Michael van de Poppe predicts significant momentum for altcoins soon. Ethereum shows positive signs against Bitcoin, indicating favorable trends. Continue Reading: Crypto Expert Foresees Surging Altcoin Momentum The post Crypto Expert Foresees Surging Altcoin Momentum appeared first on COINTURK NEWS .
Bitcoin continued its climb past $104,000 on Monday, and that rally has tempted some big traders to bet against it. A few high-stakes short positions now sit on the brink of collapse. These trades carry skinny margins for error and show just how risky huge margin bets can be when price momentum stays strong. Related Reading: Bitcoin’s Grip Loosens: Market Expert Says Dominance Has Hit Its Ceiling Massive Short Position At Risk According to blockchain tracker Lookonchain, one whale wallet opened a $93 million short with 40× margin. At Bitcoin’s current level near $104,000, just a 1.5% uptick would force a shutdown at around $105,700. That means a small move could wipe it out. Right now, that position is sitting on over $500,000 in paper losses. It’s also earning about $34,000 in funding fees. But those earnings are tiny next to the loss, so they barely ease the pain. Many gamblers are shorting $BTC with high leverage! 0x51d9 opened a $93M short position on $BTC with 40x leverage, with a liquidation price of $105,690. 0x5D2F opened a $44M short position on $BTC with 40x leverage, with a liquidation price of $112,660.https://t.co/WcW1u4FdWz… pic.twitter.com/pAf1LEMnZp — Lookonchain (@lookonchain) May 12, 2025 Second Whale Holding At Crossroads Another account took a $44 million short at $103,494.40, again using 40× cross margin. Now that Bitcoin trades around $104,720, the trade is down roughly $515,348.53. Its liquidation threshold is much further out, at about $112,660. That gives a buffer of close to $9,000 before it’s wiped out. So far, this trader has pocketed $51,711.71 in positive funding. Those credits show that traders are still betting on higher prices overall. Yet if Bitcoin’s climb stays on track, that buffer could evaporate fast. Failed Bet Already Closed A third whale got burned even sooner. This trader sold short $69.7 million worth of Bitcoin at $95,969, using 40× margin. Their cut-off price was $103,470. Bitcoin crossed that line days ago, trading above $104,000 in recent sessions. Based on reports, that position has almost certainly been liquidated already. It serves as proof of just how quickly high-risk shorts can backfire when prices shoot up. Liquidations Highlight Market Pressure Over the past 12 hours, Bitcoin derivatives saw $66.66 million in liquidations, with $51.25 million coming from shorts. In the full 24-hour stretch, a total of $82.58 million was wiped out, and $60.97 million of that was on the short side. Longs only accounted for $21 million in closures. These figures underline how much buying power has been forced back into the market, fueling further gains. Related Reading: Bitcoin Stays Resilient While Wall Street Stumbles – Details This frenzy shows that betting big against Bitcoin’s rally can end badly and fast. Small funding payments won’t make up for big losses if price keeps rising. Traders taking huge short positions now face steep odds of getting squeezed out. As Bitcoin sits above $104,000, any further gains could push more shorts to the exit, driving fresh volatility in the days ahead. Featured image from Pexels, chart from TradingView
On May 13, the X accounts associated with ZKsync and Matter Labs were hacked, raising significant concerns about security breaches within the crypto space. This alarming incident highlights the ongoing
The X account of the Ethereum layer 2 network ZKsync and its developer Matter Labs were compromised early on May 13, with hackers falsely claiming the network was being probed by US authorities, among other scam messages. A ZKsync-related X account posted on May 13, confirming the accounts for ZKsync and Matter Labs were compromised, warning users not to interact after the accounts shared links to a fake airdrop in an apparent phishing scam. Other X users had warned the ZKsync X account was compromised. Source: pseudo The hacked ZKsync and Matter Labs then both posted a fake statement claiming ZKsync was under investigation by the US Securities and Exchange Commission and that the Treasury Department could impose sanctions on the platform. Matter Labs communications head Lynnette Nolan confirmed to Cointelegraph that the now-deleted X post “is not legit” and both accounts are now “fully back in the control of the team.” “Shoutout to the zksync hackers. Instead of dropping a token and stealing a few bucks they decided to scare the living shit out of onchain degens,” crypto startup g8keep co-founder Harrison Leggio, who goes by “Pop Punk,” posted to X. Source: Harrison Leggio The fake statement was seemingly aimed at crashing the price of the platform’s self-titled token, ZKsync ( ZK ), which has fallen around 2% in the last hour amid the X account breach, according to CoinGecko. The SEC has investigated crypto companies in the past, and many of these firms have chosen to publicly disclose when they’ve been investigated by the regulator. The SEC has stopped many of its probes under the Trump administration, with Crypto.com, Immutable, OpenSea, and RobinHood Crypto, among others, confirming the agency had ended investigations. ZK is down 6.4% over the last day to trade at around 7 cents, cooling from a nearly 38.5% rally it’s enjoyed over the past week. Related: US prosecutors want 2 years for SEC X account hacker Matter Labs’ Nolan said the firm was looking into how the X accounts were breached, and believed it was via “compromised delegated accounts,” which allow users limited access to an X account, allowing them to post on its behalf. Two hacks in as many months It’s the second compromise of ZKsync-controlled platforms since April. On April 15, an attacker breached the admin account of ZKsync’s airdrop distribution contract and used a function to mint 111 million unclaimed ZK tokens, worth approximately $5 million at the time. The hack happened amid the platform handing out 17.5% of ZK’s supply to ecosystem participants. The attacker later returned 90% of the stolen tokens , agreeing to keep 10% as a bounty. Magazine: ZK-proofs are bringing smart contracts to Bitcoin — BitcoinOS and Starknet
The top 220 investors in President Donald Trump’s $TRUMP meme coin, collectively holding over $174 million worth of tokens, are set to attend an exclusive dinner with the president on May 22 at his Trump National Golf Club in Virginia. There will be background checks that need to be completed before the investor’s attendance is confirmed. “The first Competition is officially over,” the project posted to X . “If you were in the top 220 on the leaderboard , ch eck the email you signed up with for details on the Dinner with President Trump as soon as possible. There will be background checks that need to be completed before your attendance is confirmed.” This development was the culmination of Trump’s weekslong promotion of the contest, which has drawn allegations that he is using his position to enrich his family business while opening himself up to foreign influence. The contest was stratospheric upon the meme coin’s introduction in January 2025, quickly drawing traders and Trump fans. The coin reached an all-time high of $75 once before dropping to around $12.63 recently. Participants gambled around $148 million in an attempt to finish in the top 220. Only a few million dollars were spent to score a place at the dinner table with Trump. Lawmakers attack Trump’s pay-to-play crypto strategy Trump’s crypto enterprise has drawn criticism from Democrats, ethics watchdogs, and even the Securities and Exchange Commission over potential conflicts of interest and allegations of corruption . The contest to dine with the president has intensified those concerns, creating a bidding war for direct access to the Head of State. Senator Richard Blumenthal , De mocrat of Connecticut, has written a letter to Fight Fight Fight LLC, the company behind the coin, asking for answers. He claims possible conflicts of interest and violations of federal law. Blumenthal said the event was not just another one of those whacky crypto promotions but something that raised serious ethical concerns. The dispute is particularly heated because some of the largest investors of the meme coin are said to be from overseas. Reports indicate d that many wallets were making massive purchases via offshore crypto exchanges unavailable to US users. This raised questions about money from overseas gaining special US access to the president of the US. Critics have voiced concerns that the event could be skirting campaign finance regulations by offering valuable access to Trump in return for financial contributions—albeit through unconventional means rather than traditional campaign donations. Still, the Trump campaign and the businesses connected to it say they abide by all rules. A spokesman said the president’s crypto assets are in a trust managed by his children and are separate from campaign operations. TRUMP coin reacts to NFT rewards and market surges The $TRUMP cryptocurrency was created in mid-January and boasts a market capitalization of over $2bn after months of investors buying into the heavily promoted coin. A Trump family-linked company and another firm own a majority of the coins. The TRUMP meme coin project is teasing an additional reward beyond the dinner — digital collectibles. The project announced that everyone who kept the same number of tokens as they had at the end of the contest would receive a Trump Diamond Hand limited edition NFT, which is described as very special and rare. This news led to another surge in price, with some market watchers reporting a 71% rise in TRUMP’s price on their terms upon announcement. Yet, the token is still extremely volatile. Crypto analysis company Chainalysis said 58 TRUMP meme coin wallets have more than $10 million in earnings per wallet. But there’s also been a downside to the buzz. CNBC reported that some 764,000 wallets are underwater on the token. The TRUMP coin was among the meme-inspired political tokens that proliferated in a wave of speculation launched by Fight Fight Fight LLC. It builds off the momentum of Trump’s recent effort to court younger voters and digital-first supporters, but it also underscores just how murky the world of crypto-politics can be. KEY Difference Wire : the secret tool crypto projects use to get guaranteed media coverage
SEC’s roundtable explores how tokenization transforms capital markets and finance. Traditional finance giants are integrating tokenized assets into their operations. Regulatory clarity is crucial for unlocking global capital markets through tokenization. The U.S. Securities and Exchange Commission (SEC) continues to deepen its engagement with crypto regulation through its fourth Crypto Task Force roundtable, held today at 1 p.m. ET. This session, titled Tokenization: Moving Assets Onchain, spotlights the merging of traditional finance (TradFi) and decentralized finance (DeFi). This aims to explore how blockchain-based tokenization is reshaping capital markets and asset management strategies. The event features SEC Chairman Paul Atkins’ keynote and discussions with leading voices from both legacy financial institutions and crypto-native firms. Our fourth roundtable on crypto regulation is today at 1 p.m. ET. Chairman Paul Atkins will give the keynote address. A livestream will be available on https://t.co/kacEcVjwPi . Agenda: https://t.co/fQSkykgKZq — U.S. Securities and Exchange Commission (@SECGov) May 12, 2025 TradFi Giants Meet Blockchain Innovator… The post Tokenization Takes Center Stage at SEC’s Latest Crypto Roundtable appeared first on Coin Edition .
Crypto bank Anchorage Digital has expanded its stablecoin offerings with the acquisition of Mountain Protocol, a stablecoin issuer that says it will begin winding down its main stablecoin, Mountain USD (USDM). The acquisition, which is subject to customary closing conditions and regulatory approval, will integrate the Mountain Protocol team, tech stack and licensing framework into Anchorage’s existing offerings, Anchorage said in a May 12 statement. While terms of the deal weren’t disclosed, it reflects an accelerating number of acquisitions between crypto and TradFi firms in recent months. Explaining the acquisition, Anchorage CEO Nathan McCauley said stablecoins are becoming the backbone of the crypto economy, while anticipating that “every business” will eventually use stablecoins as part of their operations. Source: Anchorage Digital Mountain Protocol CEO Martin Carrica said its stablecoin experience and Anchorage’s crypto infrastructure positions the merging companies to meet the growing global demand for stablecoin services. Anchorage is the only federally chartered digital asset bank in the US, while Mountain Protocol’s stablecoin services are regulated by the Bermuda Monetary Authority. It comes around nine months after Anchorage introduced a stablecoin rewards program for institutions holding the PayPal USD ( PYUSD ) stablecoin. Mountain Protocol’s USDM to wind down As part of the acquisition, Mountain Protocol said it would begin an “orderly wind-down process” for USDM, which operates as a yield-bearing stablecoin. Mountain Protocol said it ceased minting the stablecoin on May 12 but noted that USDM rewards will remain active for another 30 days. After that, the reward rate will be set to 0% APY. The stablecoin issuer’s customers can redeem their USDM through the firm’s platform, while other USDM holders are encouraged to swap the stablecoin for other tokens on exchanges. Related: ‘Dark stablecoins’ could emerge as regulations tighten Mountain Protocol’s Ethereum-based USDM is not to be confused with Mehen Finance’s USDM stablecoin, which runs on the Cardano network. Mountain Protocol’s USDM saw considerable success shortly after launching in late 2023, rising to a $155 million market cap by March 2024, according to RWA.xyz . However, its market cap has since fallen below $50 million. RWA.xyz estimates there are around 10,820 USDM holders. Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
A high-powered merger is catapulting American Bitcoin into the public spotlight as it fast-tracks a Nasdaq debut, unleashing massive momentum for institutional-scale mining. Eric Trump-Backed Bitcoin Giant Fast-Tracks IPO Via Gryphon Takeover Deal American Bitcoin Corp., a firm backed by Hut 8 Corp. and Eric Trump, is set to become a publicly listed entity through
In a recent report by Ashes Monitor, it has come to light that FTX and Alameda Research have established a consistent pattern of transferring significant amounts of SOL on a
Hey there, crypto enthusiasts! Ever wondered if the Big Apple could become a major player in the digital asset space? Well, it looks like New York City is making a serious move to position itself as a global NYC crypto hub . Mayor Eric Adams is leading the charge, actively calling on Crypto companies NYC to set up shop and contribute to the city’s technological future. Eric Adams Crypto Vision: Building a Hub New York City Mayor Eric Adams isn’t shy about his ambition to transform the city into a leading center for cryptocurrency and blockchain technology. Speaking at a press briefing, Mayor Adams emphasized his desire to attract innovative crypto firms NYC to the city, aiming to create jobs, stimulate economic growth, and keep New York at the forefront of the global financial landscape. His vision involves more than just attracting businesses; it’s about fostering an ecosystem where crypto innovation can thrive alongside traditional finance. This move signals a clear intent from the city’s leadership to engage with the rapidly evolving world of digital assets, acknowledging its potential impact on the economy and society. Announcing the First NYC Crypto Summit As part of this ambitious push, Mayor Adams also announced plans for the city’s first-ever NYC Crypto Summit . Scheduled for the following week after his May 12th announcement, the summit is designed as a crucial platform for dialogue and collaboration. The goal? To bring together city officials, regulators, and leaders from the cryptocurrency industry to explore how they can work together effectively. Think of it as a brainstorming session on a grand scale. Topics likely on the agenda include: Integrating blockchain technology into city services. Understanding and refining New York crypto regulation . Identifying opportunities for job creation and talent development in the crypto sector. Discussing the challenges and opportunities for Crypto companies NYC . The summit represents a proactive step by the city to understand the needs of the industry and signal its willingness to engage directly with stakeholders. Navigating New York Crypto Regulation: The BitLicense Question While Mayor Adams is enthusiastic about the potential of becoming a NYC crypto hub , he also acknowledges the complexities, particularly concerning regulation. New York State has some of the strictest rules in the country for cryptocurrency businesses, notably the BitLicense requirement. This license, mandated by the New York Department of Financial Services (NYDFS), has been a point of contention within the industry, with some firms finding it overly burdensome and costly. Mayor Adams reportedly expressed both support for the need for regulation to protect consumers and maintain stability, and caution regarding the impact of overly strict rules on innovation. Finding the right balance is key. How can New York protect its residents and financial system while still being an attractive place for crypto firms NYC to operate and grow? This delicate balance is a major challenge that the city, and likely the NYC Crypto Summit , will need to address head-on. Attracting Crypto Companies NYC: Benefits and Challenges So, why would Crypto companies NYC choose New York? The city offers undeniable advantages: Talent Pool: Access to a vast pool of financial, technical, and legal talent. Financial Capital Status: Being at the heart of global finance provides unparalleled networking and partnership opportunities. Infrastructure: Robust technological and physical infrastructure. However, challenges remain: Regulatory Environment: The strict New York crypto regulation , including BitLicense, can be a deterrent. Cost of Doing Business: New York is an expensive city, which can impact operational costs for startups and established firms alike. Competition: Other states and cities are also actively trying to attract crypto businesses with potentially more favorable regulatory climates. Mayor Adams’ call and the upcoming NYC Crypto Summit are clear signals that the city is ready to tackle these challenges and work towards creating a more welcoming environment. Conclusion: A Step Towards a Digital Future Mayor Eric Adams’ initiative marks a significant moment for New York City’s engagement with the cryptocurrency world. By openly inviting Crypto companies NYC and announcing the first NYC Crypto Summit , he is taking concrete steps towards realizing the vision of a leading NYC crypto hub . While the path involves navigating complex issues like New York crypto regulation , the commitment to collaboration and innovation demonstrated by the mayor is a positive sign for the future of digital assets in the city. The success of this endeavor will depend on effective dialogue, balanced policymaking, and the willingness of both the city and the industry to work together to overcome obstacles and capitalize on the immense potential that cryptocurrency and blockchain technology offer. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action.