Day: May 16, 2024

Cryptocurrency Market Surges with SOL Momentum

Solana started a fresh increase above the $150 resistance. SOL price is up nearly 15% and might continue to rise if it clears the $165 resistance. SOL price recovered higher and tested the $162 resistance against the US Dollar. The price is now trading above $150 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $148 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could clear the $165 resistance unless it fails to stay…

Sonne Finance exploited for $20m, offers hacker reward for returning funds

The Sonne Finance landing protocol team announced that the project was hacked for $20 million. Sonne Finance noted that the portal’s work on the Optimism network was suspended during the investigation. The attacker stole nearly $20 million of crypto assets, including currencies WETH, VELO, soVELO, and USDC.e. The hacker exploited a vulnerability in the second version of the Compound platform. Compound allows users to attack markets with a non-zero collateral ratio. The developers of Sonne Finance added markets with VELO, but due to a two-day blockage, the team needed help…

XRP Price Shows Signs of Recovery Within Range: Can it Spark a Rally?

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XRP price is attempting a fresh increase above the $0.5050 resistance. The price could gain bullish momentum if it clears the $0.520 resistance. XRP is eyeing a steady move above the $0.520 level. The price is now trading above $0.5120 and the 100-hourly Simple Moving Average. There was a break above a short-term declining channel with resistance at $0.5025 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start another increase if there is a close above the $0.520 resistance. XRP Price Eyes Breakout…

Vanguard CEO Salim Ramji Sticks to Firm’s Anti-Crypto Stance, No Plans for Bitcoin ETF

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Salim Ramji, the new CEO of Vanguard and former head of Blackrock’s global ETF business, has affirmed the company’s position against launching a spot bitcoin exchange-traded fund (ETF), emphasizing the need for consistency with Vanguard’s investment philosophy that views crypto as a speculative and immature asset class. Despite Ramji’s prior involvement in launching Blackrock’s successful […] Original

Robinhood Europe debuts 5% APY Solana staking 

Digital asset trading platform Robinhood unveiled Solana-based services in Europe after delisting SOL in the U.S. due to regulatory concerns.  A May 15 press release stated that the Menlo Park service provider has enabled Solana (SOL) staking for European customers as part of its expansion across the bloc. Eligible users can now stake SOL tokens directly via the Robinhood application for as much as 5% annual percentage yield (APY), marking the company’s first-ever crypto-staking offering. The company is also rolling out localized versions of its platform to improve crypto adoption across Europe.…

Ethereum Price Recovery Trails Behind Bitcoin’s Surge in Crypto Rebound

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Ethereum price recovered above the $2,920 resistance. ETH is trailing Bitcoin and might struggle to continue higher above the $3,050 resistance. Ethereum started a recovery wave and even climbed above $3,000. The price is trading above $2,950 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $2,900 on the hourly chart of ETH/USD (data feed via Kraken). The pair could now struggle to clear the $3,040 and $3,050 resistance levels. Ethereum Price Recovers Nearly 5% Ethereum price remained stable above…

Zimbabwe Government-Appointed Committee Aims to Understand Local Cryptocurrency Ecosystem

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The Zimbabwean government has formed a multi-stakeholder committee, tasked with consulting stakeholders in the cryptocurrency ecosystem. This committee, known as the National Risk Assessment Coordination Committee (NRACC), aims to determine the nature and extent of the cryptocurrency ecosystem in Zimbabwe. It will also evaluate the risks associated with cryptocurrencies, such as their potential misuse for […] Source

Emerging from Bearish Sentiment, Crypto Market Optimism Rises

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Bitcoin price is up nearly 8% and it broke many hurdles. BTC is now consolidating gains and might correct in the short term toward $65,000. Bitcoin started a strong increase and cleared the $63,500 resistance zone. The price is trading above $65,000 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct gains but the bulls might be active near $65,000 and $64,500.…

Over 1 Million New Crypto Tokens Launched Since April

The crypto community created over one million tokens across all chains in the past month, with Solana and Ethereum leading the crypto token frenzy. According to Coinbase’s director, these numbers doubled the tokens created in Ethereum between 2015 and 2023. Related Reading Over 22,000 New Crypto Tokens Created Daily Coinbase’s director Connor Grogan shared on X that 1 million tokens have been launched since April 1, 2024. The tokens created in the Ethereum Network account for 36% of the total number, with 372,642 tokens launched in the past month and…