New York Attorney General Letitia James has filed a lawsuit against NovaTechFx, a crypto trading company, and AWS Mining, a digital asset mining company.

The lawsuit alleges their involvement in illegal pyramid schemes that defrauded over 11,000 individuals and hundreds of thousands of investors, resulting in losses exceeding a billion dollars in cryptocurrency.

$1 Billion Fraud Scheme

According to a June 6 press release, the lawsuit targets NovaTechFx, its founders Cynthia and Eddy Petion, and AWS Mining for organizing illegal pyramid schemes that lured investors with promises of substantial returns on investments.

The alleged targets of these schemes were predominantly immigrant communities, with a focus on Haitian New Yorkers, who were enticed through various channels, including prayer groups, social media platforms, and WhatsApp group chats.

Attorney General James states that despite assurances of financial prosperity, investors never received the promised profits. An investigation conducted by the Office of the Attorney General revealed that between 2019 and 2023, investors deposited over a billion dollars worth of cryptocurrency into NovaTech. Shockingly, only a fraction, less than $26 million, was actually traded on NovaTech’s cryptocurrency trading platform during this period.

In her statement, Attorney General James emphasized the consequences of such activities on vulnerable communities. “Thousands of New Yorkers were falsely promised better lives if they simply trusted NovaTech and AWS Mining with their money, but it was all a lie,” she stated. “These cryptocurrency companies targeted immigrant and religious communities with promises of financial freedom but instead stole their money and drained their life savings.”

The lawsuit alleges that AWS Mining operated a deceptive scheme, promising investors monthly returns ranging from 15 to 20 percent and extravagant bonuses for recruiting new investors. However, the company failed to generate sufficient returns to fulfill these promises, resulting in losses for investors when it collapsed in 2019.

Lawsuit Seeks Prohibition and Compensation

The legal action seeks to prohibit AWS Mining, NovaTech, and their founders from conducting any business related to securities or commodities in New York. James also pursues disgorgement and damages to compensate the victims.

Following the collapse of AWS Mining, Cynthia and Eddy Petion launched NovaTechFx, and continued their fraudulent activities by enticing new investors with similar promises of high returns and recruitment bonuses.

Renold Julien, Executive Director of Konbit Neg Lakay, emphasized the importance of protecting vulnerable communities from exploitation. “Most Haitians in the Hudson Valley have walked weeks, months through the jungles of Central American countries to come to America looking for a better future for themselves and their family members,” he stated. “I thank Attorney General James for taking this action to protect all New Yorkers.”

The post NYAG Files Lawsuit Against Two Crypto Companies for $1 Billion Fraud appeared first on CryptoPotato.

Creditors of the bankrupt cryptocurrency exchange FTX have filed an objection to the platform’s proposed reorganization plan, citing its failure to meet certain requirements of the Bankruptcy Code.

According to a tweet by FTX creditor activist Sunil Kavuri, the objection argues that the reorganization plan ignores property rights issues, does not satisfy the best interest test, and contains inconsistent debtors liquidation analysis.

Creditors Object to FTX Bankruptcy Plan

FTX creditors Ahmed Abd El-Razek, Pat Rabbitte, Noia Capital, and Kavuri submitted the objection in the U.S. Bankruptcy Court for the District of Delaware on June 6, a month after the crypto exchange filed the reorganization and proposed a way to repay customers.

On May 7, FTX revealed that it had gotten more money than was needed to make repayments and conclude its bankruptcy process. Although customers and other affected parties lost roughly $11 billion when the exchange collapsed in 2022, the bankruptcy estate said it had amassed more than $16 billion from selling assets and consolidating funds from various entities.

Under the proposed reorganization plan, FTX would pay 98% of creditors with claims less than $50,000, roughly 118% of their allowed claims, within 60 days after the plan is approved. On the other hand, non-governmental creditors would receive 100% of their claims and potential additional 9% interest payments.

While the crypto community responded positively to the proposed plan, Kavuri and some other creditors expressed their disapproval of its terms.

In Kind Distributions

The objectors are pushing for FTX to make the repayment distributions in kind to avoid incurring taxes on creditors.

“It is painfully apparent that the Debtors’ proposed Plan will inflict additional hardships on customers through forced taxation that could be avoided by making an ‘in kind’ distribution…If instead of providing cash on account of the claim, the Debtors would distribute ‘in kind’ to the customer, the customer may be able to avoid a reporting event for tax purposes,” they stated.

Kavuri and the other creditors insist that the FTX bankruptcy estate can enter an agreement with another crypto exchange to make the distributions in kind, as doing so on their own may be difficult.

In addition, the trio rejected the proposed plan because it is “unconfirmable as a matter of law,” includes releases not in the estate’s interest, and contains unambiguous terms of service and statements by the debtors.

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It’s meme coin season, alright!

There are no two ways around it: meme coins are undoubtedly the main narrative on Solana, and it seems it’s just a matter of time before another celebrity jumps on board.

After Iggy Azalea, it’s now Andrew Tate who has put the Solana community on its toes. Tate-inspired meme coins are now the top trending cryptocurrencies on DEXScreener, amassing hundreds of millions of dollars worth of capital in less than a couple of hours.

It’s challenging to follow the precise timeline, but Tate has confirmed that he is, indeed, “creating chaos” in the crypto market and is attempting to “crash Solana.”

“There’s a lot of people asking me about all of this chaos I’ve created in the crypto markets as I’m trying to crash Solana. Millions of tweets have been made today because of me and my stupid tweets, I’ve made a complete mess. I’m sure some people made millions of dollars of the back of me…”

Indeed, the official timeline of Tate’s X account is flooded with crypto-related tweets, some even claiming that he has burned over $30 million worth of some meme coin.

As a quick reminder, meme coins carry a substantial risk of capital loss, they are inherently volatile and most of them lack any particular utility.

The post Andrew Tate Meme Coins Take Over Solana appeared first on CryptoPotato.

California-based med-tech company Semler Scientific has announced purchasing an additional 247 BTC for an aggregate of $17 million in cash, inclusive of fees and expenses.

As of June 6, 2024, Semler holds a total of 828 bitcoins, which were acquired for an aggregate of $57 million, inclusive of fees and expenses.

Preps $150M Bitcoin Warchest

In a new filing, the Nasdaq-listed medical manufacturer also revealed looking to raise $150 million to buy more bitcoins in the future, a strategy that aligns with the expansion of its corporate structure.

While highlighting the gap in value between gold and BTC, Semler Scientific said it believes the latter has the potential to generate outsize returns as it gains increasing acceptance as “digital gold.”

The firm believes that bitcoin’s unique attributes discussed above differentiate it not only from fiat money but also from other cryptocurrency assets. For that reason, the company has no plans to purchase cryptocurrency assets other than bitcoin.

Commenting on the development, Doug Murphy-Chutorian, MD, Semler Scientific’s chief executive officer, said,

“Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding bitcoin. The company now holds 828 bitcoins, underscoring our view that bitcoin is a compelling investment and can serve as a reliable store of value. We will continue to pursue our strategy of purchasing bitcoins with cash.”

Semler Scientific Taps Bitcoin

Last month, Semler Scientific first decided to make bitcoin its primary asset for holding reserves and excess cash. The company recently initiated this new policy by purchasing 581 bitcoins for $40 million, including taxes and other expenses.

The company’s chairman, Eric Semler, cited BTC’s scarcity, finite supply, and potential to serve as an inflation hedge and safe haven amid global uncertainties as the key reasons behind this move. The company previously said it plans to continue its profitable healthcare operations but will allocate excess cash towards purchasing BTC, subject to market conditions and anticipated cash needs.

This strategy mirrors that of MicroStrategy, a software firm that has been aggressively accumulating Bitcoin since August 2020. As of writing these lines, the NASDAQ-listed giant has more than 214,000 BTC, worth over $15 billion. The firm’s paper gains are close to $7.7 billion.

The post Semler Scientific’s Bitcoin Bet: 828 BTC and Counting, $150M Raise for More appeared first on CryptoPotato.

GameStop and its stock price have been the talking point of many crypto-centric and traditional finance communities throughout the past few days – not without reason.

GME’s price went on a massive rollercoaster this week, soaring by 130% and plummeting by 55% shortly after.

Many financial experts have chipped in with opinions, one of whom is the prominent BTC permabull – Anthony Scaramucci.

GameStop Should Buy Bitcoin: Scaramucci

GameStop was all the rage this week as virtually everyone who is even remotely interested in the so-called meme trading was anticipating today’s stream of Keith Gill.

Gill, who is perhaps better known by his nickname Roaring Kitty – went live on YouTube hours ago for the first time in almost four years, but we will get to that in a second.

Earlier today, GameStop filed to sell up to 75 million more shares as the price soared above $60. The market didn’t take this well, and GME tumbled by more than 50% today, currently trading below $30.

Anthony Scaramucci of SkyBridge Capital came up with an interesting suggestion.

Replying to the statement above, Scaramucci said:

GameStop should buy #BITCOIN

Roaring Kitty Goes Live on YouTube

One of the most highly-anticipated events today was Keith Gill’s live stream on YouTube.

Gill, who became famous for building a massive GME position and then being a leading figure behind the stock’s massive rally back in 2020, was talking live on a broadcast that received over half a million views in a few hours.

It’s worth noting that multiple GME-inspired meme coins were trending upward before the stream. However, as the stock’s price tumbled today, so did these meme coins.

For instance, GME and ROAR declined by some 25% and 35%, respectively, throughout the stream itself. None of these are affiliated with Gill, at least not officially.

During the stream, Roaring Kitty confirmed that he’s still holding his positions and that he hasn’t opened new ones.

The post GameStop Should Buy Bitcoin Says Scaramucci, RoaringKitty Streams For the First Time in years appeared first on CryptoPotato.

As bitcoin prices approach another all-time high, the crypto industry is preparing for a potential wave of initial public offerings (IPOs), according to Bloomberg.

If crypto asset prices continue rising, the next 18 months could see the biggest wave of crypto-related IPOs on record, said Matthew Kennedy, a senior market strategist with IPO researcher Renaissance Capital, in an interview with Bloomberg on June 6.

He added that as many as 15 companies could go public if market momentum continues.

Crypto IPO Avalanche

The analyst added that even if BTC stays where it is at around $70,000, it would still spur more crypto companies to go public.

“If Bitcoin stays on its current trajectory, I am sure that would open the floodgates. If it stays at its current level, that would also support more public issues.”

Overall sentiment about crypto changed dramatically with the approval of spot Bitcoin ETFs by the Securities and Exchange Commission (SEC) in January 2024, and the further green light of Ethereum ETFs four months later.

Crypto companies such as blockchain provider Chia Network and stablecoin issuer Circle have confidentially filed or submitted draft registration statements for IPOs, which could potentially happen as soon as this year. Additionally, trading platform eToro is also considering an IPO, while Animoca Brands has several potential IPO candidates waiting for 2025 or 2026.

Despite battling SEC charges, U.S. crypto exchange Kraken has long had ambitions to go public and is currently in talks to raise a pre-IPO round of capital. On June 6, CryptoPotato reported that the exchange aims to raise $100 million before the move.

Institutional investor interest in crypto is high, with nearly 40% of family offices actively investing or exploring crypto investments, reported Bloomberg. Additionally, a record 43% of US retail investors are likely to buy crypto in the next year, according to a recent Motley Fool survey.

Crypto Market Projections

While crypto market capitalization has remained flat over the past couple of days, bitcoin has been in the driving seat and has held on to gains to keep it above $70,000 and just 3.4% away from its all-time high.

Earlier this week, Rich Dad Poor Dad author Robert Kiyosaki predicted that BTC would reach $350,000 by late August this year.

Meanwhile, analysts at Secure Digital Markets said, “bitcoin appears poised for a potential surge towards historic highs, with a mere 4% gap remaining.”

A move into six-figure territory for BTC is indeed likely to catalyze crypto companies to go public.

The post Biggest Wave of Crypto IPOs Coming if Crypto Prices Continue Up (Analyst) appeared first on CryptoPotato.

The cryptocurrency market has taken a u-turn in the past hour, with the majority of coins dropping considerably. Bitcoin’s price now trades below $70K, while the market sees close to $200 million worth of liquidated positions.

BTC took a sudden hit as its price plummeted below $70K following what many considered a renewal of the bull run.

Source: Binance via TradingView

 

As seen in the chart above, the move was relatively sudden, completing a decline of around 2.5% in the past few hours.

The drop is not specific to Bitcoin, as virtually all of the leading altcoins are also crashing.

Binance Coin is down 3% over the past hour alone, while DOGE dropped by more than 6%.

Ethereum lost 3% as well, XRP – around 4$, Solana – about 3.6%, and so forth.

This also resulted in considerable liquidations across leveraged long positions, which currently amount close to $200 million, according to data from Coinglass.

The post Bitcoin Suddenly Plummets Below $70K as Total Liquidations Near $200M appeared first on CryptoPotato.

Polkadot faces a significant challenge in reclaiming a decisive resistance region encompassing the $7.5 mark, the 100-day moving average, and critical Fibonacci levels. This resistance range can potentially halt upward pressure in the short term.

Technical Analysis

By Shayan

The Daily Chart

A comprehensive daily chart analysis highlights Polkadot’s prolonged struggle to breach a crucial resistance zone over several weeks. This resistance includes:

The static resistance level at $7.5

The 100-day moving average at $7.6

The price range between the 0.5 ($7.4) and 0.618 ($7.8) Fibonacci levels

This formidable range is likely accompanied by significant supply and selling pressure, capable of resisting buyers’ upward momentum. In the event of a rejection, the consolidation phase is expected to expand, with the price retracing slightly towards the $6.5 support region.

Conversely, if buyers successfully overpower sellers, a notable short-squeeze event could transpire, propelling the price impulsively toward the $8 threshold.

Source: TradingView The 4-Hour Chart

On the 4-hour chart, Polkadot’s price has formed an ascending wedge pattern amid the recent multi-month consolidation phase. This pattern typically indicates a continuation of the initial bearish movement if breached from its lower threshold.

Following a rejection from the significant $7.5 resistance level, the price declined, reaching the pattern’s lower boundary. However, upon reaching this point, the momentum waned, leading to a period of consolidation with minimal volatility. Nonetheless, the price is on the brink of breaking below the pattern’s lower boundary. A valid breakout could trigger a cascade towards the $6.5 mark.

Conversely, continuing the current consolidation phase within the pattern is the most probable scenario, with the price aiming for the wedge’s upper boundary around $8.

Source: TradingView Sentiment Analysis

By Shayan

Polkadot is currently experiencing sideways consolidation around the $7 mark. Examining futures market metrics, particularly the DOT/USDT Binance liquidation heatmap, provides valuable insights into potential price movements and liquidity pools.

The heatmap reveals significant liquidity below the $7 level, indicating stop-loss orders and liquidation prices. The $8 area also contains substantial liquidity, acting as a resistance level. If the price approaches this zone, it may face selling pressure from participants looking to realize profits or close positions.

Nevertheless, the $10 zone consists of substantial liquidity, potentially representing the liquidation prices of short positions that drove the initial bearish movement before the current consolidation stage.

Polkadot’s price is trapped between the $7 support and $8 resistance levels, influenced by significant liquidity pools at these zones. A breakout from this range could lead to notable price movements, with the $10 region being a potential mid-term target in case of a bullish revival.

The post Polkadot Can Target $10 Next, but Here’s the Catch (DOT Price Analysis) appeared first on CryptoPotato.

Following the recent rally of the broader crypto market, a large percentage of the circulating supply of most cryptocurrencies is currently in profit.

Market intelligence platform Santiment has revealed that bitcoin (BTC) and ether (ETH) are the top dogs in terms of long-term investment profitability, surpassing assets like Chainlink (LINK), Dogecoin (DOGE), Ripple (XRP), and Cardano (ADA).

Crypto Assets in Profit

The percentage of a cryptocurrency’s supply in profit is calculated by summing the token’s current value and its worth when it first originated on the blockchain.

For a deeper understanding, Santiment explained that a bitcoin mined and first introduced on the blockchain at $60,000 would be profitable at the time of writing because BTC was trading at $71,290 at press time. Conversely, a coin mined at $73,000 would not be in profit because BTC is currently worth less than that amount.

Using the methodology, Santiment found that 98.3% of all circulating bitcoins are currently in profit, meaning 1.7% of the crypto asset’s supply is at a loss.

Following BTC is ETH, which has 95.1% of its circulating supply in profit. At the time of writing, data from CoinMarketCap shows ETH was changing hands at $3,811. LINK and Elon Musk’s favorite memecoin, DOGE, followed suit, with 86.8% and 82.2% of the circulating supplies in profits, respectively. The cryptocurrencies were worth $17.53 and $0.15, respectively, at the time of writing.

In addition, Ripple’s native token and ADA also have a substantial portion of their supply in the money. For the latter, approximately 78.8% of its circulating tokens are in profit, while the former has just over half of its supply (53.5%) in the green. At press time, CoinMarketCap data shows the duo trading at $0.52 and $0.48, respectively.

MATIC Sees Low Profitability

While BTC and ETH record massive growth and have substantial percentages of their circulating supply in profit, cryptocurrencies like Polygon’s MATIC are lagging. Santiment revealed that the portion of the digital asset in profit is a measly 35%, despite the level of development and number of users flocking to the network.

The on-chain intelligence platform said MATIC’s low investment profitability is likely linked to the cryptocurrency’s introduction to the market amid the 2019 bear cycle. Santiment noted that the launch time made the asset start with a bit of a handicap. At the time of writing, the token was worth $0.71, down 10% in the past year.

The post Here’s the Percentage of Top Crypto Assets’ Supply in Profit appeared first on CryptoPotato.

Friday’s NFP release will be a pivotal event in shaping market sentiment and determining the near-term trajectory of Bitcoin and other cryptocurrencies, according to Bitfinex analysts.

In a statement to CryptoPotato, the macroeconomic dynamics, including the ECB’s rate cut and the potential for increased liquidity, add further complexity to the equation, making it crucial for market participants to closely monitor these developments and their potential impact on the crypto markets.

Several Factors at Play

Bitfinex analysts have shared their perspectives on how the NFP data and the recent European Central Bank (ECB) rate cut might influence the crypto markets.

According to the cryptocurrency exchange, if the NFP report meets or falls short of expectations, it could confirm concerns of an economic slowdown, possibly causing greater market volatility.

Bitfinex analysts suggest that a positive reaction from equity markets, fueled by expectations of continued monetary easing, could spill over into the crypto market. This could potentially help Bitcoin secure a weekly close above the psychological resistance level of $70,000.

However, if the NFP data significantly exceeds expectations, it could signal a stronger economy, potentially leading to fears of tightening monetary policy. This, in turn, might put downward pressure on Bitcoin as investors rebalance their portfolios towards traditional assets.

ECB’s Growth-Boosting Rate Cut Could Lift Bitcoin

In addition to the NFP data, Bitfinex analysts believe that the ECB’s recent decision to implement its first rate cut in five years, lowering the rate to 3.75%, could also impact the crypto markets.

This move aims to stimulate economic growth amid signs of a slowdown in the Eurozone. According to Bitfinex analysts, the rate cut could weaken the euro, potentially leading to higher demand for alternative risk assets like Bitcoin.

“Friday’s NFP release will be pivotal in shaping market sentiment. A weaker-than-expected report might boost Bitcoin due to anticipated monetary easing, helping it aim for a weekly close above $70,000. On the other hand, a stronger report could exert downward pressure as investors might foresee tighter monetary policies.”

The post Bitcoin Investors Brace for Impact of ECB, Fed Policy Moves appeared first on CryptoPotato.

The past seven days have been very interesting within the cryptocurrency market. The industry’s total capitalization increased by around $150 billion on the back of gains made by Bitcoin and many other altcoins.

Price action aside, there were interesting developments that are pushing the market forward, so let’s dive deeper.

First, Bitcoin’s price has risen more than 5% in the last seven days. That’s significant. In fact, out of the top 10 cryptocurrencies by total market cap, only BNB is performing better (but we will get to that later). Bitcoin’s total capitalization accounts for around 50.5% of the industry.

BTC currently trades at slightly below $72K, inches away from its all-time high of around $75K. The price started going up on June 3rd, and the bulls took full control on June 5th, when they pushed above $70K and turned that pivotal level into support. Now, the question that many are asking is when the leading crypto will explode above its ATH.

Binance Coin (BNB), however, is this week’s hottest story.

The altcoin dominated the market, increasing by almost 20%, charting a new all-time high above $700, and showing no signs of slowing down. Calls for $1K being the next target are already catching fire in the community, as it only seems a matter of time.

Elsewhere, Robinhood – arguably the most popular retail-oriented trading application – made the news by announcing the acquisition of the OG crypto exchange Bitstamp. The deal is worth $200 million and aims to bolster Robinhood’s presence in the field of cryptocurrencies while also attracting institutional clients by developing new products. The deal was all-cash and it’s anticipated to be finalized by the first half of the upcoming 2025.

In the field of meme coins, some high-level celebrities are seemingly jumping on the bandwagon, with crypto Twitter being on the fence of whether that’s a good thing or not. Meanwhile, screenshots of a conversation between wrestling legend Hulk Hogan and another person where Hogan seemingly asked about whether or not he can simply delete posts after selling went viral. The wrestler said he didn’t author the messages, but the community is not convinced.

All in all, the crypto market is as exciting as ever, and with BTC so close to its ATH, it’s worth watching the coming days closely!

Market Data

Market Cap: $2.801T | 24H Vol: $79B | BTC Dominance: 50.5%

BTC: $71,612 (+4.4%) | ETH: $3,8316(-0.12%) | BNB: $705 (+17.8%)

Source: Quantify Crypto This Week’s Crypto Headlines You Can’t Miss

Robinhood Bets Big on Crypto with $200M Acquisition of Bitstamp. Arguably the most popular retail-oriented traditional trading platforms – Robinhood – has made a huge move to further its involvement in the cryptocurrency industry. In an all-cash deal, it purchased Bitstamp – the largest exchange in the field.

US Spot Bitcoin ETFs Record Second-Best Day Ever as BTC Price Taps 2-Week High. Bitcoin’s price tapped a high not seen in the past two weeks. This has also led to spot BTC exchange-traded funds recording their second-best day ever earlier this week.

Did Hulk Hogan Engage in Pump and Dump of a Solana Meme Coin? Hogan found himself in a serious controversy after screenshots of him supposedly inquiring about dumping on his audience were pushed on X. The wrestling legend denied involvement and said the messages weren’t authored by him.

Kraken Is Targeting An IPO Next Year: Report. One of the leading US-based cryptocurrency exchanges – Kraken – is reportedly considering an initial public offering in 2025. This is according to reports on Bloomberg.

Charles Hoskinson Blasts Media’s Negative Portrayal of Cardano’s Prospects. Charles Hoskinson – the founder of Cardano – has criticized media for forecasting Cardano’s downfall. He argued that claims of the kind are baseless and also fail to account for the project’s progress.

Robert Kiyosaki Confident Bitcoin Will Hit $350K By August 2024, Here’s How. Rich Dad Poor Dad author and financial guru Robert Kiyosaki, thinks that Bitcoin’s price can reach a whopping $350,000 by August. He shared this in a recent tweet.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Binance Coin, Shiba Inu, and Polkadot – click here for the complete price analysis.

The post Celebrity Meme Coins, Binance Coin Bull Run and Bitcoin’s Rally: This Week’s Crypto Recap appeared first on CryptoPotato.

dWallet Network has announced expanding its technology to the Layer 1 blockchain network, Aptos. This move aims to introduce Zero Trust Protocols (ZTPs) with inherent multi-chain interoperability capabilities to the decentralized finance (DeFi) and gaming ecosystems on Aptos.

By incorporating dWallet’s Zero Trust architecture, ZTPs developed on Aptos will be able to seamlessly sign transactions on Bitcoin, Ethereum, or any other blockchain network without the need for bridging or token wrapping mechanisms. The end goal is to unlock multi-chain experiences.

Broadening DeFi, Gaming Within Aptos

According to the latest press release shared with CryptoPotato, this integration holds particular significance for DeFi projects on Aptos. It presents a crucial capability to natively include BTC and ETH transactions, marking a milestone in blockchain interoperability and functional versatility.

In a statement, Omer Sadika, Co-Founder of dWallet Network, said that bringing the decentralized, non-collusive dWallet building block to the fast and secure Aptos blockchain enables ZTPs. This would also aid in expanding the horizons for DeFi and gaming protocols within the Aptos ecosystem. Such a step represents a significant leap toward dWallet Network’s vision of Zero Trust and a multi-chain future.

Professor Benny Pinkas, Researcher at Aptos, also doubled down on the integration and said,

“The dWallet team led pioneering cryptography research to introduce the innovative 2PC-MPC protocol, enabling multi-chain Zero Trust. I’m excited about developers in the Aptos ecosystem being able to develop ZTPs that operate seamlessly across all of Web3 in a cryptographically secure way.”

The Zero Trust Framework

dWallet Network introduces a fundamental building block that enables individuals to have control over any asset and the ability to enforce any logic across any network. dWallets leverage cryptographic signatures, which have traditionally been the default authentication method for blockchain networks.

This makes a dWallet-generated signature indistinguishable from a regular user’s signature from the network’s perspective.

This capability extends even to non-smart contract networks like Bitcoin, enabling the creation of Zero Trust Protocols (ZTPs) that operate across networks without the need for bridging or token-wrapping mechanisms.

These ZTPs uphold the core Web3 principles of decentralization and user ownership. dWallet’s Zero Trust framework represents a significant stride towards realizing a truly user-centric, interconnected, and flexible blockchain infrastructure.

Earlier this year, dWallet Networ announced adding support for EVM-compatible Layer 1 blockchain, Monad.

The post dWallet Network Brings Multi-Chain Zero Trust Protocols to Aptos Blockchain appeared first on CryptoPotato.

Around $2.25 billion in notional value cryptocurrency options contracts will expire on June 7. Roughly 18,000 Bitcoin options contracts are among them, and these have a notional value of $1.25 billion.

Today’s crypto options expiry event is a lot smaller than last week’s end-of-month contract expiry so impact on spot markets is likely to be minimal.

Bitcoin Options Expiry

Today’s batch of Bitcoin contracts have a put/call ratio of 0.67, with around a third more long contracts expiring than shorts. Moreover, the max pain point, or the price at which most losses will be made, is $70,000. This is currently slightly lower than spot prices, which are just over $71,000 at the time of writing.

According to Deribit, there is almost a billion dollars in open interest (OI) at the $75,000 strike price. OI refers to the number or value of open contracts that have yet to be settled. Bullish derivatives traders are also aiming at $80,000 and $100,000 strike prices, with OI at $890 million and $969 million, respectively.

With the Bank of Canada and the European Central Bank initiating interest rate cuts this week and the market performing better driven by both BTC and ETH ETFs, there is a “more optimistic market atmosphere as macro and news diverge significantly,” commented crypto derivatives tooling provider Greeks Live.

It added that Bitcoin’s major term implied volatility is around 50%, and Ethereum is around 55%, “both of which have fallen to a reasonable level.” IV is a measure of future expected volatility derived from expiring contracts.

June 7 Options Data 18,000 BTC options expired with a Put Call Ratio of 0.67, a Maxpain point of $70,000 and a notional value of $1.25 billion. 260,000 ETH options expired with a Put Call Ratio of 0.64, Maxpain point of $3,650 and notional value of $1 billion. With the BOC and… pic.twitter.com/tsSENca8Pu

— Greeks.live (@GreeksLive) June 7, 2024

Ethereum Options Expiry

In addition to today’s expiring BTC contracts, there are 260,000 Ethereum options expiring with a notional value of $1 billion. These have a put/call ratio of 0.64 and a max pain point of $3,650, slightly lower than the current spot price of $3,820.

Greeks Live observed that this month’s Bitcoin market volatility will be strongly correlated with the macro news of the Fed’s interest rate decision while Ethereum is driven by news of the ETF approvals.

Crypto market capitalization was flat on the day at $2.78 trillion at the time of writing, but it has gained 4% over the past seven days. There has been very little movement for the majority of digital assets over the past 24 hours.

The post Will Markets Move With $2.2B in Crypto Options Expiring? appeared first on CryptoPotato.

This week, we take a closer look at Ethereum, Ripple, Binance Coin, Shiba Inu, and Polkadot.

Ethereum (ETH)

For the past two weeks, ETH has been hovering around $3,800. However, this consolidation under the key resistance at $4,000 might end with explosive volatility.

The current bias on this price action is bullish and may be just a pause before Ethereum resumes its uptrend. This will be confirmed as soon as the $4,000 level turns into a key support. So far, buyers always came when this cryptocurrency dropped under $3,800 which is acting as a support.

Looking ahead, market participants are getting impatient as they anticipate the next major move for Ethereum. If Bitcoin breaks above its current all-time high at $74K, then Ethereum will likely follow it and make new highs as well.

Chart by TradingView Ripple (XRP)

This cryptocurrency has been struggling to find its direction since the crash in April. The price has been flat and is just under the key resistance at 54 cents. To date, sellers have rejected all attempts to break above it, and the price is almost in the same place as last week.

This prolonged flat trend has made the price action quite unattractive and led to a decreasing volume since April. However, the momentum indicators are signaling that this sideways move may be approaching its end with the daily RSI about to go above 50 points.

Looking ahead, XRP really needs to break the key resistance if it wants to bring back buyers.

Chart by TradingView Binance Coin (BNB)

In sharp contrast to the previous altcoins, Binance Coin moved above $700 this week. This is a new all-time high for BNB after closing the past seven days with a 18% price increase.

Considering the dynamics across most of the altcoin space, this cryptocurrency is a rare gem that managed to defy most of the market. With such a spectacular performance, BNB joins a very exclusive club of coins that made a new ATH.

Looking ahead, the path is now open for Binance Coin to aim for a four-digit price or $1,000, which will likely be the next major resistance if this rally continues.

Chart by TradingView

Shiba Inu (SHIB)

SHIB’s volatility continues to hinder the expectations for new highs, and the price closed the week with a 3% loss. Buyers are trying to move Shiba Inu above $0.000025, but they struggle to achieve a decisive breakout.

Even if buyers dominate in terms of aggregate volume, sellers continue to make their presence known and always appear when the price tries to escape higher.

Looking ahead, SHIB could be in a preparatory phase before a major move. A strong impulse above $0.000025 is required for a breakout to be successful.

Chart by TradingView

Polkadot (DOT)

DOT’s price action is similar to SHIB and XRP. So far, it has failed to break the key resistance at $7.6 and closed the week with a modest 1.8% price increase.

Until the key resistance falls, it is unlikely for DOT to gather much attention. The volume is flat, and sellers appear to dominate at decisive moments.

Looking ahead, Polkadot appears ready to move higher, but the current volume does not have enough strength for such a breakout. Therefore, more sideways price action could follow before a major move.

Chart by TradingView

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The inflows into the spot Bitcoin ETFs have been nothing short of impressive in the past several days, but BTC has failed to make a major move out of its current trading range of around $70,000 to $71,000.

The altcoins are also quite sluggish on a daily basis, with BCH emerging as the top performer from the larger caps.

BTC Stalls at $71K

As reported over the weekend, the trading action during that period was quite uneventful. BTC had recovered some ground following the late Friday drop and stood at around $67,500.

However, the market picked up on Monday, and bitcoin quickly pumped to over $70,000. It failed there at first as the bears stopped the rally, but BTC was not confined and initiated another leg up that propelled an impressive rally to a multi-week peak of $71,767 amid the growing ETF inflows.

Since then, though, the asset has failed to maintain its run, even though the ETFs continue to experience substantial inflows. As of now, the cryptocurrency trades at $71,000 once again, with its market cap standing still at $1.4 trillion.

Its dominance over the altcoins has not moved either, sitting at 50.4% on CG at the time of this writing.

Bitcoin/Price/Chart 07.06.2024. Source: TradingView INJ, BRETT, JASMY on a Roll

Most of the larger-cap alts have mimicked BTC’s performance in the past few days, meaning that they sit quietly on a daily scale now, too. ETH, BNB, DOGE, SOL, SHIB, AVAX, TRX, and DOT are slightly in the red, while XRP, LINK, TON, and ADA have charted insignificant gains.

Bitcoin Cash is the only notable gainer from this cohort of assets, having jumped by 4% to $513. In contrast, FET and KAS have dropped by 3-4%.

The top 100 alts have produced a few double-digit gainers, including BRETT (26%), JASMY (13%), and INJ (12%). In fact, INJ has tapped $30 following today’s surge.

The total crypto market cap, however, has remained sluggish at $2.8 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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TL;DR

Bitcoin has surpassed $71,000 with a market cap of over $1.4 trillion, showing potential for further growth due to low trader euphoria (FOMO) and a stable RSI at 60.

Negative BTC exchange netflow suggests reduced selling pressure as investors move to self-custody, indicating bullish market sentiment.

No FOMO

Bitcoin (BTC) has been thriving lately, with its price surpassing the $71,000 mark and market capitalization exceeding $1.4 trillion (per CoinGecko’s data). The asset is 14% up on a monthly scale and 165% yearly, but some essential indicators signal that a further rally could be in the cards.

BTC Price, Source: CoinGecko

One such element is the lack of Fear of Missing Out (FOMO). According to the market intelligence platform Santiment, traders are not as euphoric at the moment as they were at previous peaks. 

FOMO is a psychological phenomenon characterized by the anxiety that others are having fulfilling or rewarding experiences without you. It often manifests as a compulsive desire to stay connected with what the masses are doing.

In the context of crypto, FOMO refers to the fear of missing out on potential investment gains in a particular digital asset that has been performing quite well.

However, the phenomenon can cause people to enter the market emotionally rather than rationally. Investors might ignore necessary due diligence and investment strategies, leading to impulsive buys at high prices. This, in turn, could lead to crucial losses in the event of a severe market correction.

In many cases, FOMO has occurred during market peaks and has been followed by significant price declines. The lack of it (as of the moment) may indicate that BTC’s bull run is yet to show its full potential.

RSI 

Another metric hinting that BTC’s price may continue its uptrend in the near future is the Relative Strength Index (RSI). This technical analysis tool identifies whether the asset is overbought or oversold.

It ranges from 0 to 100, with a ratio above 70 signaling that a correction might be imminent. The latest data shows that BTC RSI is 60, crossing the aforementioned level only four times in the past 30 days. 

BTC RSI, Source: Crypto Waves Abandoning Exchanges

Last but not least, we will touch upon the Bitcoin exchange netflow which has been predominantly negative in the last week (according to CryptoQuant’s data).

Shifting from centralized platforms to self-custody methods is considered bullish since it reduces the immediate selling pressure.

BTC Exchange Netflow, Source: CryptoQuant

 

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Wrestling legend Hulk Hogan is alleged to have promoted a Solana-based meme coin named HULKAMANIA (HULK) online and then deleted the posts, leading to a decline in the token’s market value.

The meme coin’s market capitalization dropped from $17 million to $2 million in a matter of minutes.

Hulk Hogan Denies Promotional Posts

As reported by Step Finance’s social media account, Solana Floor, the market capitalization of the HULK meme coin plummeted from $17 million to $2 million within minutes following Hogan’s purported removal of promotional posts.

Hulk Hogan’s social media accounts & website promoted a $HULK crypto token today, jumping on the recent celeb memecoin trend

it pumped big, millions of dollars, & then dumped

all the posts are now deleted. there’s a new post now claiming that the posts were not from him pic.twitter.com/hDuYVLgNQu

— Matt Binder (@MattBinder) June 6, 2024

Screenshots circulated on the social media platform X allegedly depict comments from Hogan’s account endorsing the HULK meme coin. Nonetheless, Hogan, also known as Terry Gene Bollea, has refuted the authorship of these posts. In a June 5 Instagram update, he clarified, “Please do not take notice of any posts posted today. They are not from me and will be promptly removed.”

Celebrity Meme Coins Craze

Meme coins have become increasingly popular and are now easy to launch, with nearly half a million Solana tokens created in May alone. Ethereum co-founder Vitalik Buterin has expressed his dissatisfaction with the trend of celebrity-endorsed meme coins, stating he is “quite unhappy” with the experimentation.

Over the past few weeks, several celebrities, including Olympian Caitlyn Jenner, rappers Rich The Kid and Iggy Azalea, and Nigerian musician Davido, have launched their own meme coins.

Most of these tokens have seen significant declines in value post-launch. For instance, JENNER has fallen by 75.0% from its all-time high, and Timeless Davido (DAVIDO) has dropped by 68.2% from its all-time high.

However, not all celebrity-endorsed tokens have met the same fate. Iggy Azalea’s token, MOTHER, recently hit an all-time high, reaching a market cap of $134 million on June 6. This is after Azalea vowed to clean up her token, which has contributed to its relative success.

In a March article, Buterin outlined what he believes are essential features for meme coins to be considered honorable and respectable. He suggested that beyond enriching early adopters and celebrities, such projects could have public-good goals linked to art projects or charities, be designed to last at least a decade, and include engaging mechanics like token voting and decentralized autonomous organizations (DAOs).

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TL;DR

Polkadot’s native token, DOT, is currently priced at around $7.20, showing a modest 2% weekly increase, despite a booming cryptocurrency market.

Analysts, including Michael van de Poppe and Crypto Thanos, predict a potential bull run for DOT, with targets up to $17, driven by fundamental growth, improved use cases, and advancements in AI and gaming.

DOT’s Next Target

While the cryptocurrency market has been booming lately, Polkadot’s native token – DOT – has not recorded as substantial gains as most of the leading assets. Its price currently stands at around $7.20 (per CoinGecko’s data), representing a 2% increase on a weekly scale.

DOT Price, Source: CoinGecko

Many well-known analysts, though, remain optimistic that DOT is yet to experience a bull run, praising its merits. One example is the X user Michael van de Poppe, who claimed that the coin “is doing great in fundamental growth.”

He believes the moment is perfect for investors to enter DOT’s ecosystem, envisioning a 130% rally toward $17. However, he added, the price must first overcome the “crucial resistance” at $9.30.

Crypto Thanos and il Capo of Crypto also gave their two cents lately. The former assumed that DOT is “still in accumulation range” and “is improving their use cases day by day.” The analyst has high hopes for it based on several fundamentals such as “radical change in the use” of the token, “supersession of the old model of parachain auctions,” reduction of inflation via the burning of fees, and others.

For their part, il Capo of Crypto argued that DOT is “forming a new bullish trend” and is leading among major blockchains in advancing Artificial Intelligence (AI) and gaming. 

“It ensures secure data transfers, decentralized processing for AI, and seamless asset integration in gaming, with enhanced security and governance,” the analyst concluded.

Previous Forecasts

Other analysts touching upon the matter in the past few weeks include Block Diversity and Altcoin Sherpa. The former predicted a price increase as long as DOT stays above the $6.90 mark. Recall that its value briefly dropped below that level on May 31 before reclaiming it. 

Altcoin Sherpa envisioned a bull run but claimed that DOT won’t be able to outperform the rest of the market. As such, they think selling holdings during the next pump is the right move.

One important on-chain indicator that signals that the asset’s price is yet to surge is the Relative Strength Index (RSI). It ranges from 0 to 100 and is typically used to identify overbought or oversold conditions in a market. A ratio above 70 suggests that DOT could be headed for correction. The latest data shows that RSI has been hovering below that level since May 22. 

The post Three Important Polkadot (DOT) Price Predictions to Watch appeared first on CryptoPotato.

Almost $220 million was once again poured into the spot Bitcoin ETFs yesterday, June 6, thus extending the consecutive inflow streak to 18 trading days in a row.

BlackRock’s IBIT had given up its first place in terms of daily inflows but saw $350 million inserted yesterday, while the former leader – Fidelity’s FBTC – gained only $3.1 million.

May 10 was the last trading day in which the 11 spot Bitcoin ETFs saw outflows, mostly driven by Grayscale’s GBTC. At the time, $103 million was taken out of Grayscale’s converted ETF, while the total outflows for all ETFs stood at $84.7 million, according to data from Farside.

The landscape has been entirely different since then, as the most obvious reason for the change of heart could be attributed to the US inflation data.

June 4 marked the second-highest day ever in terms of inflows, with $886.6 million. The numbers for June 5 stood at $488.1 million and $217.7 million for yesterday.

In four out of the last five trading days (except yesterday), Fidelity’s FBTC had become the go-to place for investors, as it had outpaced BlackRock’s IBIT in terms of most substantial inflows.

However, that changed yesterday when IBIT attracted $349.9 million, while FBTC saw only $3.1 million going in. Grayscale’s GBTC, which has experienced massive outflows since its conversion from a close-end fund to a spot ETF, had $37.6 million taken out of it.

However, Ark Invest’s ETF had the biggest amount withdrawn. The outflows for the day were close to $100 million for the second time in the past 10 days.

Despite the overall positive inflows of $217.7 million and the impressive streak the ETFs have been on, the price of the underlying asset failed to make a big move yesterday.

BTC was stopped ahead of $72,000 on Wednesday and was even pushed down to $70,200 yesterday. Now, though, the cryptocurrency trades above $71,000, being up just 0.6% in the past day and 4% on a weekly basis.

The post BlackRock’s IBIT Takes Back the Lead as Spot Bitcoin ETFs Continue Their Inflow Streak appeared first on CryptoPotato.

Kraken, one of the oldest and largest cryptocurrency exchanges in the United States, is orchestrating a large funding round before a potential initial public offering next year, according to a new report from Bloomberg.

Sources contacted by the outlet say the exchange likely aims to raise $100 million before the move.

Kraken To Go Public?

If Kraken were to follow through, it would become the second publicly traded pure-play crypto exchange in the world after Coinbase, its larger rival.

The supposed plans are a response to investor inquiries on the matter fueled by the crypto market rally in recent months, which has boosted trading volumes from which exchanges like Kraken generate profit.

Two of the people contacted said Kraken would raise the money in a “pre-IPO round” with the intention of completing it by the end of the year.

An IPO could be completed as soon as next year, the people said, after Kraken can find a “marquee” company to join its board. Only verbal discussions have occurred regarding terms and valuations without any formal documentation, one person said.

“We are always exploring strategic paths toward Kraken’s Mission: accelerating the global adoption of crypto,” said Kraken, declining to comment specifically on fundraising or IPO matters. “We remain fully focused on investing in this goal.”

Public stock and crypto trading platform Robinhood said on Thursday hat it would acquire crypto exchange Bitstamp. Earlier this year, stablecoin issuer Circle also announced plans to go public.

A Maturing Crypto Market

Kraken’s parent company, Payward, was founded in 2011. While the exchange has intended to go public for years, a mix of volatile crypto market downturns and regulatory issues have continued to thwart its efforts.

As of today, momentum is turning around on both fronts. Bitcoin is now experiencing a newfound wave of demand from Wall Street, with experts believing tens of billions of dollars are yet to enter the newly launched ETF products.

Meanwhile, policymakers are starting to open up to crypto, and are pushing forward legislation to create legal clarity for the industry. Last month, the House of Representatives passed comprehensive legislation to clarify which crypto assets are commodities vs securities, and how crypto exchanges can properly register with regulators.

Kraken has run into its share of trouble with the Securities and Exchange Commission(SEC) already, paying a $30 million fine last year for failing to register its staking as a service product. It now faces a lengthier lawsuit for allegedly listing dozens of unregistered securities on its platform, which it is fighting back against in court.

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