainly be a bullish sign for the cryptocurrency, so it remains to be seen how the asset’s price will develop in the near future. The indicator may be worth monitoring, though, as its value turning negative could instead spell a bearish outcome for the coin. LTC Price Litecoin has continued to consolidate inside its range recently as its price is currently trading around $84. Looks like the price of the asset has been trading sideways over the last few weeks | Source: LTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, IntoTheBlock.com, chart from TradingView.com
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Gnosis (GNO) Token Soars 20% as DAO Reveals $30M Buyback
The price of Gnosis Token GNO jumped 20% in three days following an announcement by Thanefield Capital of a $30 billion buyback proposal. On the date of the announcement, May 17, the GNO token was pegged at $266 before climbing to $320 three days later. However, the token had dropped to $311 by time of
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Top AI Chatbots ‘Highly Vulnerable’ to Simple ‘Jaibreaks’ – Study
AI chatbots such as ChatGPT or Gemini can be tricked with ease into complying with queries that generate harmful responses, according to a new study by the UK’s AI Safety Institute (AISI). The government researchers tested the integrity of large language models (LLMs) – the technology behind the artificial intelligence chatbots – against national security
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Ethereum Jumps 18% Amid Speculation of SEC Approval for Spot ETFs
The value of ethereum (ETH), the second-largest cryptocurrency by market capitalization, has increased nearly 18% against the U.S. dollar due to speculation that the U.S. Securities and Exchange Commission (SEC) might approve some spot ether exchange-traded funds (ETFs). Market Buzz Lifts Ethereum to $3,691 On Monday, ethereum (ETH) reached an intraday peak of $3,691 per
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