Author: dfmines

Bitcoin continued its climb past $104,000 on Monday, and that rally has tempted some big traders to bet against it. A few high-stakes short positions now sit on the brink of collapse. These trades carry skinny margins for error and show just how risky huge margin bets can be when price momentum stays strong. Related Reading: Bitcoin’s Grip Loosens: Market Expert Says Dominance Has Hit Its Ceiling Massive Short Position At Risk According to blockchain tracker Lookonchain, one whale wallet opened a $93 million short with 40× margin. At Bitcoin’s current level near $104,000, just a 1.5% uptick would force a shutdown at around $105,700. That means a small move could wipe it out. Right now, that position is sitting on over $500,000 in paper losses. It’s also earning about $34,000 in funding fees. But those earnings are tiny next to the loss, so they barely ease the pain. Many gamblers are shorting $BTC with high leverage! 0x51d9 opened a $93M short position on $BTC with 40x leverage, with a liquidation price of $105,690. 0x5D2F opened a $44M short position on $BTC with 40x leverage, with a liquidation price of $112,660.https://t.co/WcW1u4FdWz… pic.twitter.com/pAf1LEMnZp — Lookonchain (@lookonchain) May 12, 2025 Second Whale Holding At Crossroads Another account took a $44 million short at $103,494.40, again using 40× cross margin. Now that Bitcoin trades around $104,720, the trade is down roughly $515,348.53. Its liquidation threshold is much further out, at about $112,660. That gives a buffer of close to $9,000 before it’s wiped out. So far, this trader has pocketed $51,711.71 in positive funding. Those credits show that traders are still betting on higher prices overall. Yet if Bitcoin’s climb stays on track, that buffer could evaporate fast. Failed Bet Already Closed A third whale got burned even sooner. This trader sold short $69.7 million worth of Bitcoin at $95,969, using 40× margin. Their cut-off price was $103,470. Bitcoin crossed that line days ago, trading above $104,000 in recent sessions. Based on reports, that position has almost certainly been liquidated already. It serves as proof of just how quickly high-risk shorts can backfire when prices shoot up. Liquidations Highlight Market Pressure Over the past 12 hours, Bitcoin derivatives saw $66.66 million in liquidations, with $51.25 million coming from shorts. In the full 24-hour stretch, a total of $82.58 million was wiped out, and $60.97 million of that was on the short side. Longs only accounted for $21 million in closures. These figures underline how much buying power has been forced back into the market, fueling further gains. Related Reading: Bitcoin Stays Resilient While Wall Street Stumbles – Details This frenzy shows that betting big against Bitcoin’s rally can end badly and fast. Small funding payments won’t make up for big losses if price keeps rising. Traders taking huge short positions now face steep odds of getting squeezed out. As Bitcoin sits above $104,000, any further gains could push more shorts to the exit, driving fresh volatility in the days ahead. Featured image from Pexels, chart from TradingView

The X account of the Ethereum layer 2 network ZKsync and its developer Matter Labs were compromised early on May 13, with hackers falsely claiming the network was being probed by US authorities, among other scam messages. A ZKsync-related X account posted on May 13, confirming the accounts for ZKsync and Matter Labs were compromised, warning users not to interact after the accounts shared links to a fake airdrop in an apparent phishing scam.Other X users had warned the ZKsync X account was compromised. Source: pseudoThe hacked ZKsync and Matter Labs then both posted a fake statement claiming ZKsync was under investigation by the US Securities and Exchange Commission and that the Treasury Department could impose sanctions on the platform.Matter Labs communications head Lynnette Nolan confirmed to Cointelegraph that the now-deleted X post “is not legit” and both accounts are now “fully back in the control of the team.”“Shoutout to the zksync hackers. Instead of dropping a token and stealing a few bucks they decided to scare the living shit out of onchain degens,” crypto startup g8keep co-founder Harrison Leggio, who goes by “Pop Punk,” posted to X.Source: Harrison LeggioThe fake statement was seemingly aimed at crashing the price of the platform’s self-titled token, ZKsync (ZK), which has fallen around 2% in the last hour amid the X account breach, according to CoinGecko.The SEC has investigated crypto companies in the past, and many of these firms have chosen to publicly disclose when they’ve been investigated by the regulator.The SEC has stopped many of its probes under the Trump administration, with Crypto.com, Immutable, OpenSea, and RobinHood Crypto, among others, confirming the agency had ended investigations.ZK is down 6.4% over the last day to trade at around 7 cents, cooling from a nearly 38.5% rally it’s enjoyed over the past week.Related: US prosecutors want 2 years for SEC X account hackerMatter Labs’ Nolan said the firm was looking into how the X accounts were breached, and believed it was via “compromised delegated accounts,” which allow users limited access to an X account, allowing them to post on its behalf. Two hacks in as many monthsIt’s the second compromise of ZKsync-controlled platforms since April. On April 15, an attacker breached the admin account of ZKsync’s airdrop distribution contract and used a function to mint 111 million unclaimed ZK tokens, worth approximately $5 million at the time.The hack happened amid the platform handing out 17.5% of ZK’s supply to ecosystem participants.The attacker later returned 90% of the stolen tokens, agreeing to keep 10% as a bounty.Magazine: ZK-proofs are bringing smart contracts to Bitcoin — BitcoinOS and Starknet

Crypto bank Anchorage Digital has expanded its stablecoin offerings with the acquisition of Mountain Protocol, a stablecoin issuer that says it will begin winding down its main stablecoin, Mountain USD (USDM).The acquisition, which is subject to customary closing conditions and regulatory approval, will integrate the Mountain Protocol team, tech stack and licensing framework into Anchorage’s existing offerings, Anchorage said in a May 12 statement.While terms of the deal weren’t disclosed, it reflects an accelerating number of acquisitions between crypto and TradFi firms in recent months.Explaining the acquisition, Anchorage CEO Nathan McCauley said stablecoins are becoming the backbone of the crypto economy, while anticipating that “every business” will eventually use stablecoins as part of their operations.Source: Anchorage DigitalMountain Protocol CEO Martin Carrica said its stablecoin experience and Anchorage’s crypto infrastructure positions the merging companies to meet the growing global demand for stablecoin services.Anchorage is the only federally chartered digital asset bank in the US, while Mountain Protocol’s stablecoin services are regulated by the Bermuda Monetary Authority.It comes around nine months after Anchorage introduced a stablecoin rewards program for institutions holding the PayPal USD (PYUSD) stablecoin.Mountain Protocol’s USDM to wind downAs part of the acquisition, Mountain Protocol said it would begin an “orderly wind-down process” for USDM, which operates as a yield-bearing stablecoin.Mountain Protocol said it ceased minting the stablecoin on May 12 but noted that USDM rewards will remain active for another 30 days. After that, the reward rate will be set to 0% APY.The stablecoin issuer’s customers can redeem their USDM through the firm’s platform, while other USDM holders are encouraged to swap the stablecoin for other tokens on exchanges.Related: ‘Dark stablecoins’ could emerge as regulations tightenMountain Protocol’s Ethereum-based USDM is not to be confused with Mehen Finance’s USDM stablecoin, which runs on the Cardano network. Mountain Protocol’s USDM saw considerable success shortly after launching in late 2023, rising to a $155 million market cap by March 2024, according to RWA.xyz. However, its market cap has since fallen below $50 million.RWA.xyz estimates there are around 10,820 USDM holders.Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

A high-powered merger is catapulting American Bitcoin into the public spotlight as it fast-tracks a Nasdaq debut, unleashing massive momentum for institutional-scale mining. Eric Trump-Backed Bitcoin Giant Fast-Tracks IPO Via Gryphon Takeover Deal American Bitcoin Corp., a firm backed by Hut 8 Corp. and Eric Trump, is set to become a publicly listed entity through […]

Key Takeaways: Dogecoin’s 38% surge reflects strong market demand, with spot-buyer volumes taking charge since March. A bullish MACD crossover has traders predicting a 180% rally, with targets at $0.65 and $1.Dogecoin’s (DOGE) price rallied in lockstep with Ethereum over the past 7 days, gaining 38% in May, which is its strongest monthly performance this year. According to CoinGecko, DOGE recorded $4.7 billion in trading volume over the past 24 hours, ranking fifth among the top cryptocurrencies (excluding stablecoins). The memecoin’s market strength has been coupled with strong onchain insights. Data from CryptoQuant noted that DOGE’s spot taker 90-day cumulative volume delta (CVD), which measures the net difference between buying and selling volume over 90 days, has been “taker buyer dominant.” It indicates more aggressive buying than selling, a pattern last seen in November 2024, leading to DOGE’s breakout rally of 385% to $0.48 in Q4, 2024. DOGE spot taker CVD. Source: CryptoQuantSimilarly, the long-term holder net unrealized profit/loss (NUPL), which tracks unrealized profits or losses for DOGE holders with a lifespan of at least 155 days, recently crossed 0.5 for the first time since March 1, 2025, turning to optimistic or “belief” sentiment. A NUPL above 0.5 means most holders are in profit, signaling confidence and a reduced likelihood of selling. This optimism reinforces price stability, as holders could refrain from selling and hold out for higher gains. The above metrics suggest strong market demand, with investors actively accumulating Dogecoin, which likely contributed to its recent gains. DOGE long-term holder NUPL. Source: GlassnodeRelated: Bitcoin price inches closer to new all-time high as ETH, DOGE, PEPE and ATOM rallyIs DOGE set for another parabolic rally? With a favorable market structure, anonymous technical analyst Trader Tardigrade revealed a bullish outlook involving the DOGE/BTC trading pair. The chart reflected a previous rally where DOGE surged 30,000% from $0.0024 to $0.739, suggesting a similar setup. DOGE/BTC analysis by Trader Tardigrade. Source: X.comHistorically, Dogecoin and Bitcoin share a strong correlation—around 0.67 over the past three months, per Macroaxis data—meaning BTC’s movements often dictate DOGE’s trajectory. The analyst predicts BTC’s surge could be followed by a sideways phase, triggering a massive DOGE rally for weeks. In a separate analysis, Trader Tardigrade also noted that the immediate target for Dogecoin remains $1, after the memecoin exhibited a weekly MACD bullish crossover for the third time since 2024. As illustrated in the chart, each bullish crossover has been followed by a breakout, with prices jumping 180% between January 2024 and March 2024, and a whopping 385% between September 2024 and December 2024.  Dogecoin weekly analysis. Source: Cointelegraph/TradingViewCrypto trader Javon Marks outlined a similar target for Dogecoin, forecasting an immediate target of $0.65, which will be its highest price since May 2021. Marks said, “$DOGE (Dogecoin) now showing MAJOR STRENGTH after setting Higher Lows! $0.6533 can be coming in another nearly +180% upside and prices could even break above, bringing $1+ into play.”Related: Bitcoin all-time high cues come as US-China deal sends DXY to 1-month highThis 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.

An analyst has explained how XRP could end up targeting the $15 mark if this pattern is the governing one behind the latest price breakout. XRP Was Trading Inside A Symmetrical Triangle Earlier In a new post on X, analyst Ali Martinez has talked about where XRP could be heading next based on a technical analysis (TA) pattern. The pattern in question is a Symmetrical Triangle, which forms when an asset consolidates between two trendlines approaching each other at a roughly equal and opposite slope. Related Reading: New Bitcoin Whales Sitting On 185% Higher Cost Basis Than HODLer Whales, Data Shows The top line of the triangle connects together successive lower highs in the price, and the bottom one higher lows. Like with other TA consolidation patterns, the former trendline is likely to provide resistance during a retest, while the latter one supports. A break out of either of these lines can imply a continuation of the trend in that direction. Naturally, an escape above the triangle is bullish, while a fall under it is bearish. As the price consolidates inside a Symmetrical Triangle, its range gets narrower with time, until it shrinks to a point at the apex. Thus, as the asset travels toward the end of the triangle, it can become more likely to find a breakout. The Symmetrical Triangle isn’t the only type of triangle that exists in TA. Two other popular variations are the Ascending and Descending Triangles, which emerge when one of the trendlines is parallel to the time-axis. As the names of these patterns already suggest, they involve consolidation toward a net upside and downside, respectively. Now, here is the chart shared by the analyst that shows the Symmetrical Triangle that XRP was potentially trading inside for years before a breakout: As displayed in the above graph, XRP was nearing the apex of this long-term Symmetrical Triangle last year, meaning a breakout was becoming probable. And indeed, with the bull rally during the last couple of months of the year, the coin managed to find a break above the pattern. Related Reading: Bitcoin Derivatives In The Driver’s Seat For $100,000 Rally, Data Shows Generally, breakouts resulting from a triangular pattern are assumed to be of the same length as the height of the triangle itself. Based on the height of this Symmetrical Triangle, a potential bullish target could lie at around $15 for the cryptocurrency. Naturally, this target would only hold if the trajectory that XRP is currently following is truly based on this Symmetrical Triangle. In the scenario that the pattern does end up being the governing one and the coin observes a bull run to this level, it would have seen an increase of more than 500% from the current price. XRP Price At the time of writing, XRP is floating around $2.45, up around 3% in the last seven days. Featured image from Dall-E, charts from TradingView.com

The SEC is unleashing a new crypto era, vowing to ditch regulation-by-enforcement in favor of bold, crystal-clear rules that supercharge onchain innovation and market growth. SEC Chair Commits to Ending Policy by Enforcement With Clear Onchain Crypto Regulations U.S. Securities and Exchange Commission (SEC) Chairman Paul S. Atkins detailed his ambitious agenda for crypto asset […]

Decentralized finance (DeFi) protocol Curve Finance has warned that a hacker has again hijacked its domain name system (DNS), sending users to a malicious website.  In the second attack on its infrastructure in a week, the “curve.fi DNS might be hijacked. Don’t interact!” the team said in a May 12 warning to X.In a follow-up post to a user asking whether it was a hack or a hijack, the Curve Team said the website “Points to the wrong IP” when users try to visit. A DNS works like a directory that translates domain names into IP addresses. Source: Curve FinanceThe team also said in another update that the “Password is secure,” its two-factor authentication was set up a “long time ago,” and a question has been sent to the “registrar now.””While all smart contracts are safe, the domain name points to a malicious site which can drain your wallet! We are investigating and working on recovering the access. No sign of a compromise on our side,” Curve said. Curve Finance was hit with a similar front end attack in August 2022. In a post-mortem,  the consensus was that the attackers managed to clone the Curve Finance website and reroute the DNS server to the fake page.Users who attempted to use the platform had their funds drained into a pool operated by the attackers.Cointelegraph has contacted Curve Finance for comment. Curve Finance potential front-end attackOnchain security firm Blockaid also detected unusual activity from the Curve website recently, warning users to stay away and avoid interacting for now.It could be a case of a “potential frontend attack,” according to the security firm, which is when hackers target the part of the website users interact with, such as the buttons, forms, or text on the site, to steal sensitive data.Source: Blockaid“If you’re connected, please refrain from signing transactions and avoid interactions with the DApp until the issue is resolved. We’re working closely with affected partners. More updates soon,” Blockaid said.Related: Crypto hackers hit DeFi for $92M in April as attacks double from MarchSecond attack in a weekThis is the second time Curve Finance has been targeted in the last week. On May 5, a hacker took over its official X handle. “To clarify: the incident was limited strictly to the X account. No other Curve accounts were affected. No security issues were found on our side, no user funds were impacted, and there were no victims of phishing links that the hacker posted,” the team said in a follow-up May 6 post. Source: Curve FinanceAccess to the Curve Finance X account was restored quickly, and the cause is still under investigation.A slew of other high-profile X accounts have also been taken over by bad actors this year. On May 2, the Tron DAO account was hijacked; meanwhile, on April 15, a member of the UK’s Parliament, Lucy Powell, had her account taken over to promote a scam crypto token called the House of Commons Coin (HOC).Magazine: Financial nihilism in crypto is over — It’s time to dream big again

Crypto breaks into Wall Street’s top tier as Coinbase becomes the first digital asset firm added to the S&P 500, signaling a seismic shift in financial market legitimacy. Coinbase Makes History With S&P 500 Inclusion S&P Dow Jones Indices, a division of S&P Global (NYSE: SPGI), announced on May 12 that Coinbase Global Inc. (Nasdaq: […]