Category: Cryptocurrency News

In a statement, Microsoft said it will collaborate with the Malaysian government to establish a “national AI Center of Excellence” and improve cybersecurity capabilities.

Bitcoin (BTC) has been battered by a relentless bear market over the past month, with its price tumbling 20% from its record highs. However, amidst the carnage, glimmers of hope emerge as prominent analysts predict a potential bottom forming around the current $57,000 mark. Related Reading: Solana Crawls: Network Update Fails To Fix Traffic Jam, Price Feels The Pinch Tough Opening Month For Bitcoin The start of May has not been kind to Bitcoin. The once-dominant cryptocurrency has seen a steady decline, plunging back to levels last witnessed in March before its monumental surge to $73,700. This recent price drop represents the most significant decline of this cycle, raising concerns about a prolonged bear market. The pain extends beyond Bitcoin, with the broader altcoin market feeling the tremors. Litecoin (LTC), the silver to Bitcoin’s gold, has mirrored the downward trend, shedding a staggering 25% of its value in the past month. While historically seen as a more stable alternative to Bitcoin, Litecoin seems to be tethered to its big brother’s fate in this current downturn. Finding The Bottom: Bullish Predictions Surface Despite the prevailing gloom, a chorus of optimism is rising from the crypto analysis community. Several heavyweight analysts believe Bitcoin may have found its footing around the current price range of $56,000 to $58,000. Rekt Capital, a popular crypto analyst, emphasizes a historical pattern where similar 20% dips have been followed by significant rebounds. Michaël van de Poppe, another well-respected voice, echoes this sentiment, suggesting Bitcoin may be nearing the end of its price consolidation phase. He cautions of potential short-term fluctuations but highlights the $56,000 to $58,000 zone as a crucial support level. #BTC This is officially the deepest retrace in the cycle (-23.6%)$BTC #BitcoinHalving #Bitcoin pic.twitter.com/Gcapbl0Nu6 — Rekt Capital (@rektcapital) May 1, 2024 Uncertainty Looms As Market Awaits Fed Decision While analyst optimism is a welcome sign, a cloud of uncertainty hangs over the crypto market. The upcoming Federal Reserve decision on interest rates could significantly impact investor sentiment and, consequently, Bitcoin’s price trajectory. A more hawkish stance from the Fed could trigger further selling, while a dovish approach might provide the tailwind needed for a Bitcoin rebound. Related Reading: Ethereum Fees Dive: Will This Spark A Surge In Network Activity? Buckle Up For A Bumpy Ride The next few weeks will be crucial for Bitcoin and the broader cryptocurrency market. The Federal Reserve’s decision and investor reaction to the current price slump will likely dictate the short-term direction. While bullish sentiment suggests a potential reversal, the inherent volatility of the crypto market means investors should brace for a bumpy ride. Bitcoin market cap currently at $1.13 trillion. Chart: TradingView.com Featured image from Pixabay, chart from TradingView

The law enforcement agency managed to track the funds linked to the E-Nugget scam app to different crypto exchanges and, with their help, seized over $10.5 million in crypto assets.

LayerZero’s ZRO perpetual futures contract is trading at $8.6 on Hyperliquid, the world’s largest perps DEX, suggesting a potential $17 billion fully diluted valuation.

BTC price action spooks ETF investors, data shows, but there is reason to believe that Bitcoin is seeing a broadly healthy correction.

Bitfarms is actively working to triple its current hash rate capacity to 21 exahashes per second with a $240 million investment.

Unknown attackers recently siphoned digital assets valued at just under $1.6 million from the decentralized finance protocol, Pike Finance. The protocol announced it is offering a 20% reward for the return of the funds, while an ongoing investigation into the incident continues. USDC Vulnerability The decentralized finance (defi) protocol, Pike Finance, said on May 1 […]

The FBI arrested a New York resident for defrauding investors of at least $43 million in a multi-year Ponzi scheme that included a Las Vegas hospitality business and crypto trading operation.

Pike highlighted that the exploit occurred due to their team’s inadequate integration of third-party technologies such as the CCTP or Gelato Network’s automation services.