Category: Cryptocurrency News

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A US grand jury has indicted the founder of blockchain startup Amalgam Capital Ventures over allegations he defrauded investors out of over $1 million with a fake blockchain.Jeremy Jordan-Jones was arrested and indicted on May 21 and charged with wire fraud, securities fraud, making false statements to a bank, and aggravated identity theft, the Department of Justice said on May 21.  Manhattan US Attorney Jay Clayton claimed Jordan-Jones “touted his company as a groundbreaking blockchain startup,” but alleged that, in reality, the “company was a sham, and investors’ funds were siphoned off to bankroll his lavish lifestyle.”FBI Assistant Director Christopher Raia alleged that Jordan-Jones defrauded investors of more than 1 million dollars through “misrepresentations of his purported company’s capabilities, partnerships, and investment intentions.”Raia claimed the Amalgam founder’s “blatant lies” funded his personal lifestyle at the expense of unknowing victims.An excerpt from the indictment of Jeremy Jordan-Jones. Source: US Department of JusticeAccording to an indictment filed in a Manhattan federal court, from January 2021 to November 2022, Jordan-Jones deceived investors and financial institutions using fabricated documents, fake sports partnerships, and misleading claims, ultimately misappropriating over $1 million for personal use.Related: Ex-Cred execs plead guilty to wire fraud over $150M crypto collapseAmalgam claimed to offer point-of-sale systems and blockchain-based payment and security solutions, the filing states.The indictment alleged the firm had “no operable products, few, if any, customers, and zero legitimate business partnerships.”The filing alleged that instead of channeling the funds into tech development and crypto exchange listings as promised, Jordan-Jones spent the money on luxury vehicles, high-end vacations, clothing and fancy restaurants in Miami. Charges carry decades in prisonJordan-Jones was also accused of submitting a fake bank statement claiming Amalgam held over $18 million in order to secure a company credit card, but prosecutors claimed there were no funds in the bank account and it had been closed in late 2021. Wire fraud and security fraud carry potential penalties of up to 20 years in prison per count, while making false statements to a bank carries up to 30 years.Jordan-Jones was also charged with one count of aggravated identity theft, which carries a mandatory sentence of two years in prison.The government is seeking forfeiture of any property or money traceable to the fraud, including substitute assets if the original funds are unavailable.Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest

My crypto is half Bitcoin and half ether thinking of selling all my ether and dumping it all in Bitcoin. Anyone else doing the same? Seems like ether is really underperforming compared to Bitcoin submitted by /u/sounds_suspect [link] [comments]

The Bitcoin Network Value to Transactions (NVT) Golden Cross could indicate that the asset isn’t overheated yet, despite its price marching to a new all-time high (ATH). Bitcoin NVT Golden Cross Still Outside Of Overbought Zone In a CryptoQuant Quicktake post, an analyst has talked about the latest trend in the NVT Golden Cross for Bitcoin. The NVT Ratio is an on-chain indicator that keeps track of the ratio between the BTC market cap and transaction volume. If the utility of the network (measured in terms of the transfer volume) is considered as a reflection of its ‘true’ value, then this ratio can be used for judging whether the price is undervalued or overvalued. Related Reading: $3.8 Billion In Capital Inflows Behind Ethereum’s Post-Pectra Surge, Data Shows When the value of the indicator is high, it means the value of the network (that is, the market cap) is high compared to its ability to transact coins. Such a trend may be a sign that the asset is becoming overpriced. On the other hand, the indicator being low could imply room for growth in the cryptocurrency’s market cap, as its value is low when compared to the transaction volume. In the context of the current topic, a derivative form of the NVT Ratio is the indicator of interest. This metric, known as the NVT Golden Cross, is a signaling indicator for the NVT Ratio similar to the Bollinger Bands, telling us about whether the ratio’s value is near a top or bottom. The NVT Golden Cross compares two moving averages (MAs) of the NVT Ratio in order to determine this: the 10-day MA to gauge the short-term trend and the 30-day MA for the long-term one. Now, here is a chart that shows the trend in the Bitcoin NVT Golden Cross over the last few months: As displayed in the above graph, the Bitcoin NVT Golden Cross has been on the rise recently as the cryptocurrency’s price has rallied to a new ATH. At present, the indicator is sitting at a value of 1.5. In the chart, the quant has highlighted two zones for the metric that have been of significance in the past. The region beyond 2.2 (shaded in red) corresponds to the territory where tops generally occur for BTC and that under -1.6 (green) to the bottoming zone. Related Reading: Is Bitcoin Ready For New ATHs? What The Charts Say Clearly, despite the recent uptrend, the NVT Golden Cross hasn’t yet broken into the red zone, a potential sign that the cryptocurrency may still not be too overpriced. Naturally, this could allow room for the run to continue further. BTC Price Bitcoin set a new record earlier today as its price briefly went to $109,400, surpassing the previous ATH around $109,200. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

World Assets, a subsidiary of the World Foundation, has sold $135 million in its WLD token to investors Andreessen Horowitz and Bain Capital Crypto. Funding to Support World Network Expansion World Assets, a subsidiary of the World Foundation, has announced the sale of $135 million worth of its native WLD token to prominent investors Andreessen […]

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A crypto whale has expanded an existing 40x leverage long Bitcoin bet to $1.1 billion on the decentralized exchange Hyperliquid, which has stunned the crypto community and is believed to be the first-ever position exceeding $1 billion on the platform.The X account “James Wynn” claims to be behind the position, which is now up $36 million on the trade, data from Hypurrscan’s block explorer shows.A $28.4 million margin position was used across several trades to increase the Bitcoin (BTC) position, now worth $1.13 billion. The average Bitcoin entry price was $108,065.Perp futures positions of wallet address “0x507.” Source: Hypurrscan“He did it fellas,” crypto analyst Sigma^2 wrote on X. “First position [on Hyperliquid] to exceed $1B.”Wynn’s long position was at a loss of about $16.3 million before it shot back up as Bitcoin broke through $110,000 on May 21. The position sits comfortably above its liquidation price of $103,790, as Bitcoin has well surpassed $110,000 and neared $112,000 in early trading on May 22.HyperDash data shows the crypto whale started closing some Bitcoin long positions when Bitcoin was trading around $106,000 on May 20.Change in profit and loss (PnL) from Wynn’s wallet over the last 24 hours. A small amount of that PnL includes a position held in kPEPE. Source: HyperDash“That mfer has nerves of steel,” crypto influencer Follis wrote, while others called the trader an “absolute mad man” or questioned his sense in making the trade.Who is “James Wynn”?Wynn describes himself as a high-risk leverage trader and memecoin maxi who supposedly called Pepe (PEPE) a buy when its market cap was at $600,000.Related: Is Bitcoin price close to a cycle top? — 5 indicators that help traders decideThe crypto whale started using Hyperliquid two months ago, depositing $4.65 million worth of the stablecoin USDC (USDC) onto the platform, Hypurrscan data shows.They’ve completed 32 trades since then, which have included long positions on XRP (XRP), the Official Trump (TRUMP) token, Fartcoin (FARTCOIN) and Toncoin (TON).Hyperliquid’s DEX is the flagship product on the Hyperliquid layer 1 blockchain, which also offers spot trading and borrowing and lending services, among other things.Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story

Solana started a fresh increase from the $165 zone. SOL price is now gaining pace and might aim for more gains above the $180 zone. SOL price started a fresh increase above the $170 level against the US Dollar. The price is now trading above $172 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $170 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if it clears the $180 resistance zone. Solana Price Rises Above $172 Solana price formed a base above the $165 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the $170 and $172 resistance levels. The bulls even pushed the price above the $175 level. A high was formed at $177.50 and the price is now consolidating gains above the 23.6% Fib retracement level of the recent wave from the $165 swing low to the $177.50 high. Solana is now trading above $172 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $170 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $178 level. The next major resistance is near the $180 level. The main resistance could be $185. A successful close above the $185 resistance zone could set the pace for another steady increase. The next key resistance is $192. Any more gains might send the price toward the $200 level. Another Decline in SOL? If SOL fails to rise above the $180 resistance, it could start another decline. Initial support on the downside is near the $174.50 zone. The first major support is near the $172 level or the 50% Fib retracement level of the recent wave from the $165 swing low to the $177.50 high. A break below the $172 level might send the price toward the $170 zone and the trend line. If there is a close below the $170 support, the price could decline toward the $162 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $172 and $170. Major Resistance Levels – $178 and $180.

BlackRock’s iShares Bitcoin Trust (IBIT) has seen its largest inflow in the past two weeks as traders allocate to US spot Bitcoin exchange-traded funds (ETFs) to scoop up the rocketing cryptocurrency.IBIT’s May 21 net inflows hit $530.6 million, its biggest single-day net inflow since it took in $531.2 million on May 5, according to Farside Investors. The ETF hasn’t had an outflow since April 9.In one day alone, IBIT has accumulated over 10 times the amount of Bitcoin (BTC) mined over the same timeframe, with it scooping up 4,931 BTC against just 450 BTC produced for the day.IBIT also saw its largest volume day since January, according to the ETF tracking X account Trader T. “Given trading volume today, expect these inflow numbers to increase,” said ETF Store president Nate Geraci. BlackRock IBIT net flows. Source: Trader TThe total inflow figure for all 11 spot ETFs was $607.1 million, with the Fidelity Wise Origin Bitcoin Fund (FBTC) seeing the second-most inflows for the day at $23.5 million. Related: BlackRock’s Bitcoin ETF posts $356 million inflows, marking the longest streak of 2025Bloomberg ETF analyst Eric Balchunas called the ETF inflows a “classic feeding frenzy” caused by Bitcoin’s recent price rally, which has seen it extend to nearly $112,000 in early May 22 trading. Balchunas added that the last time ETF trading volumes soared to current levels was in January, around Bitcoin’s then all-time high. “All the Bitcoin ETFs are elevated, most are gonna see 2x their average flows incoming,” he said.IBIT trading volume surges to January levels. Source: Eric Balchunas The big ETF inflow and volume day came as Bitcoin notched a new all-time high above $110,000 late on May 2, and it has continued to rally to a top of just under $111,897 on Coinbase, according to TradingView.Bitcoin ETF pile in to continue Jeff Mei, operations chief at the crypto exchange BTSE, told Cointelegraph in a note that investors are “crowding into Bitcoin ETFs,” which saw $3.6 billion in net inflows in May.“We believe this trend will continue as long as companies continue to tap public markets for more capital,” he added. “This could even accelerate if the Fed decides to cut interest rates in the coming months.” Jupiter Zheng, HashKey Capital partner, anticipated more volatility once Bitcoin breaks above $110,000, telling Cointelegraph that it was “entering uncharted price discovery territory, while unstable geopolitical and macroeconomic factors lead investors to consider the long-term value of Bitcoin.”Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest

On May 21, Bitcoin (BTC) achieved a remarkable milestone, reaching a new all-time high (ATH) near the $110,000 mark. This surge was fueled by significant buying pressure, elevating Bitcoin’s market capitalization to over $2.1 trillion.  As a result, the market’s leading cryptocurrency has now positioned itself among the most valuable assets globally, ranking fifth in market capitalization and surpassing major firms like Amazon and Google. Will Bitcoin Surpass Gold? According to the Companies Market Cap web page, Bitcoin’s price surge pushed its market capitalization to approximately $2.182 trillion. Currently, Bitcoin trails only behind tech giants Apple, NVIDIA, and Microsoft, as well as the traditional safe-haven asset, gold, which holds a staggering capitalization of over $22 trillion. Rob Nelson from The Street reported insights from Gracy Chen Chen, Bitget’s Managing Director on a roundtable discussion back in February, highlighting the transformative nature of the cryptocurrency market. Related Reading: Shiba Inu Bulls Roar To Life After Breakout—Next Price Targets With increasing institutional adoption, evolving regulations, and new real-world applications, Chen expressed optimism about Bitcoin’s future. “Bitcoin will definitely surpass gold in terms of market cap, at least for a while, maybe this year or in the upcoming few years,” she stated, suggesting that Bitcoin has the potential for another two to threefold increase in price. Historically seen as “digital gold,” Bitcoin’s role has evolved significantly. Initially perceived as an anti-risk asset, it has become more correlated with traditional financial markets, especially following the anticipated approval of spot Bitcoin ETFs in 2024.  “In the early days, Bitcoin was much considered as digital gold. Right now, it’s still digital gold in my opinion, but now it’s more like a risky asset,” Chen explained, noting its increased correlation with the US stock market. Analysts Predict Potential Surge To $150,000 Positive regulatory developments in the US have further bolstered investor sentiment, fueling expectations for price discovery phases for BTC. Antoni Trenchev, co-founder of the digital asset trading platform Nexo, commented on the current market landscape:  Now that January’s high has been surpassed—and the 50 percent upside from April’s lows has been achieved—Bitcoin enters blue sky territory with tailwinds in the form of institutional momentum and a favorable US regulatory environment. Related Reading: Litecoin Eyes $117.50 As Price Rebounds From Key Support – Analyst Trenchev also emphasized that the market’s still in the fourth year of Bitcoin’s price cycle, traditionally seen as a pivotal period following a halving event—when miner rewards are cut in half.  Historically, this phase has led to significant price increases. “While macro uncertainty and the threat of further volatility remain, a target of $150,000 in 2025 is still very much on the cards,” he concluded. At the time of writing, BTC is trading at $109,570, which is up by 3% and 25% on the 24-hour and 30-day time frames, respectively. Featured image from DALL-E, chart from TradingView.com