Bitcoin maintained upward pressure on liquidity on May 17 as analysts noted a potential golden cross on lower timeframes.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action hovering near its highest levels since mid-April.
Liquidity at $67,000 and above continued to act as a barrier, with around $75 million at stake at the time of writing, according to monitoring resource CoinGlass.
Although still below its all-time highs of 2024 and 2021, Bitcoin sparked enthusiasm among market observers. Popular pseudonymous trader Moustache highlighted two significant trendlines.
“Golden Cross (12h-Chart) of $BTC is imminent,” he informed his followers in one of his recent posts on X (formerly Twitter).
A golden cross happens when a shorter-term moving average crosses above a longer-term one, with the last occurrence in October of the previous year — just before Bitcoin saw significant gains.
“The last bullish cross was over six months ago. Bitcoin has risen by over 170% since then,” Moustache noted.
Another trader, Titan of Crypto, suggested that the Ichimoku Cloud indicator might follow a similar trend.
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“BTC seems to be repeating the same pattern from early 2024,” a part of an X post on May 16 read, adding that BTC/USD saw an upside of more than 60% the last time Ichimoku requirements were met.
Titan of Crypto also pointed out a transfer of $60,000 from resistance to support.
As reported by Cointelegraph, this area includes various bull market trendlines, all converging in one place.
Among these are the short-term holder realized price and the 100-day moving average, the latter rising quickly and now above $62,000.
“BTC is perfectly flipping previous resistance into support,” Titan of Crypto summarized, sharing an Ichimoku chart.
Overall, Bitcoin’s current trajectory and technical indicators suggest a potentially bullish outlook, with significant levels being tested and possibly transformed into new support zones.
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On May 16, 2024, a majority of U.S. Senators approved a Congressional Review Act (CRA) to review the SEC’s Staff Accounting Bulletin No. 121 (SAB 121).
The Senate passed H.J.Res. 109 with a 60 to 38 vote, a rare bipartisan achievement. Notably, 51 of the votes came from Democrats.
Senator Cynthia Lummis highlighted this as a historic moment, marking the first time Congress passed standalone crypto legislation.
President Biden had previously threatened to veto any resolution overturning the SEC policy.
The White House stated its strong opposition to disrupting the SEC’s efforts to protect investors in crypto-asset markets and the broader financial system.
Despite the threat, historical data shows that around one-third of threatened vetoes are never executed, making the outcome uncertain.
The bipartisan support for the crypto bill was emphasized by Perianne Boring, CEO of the Digital Chamber, who noted that the controversy around SAB 121 led 21 Democratic Senators to break ranks.
Among the supportive Democrats was Senate Majority Leader Chuck Schumer. Boring suggested that Schumer’s support could prompt the White House to reconsider its stance, indicating a shift in Washington’s attitude towards crypto.
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The Biden administration faces pressure from beyond the political sphere as well.
The American Bankers Association has urged President Biden to sign H.J.Res. 109 to protect consumers, highlighting the banking sector’s interest in offering custody services for cryptocurrencies.
With broad support for H.J.Res. 109, the Biden administration must decide whether to veto the resolution, potentially causing internal conflict within the Democratic Party as elections approach.
Patrick Kirby of the Crypto Council for Innovation explained that Biden has 10 days to sign, veto, or allow the resolution to become law without his signature.
Alternatively, Biden could use a pocket veto if Congress is not in session.
Donald Trump’s pro-crypto stance further complicates Biden’s decision, as Trump could leverage this position in the upcoming election.
Kirby noted that if Biden vetoes H.J.Res. 109, Congress could attempt to override it with a two-thirds majority in both chambers.
A possible resolution could come from the SEC itself. Republican Wiley Nickel suggested that SEC Chair Gary Gensler could revoke SAB 121, removing the need for Biden’s veto.
SEC Commissioner Hester Pierce criticized SAB 121 at a Blockchain Summit, saying it hampers industry growth by requiring companies to record crypto assets as both assets and liabilities, contrary to conventional asset custody practices.
Pierce welcomed Congress’s involvement in crypto regulation, viewing it as a positive development for consumers and financial innovation.
As the SEC holds the power to resolve this issue, the next move is theirs.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Cat Wif RPG (CATRPG) could become a viral memecoin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Cat Wif RPG (CATRPG), a Solana memecoin that was launched today, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Early investors in SHIB and DOGE made astronomical returns, and Cat Wif RPG presents a similar opportunity.
Cat Wif RPG has a market cap below $15,000 at the moment, meaning that when it just reaches a modest market cap of $400,000-$800,000, early investors would generate returns of 2,000%-5,000% in a matter of days or hours.
The exciting memecoin is poised to rally 11,000% in the coming two days before it will be listed on KuCoin – a massive cryptocurrency exchange – and Cat Wif RPG could potentially reach a multi-million dollar market cap within a few weeks.
Currently, Cat Wif RPG can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy Cat Wif RPG on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Cat Wif RPG by entering its contract address – GZiCTFbVMumaRv8PPCXv721vLSQdKb9x4WfizzB4Z8eG – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like CATRPG.
Ethereum SEC Coin (ETHSEC) could turn early investors into multi-millionaires if it becomes a mainstream coin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Ethereum SEC Coin (ETHSEC), a new Solana memecoin that was launched today, is poised to explode over 14,000% in price in the coming days.
This is because ETHSEC has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Ethereum SEC Coin can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Ethereum SEC Coin could become the next viral memecoin.
Ethereum SEC Coin launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Ethereum SEC Coin on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Ethereum SEC Coin by entering its contract address – DeCpC881FwUmN4HrwHdxTXCfMiSoo69BLMWavA5DjoJd – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like ETHSEC.
On May 17, Ether’s price surged by 5.5%, nearing $3,100 for the first time in ten days. Analysts attributed this rally to a decline in demand for fixed-income instruments following stagnant U.S. retail sales data for April.
This data heightened market expectations of a potential interest rate cut by the U.S. Federal Reserve to stimulate the economy.
Expansionary measures by the central bank are typically seen as bullish for risk-on markets, due to increased monetary supply or reduced credit costs for businesses and individuals.
Investors sought exposure to scarce assets, including cryptocurrencies, leading to gold reaching $2,410, just 0.8% below its all-time high.
A U.S. Department of Justice indictment unsealed on May 15 also boosted Ether’s surge.
The indictment accused two individuals of wire fraud and money laundering by manipulating the Ethereum blockchain.
The document stated that “Ethereum is a decentralized blockchain […] without the need for a trusted intermediary” and added, “No central actor runs the Ethereum Network.”
Additionally, the court noted that Ethereum smart contracts enable transactions without a trusted intermediary.
These statements boosted Ether investors’ confidence, especially after the U.S. Securities and Exchange Commission issued a Wells notice to Robinhood on May 4 over alleged securities violations related to crypto listings and custodian operations.
Orlando Cosme, founder and CEO of Lexproof, remarked that this verdict contradicts regulators’ classification of ETH as a security, “as there would be no management or entrepreneurial efforts of others.”
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While this analysis does not change the approval odds of U.S. spot Ether exchange-traded funds (ETFs), it certainly lifted investors’ spirits.
The U.S. SEC is expected to provide its final ruling on VanEck’s spot Ether ETF request on March 23 and rule on the conversion of Grayscale’s ETHE fund by June 18.
Although analysts predict approval odds below 35%, the regulators’ case for classifying Ether as a security instrument has weakened, contributing to the rally above $3,050 on May 17.
Solana co-founder Anatoly Yakovenko praised Ethereum’s network security, highlighting how coordinating “an invalid state transition or double spend attack” would be nearly impossible.
In a May 17 post, Yakovenko added that layer-2 scaling reduced costs without compromising security due to the network’s large number of validators and operators.
Investors realized that Ethereum’s setbacks, including high transaction fees and slow scalability efforts, were decisions prioritizing security and decentralization.
Meanwhile, competitors Solana and BNB Chain opted for higher processing capacity solutions, increasing dependency on fewer entities.
Ethereum’s strength is evident in its dominance in decentralized application (DApp) activity.
The growth of layer-2 solutions such as Base, which gained traction due to its low fees and integration with Coinbase, reinforces Ethereum’s potential as a global settlement layer.
Ethereum’s $181.5 billion in DApp volume over 30 days is more than seven times larger than its direct competitor, BNB Chain.
This volume declined merely 3% compared to the previous month, while BNB Chain and Solana experienced 52% and 41% decreases, respectively.
Analyzing unique active addresses engaging with DApps yields similar results, with Ethereum gaining 3% in 30 days, while BNB Chain and Solana faced steep declines.
Highlights from the Ethereum network include Balancer, which saw a 34% volume increase, Morpho Optimizers with an 80% gain, and DODO with a 61% boost.
In essence, even if U.S. spot Ether ETF approval odds remain low, the network’s dominance in the DApp ecosystem remains unaffected.
This realization contributed to the ETH price gains on May 17.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Former Binance CEO, Changpeng “CZ” Zhao, plans to “write something” during his upcoming four-month prison term. Judge Richard Jones sentenced Zhao on April 30 to four months in prison after he pleaded guilty to one felony charge for failing to maintain an effective Anti-Money Laundering program at Binance.
Zhao is expected to serve his time either at the Federal Correctional Institution Sheridan in Oregon or the Federal Detention Center SeaTac in Washington, though the reporting date was not determined at the time of publication.
Despite his legal troubles, CZ has remained active on social media.
He launched Giggle Academy, a youth-focused crypto and blockchain education program, and engaged with his 8.9 million followers on X, seeking suggestions on how to pass the time in prison.
With a net worth of $33 billion, CZ would be one of the wealthiest individuals to serve time in prison.
His legal team argued that his wealth and status could make him a target for theft and extortion, potentially influencing the judge’s decision to allow him to remain free until the Probation or Pretrial Services Office decides his reporting details.
During this period, Zhao has kept himself busy, mentioning on X that he has “nothing else to do” but read books and wait for his reporting date.
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He pleaded guilty in November 2023 and has since been free on a $175 million bond, restricted to travel within certain U.S. areas.
The Federal Bureau of Prisons is likely considering which facility would be safest for Zhao, given that both FDC SeaTac and FCI Sheridan house violent offenders.
According to the Probation or Pretrial Services Office of the Western District of Washington, presentence reports help the Bureau designate suitable institutions, select prison programs, and develop case plans for custody and eventual release.
In November, Zhao paid a $50 million penalty as part of a deal between Binance and U.S. authorities.
Binance agreed to pay $4.3 billion to settle civil regulatory enforcement actions, though this did not resolve a separate lawsuit filed by the U.S. Securities and Exchange Commission.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Tether‘s USDT, the world’s largest stablecoin, has minted another $1 billion, raising its market capitalization to over $110 billion.
This could potentially drive Bitcoin to new all-time highs.
In the past 24 hours, Tether’s treasury minted $1 billion worth of USDT, bringing its annual total to $31 billion.
According to a May 17 post from Lookonchain, this significant minting contributed to Bitcoin’s price rise from $27,000 to $73,000.
Tether is also directly investing in Bitcoin.
The company plans to invest 15% of its net profit in Bitcoin to diversify its stablecoin’s backing assets.
As of March 31, Tether had acquired 8,888 BTC worth $618 million, making it the seventh-largest Bitcoin holder globally, per Bitinfocharts.
Currently, Tether’s wallet holds over 78,317 BTC, valued at more than $5.18 billion, one year after announcing its diversification plan.
Bitcoin’s price movements are also influenced by institutional investments in spot Bitcoin exchange-traded funds (ETFs).
According to Dune, U.S. Bitcoin ETFs have seen over $200 million in net inflows over the past two weeks.
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These institutional inflows have been crucial to Bitcoin’s current rally to new all-time highs.
By February 15, Bitcoin ETFs accounted for about 75% of new investments in Bitcoin as it crossed the $50,000 mark.
On May 16, Bitcoin’s price confirmed a breakout on the daily chart, with $65,000 acting as strong support, according to TradingView.
Crypto analyst Rekt Capital noted in a May 16 X post that Bitcoin had turned its old resistance into support on the monthly chart, indicating a bullish trend.
However, Bitcoin might still experience a temporary correction to below $63,500 before reclaiming the $70,000 psychological mark.
ScorehoodAI’s prediction algorithm suggested a pullback to around $63,000-$63,500, calling it a healthy correction to liquidate high-leveraged positions.
A drop below $63,500 would liquidate over $1.76 billion in leveraged long positions, and under $63,000, liquidations would reach $1.87 billion, according to Coinglass data.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Flipped Cat (FLICAT) could become a viral memecoin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Flipped Cat (FLICAT), a Solana memecoin that was launched today, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Early investors in SHIB and DOGE made astronomical returns, and Flipped Cat presents a similar opportunity.
Flipped Cat has a market cap below $17,000 at the moment, meaning that when it just reaches a modest market cap of $200,000-$500,000, early investors would generate returns of 2,000%-5,000% in a matter of days or hours.
The exciting memecoin is poised to rally 8,300% in the coming two days ahead of it being listed on giant crypto exchange Bitrue, and Flipped Cat could potentially reach a multi-million dollar market cap.
Currently, Flipped Cat can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy Flipped Cat on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Flipped Cat by entering its contract address – JDCyeohyUFrxX31t4tY8Fe5LzMWkstAMaVHuH8Lq71Z1 – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like FLICAT.
Stalin on Solana (STALSOL) could turn early investors into multi-millionaires if it becomes a mainstream coin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Stalin on Solana (STALSOL), a new Solana memecoin that was launched today, is poised to explode over 13,000% in price in the coming days.
This is because STALSOL has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Stalin on Solana can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Stalin on Solana could become the next viral memecoin.
Stalin on Solana launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Stalin on Solana on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Stalin on Solana by entering its contract address – gJisVCA2QNsRa4j3ur1h3uzyXW5VuMQYHmQ2dQ1k4tE – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like STALSOL.
Gambling Cat (GAMBCAT) could turn early investors into multi-millionaires if it becomes a mainstream coin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Gambling Cat (GAMBCAT), a new Solana memecoin that was launched this week, is poised to explode over 14,000% in price in the coming days.
This is because GAMBCAT has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Gambling Cat can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Gambling Cat could become the next viral memecoin.
Gambling Cat launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Gambling Cat on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Gambling Cat by entering its contract address – B4BQTfBJ6uQYkzaZyQjTmH7k3c9gzXQ3FrPMPDstpYAn – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like GAMBCAT.