Significant coin unlocks may cause volatility in the altcoin market. Investors should stay alert to price movements during these unlocks. Continue Reading: Anticipated Coin Unlocks Spark Market Activity and Investor Caution The post Anticipated Coin Unlocks Spark Market Activity and Investor Caution appeared first on COINTURK NEWS .
Get ready, XRP enthusiasts and crypto traders! A significant development is on the horizon that could bring new ways to access exposure to Ripple’s XRP token. According to a recent report from The Block, citing a filing with the U.S. Securities and Exchange Commission (SEC), U.S.-based ETF issuer ProShares is gearing up to launch not one, but three futures-based exchange-traded funds (ETFs) tied to the price of XRP. This potential launch is scheduled for April 30 and represents a notable step in offering regulated investment products linked to XRP in the United States. While we’ve seen futures ETFs for Bitcoin and Ethereum before, this would mark a first for XRP from a major issuer like ProShares. What Exactly Are These ProShares XRP ETFs? ProShares is known for offering a variety of leveraged and inverse ETFs, allowing traders to potentially amplify gains or bet against asset prices. Their proposed suite of XRP futures ETFs follows this pattern: Ultra XRP ETF: This ETF is designed to provide 2x (two times) the daily performance of the underlying XRP futures index. It’s aimed at traders looking for leveraged long exposure. Short XRP ETF: This fund aims to provide the inverse (-1x) of the daily performance of the XRP futures index. It’s for those who believe the price of XRP will go down. Ultra Short XRP ETF: Taking the inverse concept further, this ETF seeks to deliver -2x (negative two times) the daily performance of the XRP futures index. This is a highly leveraged product for betting on significant downward price movements. It’s crucial to understand that these are futures-based ETFs , meaning they track the price movements of XRP futures contracts, not the spot price of XRP itself. This distinction is important, as futures prices can sometimes differ from spot prices due to factors like contango and backwardation. Why is an XRP Futures ETF Launch Significant? The potential launch of these ETFs holds significance for several reasons: Increased Accessibility: These products could make it easier for traditional investors and traders to gain exposure to XRP price movements through regulated brokerage accounts, without needing to directly buy and hold the cryptocurrency on a crypto exchange. Validation (Partial): While futures ETFs don’t grant direct exposure to the underlying asset, their approval by the SEC signals a level of regulatory comfort with products tied to XRP’s price discovery via the futures market. This comes amidst ongoing regulatory discussions surrounding XRP. Market Sophistication: Offering leveraged and inverse products suggests a maturing market for XRP derivatives, providing tools for more complex trading strategies like hedging and speculation on volatility. For many, the introduction of an XRP futures ETF by a major player like ProShares is a step towards broader institutional acceptance and liquidity, even if it’s not the highly anticipated spot ETF. What Does the SEC Filing Reveal? The news stems from a report citing a recent SEC filing . ETF issuers like ProShares must file detailed proposals with the SEC outlining the structure, investment strategy, and risks of their proposed funds. While the filing itself isn’t an outright approval, it indicates ProShares’ intent and the advanced stage of their planning process. The April 30 date likely represents the earliest effective date under standard SEC procedures, assuming the filing isn’t withdrawn or delayed by regulatory review. The SEC’s stance on crypto-related investment products has been cautious, particularly regarding assets other than Bitcoin and Ethereum. The fact that ProShares is moving forward with an XRP futures product suggests they believe they meet the necessary regulatory requirements, likely relying on the regulated nature of the futures markets where these ETFs will trade. How Do These Compare to Other Crypto ETF s? The landscape of crypto ETF s in the U.S. has expanded significantly, particularly with the launch of spot Bitcoin ETFs earlier this year. Prior to that, only Bitcoin and Ethereum futures ETFs had received SEC approval. Spot vs. Futures: Spot ETFs hold the actual cryptocurrency, providing direct price exposure. Futures ETFs hold futures contracts, tracking the price of those contracts which are based on the underlying asset. Asset Class: Most approved crypto ETFs in the U.S. are based on Bitcoin or Ethereum. XRP ETFs would diversify this offering, bringing exposure to a different major cryptocurrency to the regulated ETF market. Leverage/Inverse: While some Bitcoin futures ETFs exist, the immediate offering of Ultra (2x long), Short (-1x), and Ultra Short (-2x) options for XRP from day one is a specific strategy targeting sophisticated traders and speculators, mirroring some of ProShares’ existing non-crypto leveraged products. This move highlights ProShares’ strategy to provide specific trading tools within the crypto space, rather than just basic long exposure products. Potential Benefits and Risks of XRP ETF s Like any investment product, these proposed XRP futures ETFs come with potential upsides and significant risks. Potential Benefits: Ease of Trading: Accessible through standard brokerage accounts. Liquidity: ETFs typically offer high liquidity, making it easy to buy and sell shares. Leverage/Shorting Tools: Provides sophisticated options for amplifying gains or profiting from price declines. Regulatory Wrapper: Operates within a regulated framework overseen by the SEC. Potential Risks: Futures Tracking Differences: Performance may deviate from the spot price of XRP due to futures market dynamics (contango, backwardation). Leverage Risk: Leveraged products (Ultra and Ultra Short) can magnify losses as well as gains. They are generally not suitable for long-term holding. Daily Reset: Leveraged and inverse ETFs reset daily, meaning their performance over longer periods may not be exactly 2x or -1x/-2x the underlying asset’s cumulative performance. Compounding effects can lead to significant deviations. Volatility: XRP and the broader crypto market are highly volatile, increasing the risk associated with leveraged and inverse products. Regulatory Uncertainty: While the ETFs are regulated, the underlying asset (XRP) is still subject to ongoing regulatory scrutiny and legal proceedings, which could impact its price. Actionable Insight: Investors should thoroughly research how futures-based, leveraged, and inverse ETFs work and consider the high risks involved before investing. These products are generally best suited for experienced traders with a short-term outlook. Concluding Thoughts ProShares’ reported plan to launch three XRP futures ETFs on April 30 is a notable development for the XRP ecosystem and the broader regulated crypto investment market in the U.S. While not the spot ETF many hope for, it signifies growing interest from major financial institutions in providing regulated access to XRP price exposure, albeit through derivatives. The availability of leveraged and inverse options also points to an increasing sophistication in the types of crypto investment products being brought to market. As always, potential investors should approach these products with caution, understanding the unique risks associated with futures, leverage, and the inherent volatility of cryptocurrencies like XRP. To learn more about the latest crypto market trends, explore our article on key developments shaping XRP price action.
Bitcoin’s unexpected surge to over $90,000 in 2025 coincides with a notable decline in Google search interest, raising questions about market sentiment. The emphasis on institutional rather than retail investment
James O’Beirne, a Bitcoin Core developer, has raised concerns about the state of Bitcoin’s security budget and how its ongoing erosion might jeopardize what he refers to as ‘property rights.’ O’Beirne emphasized that there is little time to address this issue. Bitcoin Core Developer James O’Beirne Warns About Possible Erosion of Bitcoin ‘Property Rights’ as
A suspected theft of 3,520 Bitcoin valued at approximately $330.7 million has triggered a sharp rally in Monero (XMR), after the stolen funds were laundered through multiple instant exchanges. The incident, flagged by blockchain investigator ZachXBT , began when the BTC was transferred from a potential victim’s wallet to a known suspicious address. The launderers swiftly moved the funds across more than six exchanges, converting large amounts of Bitcoin into Monero, a privacy-centric cryptocurrency renowned for its untraceable transactions. Monero Soars 50% to Multi-Year High The sudden surge in demand caused XMR’s price to spike by 50%, reaching highs of $329, a level unseen in years. As of now, the token is trading at $267.03, up by 16.3% over the past day, according to data from CoinGekco. Nine hours ago a suspicious transfer was made from a potential victim for 3520 BTC ($330.7M) Theft address bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g Shortly after the funds began to be laundered via 6+ instant exchanges and was swapped for XMR causing the XMR price to spike… — ZachXBT (@zachxbt) April 28, 2025 Data from Coinglass revealed that over $1 million in short positions were liquidated during the rally, further fueling upward pressure. Monero’s price breakout also coincided with growing anticipation around its upcoming EP159 and EP160 upgrades. These proposals aim to make Monero more “compliance-friendly” by enabling users to prove transaction validity without revealing private details — a move analysts believe could pave the way for Monero’s relisting on major exchanges like Binance and Coinbase under Europe’s new MiCA regulations. Notably, other privacy-focused tokens, including Zcash (ZEC), Dash (DASH), and Decred (DCR), also posted notable gains. Finnish Authorities Trace Monero in High-Profile Hack Despite the appeal of privacy tokens like Monero for offering enhanced anonymity, the National Bureau of Investigation in Finland reportedly made significant progress in tracing XMR transactions as part of an investigation into the criminal trial of Julius Aleksanteri Kivimäki. Kivimäki stands accused of hacking a private mental health firm’s database and demanding ransom payments in cryptocurrencies. Last year, prosecutors revealed a crypto trail that led to Kivimäki’s bank account. The alleged hacker had supposedly demanded 40 Bitcoin, equivalent to approximately 450,000 euros at the time, in exchange for not exposing records belonging to over 33,000 patients from psychotherapy service provider Vastaamo. When the ransom went unpaid, Kivimäki purportedly targeted individual patients. Finnish police claim that the hacker received payments in Bitcoin, sent the funds to a non-compliant Know Your Customer (KYC) exchange, converted them into Monero, and then transferred them to a dedicated Monero wallet. Subsequently, the funds were reportedly sent to Binance, where they were exchanged for Bitcoin once again before being moved to various other wallets. The local authorities have maintained confidentiality and have not disclosed further details regarding their on-chain analysis. The post $330M in BTC Laundered Through Monero, XMR Jumps 50% appeared first on Cryptonews .
The lawsuit was filed on April 25 by a group led by Jagdeep Cheema, and argues that Nike used its global brand to promote unregistered securities in the form of sneaker-themed NFTs. After the platform's abrupt shutdown in January, the value of the NFTs collapsed, prompting the group to seek $5 million in damages. Meanwhile, cryptocurrency exchange Bitget is also dealing with legal issues, and will be sending letters to eight account holders accused of manipulating the VOXEL/USDT futures contract. Bitget pledged to return recovered funds to affected users. In Nigeria, authorities were granted permission to arrest six people linked to alleged fraud through the Crypto Bridge Exchange (CBEX), where around $620,000 was reportedly stolen from investors. Nike Faces Class-Action Lawsuit Nike is facing a class-action lawsuit that accuses the company of conducting a ”rug pull” by shutting down its non-fungible token (NFT) platform, RTFKT, in January. The lawsuit was filed on April 25 in a Brooklyn federal court by a group of RTFKT users led by Jagdeep Cheema. It claims that investors suffered ”significant damages” after Nike promoted its sneaker-themed NFTs to attract buyers, only to later close the platform. The plaintiffs also argue that Nike’s NFTs were unregistered securities because their value was tied to the company's brand and marketing efforts, and they were sold without proper registration with the Securities and Exchange Commission (SEC). NFTs are unique digital assets stored on a blockchain that prove ownership of a specific item, like art, music, or collectibles. Unlike cryptocurrencies like Bitcoin, which are identical and interchangeable, each NFT is distinct and cannot be replaced by another. This uniqueness makes NFTs valuable for representing ownership of rare or original digital goods. The lawsuit alleges that Nike used its global brand power to boost and promote the NFTs, which led buyers to believe the tokens will gain value over time. Investors say they purchased the NFTs with the expectation that their value would grow alongside the popularity of Nike's brand. The group is seeking $5 million in damages, due to violations of consumer protection laws and unfair competition laws. While a US court still has to definitively determine whether NFTs are securities, the plaintiffs argue that the court does not need to make that decision in order to address their complaint. Nike acquired RTFKT Studios in 2021, a company known for creating digital sneakers and collectibles. The complaint explained that NFT holders were promised the ability to trade their tokens on secondary markets and participate in challenges and quests that could offer additional rewards. At the height of the hype, Nike’s crypto kick NFTs were trading for an average of 3.5 Ether (about $8,000) when first listed in April of 2022. However, by April of 2025, their average price had dropped dramatically to around 0.009 Ether (roughly $16), according to OpenSea data . RTFKT NFTs drop in price over time (Source: OpenSea ) The abrupt closure of RTFKT not only slashed the NFTs' value but also eliminated the challenges and rewards opportunities that many investors considered a key part of the purchase. This collapse came in the middle of the broader decline in the NFT market , which saw total sales fall 63% year-over-year in the first quarter of 2025. So far, Nike has not yet publicly commented on the lawsuit. Bitget Sends Legal Letters After VOXEL Manipulation Bitget is currently involved in its own legal battle. The cryptocurrency exchange announced that it is sending legal letters to eight account holders accused of manipulating the price of the VOXEL/USDT perpetual futures contract on April 20. According to Xie Jiayin , Bitget’s head of Chinese operations, the accused traders allegedly gained more than $20 million from the incident and will soon receive letters from the exchange’s legal team. Jiayin clarified that other users who participated in VOXEL trading and withdrew their funds should not worry, as their accounts have been restored and no further action will be taken against them. On April 20, Bitget discovered what it called “abnormal trading activity” on the VOXEL/USDT trading pair, which led the exchange to suspend affected accounts. The trading volume for the pair surpassed $12 billion, which was much higher than the volumes seen on rival exchanges like Binance. In response, Bitget rolled back the irregular trades to recover the ill-gotten gains. CEO Gracy Chen said that the incident was limited to trades between individual users, and that the platform itself, along with general user funds, remained safe. While a full investigation is still ongoing, Bitget said that it plans to return 100% of the recovered funds to affected users through airdrops. Some users speculated that a bug in a market maker bot may have caused the excessive trading volume, allowing early observers to exploit the situation with high-leverage bets at little to no cost. (Source: X ) The Bitget incident is very similar to an event that took place on decentralized exchange Hyperliquid in March, where a whale allegedly manipulated liquidation parameters to profit $6.26 million on the JELLY meme coin. Hyperliquid responded by delisting JELLY perpetual futures after finding evidence of suspicious market activity. Nigeria Approves Arrests Over CBEX Crypto Fraud In Nigeria, an Abuja Federal High Court reportedly granted Nigeria’s Economic and Financial Crimes Commission (EFCC) the authority to arrest six people accused of committing investment fraud through the cryptocurrency platform Crypto Bridge Exchange (CBEX). According to a report from The Cable on April 24, the six suspects, operating through ST Technologies International Limited, allegedly promoted CBEX and lured investors into placing funds on the platform, ultimately defrauding them of approximately 1 billion naira, or $620,000. At the time of writing, the individuals were not arrested yet. Part of the report from The Cable The case is part of a broader crackdown on cryptocurrency activities in Nigeria. Earlier in 2024, authorities arrested two Binance executives who traveled to Nigeria to discuss the platform’s operations. Meanwhile, complaints against CBEX escalated in April when users began reporting that they could no longer withdraw their funds. The outrage culminated in a physical attack on CBEX’s office in Ibadan, where angry investors reportedly looted items, including an air conditioning unit, in a desperate attempt to recover their losses. Tigran Gambaryan Nigeria’s case against Binance is also still ongoing. Tigran Gambaryan, a US citizen and Binance executive, was detained for eight months on tax and money laundering charges before being released into US custody. Despite Gambaryan’s release, Nigeria’s tax evasion proceedings against Binance continue, even though the exchange does not actually have a physical office in the country. Nigeria’s Ministry of Information has not made any comments about the situation.
One chart many traders keep an eye on, love it or hate it, is Bitcoin
COINOTAG News, April 28th: A recent report from The Block highlights a significant development in the Ethereum ecosystem, as Ethereum researcher Dankrad Feist has unveiled Ethereum Improvement Proposal (EIP-9698). Released
The rise of artificial intelligence, particularly Generative AI , is reshaping industries at a rapid pace, sparking conversations about the Future of Work . While many focus on the technological advancements and economic shifts, one Brooklyn artist offers a unique, satirical perspective on AI’s impact, specifically within the Creative Industry . Welcome to the Chat Haus, an unusual art exhibit that imagines a Coworking Space built exclusively for AI chatbots, highlighting the displacement felt by human creatives in the age of automation. Welcome to the Chat Haus: A Cardboard Coworking Space Nestled in Brooklyn’s Greenpoint neighborhood, the Chat Haus presents itself as a luxury Coworking Space . From the outside, through a window display, it features familiar elements: figures hunched over computers, one on a phone call, another pausing for coffee. However, a closer look reveals the stark difference – everything, including the ‘workers’, is made entirely of cardboard. This intriguing exhibit is the creation of Brooklyn artist Nim Ben-Reuven. It houses several cardboard robots, affectionately termed ‘cardboard babies’ by the artist, whose movements are controlled by small motors, simulating work at miniature cardboard desks. Signs playfully advertise desk space for an exorbitant price and label the location as a ‘luxury co-working space for chatbots’. An Artist’s Response to Generative AI Ben-Reuven explained that the Chat Haus exhibit serves as a personal coping mechanism and a way to inject humor into a challenging reality. As a graphic designer and videographer, he’s directly experiencing the encroachment of Generative AI into his professional field, noting that he’s already lost freelance opportunities to AI tools. The exhibit is an ‘expression of frustration in humor,’ a lighthearted pushback against an industry changing so quickly under his nose. Ben-Reuven deliberately avoided a purely negative tone, believing a lighter approach makes the art more accessible and allows viewers of all ages and opinions on AI to engage with it. Why Cardboard? Symbolism in AI Art Ben-Reuven’s choice of cardboard is significant. He has a long history of using the material, having even built a life-size airport terminal replica in grad school. Beyond practical reasons (like needing to get his ‘cardboard babies’ out of his apartment), the material itself offers commentary relevant to AI Art . He sees the impermanence and fragility of cardboard mirroring how he perceives AI’s interaction with creative industries. While AI-generated images might look impressive on social media, he argues they often lack depth and collapse under scrutiny, much like cardboard under weight. He acknowledges the appeal of AI-generated content, likening it to junk food – a quick, superficial hit of satisfaction that lacks substance. Public Engagement and Broader Perspective The Chat Haus display has successfully captured public attention. Located across from a cafe, numerous passersby, from millennials to elementary school students, have stopped to observe and take pictures, sparking conversations about the exhibit’s meaning and the role of AI. Despite the personal impact of AI on his livelihood, Ben-Reuven also offers a broader perspective. He views the disruption within the Creative Industry caused by AI as relatively ‘light’ when compared to the significant global issues like war and trauma occurring today. The Future of the Chat Haus The Chat Haus is a temporary installation, currently housed in a building awaiting renovation permits. Ben-Reuven hopes to keep the display running until at least mid-May and is exploring options to move it to a larger gallery space. Expanding the exhibit would allow him to add more elements, though he humorously worries about storing additional materials in his apartment afterward. Ultimately, the exhibit is a witty, slightly unsettling visualization of the potential Future of Work for AI – envisioning ‘cute, kind of creepy, baby robots typing away because of our ChatGPT prompts in some warehouse somewhere, working non-stop’. The Chat Haus offers a compelling piece of AI Art that uses humor and simple materials to provoke thought about complex issues surrounding AI, the Coworking Space concept applied to machines, the changing Creative Industry , and the evolving Future of Work . To learn more about the latest AI market trends, explore our article on key developments shaping AI features.
Caitlin Long, founder and CEO of Custodia Bank, has criticized the US Federal Reserve for quietly maintaining a key anti-crypto policy that favors big-bank-issued stablecoins , despite relaxing crypto partnership rules for banks. In an April 27 thread on X, Long explained that while the Fed recently rescinded four prior crypto guidelines , it left intact a Jan. 27, 2023, statement issued in coordination with the Biden administration. The guidance, according to Long, blocks banks from engaging directly with crypto assets and prohibits them from issuing stablecoins on permissionless blockchains. “THE FED HAS MAINTAINED A REGULATORY PREFERENCE FOR PERMISSIONED STABLECOINS (ie, big-bank versions),” Long stated. She warned that this move gives traditional financial institutions a “head start” in launching private stablecoins while the broader market waits for stablecoin legislation to pass through Congress. Caitlin Long criticizing the Fed’s preference for permissioned stablecoins. Source: Caitlin Long Long urges Congress to pass stablecoin bill Long noted that once a federal stablecoin bill becomes law, it could override the Fed’s stance. “Congress should hurry up,” she urged. Beyond stablecoins, Long pointed out how the Fed’s policy hampers banks from participating in crypto markets as principals, preventing them from market-making in assets like Bitcoin ( BTC ), Ether ( ETH ) or Solana ( SOL ). Related: US banks are 'free to begin supporting Bitcoin' She also noted operational challenges for banks looking to offer crypto custody services, particularly around covering gas fees for onchain transactions — a standard practice for crypto custodians but restricted under current Fed rules. Summing up her concerns, Long argued that the Fed’s decision keeps “sand in the wheels” of banks entering crypto custody, while simultaneously advancing permissioned stablecoins backed by major financial institutions. “The Fed definitely won on PR spin--its press release listed a long list of guidance it rescindedbut omitted ANY mention of the guidance it kept. That duped *a lot* of smart people, understandably,” she wrote. Related: Fed's Powell reasserts support for stablecoin legislation Senator Lummis calls Fed’s move as “lip service” Senator Cynthia Lummis, a vocal supporter of digital assets, also condemned the Fed’s move as mere “lip service,” signaling potential legislative pushback in the near future. Lummis mentioned the Fed’s policy statement in Section 9(13), which hasn’t been withdrawn, stating that Bitcoin and digital assets are considered “unsafe and unsound.” Senator Cynthia Lummis criticizing the Fed. Source: Senator Cynthia Lummis However, other crypto executives praised the Fed’s announcement as a positive development for the industry. Strategy's Michael Saylor said in an April 25 X post that the Fed’s move means that “banks are now free to begin supporting Bitcoin.” Magazine: Financial nihilism in crypto is over — It’s time to dream big again