US Government Drops Tornado Cash Appeal, Boosting TORN’s Value

HBAR, the native cryptocurrency of the Hedera network, has experienced a significant 20% price jump over the last 24 hours, reaching a 5-month high. 

This surge in value comes after a period of sustained growth, driven by both positive market sentiment and increased activity in the derivatives market.

HBAR Finds Support From Traders

In the past week, HBAR’s open interest (OI) has surged by 77%, rising from $296 million to $526 million. This $230 million jump highlights the growing interest from traders eager to capitalize on HBAR’s recent performance. The positive funding rate further reinforces this trend, as long contracts outweigh short contracts. 

The surge in open interest, combined with the ongoing price rise, demonstrates how market participants are becoming more confident in HBAR’s future prospects. Investors are taking advantage of favorable market conditions, aligning their positions to capture profits from what appears to be a sustained uptrend. 

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Looking at the broader technical indicators, HBAR’s momentum is also supported by the recent Golden Cross observed in its moving averages. The 50-day exponential moving average (EMA) recently crossed above the 200-day EMA, marking the end of the prolonged Death Cross that had dominated for over a month. 

This positive shift suggests that the bearish trend that had been in place is now reversing. This technical development could signal a strong foundation for further price appreciation in the coming weeks.

HBAR Price Is Holding

HBAR’s price currently stands at $0.284, reflecting a 20% increase over the last 24 hours. The altcoin has managed to secure a strong support level at $0.267, which is crucial for maintaining its recent gains. Testing this price as a support floor will help stabilize the market and provide a foundation for further growth.

Given the positive developments in market sentiment and technical indicators, HBAR is well-positioned to continue its uptrend. A push beyond the $0.314 resistance would bring the altcoin closer to the $0.375 mark. This would signal a continued rally, driven by growing investor confidence and positive market conditions.

However, the risk of selling remains. Should HBAR experience a wave of profit-taking from investors, the price could fall back toward the $0.267 support. If this support is lost, HBAR could dip as low as $0.241, invalidating the bullish thesis and signaling a reversal of the recent gains.

The post HBAR Price Rallies 20% After $230 Million Inflow from Traders in a Week appeared first on BeInCrypto.

Recently, Binance Alpha – a feature within the Binance Wallet that showcases early-stage crypto projects – introduced a scoring mechanism called Binance Alpha Points. This system evaluates user activity within the Binance Alpha ecosystem.

This new scoring feature has attracted a wave of interest from airdrop hunters and significantly boosted trading volume on Binance Alpha. However, Binance Alpha Points have sparked mixed reactions.

Binance Alpha’s Daily Volume Surpasses $330 Million

Data from Dune shows that trading volume on Binance Alpha surged after Binance announced the Alpha Points on April 25.

By May 7, trading volume on Binance Alpha had exceeded $330 million. On May 5 and May 7, the platform recorded over 1 million daily transactions. The total accumulated trading volume has now surpassed $2.8 billion, with nearly 117 million transactions.

This achievement reflects the strong appeal of the Alpha Points feature. More users are actively trading to accumulate points and increase their chances of receiving airdrops.

At the same time, Binance has been announcing new project listings on Binance Alpha more frequently.

How Are Investors Responding to the Binance Alpha Points Initiative?

Wonnie, the founder of MBMweb3, is a vocal supporter of the Binance Alpha program. In a post on X, Wonnie described the program as “a golden window” for users to participate before it becomes overcrowded.

He shared his strategy for earning 15 points per day. He holds assets worth over $100,000, which gives him 4 points, and trades more than $2,048 daily, earning him 11 points.

Wonnie emphasized that the daily cost of maintaining this activity is around $1 in gas fees, highlighting the program’s strong profit potential.

“Binance Alpha is still a golden window. Track your score. Minimize costs. And take your share while the rewards are flowing,” Wonnie said.

However, not all investors share Wonnie’s optimism. Many have criticized Binance Alpha, calling it an “extraction scheme”.

One major point of controversy is that Alpha Points only count activity from the past 15 days. Users cannot accumulate points long-term, forcing them to trade continuously to maintain their scores, creating significant financial pressure.

In addition, the reward requirements have become increasingly strict. Initially, users only needed 45 points to receive the AIOT airdrop. But now, Binance demands 150 points to qualify for the SXT airdrop.

Based on Binance’s calculation method, users must trade up to $131,072 to earn 17 points.

This has led to users paying transaction fees but still not earning enough points to qualify for an airdrop. Some users even reach the required point threshold but fail the risk assessment, so they don’t receive the airdrop.

“Binance Alpha – a scheme to rekt you without you even noticing… Binance appears completely greedy. Whenever they offer you something, trust me – they’re taking much more from you indirectly,” investor Abhi criticized.

Despite these concerns, the number of projects featured on Binance Alpha continues to grow. According to CoinMarketCap, more than 140 projects have been listed on Binance Alpha.

Nine of those projects have conducted airdrops through the Alpha Points system.

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