Author: Benjamin Lee
The bankrupt crypto exchange FTX is reportedly primed to begin paying its main group of creditors at the end of May. Business restructuring lawyer Andrew Dietderich said in court last week that the payouts are scheduled to begin on May 30th, Bloomberg reports. FTX will use its $11.4 billion cash reserves, which were amassed after the crypto exchange went down, to reimburse major creditors. FTX classifies its main creditors as individuals and institutions that had millions of dollars stashed in the platform prior to its collapse. Meanwhile, smaller creditors categorized in FTX’s “Convenience Class” started receiving distributions in February, per…
A closely followed crypto strategist believes that the native asset of a layer-2 scaling solution could witness an over 3x rally this year. Pseudonymous analyst Inmortal tells his 231,000 followers on the social media platform X that he’s bullish on Mantle (MNT), noting that he believes the altcoin has already printed a 2025 bottom at around $0.6. According to the trader, a 279% rally for MNT this year is a high-probability scenario. “Starting to feel like bottom is in. Big players have been buying over the last few weeks, and it shows. $3 in 2025 is very likely, high-conviction play…
A closely followed crypto analyst is warning that payments token XRP and three other altcoins may suddenly collapse. In a new post, crypto trader Ali Martinez tells his 134,500 followers on the social media platform X that XRP may be forming a head-and-shoulders (H&S) pattern on the daily chart. An H&S structure is a bearish pattern indicating that an asset has lost momentum to sustain its uptrend after failing to print new highs. He also says that the Ethereum (ETH) hard fork Ethereum Classic (ETC), decentralized finance (DeFi) protocol Yearn.Finance (YFI) and a Bitcoin (BTC) hard fork Bitcoin Cash (BCH)…
A crypto analyst known for accurately calling Bitcoin’s pre-halving correction last year believes that BTC needs to reclaim a key technical indicator as support to regain bullish momentum. Pseudonymous crypto strategist Rekt Capital tells his 542,600 followers on the social media platform X that BTC appears to be mirroring its price action in 2021 when Bitcoin consolidated between two key exponential moving averages (EMAs) on the weekly chart. According to Rekt, Bitcoin must convert the 21-week EMA into support to trigger the resumption of bullish price action. “Earlier this week, Bitcoin rejected from the 21-week EMA resistance (green). As a…
Crypto asset manager and research firm CoinShares says institutional investors poured millions of dollars into altcoin digital asset investment products last week. In its latest Digital Asset Fund Flows Weekly Report, CoinShares says crypto products enjoyed inflows last week after record-setting levels of outflows. “Digital asset investment products saw US$226m of inflows last week suggesting a positive but cautious investor. Following the largest outflows on record, ETPs have seen 9 consecutive trading days of inflows. Last Friday was the exception, seeing minor outflows totaling US$74m, likely in reaction to core personal consumption expenditure in the US coming in above expectations, implying…
Stablecoin firm Circle is teaming up with top American banks as it prepares for a reported April initial public offering (IPO) launch. According to a new Fortune report, USDC-issuer Circle is working with JPMorgan Chase and Citi Bank to publicly list the firm’s shares next month. Citing “two sources familiar with the situation” Fortune reports that Circle is planning to file the paperwork for the IPO in late April. Circle filed for the traditional IPO with the U.S. Securities and Exchange Commission (SEC) in January 2024. Circle has tried filing for an IPO in previous years, but the firm’s last…
The U.S. Securities and Exchange Commission (SEC) is reportedly closing its investigation into social media influencer Haliey Welch over the alleged rug pull of her memecoin. According to a new report by TMZ, the regulatory agency is closing the probe into Welch – known as the “Hawk Tuah” girl for her 2024 viral video – without filing any charges against her after it was alleged that she conducted a rug pull following the launch of Hawk (HAWK) in December. The SEC investigated Welch after her Solana (SOL)-based memecoin rapidly lost its value after a big rally, triggering accusations that the…
A memecoin creator notorious for being involved with several controversial projects is continuing to dump his coins even after a 95% drop. New data from the blockchain tracking firm Bubblemaps is shedding light on on-chain activity of Hayden Davis, who admitted to having a role in both Libra (LIBRA), a memecoin originally backed by Argentinian President Javier Milei before he quickly disavowed it, and Melania Meme (MELANIA), a coin inspired by Melania Trump. MELANIA began a steep descent the very day it was launched in January and is now down 95.3%. Says Bubblemaps, “Hayden Davis is STILL selling MELANIA He…
Digital asset management giant Grayscale hopes to launch an Avalanche (AVAX) exchange-traded fund (ETF) in the US. The Nasdaq Stock Market submitted a proposal this week to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of Grayscale Avalanche Trust, which would be entirely tied to the price of the layer-1 project’s native asset, AVAX. Grayscale isn’t the first financial giant to file for an Avalanche ETF. Documents submitted to the state of Delaware earlier this month suggest VanEck also hopes to launch a fund tied to the Ethereum (ETH) rival. Coinbase Custody will serve as the custodian…
Binance’s first class of memecoins chosen by traders is experiencing major volatility following their listings. Earlier this month, Binance introduced a new “Vote to List” campaign, allowing users to choose smaller projects to add to the world’s largest crypto exchange. “We now invite users to participate and vote on the first batch of Vote to List projects under the official post… on Binance Square Official. The first batch of Vote to List is exclusively for BNB Smart Chain-based tokens.” Yesterday, Binance announced the winners of the first ‘Vote to List’ campaign: memecoins Mubarak (MUBARAK), CZ’S Dog (BROCOLLI714), Tutorial (TUT) and…