Bitcoin Price Prediction

Bitcoin (BTC) has failed to sustain its overnight bullish momentum, trading near $67,700. This downturn is influenced by several factors, including a $300 million hack at a Japanese crypto exchange and President Biden’s veto of a bill targeting SEC crypto regulations.

Additionally, Vitalik Buterin’s insights on Bitcoin scaling disputes emphasize the need for new technologies like ZK-SNARKs, though these technical discussions are not expected to immediately affect BTC price.

Bitcoin Price Impact Minimal as Vitalik Buterin Reflects on Block Size Debate

DMM Bitcoin Hack: Potential $300M Impact on Bitcoin Price

DMM Bitcoin, a Japanese cryptocurrency exchange, suffered a significant hack, losing 4,502.9 Bitcoins valued at about $300 million. The breach was detected at 1:26 p.m. local time, leading to swift preventive measures to avert further losses.

The exchange, with support from affiliated companies, has pledged to replace the stolen Bitcoin, ensuring users’ funds remain secure.

HACK ALERT – MORE THAN $300M IN BITCOIN “ILLEGALLY LEAKED” FROM JAPANESE EXCHANGE

– According to a sudden report from the Asia-focused Nikkei media outlet, some 48 billion yen’s worth of #Bitcoin has been “illegally leaked” from a Japanese exchange called ‘DMM Bitcoin’.

-… https://t.co/MFAfKEd2dF pic.twitter.com/csD9Vz6dom

— BSCN (@BSCNews) May 31, 2024

DMM Bitcoin has temporarily suspended spot purchases and warned users of possible delays in Japanese yen withdrawals. Chainalysis identified this hack as the largest since December 2022 and the seventh-largest in history.

Despite the incident, DMM Bitcoin has promised full reimbursement to its customers and has enhanced its security protocols.

Key Points:

Loss of 4,502.9 Bitcoins worth $300 million.
Immediate actions are taken to prevent further losses.
Assurance of full reimbursement and enhanced security measures.

The hack could impact Bitcoin’s price due to heightened concerns about security and trust in cryptocurrency exchanges.

President Biden’s Crypto Veto

President Biden has vetoed legislation approved by both the House and Senate aimed at crypto regulation. The proposed law sought to overturn SEC guidelines that would require certain corporations to classify crypto assets as liabilities on their balance sheets, even if held for clients.

Biden contends that this would weaken the SEC’s ability to protect investors and enforce regulations. Despite some Democratic support, the law was primarily backed by Republicans.

This veto highlights the growing political focus on cryptocurrencies, especially with former President Trump recently advocating for crypto donations and investor rights.

Key Points:

Vetoed legislation aimed at overturning SEC crypto guidelines.
Biden’s concern: weakening SEC investor protections.
Legislation primarily supported by Republicans.

President Biden’s veto signals ongoing regulatory uncertainty in the cryptocurrency market, potentially affecting Bitcoin’s price due to increased investor caution and market volatility.

The post Bitcoin Price Prediction Following Buterin’s Analysis of Scaling Disputes – Will BTC Adapt? appeared first on Cryptonews.

Cathie Wood’s Ark Investment Management has withdrawn its involvement in the race to launch an exchange-traded fund (ETF) that would directly invest in Ether, the second-largest cryptocurrency.

The amended prospectus document, known as Form S-1, filed with the US Securities and Exchange Commission (SEC) on Friday, revealed that Ark’s name was removed from the application for the spot-Ether ETF that it had filed in partnership with 21Shares.

Consequently, the fund’s name was changed from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF.

Ark Remains Committed to Bitcoin Fund

The move comes after Ark joined forces with 21Shares as one of the successful issuers that launched spot-Bitcoin ETFs earlier this year.

Despite the withdrawal from the Ethereum ETF, Ark remains committed to its Bitcoin ETF, the $3.2 billion ARK 21Shares Bitcoin ETF (ticker ARKB), which currently holds the fourth position in terms of assets among Bitcoin ETFs.

The unexpected approval by the SEC of the 19b-4 filings made by exchanges operated by Cboe Global Markets Inc., Nasdaq, and the New York Stock Exchange to list spot-Ether ETFs created anticipation in the market.

However, issuers still await the regulator’s approval of their S-1 statements before trading can commence.

In response to the recent developments, 21Shares expressed enthusiasm about the SEC’s approval and reaffirmed their commitment to increasing access to cryptocurrencies as an asset class for US investors.

They also highlighted their continued partnership with Ark on the ARK 21Shares Bitcoin ETF, which was launched in January, as well as their existing lineup of futures products.

Several other issuers, including Franklin Templeton, Fidelity Investments, VanEck, and Invesco Ltd., have filed revised S-1 statements, signaling their intentions to launch Ether ETFs.

However, the SEC’s decision on these documents is yet to be determined.

Meanwhile, Franklin Templeton filed an amended document with details of its proposed fund, indicating a planned fee of 0.19%, which will be waived for the first six months on the first $10.0 billion of the ETF’s assets.

Notably, Wood’s Bitcoin ETF experienced its largest one-day outflow since its launch earlier this year, with nearly $100 million exiting the fund.

Ethereum ETF Approval Was Political

Bloomberg ETF analyst James Seyffart believes the approval of spot Ethereum ETFs was likely influenced by political decisions rather than purely financial considerations.

In a recent interview, Seyffart suggested that the political climate, including actions by the Biden administration and responses from the crypto community, played a significant role for the approval to go through.

Beyond Bitcoin and Ethereum, the approval of other crypto ETFs, including Solana, is unlikely without significant regulatory changes, Seyffart said.

He noted that a regulated market is needed to monitor these assets for fraud and manipulation.

In contrast, crypto investor and trader Brian Kelly has suggested that Solana could potentially become the next cryptocurrency to have a spot ETF in the United States.

In a recent episode of CNBC’s ‘Fast Money’, Kelly, who is also the founder and CEO of the BKCM Digital Asset Fund, posed the question, “The trade now is, who’s next?”

He then suggested, “You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the big three for this cycle.”

The post ARK Invest Drops Partnership with 21Shares for Proposed Ethereum Fund appeared first on Cryptonews.

Bitcoin Price Prediction

Bitcoin (BTC) continued its upward momentum, reaching around $67,900. The Federal Reserve’s preferred inflation measure, the Core PCE Price Index, increased by 0.2% month-over-month in April, aligning with expectations but slightly below the previous month’s 0.3% rise. This modest increase may ease some inflation concerns for the Fed, but consistent readings are necessary to support a potential rate cut by September.

The Chicago PMI dropped to 35.4, below the anticipated 41.1, indicating weaker manufacturing activity. These mixed data points suggest a complex economic outlook, with easing inflation but slowing economic activity, hence driving a bullish Bitcoin price prediction.

US Inflation Data and Potential Fed Rate Cut

Bitcoin (BTC) maintained its upward momentum, rising to around $67,900. The Federal Reserve’s preferred inflation measure, the Core PCE Price Index, rose 0.2% month-over-month in April, meeting expectations but falling short of the previous month’s 0.3% rise.

The core PCE price index rose 0.25% in April (it rounded down to 0.2% because it was 0.249%)

Jan-March figures were revised down ever so slightly.

The 12-month change was 2.75%, a three-year low

The 6-month annualized rate was 3.18%, the highest since July pic.twitter.com/boKVU2IxLA

— Nick Timiraos (@NickTimiraos) May 31, 2024

This slight increase could alleviate some inflation concerns for the Fed, but consistent readings are needed to support a rate cut by September.

Core PCE Price Index m/m: 0.2% (expected 0.3%)
Chicago PMI: 35.4 (previous 37.9)

The Chicago PMI fell to 35.4, below expectations of 41.1, indicating weaker manufacturing activity. These data points suggest a mixed economic outlook, with inflation showing signs of easing while economic activity slows.

This data impacts Bitcoin price as the potential for a Fed rate cut by September becomes more likely if inflation continues to moderate, which could weaken the US dollar and support BTC price gains.

Disappointing US GDP Data Underpins Bitcoin Price

Exciting New AI Meme Coin Wiener AI – Can It Outperform?

The fun new sausage dog-themed meme coin, Wiener AI (WAI), is more than just a novelty. It offers advanced AI-powered trading tools, adding substantial utility beyond its playful exterior.

With investors already pouring $3,611,700 into WAI’s presale, this early demand signals strong interest in the new meme coin.

In the current market, AI is a hot theme, especially after Nvidia’s impressive earnings. This trend is expected to boost demand for WAI even further.

Not only does WAI come with AI utility, but it also provides a great opportunity for earning passive income. Twenty percent of the total supply is allocated to staking rewards, offering investors a remarkable 396% APY, according to the project’s official website.

At this rate, investors can potentially double their initial presale investment in just a few months.

3 Million raised!

As holder count grows, so does the anticipation for launch and the AI trading bot release!!

pic.twitter.com/Y19TEbKwjc

— WienerAI (@WienerDogAI) May 26, 2024

Crypto experts are eagerly buying into this exciting AI crypto coin. Michael Wrubel, a widely followed crypto analyst with over 312,000 YouTube subscribers, ranks WAI as a top crypto for 2024.

Interested investors need to act fast as the WAI price will increase when the presale reaches $3 million. The current price is $0.00071, giving WAI a market cap of under $50 million. If WAI achieves market leadership, early investors could see significant gains, with the potential for 100x returns or more.

Buy Wiener AI Here

The post Bitcoin Price Prediction: BTC Soars to $67,900; Mixed US Inflation Data & Fed Rate Cut Hopes Fuel Rally appeared first on Cryptonews.

As the Dogecoin (DOGE) price struggles just to the north of its 21 and 50DMAs, holders are flocking to a new DOGE alternative called Dogeverse (DV) as they bet on potential 100x returns.

The Dogecoin price is set to close out May up a solid 20%. That said, it’s still down around 30% from its earlier yearly highs.

At current levels around $0.16, Dogecoin’s bullish momentum has pretty much petered out.

As Dogecoin threatens a retest of recent lows, holders are checking out a new DOGE alternative called Dogeverse. Source: TradingView

Dogecoin might push higher and retest its yearly highs above $0.22 if next week’s US data provides macro tailwinds.

But it could just as easily retest recent lows around $0.12. Given the market’s lack of conviction, it’s no surprise to see Dogecoin holders flock to exciting new alternative Dogeverse.

New DOGE Alternative Dogeverse (DV) – Can It 1,000?x?

New DOGE alternative Dogeverse is a fun new meme coin that aims to be the multi-chain equivalent of Dogecoin.

It will launch across the six most used blockchains (excluding Bitcoin) and comes with useful in-built cross-chain capabilities.

Most meme coins like Dogecoin lack clear utility. Dogeverse has no such problem, with some betting is could become a highly popular inter-blockchain bridging asset.

With a snap of his fingers, multi-chain becomes a reality! #Memecoins #Solana #Ethereum #Crypto #MemeCoinSeason #Marvel #Avengers pic.twitter.com/xI5ysV5HED

— DogeVerse (@The_DogeVerse) May 30, 2024

As a result, Dogeverse is generating considerable excitement in meme coin investing circles.

It’s no surprise then that its presale has already raked in well over $15 million.

DeFi degens have also been flocking to the token to benefit from its impressive staking rewards program.

As per the official Dogeverse website, presale investors are currently receiving an APY rate of 42%. That easily ranks it one of the best crypto coins to stake right now.

Interested investors better get in quick, with the presale closing in just over two days.

Only 3 days left till the #Presale ends!

Last chance to get $DOGEVERSE!

The first #DOGE meme token built on a multi-chain network spanning #Ethereum, #BNB Chain, #Polygon, #Solana, #Avalanche and #Base! #Memecoins #Altcoins #Crypto #Web3 pic.twitter.com/dtJQsFLPOZ

— DogeVerse (@The_DogeVerse) May 31, 2024

At the current price of $0.00031, DV is valued at around $60 million. But this meme coin has he potential to go a lot higher.

Could it 10x to become a $600 million market cap coin? Well, there are many meme coins out there with market caps in this region with a much less compelling value proposition than Dogecoin.

Could new DOGE alternative Dogeverse 100x to $6 billion? Dogecoin (DOGE) has a $23 billion market cap, Shiba Inu (SHIB) is valued at $15 billion and Pepe (PEPE) $6.5 billion.

It would be a long shot. But other meme coins have shown it’s possible to reach these heights with a strong enough community.

Could Dogeverse 1,000x to $60 billion. Well, that’s highly unlikely but this is crypto. Never say never.

Visit Dogeverse Here

The post Dogecoin Holders Flock to New DOGE Alternative, Betting on Huge 1000x Returns appeared first on Cryptonews.

An Indian police officer was arrested on May 31 for allegedly stealing Bitcoin worth INR 1.8 crore (approximately $216,000) during a crypto scam investigation.

Indian Police Scam Reveals Collaboration With Bitcoin Wallet Hacker

According to local media news Hindustan Times, the Special Investigation Team (SIT) of the Central Crime Branch (CCB) apprehended the police inspector named Chandradhar. This marks the fourth arrest in the ongoing 2020 Bitcoin scam case.

According to the Indian police scam report, police inspector Chandradhar allegedly accessed Bitcoin wallets illegally and stole INR 1.8 crore worth of Bitcoin. He also destroyed evidence related to these transactions.

The officer faces charges under several sections of the Indian Penal Code (IPC), including criminal breach of trust, mischief, common intention, omission, cooperation in crime, and destruction of evidence.

The investigation has led to the arrests of two other police officers, Prashanth Babu and Lakshmikanthaiah, who were previously arrested for similar crimes. They and Chandradhar used their positions to manipulate and access critical information unlawfully.

India Bitcoin Scams Continue to Scale

India has witnessed an increase in Bitcoin scams and frauds, prompting regulators to tighten their oversight of the nation’s crypto sector.

On May 1, Crypto News reported that the Central Bureau of Investigation (CBI) in India conducted a nationwide search operation to crack down on an app-based fraudulent investment scheme. The searches spanned 30 locations across 10 Indian states and Union Territories, targeting two private companies and their directors accused of involvement in the HPZ Token App scheme.

Incriminating documents and digital evidence, such as mobile phones, hard drives, SIM cards, debit cards, and email accounts, were seized during the search.

Investigators revealed that the fraudsters enticed victims to invest in the app by guaranteeing huge returns on Bitcoin mining investments. So far, the probe has identified around 150 bank accounts allegedly used by the accused to collect funds from investors. The investigation is ongoing.

The incident is reminiscent of the 2018 ‘Gain Bitcoin’ Ponzi scheme, where businessman Amit Bhardwaj defrauded over 8,000 individuals, amounting to INR 2,000 crore.

ED attaches assets worth Rs. 42.88 crore in GainBitcoin Ponzi Scheme masterminded by Amit Bhardwaj and associates.

— ED (@dir_ed) September 21, 2018

Bhardwaj engineered a multi-level marketing scam, manipulating and enticing investors to exchange Bitcoins with the promise of high returns. He introduced an 18-month contract guaranteeing a 10 percent yield, which ultimately turned out to be fraudulent.

In April 2024, the Indian authorities seized $11 million from a top British-Indian businessman who received 285 Bitcoin from Bhardwaj.

The post Indian Police Officer Arrested For Siphoning Over $200K In Bitcoin Related To Crypto Scam Investigation appeared first on Cryptonews.