Alex Mashinsky, the co-founder of defunct crypto lender platform Celsius Network, was sentenced to a 12-year jail term on May 8. This sentence follows a series of legal proceedings that followed his guilty plea last December over his firm’s collapse. Specifically, Alex Mashinky was sentenced for misappropriating customers’ funds and manipulating the CEL token.
Alex Mashinsky Sentence: Another Precedence Set
It is worth noting that the Celsius Network Founder pled guilty to one count of committing commodities fraud and another count of committing securities fraud. The lending platform collapsed in 2022 and filed for bankruptcy shortly after the Terra Luna crash in May 2022.
The fall from that Terra collapse has affected many other entities, including crypto exchange FTX. As reported earlier by CoinGape, the DOJ recommended a 20-year sentence for the crypto pioneer. The 12-year sentence marks a considerable leniency for Alex Mashinky.
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Amid the Trump tariffs and calls for rate cuts, Federal Reserve Chair Jerome Powell has met with US President Donald Trump for the first time in the president’s second term. Trump has heavily criticized Powell these past few weeks, while urging the Fed Chair to cut interest rates. Jerome Powell Meets With Donald Trump According to a Federal Reserve statement, the Fed Chair met with Trump today at the White House at the president’s invitation. The duo discussed economic developments, including growth, employment, and inflation. The statement noted that Jerome Powell didn’t discuss his expectations for monetary policy, except for emphasizing that the path of policy will depend entirely on incoming economic information and what that means for the outlook. Meanwhile, the Fed Chair also mentioned that he and his colleagues on the FOMC will set monetary policy, as required by law, to support maximum employment and stable prices. They… Read More at Coingape.com
Ethereum price eyes 30% gains in May as historical trends signal that it is one of the best months for the largest altcoin. Meanwhile, whales are actively accumulating ETH, amid renewed optimism that a new proposal will increase network throughput to achieve 2,000 TPS, and possibly restore Ethereum’s dominance among layer one networks.
ETH value today stands at $1,801 with a modest 0.9% gain in 24 hours. Buyers are attempting to turn the $1,800 resistance into support, and if they are successful, it could spark further gains.
Ethereum Price Targets 30% Gains in May as Whales Accumulate
Data from Coinglass shows that May is the best month for Ethereum price, with returns averaging around 30%. If history rhymes and Ethereum follows this trend in the coming months, it could surge from the current price of $1,800 to hit $2,300.
Ethereum Monthly Returns
Whales appear to be readying themselves for a potential upswing, with data from santiment showing that these large traders have purchased millions of Ethereum tokens in the last 24 hours. During this period, the addresses of traders holding between 1,000 and 10,000 ETH increased their holdings by 10M tokens, equivalent to around $18 billion at the current Ethereum price.
ETH Whale Activity
Whales are often known for buying the dip and selling at the top. Therefore, if these traders are buying now, it might signal that the Ethereum price is eyeing gains in the near term.
New Proposal Could Push Ethereum TPS to 2,000
Besides historical data and whale activity, a new Ethereum proposal might be another key driver for Ethereum price gains. The EIP 9698 proposal seeks to increase the Ethereum gas limit by 100x in the next four years, which might be a bullish catalyst for this altcoin.
According to popular analyst fabda.eth, this proposal will have a bullish impact on Ethereum scalability, noting that the network TPS may reach 2,000, while the total transactions will hit 6,000. If this happens, Ethereum could achieve scalability and rival Solana to attract dApp activity, which will bolster demand and support a bullish Ethereum price prediction.
Ethereum Price Analysis Amid Bullish Breakout
Ethereum price recently broke out of a descending parallel channel on the daily chart, which is often a sign that the altcoin has overcome the recent downtrend, and it is eyeing an upward trend. This breakout is also confirmed by the AO bars that have crossed above the zero line, suggesting that the bullish momentum is growing strong.
The RSI is tipping north, and it has crossed above 50, which is also an indication that bulls are in control and a rally is likely. If ETH can overcome the resistance at $2,025, its next target price is $2,700 and eventually $3,500.
ETH/USD: 1-day Chart
To sum up, Ethereum price is flashing several bullish signals, including whale accumulation and an ongoing network proposal to bolster network scalability. As these bullish factors align, traders should watch out for a rally of around 30%, which will match the average returns that ETH often sees in May.
SharpLink, a U.S.-listed company, has announced a $425 million PIPE (Private Investment in Public Equity) deal, with Consensys leading the investment. The agreement includes issuing around 69.1 million shares at $6.15 each, and the deal is expected to close by May 29. The company plans to use the funds to purchase Ethereum (ETH), making it its primary treasury reserve asset. This bold move highlights growing corporate interest in crypto as a long-term store of value and treasury diversification strategy.
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SharpLink, a U.S.-listed company, has announced a $425 million PIPE (Private Investment in Public Equity) deal, with Consensys leading the investment. The agreement includes issuing around 69.1 million shares at $6.15 each, and the deal is expected to close by May 29. The company plans to use the funds to purchase Ethereum (ETH), making it …
