Why cryptos are bleeding🩸? 5 key reasons⤵️

Here are 5 key reasons why the crypto market is experiencing a significant sell-off and price decline:

1. Macroeconomic fears and risk aversion: The crypto market is under pressure from a broader bout of risk aversion in global markets due to fears of an impending recession. Investors are moving away from riskier assets like crypto.

2. Geopolitical tensions: Escalating tensions in the Middle East are adding to market uncertainty and fear, contributing to the crypto sell-off.

3. Miners' struggles: Low hash rates and decreased earnings are causing some miners to sell their Bitcoin holdings or switch to mining other tokens. This increased selling pressure is weighing on BTC prices.

4. Regulatory crackdowns: Increased regulatory scrutiny and crackdowns on the crypto industry in some countries is shaking investor confidence.

5. Liquidation of long positions: The steep market decline has led to extensive liquidations of bullish futures positions, with over $280 million in long position liquidations in the past 24 hours. This has exacerbated the sell-off.

As a result of these factors, Bitcoin has fallen over 8% since the start of the weekend to around $57,000, its lowest price in almost three weeks. Ethereum and other major altcoins have seen similar sharp declines. The crypto market has shed over $300 billion in value in just the past three days, the largest such drop in almost a year.

Why OpenAI May Lose $5 Billion in 2024

According to an analysis by The Information based on previously undisclosed financial data and sources familiar with the company, OpenAI is projected to lose up to $5 billion in 2024 due to massive costs associated with running AI products like ChatGPT.

The key reasons for OpenAI's potential $5 billion loss in 2024 are:

Training and Inference Costs
OpenAI is on track to spend nearly $7 billion this year on AI training alone

The company is renting $4 billion worth of Microsoft Azure servers to power ChatGPT inference workloads

Training new AI models could cost up to $3 billion in 2024

Staffing Costs

OpenAI's workforce has grown to around 1,500 employees, potentially costing $1.5 billion this year - triple the initial projections

Revenue vs Expenses

While OpenAI is generating around $2 billion annually from ChatGPT and nearly $1 billion from LLM access fees, its total revenue is estimated between $3.5-4.5 billion for 2024

This leaves a substantial shortfall compared to the $7-8.5 billion in projected expenses

The report suggests OpenAI may need to raise additional funding within the next 12 months to sustain its operations and ambitious AI research and development efforts. 

The company has already completed 7 funding rounds, raising over $11 billion to date.
#OpenAI's #ChatGPT.

CoinMarketCap crypto heatmap showing all red indicates that the overall cryptocurrency market is experiencing a bearish trend with short liquidations dominating.

Here are the key points:💥🔨

➡️ A crypto heatmap is a visual tool that provides an at-a-glance view of the relative strengths of different cryptocurrencies across multiple timeframes.

➡️The colors on the heatmap represent the performance of each crypto asset.

➡️Green indicates the asset is above the prior bar's high, showing strength.

➡️ Red indicates the asset is below the prior bar's low, showing weakness.

➡️The darker the red color, the more bearish the price action. If most cryptocurrencies on the heatmap are displayed in dark red, it suggests an overall bearish market trend.

➡️ Short liquidations occur when traders who have bet on the price of an asset going down are forced to close their positions due to the price moving against them.

➡️ When short liquidations dominate across multiple cryptocurrencies, it indicates that the market is experiencing a bearish phase where prices are declining.

So in summary, the CoinMarketCap crypto heatmap showing all red tiles suggests that the cryptocurrency market is currently in a bearish state, with short liquidations exceeding long liquidations across most major crypto assets.
#crypto #heatmap #heatmapupdate

The Alleged Modi Team Stock Market huge Scam
🥵🥵

The recent stock market crash in India, which occurred on June 4, 2024, has been attributed to a scam by the Congress party leader Rahul Gandhi. According to Gandhi, the Prime Minister Narendra Modi, Home Minister Amit Shah, and Finance Minister Nirmala Sitharaman were directly involved in the scam, which resulted in a loss of Rs 30 lakh crore (approximately $386 billion) for retail investors.

Gandhi alleged that the BJP leaders had information that the exit polls were wrong, yet they gave specific investment advice to the five crore families investing in the stock market. He questioned why they gave advice to buy stocks before June 4, when they knew the exit polls were incorrect. Gandhi also pointed out that the same media house owned by the same business group, which is under SEBI investigation for manipulating stock markets, was used to give these interviews.

The chronology of events is as follows:

1. May 13: Amit Shah advised people to buy shares before June 4.
2. May 19: Prime Minister Narendra Modi said that the stock market would break records on June 4.
3. June 1: Exit polls were released, indicating a landslide victory for the BJP.
4. June 3: The stock market reached an all-time high.
5. June 4: The stock market crashed, resulting in a loss of Rs 30 lakh crore for retail investors.

Gandhi demanded a Joint Parliamentary Committee (JPC) probe into this matter, claiming that it was the biggest stock market scam in India's history. He also asked why the Prime Minister and Home Minister gave specific investment advice to people, when it was not their job to do so.

The stock market crash was attributed to the unexpected outcome of the Lok Sabha elections, where the BJP failed to win a majority of seats. The market had anticipated a landslide victory for the BJP, but the actual results showed a significant shortfall in seats.

Modi team's involvement in the stock market scam is alleged to have resulted in a loss of Rs 30 lakh crore for retail investors.
#sharemarket #scam #india

Crypto Chaos: Meme Coins Swing Wildly After Trump Verdict.🪙🔨

➡️The guilty verdict against Donald Trump in the hush-money trial has led to volatility in some meme coins linked to him and his opponent Joe Biden. MAGA (TRUMP) initially dumped 17% to $11.20 but then pumped 50% to an all-time high of $16.80 before tumbling again, currently hovering around $13.90. Donald Tremp (TREMP) also passed through ups and downs, first dropping 5% and then rallying 18% to $1.38 before settling at around $1.18. Jeo Boden (BODEN), a meme coin tied to Biden, witnessed a 15% daily decline.

➡️Despite the verdict, Trump maintains that he is the right choice for crypto supporters, promising to let Bitcoin and crypto thrive in the US if elected. Recent polls suggest he may have the upper hand, leading in five out of six swing states.

➡️Crypto punters on the Polymarket prediction market believe there is a 17% chance Trump will go to prison before the November election, down from 25% earlier in May. Bettors had put the odds of a guilty verdict at 78%.

➡️Wall Street is bracing for potential volatility, with the political climate expected to become increasingly volatile. However, the stock market has historically shown a tendency to disregard domestic political turmoil. The market reaction is expected to be muted, as expectations for a guilty verdict were somewhat priced in. The bigger impact could be if the verdict begins to turn momentum away from Trump to Biden.

➡️Shares of Trump Media & Technology Group (DJT), the parent company of Truth Social, experienced a modest uptick after the verdict, recovering from an initial 7% premarket decline to trade 5% higher at market open. Despite financial setbacks, the company expressed confidence in its ability to fund operations.
#crypto #TrumpCryptoSupport

Here are 5 key reasons why Shiba Inu (SHIB) could see a major price pump in 2024:✅💥🔨

1. Profitability of SHIB addresses has risen to over 25%, up from 24% previously, indicating growing investor confidence.

2. SHIB has seen a 300% surge in large transactions to reach $178 million over the last 24 hours, suggesting whales are accumulating the dip.

3. The SHIB burn rate remains high, with millions of tokens still being sent to dead wallets daily despite the recent price slump.

4. The Shiba Inu community is rallying behind a new rival meme coin called Shiba Budz (BUDZ), which they believe is poised for a major pump. If BUDZ pumps, it could trigger a ripple effect across the meme coin market, potentially boosting SHIB as well.

5. Shiba Inu's increasing popularity and active buyer base could help its value rise to $0.00001040 in a more bullish market environment, according to InvestingCube.com.

While SHIB is currently trading below the $0.000009 support level, these factors suggest the meme coin may be ready for a major rebound in 2024 if the positive momentum continues to build.
#Shibainuholder #ShibaInu: #crypto

Comprehensive summary of the crypto news for today:
Market Trends
➡️Global Market Capitalization: The global cryptocurrency market capitalization has increased by 1.3% over the past 24 hours, reaching $2.72 trillion.

➡️Top 100 Coins: Only five coins among the top 100 have seen their prices increase over this period.
Notcoin (NOT) saw the biggest increase by far: 28.1% to $0.01188. Bitget Token (BGB) rose 6% to $1.32.

Notable Events
➡️Tether (USDT): Tether Achieved Record Quarterly Profits as Market Cap Hits All-time High. The market cap increased by 0.98% to $111 billion, with USDT currently accounting for 69.3% of the market dominance among stablecoins.

➡️Gemini Returns Over $2 Billion in Crypto: Bankrupt crypto lender Genesis and crypto exchange Gemini have returned over $2 billion in crypto to 232,000 retail customers in their jointly managed Gemini Earn program, providing a 242% return on assets since Jan. 2023.

➡️NFTs Susceptible to Fraud: The US Treasury released its first risk-assessment report on May 29, emphasizing that NFTs are “highly susceptible to use in fraud and scams,” primarily involving traditional schemes.

Other Developments
➡️ChatGPT-coded Memecoin: A memecoin created using the popular OpenAI chatbot ChatGPT reached a valuation of $638 million in a little over a year. The meme token, called Turbo, saw significant gains in the last three months, catapulting from a $27 million valuation to over $600 million.

➡️Ethereum Re-staking Victim Gets 80% of Funds Back: A user who lost 1,807 liquid staked Ether (ETH), worth nearly $7 million, has recouped most of their losses after the attacker only kept a share of the exploit as a bounty.

➡️Argentina Aims to Learn from El Salvador's Bitcoin Success: The government of Argentina is working with El Salvador to learn from its experience of Bitcoin (BTC) adoption and other cryptocurrency activities.
#CryptoNews🚀🔥 #crypto

What are the arguments for and against classifying Ethereum as a security?⁉️🚨🔨

Some of the arguments for & against classifying ETH as a security:

Arguments against classifying ETH as a security:

1. The SEC itself stated in 2018 that based on its understanding of ETH's decentralized structure, current offers and sales of ETH are not securities transactions. The SEC has not formally retracted this position.

2. The Commodity Futures Trading Commission (CFTC) has consistently recognized ETH as a commodity, most recently in a civil enforcement action against KuCoin. This dual recognition by the SEC and CFTC supports ETH's classification as a commodity.

3. Ethereum is a decentralized network with no central entity governing it or having privileged insider information, which is a key characteristic of securities.

4. There are thousands of stakeholders in Ethereum beyond the founding Ethereum Foundation, and in some areas, Ethereum is more decentralized than Bitcoin.

Arguments for classifying ETH as a security:

1. The SEC is investigating potential unregistered offerings and sales of ETH dating back to 2018, suggesting it believes ETH could be a security.

2. The SEC has subpoenaed several U.S. companies for documents related to their dealings with the Ethereum Foundation, a Swiss non-profit that organized Ethereum's launch.

3. SEC Chair Gary Gensler has said proof-of-stake chains like Ethereum, which pay token rewards to users locking up their coins, resemble investment contracts and could be classified as securities.

4. The SEC has filed lawsuits against crypto exchanges for allegedly selling unregistered securities to U.S. investors, including assets like Cardano (ADA) and Solana (SOL).

5. The existence of the Ethereum Foundation casts doubt on the argument that Ethereum is fully decentralized.

While the SEC has historically stated ETH is not a security and the CFTC classifies it as a commodity, the SEC's recent actions suggest it may be reconsidering ETH's status. The outcome could have significant implications for the crypto industry.
#ETHETFS

Is ETH ETFs 100% approved? and why not yet begin trading officially like BITCOIN ETFs? 🚨🔨⁉️

🚦No, ETH ETFs are not 100% approved. While the Securities and Exchange Commission (SEC) has approved the 19b-4 forms for eight spot Ethereum.

➡️ ETF applications, including those from prominent firms like BlackRock, Fidelity, and Grayscale, the S-1 registration statements still require approval before the ETFs can officially debut and begin trading.

➡️The SEC's approval of the 19b-4 forms marks a significant step forward, but it is only the first part of a two-step process.

➡️The second step involves the SEC reviewing and approving the individual ETF registration statements, which includes detailed information about the company and the securities they intend to offer.

➡️The approval process for the S-1 forms is ongoing, and it may take several months for the SEC to complete its review.

➡️This delay is due to the complexity of the filings, which contain hundreds of pages of disclosures, and the need for the SEC to ensure that the ETFs meet the necessary regulatory requirements.

➡️Additionally, even after the S-1 forms are approved, the ETFs will not immediately begin trading. The exchanges must still list the ETFs, which involves additional regulatory steps and may take some time.

➡️While the SEC has approved the 19b-4 forms for ETH ETFs, the process is not yet complete, and the ETFs will not begin trading until the S-1 registration statements are approved and the ETFs are listed on the exchanges.🔋✅
#ETFEthereum #ETHETFsapproval #ETHETFS

Will Crypto Markets march Higher when $1.4B Bitcoin Options Expire?

The upcoming expiration of $1.4 billion worth of Bitcoin options contracts on December 8 is likely to have a significant impact on the crypto markets. Around 33,000 BTC options contracts are set to expire, with a put/call ratio of 0.84, indicating slightly more call sellers than puts.

The total open interest, or the value of all contracts yet to be closed or expire, is close to record levels at $16 billion, according to Deribit[1]. This suggests that the market is very active, with traders positioning themselves for potential price movements.

There are currently two hot strike prices with more than 20,000 calls for both $40,000 and $50,000. Options markets are suggesting that Bitcoin will hit $50,000 by January 2024, which is the same month that Bitcoin ETF approvals are expected.

However, it's important to note that history has shown that when Bitcoin runs, it runs, and the approval of Bitcoin ETFs may already be priced into crypto markets.

In addition to the expiring Bitcoin options, around 207,000 Ethereum contracts will expire on December 8, with a notional value of $491 million and a put/call ratio of 0.58.

Ethereum derivatives have been lackluster lately, with all eyes on Bitcoin, but this may be starting to change as speculators eye the second-largest crypto asset.

The crypto market has been experiencing notable increases, with the leading sectors being Bot, Meme, and Arbitrum. However, it's crucial to keep in mind that the expiration of such a large amount of options contracts could lead to increased volatility in the markets.

In conclusion, while the expiration of $1.4 billion worth of Bitcoin options contracts on December 8 is likely to have a significant impact on the crypto markets, it's difficult to predict the exact direction of the markets.

Traders should be prepared for potential volatility and make informed decisions based on their risk tolerance and investment strategies.
#BTC☀ #crypto #cryptoinf #Trending #ethereum

Doge meme dog has passed away

Kabosu: Forever in Hearts - Honoring the Paw-sitive Legacy of the Doge Meme.

Kabosu, the Shiba Inu dog behind the iconic "Doge" meme, has passed away at the age of 18. Her owner, Atsuko Sato, announced the news on her blog, writing that Kabosu "quietly passed away as if asleep while I caressed her" on the morning of May 24, 2024.

Kabosu's quizzical side-eye expression became a viral sensation in 2013, inspiring countless memes featuring the dog's face paired with captions in broken English like "wow" and "much amaze".

The meme transcended the internet, with Kabosu's image being used in advertising campaigns and even inspiring the creation of the Dogecoin cryptocurrency in 2013.

In 2021, a non-fungible token (NFT) of the original "Doge" image sold for a record-breaking $4 million, with the proceeds going to charity.

Dogecoin, which has a market cap of over $22 billion, paid tribute to Kabosu on X (formerly Twitter), saying she was "a being who knew only happiness and limitless love" and that her impact on the world was "immeasurable".

Kabosu's hometown of Sakura, Japan, honored her with a bronze statue unveiled in November 2023, funded by donations from fans around the world.

A memorial service for the beloved dog will be held on Sunday, May 26, in Narita.
#doge #meme #memory #LoveAndKindness #love

Well-rounded analysis of investing in Bitcoin ETFs Vs directly buying BTC, examining the benefits & downsides of each approach with analytic chart. 📉

➡️Bitcoin ETFs
Bitcoin ETFs are overseen by regulators like the U.S. SEC, offering more security and reliability compared to direct cryptocurrency investments. They reduce concerns about wallet security and cyber-attacks. However, these ETFs have sparked a fee competition among issuers, with some fees as low as 0.20%.

➡️Directly Buying BTC
Purchasing Bitcoin directly through exchanges means owning the cryptocurrency outright, allowing investors full control. However, this also exposes them to market risks, including security threats & regulatory issues.

➡️Liquidity & Market Integration
Bitcoin ETFs
ETFs are traded on traditional stock exchanges, providing liquidity and a familiar trading environment. This also attracts institutional investors, potentially leading to increased market liquidity and price stability over time.

➡️Directly Buying BTC
Buying Bitcoin directly on cryptocurrency exchanges offers 24/7 trading flexibility, allowing quick market adjustments. However, these exchanges can have limited liquidity compared to traditional stock exchanges and are vulnerable to security risks like hacking.

➡️Fees & Tax Implications
Bitcoin ETFs
ETFs usually have higher fees due to the costs of maintaining and securing the underlying assets. Moreover, these funds can create complex tax situations, as they generate taxable events for investors.

➡️Directly Buying BTC
Direct Bitcoin purchases do not incur management fees, but investors bear the full responsibility for security and regulatory challenges, risking significant losses if not managed well.

Bitcoin ETFs & direct BTC purchases offer unique benefits and drawbacks. ETFs provide regulated, secure trading environments and market integration, but with higher fees and tax complexities. Direct purchases give full control and no management fees but come with greater risks.

Here is summary of the key points in a chart 🖼️✅
#ETFvsBTC

ETH ETF Approved, What Does This Mean for the Crypto Market and When Will ETH Make New ATH ?

Here's a breakdown of what this means and what it could mean for the crypto market:📉

1️⃣ Impact on the Crypto Market
The approval of spot ether ETFs is expected to increase liquidity and demand for ether, potentially leading to further growth and adoption within the crypto ecosystem. This development could also bring ether closer to the mainstream financial world, making it more accessible and convenient for investors to engage with this promising digital asset.

2️⃣ Potential Rally
The approval of spot ether ETFs could trigger a substantial surge in the value of ether, similar to the market reaction seen with bitcoin ETFs. QCP Capital forecasts a potential increase of up to 60% for ether in the upcoming months if the ETF is approved. This prediction aligns with the market reaction following the approval of spot bitcoin ETFs in January, where bitcoin rose from $42,000 to over $73,000 within two weeks.

3️⃣ Increased Institutional Interest
The approval of spot ether ETFs is expected to attract more institutional investors to the crypto market. Open interest on ether-tracked futures has reached a record $14 billion, accounting for 67% of bitcoin open interest as of Wednesday. This unusually high level of ether open interest reflects the increased institutional interest in the cryptocurrency.

4️⃣ Volatility
Ether prices in the coming days could be volatile, as investors have transferred 62,000 ETH to exchanges, the most since early March. High exchange flows are typically associated with price volatility. However, should the ETF application be dismissed, there is a risk of a significant price correction.

5️⃣ Timeline
The decision on the ether ETF is expected soon, with heightened buying activity observed on both centralized and decentralized exchanges. VanEck's ETF has been listed by the DTCC, increasing the likelihood of approval, potentially as early as the following week.
#ETHETFsApproved #ETH🔥🔥🔥🔥

ETH ETFs Update📉

FINALLY:✅✅

The U.S. Securities and Exchange Commission (SEC) has officially approved the launch of spot Ethereum (ETH) exchange-traded funds (ETFs) in the United States. This landmark decision comes just five months after the SEC approved spot Bitcoin ETFs, marking a significant shift in the regulatory landscape for crypto in the US.

The SEC has approved 19b-4 filings from several major financial institutions, including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise[2][5]. However, ETF issuers still need the SEC to sign off on their respective S-1 registration statements before the spot ETH ETFs can officially begin trading.

The approval of Ethereum ETFs is expected to attract billions in institutional capital to the ETH market. Standard Chartered Head of Digital Assets Research Geoff Kendrick predicts inflows of $15 to $45 billion in the first 12 months. The move is seen as a significant step towards greater accessibility of Ethereum to institutional investors.

The SEC's decision comes amid a shift in the Biden Administration's stance on crypto, following former President Trump's pledge to support the industry and foster a business-friendly environment in the US. The approval of Ethereum ETFs, along with the passage of the FIT21 crypto bill, suggests a more favorable regulatory environment for the crypto industry in the United States.
#ETHETFNews #ETHETFS #approved

BOOM!! APPROVED! There it is.

The SEC just approved spot #Ethereum ETFs.
What a turn of events. It's really happening.

TO BE CLEAR: This does not mean they will begin trading tomorrow. This is just 19b-4 approval. Also needs to be an approval on the S-1 documents which is going to take time. Expecting it to take a couple weeks but could take longer. Should know more within a week or so!

#ETHETFS #approved #confirmed100%

The SEC is expected to announce its decision on spot Ethereum ETFs today, May 23, 2024. Lawmakers have urged SEC Chair Gary Gensler to approve these ETFs, and the SEC has asked applicants to update their filings, signaling a potential change in stance.

🚨BREAKING: SEC has asked for a 6 hour delay with regards to spot ETH ETF decision.

If approved, Ethereum ETFs could drive the price of Ether up by around 60%, potentially reaching $6,000. This would mark the first time a non-Bitcoin crypto asset is classified as a commodity by the SEC, setting a precedent for other altcoins like Solana to follow.

The approval of Ethereum ETFs is expected to have a similar impact as the approval of Bitcoin ETFs earlier this year, which led to a 50% surge in Bitcoin's price. However, if the applications are rejected, Ethereum could face significant volatility and a steep price correction.

Experts believe the SEC's decision is influenced by political factors, as crypto has gained attention this election year, with both Trump and Biden expressing pro-crypto sentiments. The approval of Ethereum ETFs could also pave the way for Solana ETFs in the future.
#ETHETFS #EthereumETFApprovalExpectations

Update ETH ETFs:

The approval of Ethereum ETFs faces uncertainty, with Bloomberg analysts lowering the likelihood to 30%.

Challenges include SEC hesitance and lack of progress in filings. Despite optimism, regulatory hurdles persist, impacting market sentiment and potential approval.

Analysts suggest a cautious approach for traders due to volatility risks. The SEC's decision, expected by May 23, 2024, will significantly influence Ethereum's market trajectory.
#ETHETFS #EthereumETFApprovalExpectations

ETH ETFs Update:

The Securities and Exchange Commission (SEC) is expected to make a decision on the approval of spot Ethereum ETFs today, specifically regarding VanEck's application.

"As of the current time, there is no official announcement from the SEC regarding the approval status."

The market is eagerly awaiting the decision, which could significantly impact the price of Ethereum (ETH).The SEC Chair, Gary Gensler, has refused to comment on the decision, stating he doesn't have anything on this particular filing.

This lack of transparency has led to uncertainty and speculation about the outcome.

Coinbase, a prominent cryptocurrency exchange, has expressed optimism about the approval chances, estimating a 30-40% probability of approval by the end of the month. This is in contrast to other predictions, which are more pessimistic.The market reaction to the decision is also a topic of discussion.

Some analysts believe that the approval could lead to a "sell the news" scenario, where investors sell their Ethereum holdings after the announcement, potentially causing a short-term price drop.

However, others argue that the market has yet to adjust to such an event and that the long-term perspective remains bullish.Ultimately, the decision on the approval of spot Ethereum ETFs will depend on the SEC's evaluation of the applications and their compliance with regulatory requirements.

The outcome will have significant implications for the Ethereum market and the broader cryptocurrency space.

#ETHETFS #EthereumETFApprovalExpectations