An unexpected surge in selling pressure resulted in the broader crypto market turmoil, including an XRP price crash. The crypto assets were making significant gains hours earlier, with the Bitcoin price rallying to $107k. However, the shift in investors’ sentiments resulted in this sudden decline, bringing $3.27M in liquidation for the Ripple token in just one hour. Let’s discuss. XRP Price Crash Results in $3.27M Long Liquidations The Ripple token has witnessed an exceptionally serious liquidation event, losing $3.27M in long positions with the XRP price decline. Interestingly, this rate is 36,283% higher than the short positions, revealing that bullish traders were massively affected. Besides, only $9,040 worth of shorts were liquidated in this period, whereas $3.27M were in the long, per CoinGlass reports. This is because short traders actually bet on the price decline, so they avoided liquidation and instead profited from the dip. Experts showed concerns about this… Read More at Coingape.com
Gate Technology Ltd ( the “Company”), previously operating as Gate.MT has officially announced the rebranding from Gate.MT name to Gate.io. This change reflects the Company’s commitment to strengthening its presence across Europe and aligning its operations with the globally recognized Gate.io brand.
Since 2022, Gate Technology Ltd has been serving its clients in Europe through its VFA Class 4 license obtained from the Malta Financial Services Authority (MFSA). In Italy, the Company operates through its subsidiary, which registered as a Virtual Asset Service Provider (VASP) with the Organismo Agenti e Mediatori (OAM) in 2024. Both entities will continue providing services to their clients under the new Gate.io branding.
The rebranding aims to leverage the strength of the Gate.io name, widely recognized as one of the largest crypto exchanges globally, used by over 22 million clients worldwide. This shift is part of a broader strategy to enhance the Company’s brand presence in Europe and continue its commitment to delivering top-tier cryptocurrency exchange and custody services.
The Company emphasized that the rebranding is not just a name changing. It is part of a broader effort to improve service offerings for European clients and ensure a secure, user-friendly experience while remaining compliant with local crypto regulations.
Looking ahead, The Company plans to expand its regulated operations across Europe, with ambitions to reach the full coverage of all its nations in a regulated manner. The Company will make further announcements in the coming months regarding the scope and timeline of its expansion.
Giovanni Cunti, CEO of Gate Technology Ltd, expressed his gratitude to clients for their continued trust and support, reassuring them that the Company is committed to maintaining its leadership position in the European cryptocurrency space and continuing to serve its growing client base.
Disclaimer
This document is intended for informational purposes only and does not constitute legal, financial, or investment advice. The rebranding referred to herein relates to Gate Technology Ltd and its operations in Europe.
Gate Technology Italia SRL, limited liability company incorporated in Italy with company registration number 13347630967. Gate Technology Italia SRL is licensed by the OAM to operate as virtual currency operators, registry number PSV150.
Any services mentioned in this communication are provided only in accordance with applicable regulatory permissions in the respective jurisdictions.
The wider altcoin market, led by memecoins, has signaled a bullish breakout soon amid ongoing trade war negotiations.
ETH/USD has been following a similar fractal pattern in the ongoing macro bull run to the 2020/2021 cycle.
Ethereum (ETH) price has stabilized around $1,583 in the past three days. The large-cap altcoin, with a fully diluted valuation of about $192 billion and a 24-hour average trading volume of about $8.52 billion, has hinted at a potential bullish rebound after slowing down capitulation in the past seven days.
Moreover, the gold price retrace in the past 24 hours has accelerated cash rotation to the highly oversold crypto market, which has established itself as a reliable alternative investment to the highly volatile stock market that is engulfed by short-term uncertainties.
Ethereum Whales on a Shopping Spree
On-chain data shows a sharp uptick of whale activities seeking to accumulate Ether from centralized exchanges in the last few days. For instance, a whale wallet linked to Metalpha has withdrawn 29k Ether, worth nearly $49 million, from the Binance exchange since April 1.
Another whale investor has withdrawn 46,577 Ether, worth about $97.26 million, from Gate.io Since February 15. Another whale investor has withdrawn 10,091 ETH, worth about $18.8 million, from Bybit since March 12.
However, the overall demand for Ether by institutional investors, led by U.S. spot ETH ETFs, has remained low. Already, Galaxy Digital has deposited 62,181 ETH, worth about $100 million, to different exchanges in the past six days.
ETH Price Analysis
In the weekly timeframe, Ether’s price, against the U.S. dollar, has been bleeding since mid-December 2024. Most importantly, Ether has been bleeding to Bitcoin since August 2022. With both ETH/USD and ETH/BTC heavily oversold, a rebound may happen in the near future catalyzed by robust fundamentals.
In the daily timeframe, ETH/USD has been forming a potential reversal pattern, characterized by a symmetrical triangle. As a result, a consistent close above the established falling logarithmic trend will trigger a rally toward $2.1k ahead.
However, a strong correction below $1,500 in the coming days will result in further capitulation potentially towards $1,290.
The post Ethereum Breakout Looms: Whales Piles Up in Anticipation of Big ETH Price Surge appeared first on Coinpedia Fintech News
The wider altcoin market, led by memecoins, has signaled a bullish breakout soon amid ongoing trade war negotiations. ETH/USD has been following a similar fractal pattern in the ongoing macro bull run to the 2020/2021 cycle. Ethereum (ETH) price has stabilized around $1,583 in the past three days. The large-cap altcoin, with a fully diluted …
WazirX, a major crypto exchange, is preparing to restart its operations after suffering a massive $234 million hack. The company is currently waiting for a key court decision expected on May 13, which will determine the next steps. The platform had paused its services following the breach to ensure user safety and strengthen its systems. If the ruling goes in its favor, WazirX aims to bounce back stronger and restore trust among its users and the broader crypto community.
The post WazirX Eyes Comeback After $234M Hack, Awaits May 13 Court Verdict appeared first on Coinpedia Fintech News
WazirX, a major crypto exchange, is preparing to restart its operations after suffering a massive $234 million hack. The company is currently waiting for a key court decision expected on May 13, which will determine the next steps. The platform had paused its services following the breach to ensure user safety and strengthen its systems. …
