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USDC issuer Circle is again looking to make headways in the stablecoin industry and assert its dominance, unveiling the ‘Arc’ Layer-1 network. The Circle Arc blockchain will focus on stablecoin payments and have USDC as its native gas token. Details About The Circle Arc Blockchain In a press release, the USDC issuer announced Arc, an
The post Breaking: USDC Issuer Circle To Launch Arc Blockchain for Stablecoin Payments appeared first on CoinGape.
Bitcoin exchange-traded funds (ETFs) continued their inflow streak on Monday, raking in over $500 million in fresh capital and marking seven consecutive days of positive flows.
The sustained momentum reflects the resurgence in investor appetite for BTC exposure through regulated investment vehicles, even amid broader market volatility.
On Monday, BTC spot ETFs attracted fresh investor demand, recording $591.29 million in net inflows and extending their winning streak to a seventh consecutive day. This happened as the leading coin sought stable support above the $94,000 price.
Once again, BlackRock’s iShares Bitcoin Trust (IBIT) led the charge, recording the largest inflow among its peers. The fund saw inflows totaling $970.93 million, bringing its total cumulative net inflows to $42.17 billion.
ARKB, the BTC spot ETF managed by Ark Invest and 21Shares, recorded the largest net outflow yesterday. On Monday, $226.30 million exited the fund. Despite this setback, ARKB’s total historical net inflow remains at $2.88 billion.
Open interest across BTC’s futures market has risen by 2% over the past day, signaling an increase in outstanding futures contracts. The coin’s price has noted a modest 0.14% uptick during the same period.
A rise in open interest indicates that more traders are opening new positions rather than closing existing ones. This bullish signal can strengthen BTC’s price rally in the short term.
Meanwhile, as of this writing, BTC’s funding rate is 0%, indicating a balanced market between long and short positions. A neutral funding rate like this suggests no immediate dominance by bulls or bears in the coin’s perpetual futures market.
This reduces the likelihood of sudden liquidations, meaning any major price movement would likely need fresh momentum rather than being triggered by leverage-driven squeezes.
However, the sentiment among BTC options traders is clear. Today’s high demand for puts indicates a more cautious or bearish outlook among BTC options traders.
The growing interest in these bearish contracts suggests that many investors anticipate a potential pullback in BTC’s price, despite the recent inflows into Bitcoin ETFs.
Until a clear breakout or breakdown occurs, BTC may continue to consolidate within the narrow range.
The post Bitcoin ETFs Celebrate a Week of Wins, But Trouble Brews in the Derivatives Market | ETF News appeared first on BeInCrypto.
Avraham “Avi” Eisenberg, the individual responsible for the $110 million exploit of the decentralized finance (DeFi) platform Mango Markets in 2022, has been sentenced to 52 months in prison. The sentencing was for his guilty plea to charges related to the possession of child sexual abuse material (CSAM).
This conviction comes despite his earlier conviction on crypto theft charges. A federal judge, however, has indicated that a retrial for the Mango Markets-related charges may be considered in the future.
Avraham “Avi” Eisenberg sentence comes after a year-long legal battle concerning his role in the Mango Markets attack. Although the $110 million crypto theft was a big deal, it was the CSAM charges that ultimately drove his sentence. Amid this crisis, recently, an elderly victim in the US also fell for a Bitcoin theft scam worth around $330M.
In 2024, Eisenberg pleaded guilty to possession of more than 1,200 images and videos of child sexual abuse.
As well, the content included depictions of minors, including infants. The judge said these offenses were serious enough to require a prison sentence to deter the distribution of such material. During the sentencing, U.S. District Judge Arun Subramanian noted Eisenberg’s efforts to come to terms with the pain caused by his actions.
Nevertheless, the judge argued that prison time was necessary. After his release, Eisenberg is also expected to serve five years of probation. He will also have to install monitoring software on his electronic devices and follow outpatient drug treatment programs as part of his probation condition.
Previously, Avraham “Avi” Eisenberg’s legal team argued the fraud charges concerning Mango Market exploit warranted a retrial. They argued the case should not be tried in the Southern District of New York.
The defense also questioned whether the MNGO Perpetual product that Eisenberg tampered with was categorized as the government maintained. However, the arguments did not matter to the court, which had already convicted him on wire fraud, commodities fraud and commodities manipulation for the 2022 hack of Mango Markets.
In a courtroom hearing in Manhattan, Judge Subramanian revealed that there is a “non-zero chance” of granting a motion for a retrial. However, the focus of the current sentencing was primarily on the CSAM charges. Eisenberg’s actions in the crypto theft, while serious, have not yet led to final sentencing.
Despite his CSAM sentencing Eisenberg continues to receive legal support for his Mango Markets theft conviction appeal. Eisenberg’s defense argues that authorities failed to demonstrate their case sufficiently especially in establishing his deliberate actions.
A defense statement argues that Eisenberg followed Mango Markets protocol rules without personal financial gain and maintained control over the market. Their legal team demands either a dismissal of fraud charges or a new court hearing for relief.
The prosecution asserts Eisenberg intentionally participated in fraudulent schemes despite being fully aware of his criminal activities. The lawsuit Avraham “Avi” Eisenberg filed against another party for market manipulation occurred before his attack on Mango Markets. After his name became linked to the exploit attributing him with responsibility for the breach Eisenberg left the United States to settle in Israel. The government interprets his actions as indicating that Eisenberg recognized his activities were criminal.
The post Mango Markets Hacker Avi Eisenberg Sentenced to 52 Months in Prison appeared first on CoinGape.
Meme coin Pudgy Penguins (PENGU) is today’s top gainer, jumping nearly 10% in the last 24 hours despite a broader market pullback.
Today’s rally adds to the bullish momentum that began after the altcoin broke out of its descending parallel channel on June 27. Since then, PENGU has surged by over 50%, marking one of the strongest recoveries among meme coins over the past month.
Readings from the PENGU/USD one-day chart show that between May 14 and June 26, the altcoin traded within a descending parallel channel.
This pattern emerges when an asset’s price makes successive lower highs and lower lows, moving between two downward-sloping parallel trendlines. It reflects a downtrend as selling pressure spikes and bullish sentiment weakens.
However, things shifted on June 27 when PENGU closed above this channel and initiated a rally afterwards. Now trading at $0.015, the meme coin’s price has since climbed by 50%.
Technical indicators show PENGU is poised to extend these gains in the short term. For example, the token’s Aroon Up Line is at 100% as of this writing. This means PENGU’s current uptrend is strong, backed by significant demand and not driven by speculative trades.
An asset’s Aroon Indicator measures the strength and direction of a trend by tracking the time since the highest and lowest prices over a given period. It comprises two lines: Aroon Up, which measures bullish momentum, and Aroon Down, which tracks bearish pressure.
As with PENGU, when the Aroon Up line is at 100%, the asset has recently hit a new high, signaling strong upward momentum and a dominant bullish trend. This suggests that buying pressure is high, and the price may continue rising.
Moreover, the setup of the token’s Moving Average Convergence Divergence (MACD) indicator supports this bullish outlook. At press time, PENGU’s MACD line (blue) rests above the signal line (orange), highlighting the bullish strength in the market.
The MACD indicator identifies trends and momentum in its price movement. It helps traders spot potential buy or sell signals through crossovers between the MACD and signal lines.
As with PENGU, when the MACD line crosses above the signal line, it signals positive momentum, suggesting that buying activity is increasing. Traders interpret this setup as a buy signal, which could add more upward pressure on the meme coin’s price.
If current momentum holds, PENGU could soon attempt to break above its next resistance level at $0.017 and flip it into a support floor.
A successful breach of this price zone could propel the altcoin toward $0.019.
Conversely, failure to maintain the current trend could trigger a PENGU token price dip to $0.012.
The post PENGU Pumps 50% as Bulls Take Charge Post-Breakout appeared first on BeInCrypto.