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🔽 SEC Dump Ethereum Ethereum's 4% drop eliminated $237 million Long positions. This comes after Grayscale's decision on May 7 to withdraw its application for the Ethereum futures ETF, just three weeks before the SEC will make a decision. There are also rumors now that ETH may be classified as a security. 📊 According to crypto forecasting platform Polymarket, 92% of participants believe that Ethereum spot ETFs will be rejected. $ETH #ETH #ETF

🔽 SEC Dump Ethereum

Ethereum's 4% drop eliminated $237 million Long positions.

This comes after Grayscale's decision on May 7 to withdraw its application for the Ethereum futures ETF, just three weeks before the SEC will make a decision.

There are also rumors now that

ETH may be classified as a security.

📊 According to crypto forecasting platform Polymarket, 92% of participants believe that Ethereum spot ETFs will be rejected.

$ETH #ETH #ETF

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⚠️ Avalanche (AVAX) Could Hit $40 on Bullish Signs Bullish technicals and positive crypto momentum point to a potential Avalanche (AVAX) rally targeting $40. Here are the key factors that could propel the altcoin higher. Avalanche (AVAX) has remained in the $30-$39 price range for weeks. After rallying above $60 in March, AVAX dipped to the $35 region and has since struggled to break the $40 resistance. However, recent bullish patterns indicate a possible surge to reclaim the $40 level. 🔸 What's Driving Avalanche's Price? The overall crypto market momentum often impacts the prices of altcoins like AVAX. Bitcoin's push above $66,000 recently has helped boost buying pressure on Ethereum and other major altcoins. Ecosystem developments are also aiding AVAX's ascent. Avalanche will assist in managing tokenized U.S. Treasuries on Ethereum, increasing its popularity. Avalanche's new $1 million liquidity mining program called Memecoin Rush aims to attract more meme coin activity. 🔸 AVAX Price Outlook Based on these tailwinds, analysts predict AVAX could rally to the $40 level in the coming days if it can overcome the $39.02 resistance. Market analyst Omar sees AVAX breaking out of a major trendline, potentially triggering a 40% short-term rally. Technically, AVAX is forming a bullish engulfing pattern on the daily chart as buyers return. It has found support at $34.04 and is testing the $37.70 resistance. A breakout could quickly push AVAX to $40. The RSI indicator rising into bullish territory also supports more upside. However, over 28% of the circulating AVAX supply is held by short-term investors who could sell into a rally. A large demand barrier also exists around $38 where over 12 million AVAX were purchased. Overall, while bullish momentum is building, AVAX may face further consolidation if sellers continue limiting major breakouts. A decisive move above $39 is needed to spark the next rally toward $40 and higher. $AVAX #AVAX #Avalanche
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👀 Ethereum Bulls Awaken as ETH Reclaims $3,000 Ethereum (ETH) is showing signs of a bullish resurgence, retaking $3,000 as whales double down. With positive technicals aligning, is the stage set for ETH's next rally? While ETH is up strongly today, it is still down around 1% for the week and 1.5% for the month as it works to recover from recent losses. Ethereum's market cap currently sits at $373 billion, making it the #2 cryptocurrency, with $14.4 billion in trading volume over the last 24 hours. ETH trades at $3,105.22, inching closer to a key resistance level at $3,059. This level previously acted as support, so a decisive break above it could solidify Ethereum's bullish momentum. A successful breach of $3,059 would push ETH out of the bearish channel that has kept a cap on its upward trajectory. The technical indicators are aligning in favor of more upside as well. Ethereum's RSI sits at 51, showing slight bullish momentum, while the MACD is positive. However, ETH still trades below its 50-day SMA, which it will need to reclaim to reinforce a new uptrend. If the bulls can conquer the $3,059 resistance, the path could open up for Ethereum to target higher levels. 🔸 Massive ETH Transfers Hint at Potential Price Surge Adding to the bullish outlook, several crypto whales have moved large amounts of ETH worth around $22 million each from Coinbase to unknown wallets in recent transactions. Whales 0x091d, 0xd26e, 0xfe73 and 0xf627 each transferred exactly 7,563 ETH from Coinbase to private wallets. These major transfers, totaling around $88 million worth of ETH, often signal whales' intention to hold for the long-term. By moving funds off exchanges to self-hosted wallets, whales are likely preparing to accumulate more coins or simply hodl their existing positions in anticipation of higher prices ahead. Given Ethereum's positive technical posture and the upbeat sentiment from whales, these large transactions could foreshadow increasing upward price pressure for ETH. $ETH #ETH #Ethereum
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📈 Bitcoin Gains Momentum with ETF Inflows Bitcoin‘s price surged to $66,867 just before the daily close, reflecting a significant milestone as it has not reached the $67,000 range for a month. This price increase is driven by positive market sentiment and substantial ETF inflows. Analysts are closely monitoring these inflows, which play a crucial role in shaping Bitcoin’s market dynamics. 🔸 Spot Bitcoin ETF Update For several months, there have been notable inflows into IBIT and FBTC ETFs, counterbalancing outflows from GBTC. However, a shift is occurring as GBTC starts to see significant net inflows instead of the previous outflows. This trend is encouraging for the market, as ETFs previously designed to compete with GBTC have not experienced long-term net outflows for years. The recovery of GBTC, which saw a net inflow of $31.6 million as of May 17, alongside inflows into BITB and ARKB, marks a positive turnaround. The transition to net inflows for GBTC signals a potential for substantial future inflows into IBIT, possibly reaching hundreds of millions of dollars. This could pave the way for days with net inflows surpassing half a billion dollars, further boosting market confidence and investor sentiment. 🔸 General Cryptocurrency Market Overview Bitcoin maintaining a price above $66,000 is a positive indicator for the market, supported by ETF inflows. Additionally, the April inflation figures, balancing macroeconomic pressures, have provided a supportive backdrop amid discussions of potential Fed rate hikes. Despite these positive signs, external factors like solar flares causing global internet and power outages could still impact the market. The upcoming week may see potential SEC rejection decisions concerning spot ETH ETFs and their scope. A broad targeting of tokens with staking aspects could complicate the market further. While the market has anticipated the rejection of two ETFs, more rejections or severe reactions could lead to further declines. $BTC #BTC #ETF
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🎁 TON Founder Pavel Durov Says He’ll Hold $7 Million Notcoin Gift Until 100x Notcoin players were feeling generous ahead of Thursday’s NOT token launch, as over half a million players of the viral Telegram-based clicker game donated a share of their in-game coins to Telegram founder Pavel Durov. Now that haul is worth millions of dollars—and Durov says he’s holding for a potential 100x gain. More than 552,000 players of Notcoin donated a share of their in-game coins to Durov back in February, part of an effort by the Notcoin team—called Open Builders—to thank the Telegram founder for the messaging app that houses the crypto game. Ultimately, Durov ended up with over 1.03 billion NOT tokens, or just over 1% of the total Notcoin supply on The Open Network (TON). That’s worth about $7.3 million as of this writing, but was a bit lower at $6.8 million when Durov posted earlier Friday. Durov, who’s estimated to have a $15.5 billion fortune by Forbes, hardly needs the cash. And he’s not selling. But should the NOT token surge in value, he says he’d sell them to ultimately better support Telegram. 🎁 1,030,383,291.36 Notcoin ($6.8M USD) were sent as donation to Pavel Durov and Telegram. 💬 Thanks for everything you guys built. — Notcoin Ø May 17, 2024 “Half a million Notcoin users gifted me $6.8 million worth of Notcoin! Thank you,” Durov wrote on Telegram. “I will hold these coins until they turn to $680 million, at which point I will use them to buy more servers for Telegram.” Notcoin is this year’s biggest gaming token launch so far, debuting at a market cap of nearly $1.5 billion early Thursday. New cryptocurrencies are often volatile, and indeed, NOT has plunged in value since the debut—dropping by 50% to a current price just above $0.007, according to CoinMarketCap. Even so, NOT is the 101st most valuable cryptocurrency by market cap at $746 million, and racked up more than $1 billion worth of trading volume in its first 24 hours after launch. $NOT #TON #PavelDurov
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🔥 Analytics Company Announces Solana (SOL) Price Prediction for the End of May Solana (SOL) has been at the forefront of the recent cryptocurrency market recovery, outperforming most major digital assets and is predicted to hit new cycle highs soon, according to one analyst. On Friday, SOL reached $170, its highest price in more than a month, before pulling back slightly to $166. It has gained nearly 7% in the past 24 hours and is up over 40% from the crypto market's local lows in early May, when Bitcoin (BTC) dropped to $56,000. 💬 Daniel Choung, co-founder of digital asset hedge fund Syncracy Capital, praised SOL's resilience in a recent post. “The strength of SOL has been incredible in this bounce,” he said. “It's clear that this is still the best trade of this cycle.” Choung expressed increased confidence that SOL could regain the $200 level by the end of the month and push new record levels soon. SOL reached an all-time high of $260 in November 2021 at the peak of the previous bull cycle. Solana is currently benefiting from several catalysts, including active memecoin trading, strong stablecoin volumes, and decentralized finance (DeFi) activity. Choung noted that upcoming network upgrades lay the groundwork for the highly anticipated Firedancer, a secondary chain client developed by Jump Crypto that aims to improve the performance of the network. $SOL #SOL #Solana
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