France responds with new security measures as a string of crypto kidnappings shakes the nation. With three happening in 2025, authorities believe the events are connected.
Interior Minister Bruno Retailleau is working to arrest the perpetrators, protect leading crypto entrepreneurs, and train law enforcement. Still, the father of the most recent victim does not seem satisfied with the measures.
Crypto Kidnapping Wave Strikes France
Typically, crypto thefts take place through hacks and social engineering scams, but that isn’t always the case. In January, a French crypto co-founder was kidnapped in an attempt to steal his private key; he was rescued, but attackers cut a finger off.
Another kidnapping happened in early May, followed by a third attempted this week: a spree is burning through France.
In particular, the details of this last attempted kidnapping shocked the people of France. One woman, the daughter of an exchange’s CEO, was attacked in broad daylight with her partner and 2-year-old child present.
The incident was largely captured on video, further sparking public horror. In response, the authorities have introduced new security measures:
“These repeated kidnappings of professionals in the crypto sector will be fought with specific tools, both immediate and short-term, to prevent, dissuade and hinder in order to protect the industry,” claimed Bruno Retailleau, France’s Interior Minister.
France has enacted a few specific methods to counteract these ambitious kidnapping efforts. Several French crypto leaders have been invited to safety briefings and will receive priority access for emergency calls and regular home visits.
Additionally, law enforcement officers will undergo training on crypto money laundering to better target perpetrators.
Minister Retailleau claimed that several kidnappers have already been arrested. He is also organizing a meeting of France’s prominent crypto entrepreneurs, but the kidnapping victim’s father is unsatisfied.
FRANCE PROMISES SECURITY BOOST FOR CRYPTO ENTREPRENEURS
After a series of violent kidnappings, including attacks on the children of Ledger’s co-founder and Paymium’s CEO, French authorities have announced urgent security measures for the crypto industry.
— Neel (Crypto Jargon) (@Crypto_Jargon) May 16, 2025
Pierre Noziat, CEO of Paymium, told local reporters that he believed this upcoming meeting is only a “communications operation.”
Officials believe these kidnappings are all part of a greater ring, and are taking efforts to track and arrest its members across France.
Hopefully, their investigations will bear fruit. Other countries have also seen aggressive criminals stealing keys and hardware wallets, but a violent conspiracy like this is unprecedented.
TradFi’s relationship with Bitcoin continues to evolve, with 34 public corporations now holding a combined 699,387 BTC—worth over $72 billion. MicroStrategy remains the undisputed leader, holding 555,450 BTC alone.
While some view Bitcoin treasury strategies as bullish catalysts, the data tells a more nuanced story: adding BTC to a balance sheet isn’t a guaranteed stock booster. Outliers like Metaplanet have surged over 3,000% since their BTC entry, but many others have seen far more modest gains, or even declines.
Metaplanet Inc.
Metaplanet is a Japanese public company that has quickly transformed from a traditional business—formerly involved in hotel operations—into one of Asia’s most aggressive Bitcoin-focused firms. Its transformation shows how some TradFi players are reshaping their models around digital assets.
Since launching its Bitcoin Income Generation strategy in late 2024, the company has pivoted sharply toward crypto, with 88% of its Q1 FY2025 revenue—¥770 million ($5.2 million)—coming from Bitcoin option premium harvesting.
Metaplanet first added Bitcoin to its balance sheet in April 2024 and now holds 5,555 BTC worth approximately $576.8 million. Since that initial move, the company’s stock has soared over 3,000%, with recent filings showing a 15x increase in share price year-to-date.
The firm’s aggressive BTC accumulation strategy—targeting 10,000 BTC by year-end—has drawn growing investor interest, expanding its shareholder base by 500% in a year.
Despite short-term valuation losses due to Bitcoin price fluctuations, Metaplanet reported ¥13.5 billion in unrealized BTC gains as of May 12, signaling strong confidence in its long-term crypto positioning.
NEXON
Nexon, a major Japanese gaming company behind global hits like Dungeon&Fighter and MapleStory, added Bitcoin to its balance sheet in April 2021 and currently holds 1,717 BTC—worth approximately $178.3 million.
Despite this sizable allocation, the move hasn’t paid off in terms of market performance, as Nexon’s stock is down nearly 29% since the purchase, showing how, for many TradFi firms, crypto exposure doesn’t necessarily translate into equity gains.
Unlike other firms that saw major investor enthusiasm from Bitcoin exposure, Nexon’s value remains more closely tied to the performance of its gaming franchises.
In its Q1 2025 earnings report, Nexon reported revenue of ¥113.9 billion, up 5% year over year, and operating income jumping 43% to ¥41.6 billion, driven by strong performance from core titles and lower costs.
Semler Scientific (SMLR)
Semler Scientific made its first Bitcoin purchase in May 2024 and currently holds 1,273 BTC, valued at approximately $132.2 million.
Since adopting Bitcoin as its primary treasury reserve asset, the company’s stock has climbed over 55%.
While smaller in scale compared to top crypto treasury holders, Semler’s aggressive accumulation and performance have positioned it as a notable player in the Bitcoin corporate adoption narrative.
In its Q1 2025 earnings call, Semler Scientific reported a mixed performance. Revenue dropped 44% year-over-year to $8.8 million, driven by declines in its healthcare segment, while operating losses widened to $31.1 million amid $39.9 million in expenses.
A net loss of $64.7 million was largely due to an unrealized loss of $41.8 million from Bitcoin price fluctuations.
Despite these setbacks, the company reaffirmed its commitment to expanding its BTC holdings through a $500 million ATM program and a $100 million convertible note.
Tesla (TSLA)
Tesla, led by Elon Musk, has had a complex and headline-grabbing relationship with Bitcoin since adding it to its balance sheet in January 2021.
Musk, a long-time crypto enthusiast, has influenced market sentiment through both Tesla’s actions and his personal commentary on digital assets like BTC and Dogecoin. Tesla’s stock is up 34% since that initial Bitcoin buy, but the path has been volatile—peaking near $480 in late 2024 before collapsing below $107 in early 2023.
Despite the swings, Musk’s Bitcoin advocacy and Tesla’s early crypto exposure helped position the company as a bellwether for institutional adoption of crypto. Its journey reflects the volatility and complexity of crypto exposure within large TradFi companies, as BTC is up 212% in the same period.
In its latest Q1 2025 earnings, however, Tesla posted disappointing results. Automotive revenue dropped 20% year-over-year to $14 billion, dragging total revenue down 9% to $19.34 billion, well below Wall Street estimates.
Net income plummeted 71% to $409 million, and operating margin collapsed to 2.1% as production upgrades, price cuts, and political uncertainty—including rising tariffs—weighed heavily on performance.
Amid declining deliveries and intensifying global competition, Tesla highlighted progress in energy storage and AI infrastructure.
Still, with shares down 41% year-to-date and Musk’s growing political involvement drawing further scrutiny, investors remain cautious as the company prepares for a potential robotaxi launch in June.
Block Inc. (Formerly Square)
Block Inc., co-founded by Jack Dorsey, added Bitcoin to its balance sheet in October 2022 and currently holds 8,485 BTC, worth approximately $881 million.
Known for its early embrace of Bitcoin and crypto integration through Cash App, Block has positioned itself as one of the most prominent corporate Bitcoin holders.
Since its initial BTC acquisition, the stock has risen just 3.8%, reflecting a turbulent journey, peaking above $100 in December 2024, but also dropping to around $38.5 in November 2023 amid broader tech sector volatility and macroeconomic headwinds for TradFi.
Block’s Q1 2025 earnings revealed a mixed picture. The company missed both revenue and profit expectations, posting $5.77 billion in revenue versus the $6.2 billion expected.
Despite a 9% rise in gross profit to $2.29 billion, guidance for the rest of the year was cut due to macro uncertainty, including the impact of new tariffs.
Cash App’s gross profit rose 10% to $1.38 billion, thanks to the launch of Afterpay’s buy-now-pay-later feature and the expansion of its lending program under FDIC approval.
However, gross payment volume increased, and international exposure now accounts for 18% of the total volume.
While Block posted its most profitable quarter to date, shares are down 31% year-to-date, and investors remain cautious as the company prepares to deliver its first Bitcoin mining chips later this year.
A fake meme coin based on Eric Trump underwent a massive rug pull today, falling from a $160 million market cap to $30,000 almost instantly. The token displayed several dubious characteristics ahead of time.
The scammer tried to launch three failed Eric Trump tokens before this one started trending. One breakout success is more than enough to reward this duplicitous behavior.
Eric Trump Coin Gets Rug Pulled
Rug pull scams are a growing part of the crypto ecosystem, and fake meme coins are a core component of the “sector.” Today’s Eric Trump rug pull was particularly egregious, as it was clearly telegraphed in advance.
After the meme coin spiked 6,200% in less than a day, Bubblemaps investigated the asset, warning followers not to fall for it:
“A rug in the making. ERICTRUMP is currently trending on most platforms. Avoid it,” he stated several hours before the rug pull. The warning received more than 100,000 views.
Specifically, he noted that the token was bundled to an absurdly large degree. A small number of accounts held most Eric Trump tokens, facilitating an easier exit whenever the scammer decided to pull the rug.
When President Trump launched his own meme coin, the saga that led to this scam began. TRUMP broke new ground in combining fame and political success to boost a cryptoasset’s value, and an official MELANIA token came out shortly afterward.
After this, fake coins and rug pulls began using other Trump family members’ names, including Eric.
Those projects failed, but this coin started trending. Then, the scammer exited, and the token’s market cap fell from $160 million to $30,000 in the blink of an eye:
Even if the scammer’s first attempts failed, one multimillion-dollar success can go a very long way. It’s concerning that the ERIC TRUMP rug pull performed so well despite the blaring and well-publicized warning signs.
As long as cash grabs like this continue to succeed, they will damage the entire industry’s reputation and future.
A new report from AMLBot has revealed that a delay in Tether’s fund-freezing mechanism has allowed criminals to exploit the system and move over $78 million in USDT across Ethereum and Tron since 2017.
Tether’s Freeze Mechanism and Its Vulnerabilities
AMLBot, a blockchain forensics firm, has reported that Tether’s process for freezing USDT linked to criminal activity contains a delay that criminals have exploited. The firm found that the process of blacklisting addresses involves a multi-signature setup, which creates a delay between a freeze request and its execution on the blockchain.
This process requires multiple parties to sign the freeze transaction, which can take time to complete. During this time window, some wallets have moved funds before the freeze became active. AMLBot called this period a “critical window” for illicit actors.
PeckShield, a blockchain security firm, reviewed the report and confirmed the delay.
“It does not necessarily indicate a problem with the contract itself,” a spokesperson said. “Rather, it is an operational issue that creates a time window between when the blacklist transaction is submitted and when it is executed.”
$78 Million Moved Through Ethereum and Tron
AMLBot’s findings showed that bad actors withdrew $49.6 million on Tron and $28.5 million on Ethereum through this loophole. In one example, there was a 44-minute gap between the freeze request and its confirmation on the Tron network. This gave wallets enough time to make up to three transactions before being frozen.
According to AMLBot, 4.88% of all blacklisted wallets on Tron were able to exploit this lag. Although smaller in volume, Ethereum-based wallets also took advantage of this operational gap. Since 2017, the total amount of USDT moved by such wallets reached $78.1 million.
AMLBot believes some actors may be using tools to monitor freeze requests. These tools scan for specific smart contract calls that are part of the freezing process. If such a call is detected, the tools alert the wallet owner, giving them time to move funds.
Security Concerns and Industry Reactions
Tether is the issuer of USDT, the world’s largest stablecoin, and regularly freezes tokens tied to illegal activities. Its blacklisting process was used recently after the $1.4 billion Bybit hack, which was linked to North Korea’s Lazarus Group. Tether froze addresses to prevent the stolen assets from being moved or exchanged, although Germany has recently seized $38M from the exploit.
PeckShield explained that the vulnerability is a known issue with multi-signature wallets. These wallets are used to improve security, but they slow down urgent actions. PeckShield suggested that Tether could improve this by bundling the freeze request and necessary signatures into a single on-chain transaction to eliminate delays.
Slava Demchuk, CEO of AMLBot, stated, “Tools can be programmed to monitor the blockchain for specific contract interactions, such as submitTransaction() calls linked to freeze requests.” He added that while the firm has not observed the bots directly, the on-chain behavior strongly indicates automated systems are involved.
Amid scrutiny, Tether has taken steps to improve compliance through a partnership with Chainalysis. The two firms will integrate Chainalysis’ monitoring tools into Tether’s Hadron platform, which focuses on real-world asset tokenization.
AMLBot Criticized for Alleged Misuse of Its Tools
While the investigation was happening, ZachXBT, a blockchain expert, pointed out some issues with AMLBot. According to him, AMLBot’s own tools enabled criminals to go undetected.
As reported by ZachXBT, soon after the $243 million Genesis creditor theft in August 2024, AMLBot was used to transfer stolen funds through instant exchanges. In February 2025, breach logs from the BlackBasta ransomware group also referenced AMLBot as a recommended platform to check flagged addresses.
Cybercrime researcher Krebs previously reported that AMLBot clients included Antinalysis, a tool created by darknet group “Incognito” to check addresses for risks of being flagged.
Despite these allegations, AMLBot maintains that its tools are built for compliance and monitoring. It continues to warn that criminals are growing more sophisticated and are actively exploiting operational delays.
The United States Senate is preparing for a crucial vote on the Stablecoin Bill, dubbed the GENIUS Act, this coming Monday. After several delays, the bill is finally moving forward with a ‘cloture vote’ scheduled by Senate Majority Leader John Thune.
The decision marks a turning point for stablecoin regulation in the country, a development that has also drawn national attention and renewed urgency among lawmakers.
Stablecoin Bill Advances To Cloture Vote Stage
Inher latest post on X, American Journalist Eleanor Terrett reported that Senator Thune had officially filed for cloture on the GENIUS Act, setting the vote for May 19. This move signals a final push by lawmakers to bring the legislation to the floor after a series of back-and-forth debates.
According to Senate sources, a bipartisan amendment is also under review. The discussed changes include stricter rules for tech companies involved in financial assets, better consumer protection, and tighter oversight of government officials, including figures like Elon Musk.
They also include clearer rules to prevent the misuse of FDIC insurance and reinforce bankruptcy protections.
These updates could help the bill gain broader support across both parties. The vote will determine whether the Senate is ready for digital asset legislation that balances financial innovation with accountability.
The GENIUS Act: Here’s What It Entails
Senator Bill Hagerty introduced the Bill to regulate stablecoin in the US, laying out a regulatory framework for the token issuers. Stablecoins are digital tokens tied to the U.S. dollar, and the bill focuses on ensuring that issuers follow strict rules on licensing, asset backing, and transparency.
Under the proposed law, large issuers with over $10 billion in assets would fall under the Federal Reserve’s supervision, while state authorities would regulate smaller ones.
All issuers must back their stablecoins with assets like U.S. dollars or Treasury bills. The bill also promotes financial inclusion and aims to help the U.S. dollar remain strong in global markets.
STABLE Act Amid Push for Crypto Oversight
While the Senate prepares for the GENIUS Act vote, the House has already passed a similar stablecoin bill called the STABLE Act. This legislation sets rules for all U.S. dollar-backed stablecoins, including popular tokens like Tether (USDT) and USD Coin (USDC).
Lawmakers backing the STABLE Act believe it will give consumers more protection and help maintain the United States’ leadership in financial technology.
Congressman Dan Meuser and other supporters say it creates needed guardrails as digital currency use grows. The bill also seeks to stop risky practices by requiring full transparency from stablecoin companies.
CoinGape also noted that the United States Congress is looking to accelerate crypto oversight with the new stablecoin bill. Lawmakers believe the GENIUS and STABLE Acts aim to bring order to a rapidly evolving part of the financial system.
Eric Trump has revealed ambitious Bitcoin accumulation plans at Consensus 2025 for his new BTC mining company. Trump predicts that American Bitcoin will dominate BTC mining and will close the gap between it and Michael Saylor’s MicroStrategy.
Eric Trump Unveils Bitcoin Accumulation Plans At Consensus 2025
As Consensus 2025 gets underway, American Bitcoin co-founder Eric Trump has unveiled plans to increase the company’s BTC holdings. Rather than purchase BTC from OTC exchanges, Eric Trump is targeting an efficient, low-cost Bitcoin mining strategy.
Launched in March 2025 in partnership with Hut 8 CEO Asher Genoot, Eric Trump is positioning American Bitcoin to compete with MicroStrategy. Trump noted that there are two heated races for Bitcoin: a buying spree led by Michael Saylor’s MicroStrategy and a mining strategy.
“I think we’re going to accumulate a tremendous amount of Bitcoin, but I also want to be the one mining it by far the cheapest,” said Eric Trump at a Consensus 2025 panel.
Trump disclosed that American Bitcoin will win the BTC mining race by a country mile. Furthermore, he argues that while other institutions are buying Bitcoin above $100K, American Bitcoin will mine the crypto at $37K – $38K.
American Bitcoin Will Surpass MicroStrategy To Be The Largest BTC Holder
Armed with a strategy to mine the cheapest Bitcoin, Eric Trump says his firm will “win” the BTC marathon. He notes that his firm remains unfazed by the rising institutional interest in the space by sovereign wealth funds.
“It’s a race to the top right now, and there are a lot of people running fast,” said Trump. “I promise you we are going to beat them in this marathon.”
Eric Trump’s American Bitcoin will have to contend with MicroStrategy’s aggressive BTC accumulation. The Saylor-led firm has a first-mover advantage, racking up 568,000 BTC in under six years. Microstrategy acquired 13,390 BTC for $1.34 billion at the start of the week, continuing its aggressive buying streak in Q2.
However, American Bitcoin has not publicly disclosed its BTC holdings, but its parent company, Hut 8, has less than 11,000 BTC. Furthermore, American Bitcoin will have to raise a staggering $60 billion to flip MicroStrategy while dealing with a string of regulatory issues.
The Trump family cryptocurrency ventures have come under House scrutiny for fraud and conflict of interest concerns.
Ethereum price is dips 3% to hit $2,520 on Friday, bullish territory, with strong institutional accumulation signals stregthening key support levels.
BTCS Inc. Arranges Financing to Fund $57.8 Million of Etherereum (ETH) Resereve
Ethereum (ETH) found support amid a tame altcoin market trend on Thursdsy. While the likes of Cardano (ADA) and Solana (SOL) posted 4% losses apiece ETH managed to limit lossses to 3.2% on the day.
Ethereum’s resilient showing is linked to a critical statement from BTCS Inc. announcing a significant $57.8 million financing deal aimed at expanding its Ethereum holdings and validator infrastructure.
Ethereum Price Action, May 16, 2025 | Coingecko
The structure of the agreement includes an initial $7.8 million tranche and room for an additional $50 million, demonstrating institutional-level confidence in Ethereum’s long-term trajectory.
The convertible notes carry a hefty 194% premium at $5.85 per share, which not only reflects optimism but also mitigates short-term dilution unless BTCS stock appreciates considerably. Furthermore, the CEO’s personal commitment of $95,000—and $200,000 from a related trust—adds credibility to the bullish stance on ETH.
Strategically, BTCS is modeling this initiative after MicroStrategy’s Bitcoin playbook, but with a clear Ethereum-specific twist: recurring validator income. Unlike BTC holdings, Ethereum provides staking rewards, and BTCS plans to scale this revenue stream via its Builder+ platform. This means ETH functions not only as a store of value but also as a yield-bearing asset integrated into core operations. If Ethereum continues to rise alongside network demand, BTCS stands to benefit from both capital appreciation and validator-based cash flow.
What’s Next?
Ethereum’s steady price consolidation above $2,500 puts it in a favorable technical position as the market assesses macro and regulatory risks. Should price maintain its hold above this level, supported by fresh institutional inflows like those from BTCS, the path toward reclaiming the $2,700 to $2,800 resistance range remains viable.
More importantly, ETH price withstanding external shocks from the FTX-induced sell-offs, reduced volatility relative to its altcoin peers. If staking demand, validator scaling, and institutional ETH strategies continue to expand, Ethereum may enter a structurally stronger phase, with a long-term target at the $3,000 level.
Ethereum forecast today points to renewed bullish potential as price action consolidates firmly above $2,500, with technical indicators supporting a continuation move toward $2,800.
Despite modest retracement pressure in recent sessions, ETH remains structurally intact, with Bollinger Bands showing a steady upper band expansion, affirming bullish volatility. Friday’s close at $2,549.89—right at the session high. This signals strong intraday recovery and suggests dip buyers are defending the range lows with conviction.
The RSI, currently at 72.33, continues to hover in overbought territory but shows signs of stabilizing, reflecting healthy momentum without excessive froth. The price remains above both the VWAP and mid-band support, signaling control remains with buyers.
Ethereum Price Action, May 16, 2025 | Coingecko
As institutional interest deepens, highlighted by BTCS Inc.’s newly announced $57.8 million Ethereum accumulation strategy, an early rebound remains on the cards.
In the event bulls maintain control above $2,500 and momentum continues to hold above RSI 70, the next logical resistance sits near $2,800. On the flipside, decisive break below the $2450 this level could open the path toward $2,200 in the medium term.
Solana price tumbled 4% to hit $169 on Friday, May 16, after bankrupt crypto exchange FTX confirmed a $5 billion creditor payout.
On Thursday, the Solana (
Solana Price Action, May 16, 2025
SOL) price fell to $169, losing intraday support at $170 for the first time in May. This decline follows news that FTX will unstake and redistribute assets to fulfill its second major payout.
FTX’s estate said on May 15 that it would begin distributing $5 billion in digital assets to claimants on May 30. The payout will be processed via BitGo and Kraken, with settlement expected within 1–3 business days.
FTX Payouts aligns with 1.4B SOL Staking Withdrawals
Solana price weakness coincides with an uptick in bearish positioning across Layer-1 tokens. According to StakingRewards, over 1.4 million SOL has been unstaked in the past seven days.
Solana Staking Flows, May 16, 2025 | Source: StakingRewards.com
This move likely includes large portions held by FTX, which has been working to liquidate assets. At $169 per token, the un-staked SOL is valued at approximately $236 million.
Such large token movements typically generate sell pressure, especially if the assets enter exchanges or OTC desks for liquidation.
Solana’s sell-off appears part of a broader downturn in Layer-1 tokens. Coingecko data shows Ethereum fell 2.7% to $2,500, while XRP and Cardano posted 4% losses each.
This synchronized decline suggests macro-driven sell pressure, likely triggered by investors locking in gains before FTX’s payout introduces additional volatility risks.
Can Bitcoin Rally and ETF Optimism Anchor Solana Markets?
Despite SOL’s pullback, Bitcoin (BTC) price has remained above $100,000 for seven consecutive trading days, the first such stretch since January 2025.
This stability could help contain broader market panic. Historically, BTC resilience often stabilizes sentiment in large-cap altcoins such as Solana.
Solana ETF Approval Odds hit 82%, May 2025 | Source: PolyMarkets
PolyMarkets data currently shows an 82% probability of SEC approval for altcoin ETFs by June 16. This could position Solana as a preemptive buy for strategic traders looking to front-run a potential SEC approval verdict next month.
Looking Ahead: Critical Weeks Ahead for Solana Price
The 4% SOL price dip from Thursday reflects both internal sell pressure and broader market rotation. FTX’s $5 billion distribution and associated unstaking remain the dominant narrative this week.
For bulls, reclaiming $170 and holding above $150 is essential to sustain momentum. With ETF optimism still looming and BTC holding firm, a rebound remains plausible, if fresh market demand driver emerge to offset the ongoing Solana sell-offs.
Until then, Solana price remains vulnerable to further downside risk, especially if large wallet holders join the sell-off.
Solana Price Forecast Today: SOL Faces Pressure Below $175 With Risk of Breakdown Toward $160
Solana (SOL) price forecast charts show vulnerability signals following a sharp 9.67% intraday drop on May 15, with only a modest 1.34% rebound to $171.42 failing to inspire strong bullish conviction.
Thursday’s session showed price closing just above the Volume Weighted Average Price (VWAP) at $170.53, but the overall market structure remains fragile. The prior day’s high-volume sell-off, recorded at 7.17 million, reflects a meaningful rejection near the $185 level and a subsequent loss of momentum from buyers.
Technically, Solana has now slipped below the mid-point of the Keltner Channel, with $170.53 acting as weak interim support.
More so, SOL price action is notably hugging the lower half of the volatility envelope, and continued failure to reclaim the upper KC resistance at $181.06 casts doubt on bullish momentum.
Solana price forecast | SOLUSDT
Adding to downside risk, Bitcoin price forecast today, while relatively stable above $103,000, lacks clear bullish momentum. Without strong bullish momentum from BTC, altcoins like Solana are left more exposed to volatility risks.
Volume delta trends further emphasizes the sell-side pressure, with recent negative bars outpacing buying, suggesting distribution rather than accumulation at these levels.
Should SOL lose support at $170.53, the next clear downside target emerges at $161.74 to the lower Keltner band.
A break below this level would confirm a short-term bearish reversal, opening the door to $145 to $150, especially if macro sentiment weakens or Bitcoin falters.
Until Solana must post a decisive close above $175 with accompanying volume, for bulls to stand a chance of invalidating the bearish forecast.
The recent developments keep the SEC vs Ripple case on track for possible appeals.
XRP price is well positioned to retest its all-time high in the near future catalyzed by rising demand from institutional investors.
Judge Analisa Torres of the Southern District of New York denied Ripple Labs and the United States Securities and Exchange Commission (SEC) motion for an indicative ruling. Both the SEC and Ripple had sought the court’s guidance on whether the July 2023 summary judgment ruling could be reconsidered.
The parties wanted the court to consider the recent Coinbase ruling, which clarified the application of the Howey test in regard to XRP sales. However, Judge Torres rejected the motion for an indicative ruling, stating that both parties failed to show how the Coinbase ruling would ultimately alter the case trajectory.
According to Fred Rispoli, a trial lawyer focused on the cryptocurrency market, both the SEC and Ripple ought to file a detailed motion to convince Judge Torres why the case should be ultimately dropped.
“By styling their motion as one for “settlement approval,” the parties fail to address the heavy burden they must overcome to vacate the injunction and substantially reduce the Civil Penalty.”
Translation: You F****** wasted 5 years of my time on this and that is ridiculous.… https://t.co/glES2xZm99
Impact of Judge Torres’s Decision on Ripple vs SEC on the XRP Market
As Coinpedia has regularly pointed out in the past few months, XRP price confirmed a macro bullish breakout and is en route to price discovery in the coming months. The large-cap altcoin, with a fully diluted valuation of about $242 billion and a 24-hour average traded volume of about $4.8 billion, recently rebounded from the support level of around $2 to trade about $2.43 on Thursday, May 15, during the late North American trading session.
In the four-hour timeframe, the XRP price has been trapped in a short-term correction mode, which was exacerbated by the Judge Torres ruling. As of this writing, XRP price had dropped about 5.1 percent in the past 24 hours, thus likely to drop further to retest the support level at about $2.35.
The post Judge Analisa Torres Denies Ripple and SEC’s Motion for an Indicative Ruling: What Next for XRP? appeared first on Coinpedia Fintech News
The recent developments keep the SEC vs Ripple case on track for possible appeals. XRP price is well positioned to retest its all-time high in the near future catalyzed by rising demand from institutional investors. Judge Analisa Torres of the Southern District of New York denied Ripple Labs and the United States Securities and Exchange …
The DeFi ecosystem on the TON network has significantly grown in the recent past bolstered by the Telegram community.
TON price has been consolidating in a symmetrical triangle since early December.
The wider altcoin market, including Toncoin (TON), recorded a mild correction in the past 24 hours. After an impressive rally last week, the wider altcoin market experienced a significant cooling down of the bullish sentiment, hence resulting in $357 million forced liquidations of long traders.
TON price dropped nearly 4 percent in the past 24 hours to trade about $3.09 on Thursday, May 15, during the late North American trading session. As a result, the large-cap altcoin, with a fully diluted valuation of about $15.8 billion and a 24 hour average traded volume of about $229 million, had dropped about 4 percent in the past two weeks.
Toncoin Network Thrives on Telegram Messenger
The TON ecosystem has grown exponentially in the recent past mainly fueled by the vast Telegram community. According to market data from Defillama, the TON network had a total value locked of about $152 million and a stablecoins market cap of around $1.01 billion at the time of this writing.
Meanwhile, market data from CryptoRank shows that the Telegram Gifts daily turnover has been growing exponentially since early May, reaching $1.8M two days ago. The majority of Telegram NFT volume came from the Tonnel platform with about $1.2 million, and Fragment with about $220K.
What Next for TON Price
Since hitting its all-time high, about $8.25 on June 15 2024, the TON price has been trapped in a correction mode to date. However, TON price has established a robust support level above $2.5, which previously acted as a resistance level.
In the daily timeframe, TON price has been consolidating in a symmetrical triangular pattern since early March. Crypto analyst Ali Martinez opined that TON price is well positioned for at least a 47 percent pump if a breakout above the upper border occurs in the coming days.
The post Toncoin Price Analysis and Short Term Targets appeared first on Coinpedia Fintech News
The DeFi ecosystem on the TON network has significantly grown in the recent past bolstered by the Telegram community. TON price has been consolidating in a symmetrical triangle since early December. The wider altcoin market, including Toncoin (TON), recorded a mild correction in the past 24 hours. After an impressive rally last week, the wider …
FRANCE PROMISES SECURITY BOOST FOR CRYPTO ENTREPRENEURS
