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Ethereum users are rejoicing over a dramatic drop in gas fees, with the network experiencing its lowest point since early 2020. This translates into significantly cheaper transactions, making the platform more accessible for everyday users and developers. However, experts caution that this fee fiesta might be temporary, raising questions about the long-term health of the network.

Ethereum Gas Prices Hit Rock Bottom

Data from from BitInfoCharts shows intraday gas fees dropping 93% from the peak of $30 just six months ago. This translates to a significant cost reduction for various activities on the Ethereum blockchain. Simple asset swaps now cost around $5, while minting NFTs has become a much more affordable endeavor at roughly $9.

This newfound affordability is attributed to a confluence of factors. The recent Cancun-Deneb upgrade is believed to have played a role in optimizing network efficiency. Additionally, a general downturn in network activity coincides with a calmer period in the broader cryptocurrency market.

A Boon For Users, But A Challenge For Miners

While users are celebrating the lower fees, concerns linger about the long-term sustainability of this trend. The near-zero “blob fee” suggests a lack of demand for block space, raising the specter of future congestion and fee spikes. Additionally, lower fees could negatively impact the profitability of miners who secure the Ethereum network.

According to analysts, this situation is a double-edged sword. While lower fees are great for users, they could make it more economical for large players to dominate block space, hindering decentralization.

The Quest For Scalability: Enter Multi-Dimensional Gas

The recent gas fee developments highlight the ongoing struggle to optimize Ethereum’s scalability and affordability. In response to these challenges, Vitalik Buterin, the platform’s founder, has proposed a significant upgrade introducing the concept of “multi-dimensional gas.”

This upgrade aims to provide Ethereum with greater flexibility in managing various resources. By taking a more nuanced approach to resource allocation, the network could potentially improve transaction throughput without compromising security.

A Look Ahead: Will Ethereum Maintain Its Momentum?

The dramatic drop in gas fees serves as a welcome respite for Ethereum users. However, the long-term viability of these low fees remains uncertain. The network’s ability to handle future surges in demand and maintain a healthy balance between user experience, miner profitability, and decentralization will be crucial for its continued success.

The proposed multi-dimensional gas mechanism embodies the ongoing efforts to address these challenges. As the Ethereum ecosystem continues to evolve, its ability to adapt and innovate will determine its position in the ever-changing landscape of blockchain technology.

Featured image from AutoDeal, chart from TradingView

Crypto analyst Rekt Capital has dropped a peculiar analysis on when Bitcoin might resume its upward trajectory. According to a post on social media platform X by the popular analyst, Bitcoin could finally exit the “danger zone” in the next two days.

This prediction has come amidst speculations on when and whether Bitcoin would continue a price surge as current price action shows the crypto is now ranging around the $68,000 price level.

Bitcoin Exiting Danger Zone: What Does This Mean?

Bitcoin has been subject to various price outlooks from different crypto analysts in the past few weeks, especially after the recent completion of the halving. While some analysts are predicting a price drop to as low as $52,000, others are still bullish. Rekt Capital’s recent outlook regarding the cryptocurrency puts him among the latter category of analysts who remain bullish.

Rekt Capital’s bullish prognosis regarding Bitcoin seems to be very intriguing, as he’s going by a peculiar term which he called the danger zone. His outlook on the danger zone is based on Bitcoin’s price action in 2016. The cryptocurrency, in his opinion, is currently mirroring its price movement in 2016. 

As he noted in a BTCUSD one-week time frame chart, Bitcoin has largely been in a correction phase after the halving, which he called the re-accumulation range. However, Bitcoin created a wick that extended below the low of the re-accumulation range just like it did in a three-week window after the 2016 halving.

This wick extension refers particularly to Bitcoin’s break below the $60,000 price level early last week as it extended to the $56,000 price mark. According to him, the extension of this week means that Bitcoin has satisfied the Post-Halving danger zone and it could end in just the next two days.

#BTC

Bitcoin indeed downside wicked below the Re-Accumulation Range Low just like in 2016

Thus price-wise, the Post-Halving “Danger Zone” purple has been satisfied

Time-wise however, the “Danger Zone” officially ends in 2 days$BTC #Crypto #Bitcoin https://t.co/5GHCnZrmB1 pic.twitter.com/Qnx9zAevAy

— Rekt Capital (@rektcapital) May 11, 2024

Undoubtedly, Bitcoin’s breakout above this zone means it is now free from a strong move to the downside. From this point, all the roads lead to a price uptick if it continues to mirror the 2016 price action. Although Rekt Capital did not give a particular price target, his chart analysis indicates Bitcoin surging above $180,000, representing a 200% increase from the current price level.

What’s Next For Bitcoin?

At the time of writing, Bitcoin was trading at $60,728 and is down by 4.7% in the past seven days. The crypto is yet to return to the $70,000 price level since early April. It appears as if the supply and demand effect of the halving has yet to be factored into the price of BTC.

Historically, Bitcoin has experienced price surges between six to nine months after past halvings. This means the cryptocurrency could still continue to dilly-dally around $60,000 for some time, giving investors more time to accumulate before a strong price increase. 

Featured image from www.projectmasam.com, chart from TradingView

According to the latest report, the United States Department of Justice (DOJ) has granted the three-year monitorship of Binance to consulting firm Forensic Risk Alliance (FRA). This appointment is part of the exchange’s plea deal with the Justice Department last year.

In November 2023, Binance entered into a plea deal with the DOJ related to money laundering violations, agreeing to pay $4.3 billion in fines and appoint an independent compliance monitor. The company’s co-founder Changpeng “CZ” Zhao also agreed to step down as CEO as part of the deal and was recently sentenced to four months in jail.

Here’s Why DOJ Chose FRA Over Sullivan & Cromwell

Citing anonymous sources, Bloomberg recently reported that Forensic Risk Alliance was given the nod ahead of Wall Street law firm Sullivan & Cromwell to act as an independent monitor for Binance Holdings Ltd. A monitor is tasked with evaluating a company’s practices to eliminate misconduct and establish an effective ethics and compliance program.

Hence, if there is any truth in the latest revelations, London-based FRA will likely be able to access Binance’s internal records and documents, while ensuring that the exchange complies with the plea agreement over three years.

According to the report, New York-based Sullivan & Cromwell (S&C) was one of the front-runners for the monitor role. However, it appears that the controversy swirling around the law firm over its work for the now-defunct FTX exchange might have influenced the DOJ’s decision to go for FRA instead.

As Bitcoinist reported in February, FTX creditors launched a class action lawsuit against Sullivan & Cromwell, accusing the law firm of being complicit in the exchange’s collapse. FTX’s new management has always defended S&C while touting its recovery efforts for the company.

On Wednesday, May 8, FTX announced that its customers would be fully reimbursed for their losses due to the collapse. 

Binance To Pay $4 Million In Canada Due To Compliance Issues

Besides the United States, Binance has been facing significant pressure from regulatory bodies in other countries. Most recently, the world’s largest cryptocurrency exchange was fined $4.4 million (C$6 million) by Canada’s financial regulator, FINTRAC.

FINTRAC charged Binance for failure to comply with money-laundering protections. As reported by Bitcoinist, the company failed to register with the Canadian financial regulator and report large virtual currency transactions.

While Binance’s regulatory woes continue to mount, the exchange has maintained that it is committed to increasing compliance. The recent establishment of the company’s first-ever board of directors appears like a move in this direction.

The US Securities and Exchange Commission (SEC) has filed a countermotion against Coinbase’s rulemaking petition for the crypto industry. In a brief submitted on May 10, the US regulator argues against Coinbase’s request stating there is no need for creating a regulatory framework for crypto assets in place of existing US securities laws.

Coinbase Rulemaking Request Without Cause – SEC

In July 2021, Coinbase filed a request with the SEC demanding they conduct rulemaking to establish a new set of regulations to guide the use and operations of cryptocurrencies. The SEC denied this request stating that the existing securities laws were sufficient for the crypto markets among other reasons. 

This action prompted the American exchange to file a petition with the US Third Court of Appeals seeking an order that forces the Commission to undertake the requested rulemaking. In response, the US regulators have approached the US court stating there are no current conditions that require the formation of this new regulatory framework. 

In supporting its case against Coinbase, the SEC stated that its application of the existing security regulations has occurred for decades and cannot be categorized as a “sweeping new authority”. The Commission also said that it has never changed its stance on its authority over crypto assets, thus creating new regulations was unnecessary. 

Furthermore, the US regulators argued that its law enforcement actions against crypto-related businesses do not demand a rulemaking process but rather validate the effectiveness of the current securities laws. 

A statement from the brief read:

That the Commission has brought crypto-asset-security-related enforcement actions does not require the Commission to grant the rulemaking petition. To the contrary, in authorizing those enforcement actions, the Commission necessarily determined that the agency could assert claims under existing law. And the courts presiding over those cases have agreed, an objective judicial assessment that cannot be squared with Coinbase’s protestations that those enforcement actions are an unauthorized “power grab” and an act of agency “self-aggrandizement.”

In addition to this, they countered Coinbase’s claim of not getting a “reasonable explanation” for the denial of the rulemaking petition as they provided the exchange a “brief statement” on the subject matter.

Crypto Market Overview

In other news, the total crypto market gained by 0.19% in the last day and is now valued at $2.25 trillion. Most major assets recorded only slight gains across the board with Solana (SOL) and Binance Coin (BNB) leading with gains in the 1% margin. Meanwhile, Bitcoin, the market leader, continues to trade at $60,980.5, following a disappointing decline in which it fell by 3.71%. 

Sam Bankman-Fried (SBF), the once-revered wunderkind of the cryptocurrency world, has traded his penthouse for a prison dorm. Following his conviction for orchestrating a multi-billion dollar fraud at FTX, Bankman-Fried is facing a harsh reality far removed from his former life of luxury.

SBF Subsists On Rice And Retro Games

A recent interview conducted within the walls of the Metropolitan Detention Center (MDC) Brooklyn paints a stark picture of SBF’s new normal. Gone are the days of lavish meals and bespoke suits.

Here, he shares a dormitory with 35 fellow inmates, surviving on a diet primarily of rice and beans procured from the prison commissary – a place where bartering skills are just as valuable as cash.

In his first jailhouse interview with Puck News, the 32-year-old fallen crypto king stated that rice “has become one of the currencies of the realm within MDC.”

While the interview depicts the former billionaire attempting to adjust by watching movies and playing video games, the shadows of his past and the uncertainties of his future loom large.

First photo of Sam Bankman-Fried in jail at MDC Brooklyn. (December 17, 2023) pic.twitter.com/QlENjjmeQG

— Tiffany Fong (@TiffanyFong_) February 20, 2024

Sam Bankman-Fried Blames Market Forces, Not Fraud

Despite his conviction, Sam Bankman-Fried maintains his innocence. He blames a combination of unfortunate market conditions and “poor legal advice” for the catastrophic collapse of FTX.

In his narrative, the company’s downfall was a tragic consequence of a liquidity crisis, exacerbated by a bank run and the machinations of competitors. He asserts his belief that FTX could have been saved had he remained at the helm.

The interview also reveals a hint of finger-pointing towards Caroline Ellison, his former romantic partner and co-conspirator at Alameda Research. SBF claims he reluctantly placed her in charge due to pressure from lawyers concerned about conflicts of interest. However, he maintains he was unaware of any illegal activity taking place.

Sam Bankman-Fried Appeals Conviction, Vowing To Clear His Name

SBF isn’t going down without a fight. The 25-year prison sentence he received is far from the end of the story. His legal team is currently preparing an appeal, arguing the conviction was based on an incomplete picture and a rushed bankruptcy process.

They point fingers at Sullivan & Cromwell, FTX’s former legal counsel, alleging undue influence and a role in unfairly targeting Sam Bankman-Fried. Only time will tell if these appeals will succeed, but it’s clear SBF is determined to clear his name.

The Fallout From FTX: A Crypto Winter And Regulatory Chill

The ripple effects of FTX’s collapse continue to reverberate throughout the cryptocurrency industry. The exchange is currently auctioning off assets in a desperate attempt to repay creditors and users who lost millions in the fallout.

FTX’s once-bright future has been overshadowed by accusations of fraud and mismanagement, leaving investors wary and the entire crypto market facing a period of uncertainty.

Furthermore, the FTX debacle has triggered a global wave of regulatory scrutiny. Governments worldwide are scrambling to implement stricter frameworks to prevent similar disasters from happening again.

Featured image from Bankless, chart from TradingView

The Shiba Inu community has been abuzz with excitement following a groundbreaking announcement by the SHIB team. For the first time in history, community members will interact with the team behind the meme coin’s social media account. This event will feature updates on the ecosystem’s ongoing developments and offer insights into Shiba Inu’s early days.

SHIB Unleashes Epic Event For Community

On May 9, the Shiba Inu team initiated a momentous event following an announcement which extended a warm invitation to all Shib army members on X (formerly Twitter).

In the post, the team disclosed that it would be orchestrating an exclusive event where the mysterious individual behind the popular Shib Token X account, with over 3.8 million followers, will share stories about Shiba Inu from its developmental stages alongside stories about its anonymous creator, Ryoshi.

This special event marks a historic moment in the Shiba Inu ecosystem, as it signals the first time the individual behind the Shib Token X account would be venturing into Twitter spaces to address community members. 

Additionally, the event comes as a major step in the Shiba Inu community, as it could establish new avenues for communication, engagement and collaboration within the ecosystem. Moreover, it would foster transparency within the community, allowing members to have a closer connection to the Shib team. 

Speaking at the event, K9 Finance Decentralized Autonomous Organization (DAO), Shib’s partner and a validator of the Shibarium network, revealed that it would be hosting the voice chat.

While extending invitations to other prominent SHIB members to join the X space, the host introduced the main attraction of the event, the speaker behind the Shib token account. 

The whole event primarily featured a question and answer session centered on the individual behind the Shib token account. When asked how he ventured into Shiba Inu, the SHIB token speaker revealed encountering Ryoshi via Telegram. This connection occurred when the Shiba Inu creator was seeking someone with web development skills. 

Offering his expertise as a web developer to Ryoshi, the Shib Token speaker disclosed that he had played a vital role in developing the Shiba Inu community via Telegram and X. Additionally he revealed that from the onset with Ryoshi, Shiba Inu had embraced a community-centric approach, striving to unite millions of people under one innovative crypto project. 

He also unveiled that a pivotal moment within the Shiba Inu ecosystem occurred when SpaceX and Tesla Chief Executive Officer (CEO), Elon Musk tweeted about Dogecoin. The Shib token speaker disclosed that after Musk’s tweet, Shiba Inu had garnered substantial recognition, especially since it had been dubbed the “Dogecoin Killer.”

Shibarium: A Long Way To Go

When asked about his assessment of the current state of the Shibarium ecosystem and whether it is developing to the expectations of Ryoshi. 

The Shib token speaker disclosed that Shibarium has achieved significant milestones, especially in terms of community engagement and development. However, he emphasized that Shibarium was still in its early stages and still had a long way to go before reaching its full potential. 

He also commended the ongoing projects and progress the network has made, driven by the dedication and efforts of developers and builders within the ecosystem. 

Featured image from Reddit, chart from TradingView

Dogecoin now finds its current price movement moving with a peculiar lack of action. In this case, the lack of action points to low volatility, especially in the last few days. Notably, on-chain data from IntoTheBlock has revealed that the crypto is now at its lowest point in the last 30 days.

In the crypto world, low volatility typically means lower interest from short-term speculators and traders, which in turn could lead to DOGE trading in a sideways movement in the short term.

Volatility Points To Stagnant Price Action

At the time of writing, DOGE is trading at $0.1430 and is down by 5.22% in the past 24 hours. This decline has seen the meme coin reversing some of its gains earlier in the week. Interestingly, this reversal and failure to keep up its price gains means DOGE has largely bounced between the upper end of $0.172 and the lower end of $0.12 since the middle of April.

According to the data from IntoTheBlock, this sideways movement can be attributed to a lack of volatility from the meme coin. 

DOGE’s price action is primarily influenced by a limited number of factors, given its meme coin status and lack of a clearly defined real-world utility. One of these factors involves the movements of whales, while another is the increased demand fueled by trader hype. This surge in demand, in turn, leads to heightened volatility and a quick increase in prices. 

On the other hand, when a crypto like Dogecoin experiences a period of low volatility, it usually means the price isn’t moving up or down very much.

In other words, the market has temporarily reached an equilibrium. During these lulls, the Dogecoin price tends to move sideways, trading within a narrow range. The low volatility indicates a lack of strong sentiment in either direction. Neither the bulls nor the bears have taken control, so the market is indecisive.

What’s Next For DOGE?

At the time of writing, DOGE could continue trading around the $0.14 price level in the coming days. The crypto is also at risk of revising $0.12 at the downside if the $0.14 support level fails to hold. However, DOGE is still one of the largest cryptocurrencies by market cap, meaning this period of low volatility could end as soon as it began. 

A factor that could return bullish momentum is the recent reports of Tesla adding Dogecoin as a payment method according to a FAQs section on the company’s official website.

The lackluster action presents a good opportunity for Dogecoin traders to load up their holdings while anticipating a price increase in the longer term.

Featured image from Pinterest, chart from TradingView

Crypto founder Matthew Dixon has made a bullish case for XRP, highlighting the factor that will cause the crypto token to experience that parabolic rise. A price rally for the crypto token looks well overdue, considering how it has continued to lag behind the broader crypto market. 

This Event Will Awaken The “Sleeping Giant” XRP

Dixon, the Chief Executive Officer (CEO) of the crypto ratings platform Evai, mentioned in an X post that a weaker consumer price index (CPI) data next week “should awaken the sleeping giant and propel XRP higher.”

There is the feeling that the CPI inflation data, set to be released on May 15th, could come in lower than expected, which Dixon believes will be positive for XRP’s price. 

This is because lower-than-expected inflation data suggests that inflation in the US is cooling off. If so, the Fed could become open to lowering interest rates, which is good for crypto assets like XRP, as investors will be more willing to invest in risk assets when interest rates are lower. 

Dixon is known to be an ardent supporter of XRP and has continued to show optimism that XRP’s current impressive price action will soon be a thing of the past.

From the chart he shared, the crypto founder hinted at XRP rising to around $0.62 when it makes a price rally. However, other crypto analysts have given more bullish predictions for XRP in the short term. 

One is crypto analyst Jonathan Carter, who recently predicted that XRP could rise as high as $1.68 soon enough. Unlike Dixon, Carter came from a technical analysis perspective, noting a symmetrical triangle formed on XRP’s chart. He claimed a successful breakout above the triangle could send XRP’s price to $1.68. 

Meanwhile, crypto analyst Egrag Crypto predicted that XRP could rise to a new all-time high (ATH) soon enough, stating that a significant pump to $5.89 was on the cards. 

XRP Will Eventually Make That Parabolic Breakout 

Egrag mentioned in an X (formerly Twitter) post that XRP bulls will ultimately emerge victorious in their fight against the bears. He made this statement while revealing that there have been two bullish candles and two bearish candles (on the weekly charts) since XRP experienced a price dump on April 8th. Egrag further claimed that a weekly close above $0.57 is bullish, while a close below $0.50 is bearish and “could break the structure.”

Whatever happens, the crypto analyst is confident that XRP will eventually make that parabolic breakout. Most of Egrag’s followers also seem confident about that happening, as over 60% of the people who participated in a poll Egrag put out voted yes in support of the idea that XRP will not miss out on this bull run.  

Featured image from 4-Star Electric Ltd, chart from TradingView

Despite the current downturn of the crypto market, PEPE coin has been one of the tokens that is still holding strong as its price is still trading above the 100-day Simple Moving Average (SMA) and the trendline.

The token whose total liquidity is valued at over $38 million and a 24-hour trading volume of over $4.9 million once dropped below the moving average, touched the trendline, and is currently trending above the moving average once again.

As of the time of writing, PEPE is still trending above both the 100-day SMA and the trendline. The price is currently trading at $0.00000872, indicating about 3.57% increase in the last 24 hours.

Technical Indicators Reveal Signs Of Continued Upward Movement For PEPE

4-hour RSI Indicator: Looking at the Relative Strength Index (RSI) indicator from the 4-hour timeframe, it can be observed that the RSI line is trending above the 50 level. This indicates the price is still bullish at the moment. Also, there is a divergence between the price action and the RSI line as indicated by the red lines in the image, which suggests a future potential drop in price.

4-hour MACD: Looking at the formation of the MACD indicator from the 4-hour timeframe in the above image, we can also see that both the MACD line and the signal line crossed above the MACD zero line suggesting a continuation of the uptrend. On the other hand, the MACD histogram is already trending above the MACD zero line, suggesting that the price of PEPE is still bullish.

4-hour Alligator: A look at the alligator indicator from the 4-hour time frame shows that the price of PEPE is trading above the alligator lines as the alligator lip and teeth are both above the alligator jaw. It can also be observed that the price dropped below the alligator line and then moved above the lines again, suggesting that the price might continue to move in the upward direction.

Final Note

Currently, the price of PEPE is moving toward the resistance level of $0.00000916 and if it manages to break past this level, it might move further up to retest its all-time high.

On the contrary, if the price fails to break above this resistance level, it will start to move downward toward its previous support level of $0.00000756. And if it breaks below the support level, it might even move further towards the $0.00000591 support level.

American billionaire Mark Cuban has criticized Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), in regards to the agency’s forceful regulatory approach towards the crypto industry. The highly esteemed television personality and crypto advocate has also emphasized the need for clear crypto legislation in a direct message to the US Congress.

Gensler Offers No Protection Against Fraud, Cuban Says

On Friday, Mark Cuban, while commenting on the upcoming US Presidential elections, expressed the importance of proposed government policies on digital assets in swaying voters’ minds. To this end, he issued some statements on regulations in the US crypto space. 

Firstly, the billionaire laid into SEC Chairman Gensler, stating the commission’s enforcement actions against cryptocurrency-related businesses have “not protected a single investor against fraud”. Rather, Cuban claims that Gensler’s crackdown operations have created an unfavorable environment leading to the elimination of many legitimate crypto businesses.

For context, the SEC under the leadership of Gary Gensler has launched lawsuits against several crypto companies alleging charges of fraud, and unregistered securities sale among others. Notably, the US regulator is in multiple legal battles with crypto heavyweights including Ripple, Coinbase, Binance, and Huobi. etc. 

Mark Cuban views the SEC’s attempts to regulate the US crypto space as harmful which could play a pivotal role in the coming election as the Billionaire describes digital assets to be quite popular with younger US voters.

Congress Must Act Now – Mark Cuban

In more comments on the US Presidential elections, Mark Cuban has issued an alert to the US Congress stating that “Crypto voters” will be looking to express their voices at the polls. The billionaire is urging the current US legislators to create legislation that provides a clear meaning of registration unique to the crypto industry.

The US House of Representatives is expected to vote on two crypto bills in the next two weeks. These bills include the  Financial Innovations and Technology for the 21st Century Act and the CBDC Anti-Surveillance State Act.

According to Fox Journalist Eleanor Terrett, there are plans to present both bills together for debate and consideration. Meanwhile, Mark Cuban has also suggested the US Congress allocate “all crypto” regulatory business to the Commodities Future Trading Commission (CFTC). 

Such legislation will end the current battle of regulatory control between the SEC and CFTC over the US crypto space.  Cuban appears resolute in the choice of the CTFC claiming they seem to “actually know what they are doing.”

Total crypto market cap valued at $2.194 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

The United States Securities and Exchange Commission (SEC) has responded to Coinbase’s recent motion, as the legal battle between the regulator and the prominent cryptocurrency exchange heats up. The US-based exchange filed an interlocutory appeal in April after a judge denied its request for case dismissal.

In June 2023, the SEC sued Coinbase, the largest crypto exchange by trading volume in the United States, for operating as an unregistered securities exchange, broker, and clearing agency. In the latest development, the SEC has asked the court not to allow the exchange to appeal.

No Substantial Ground For Difference In Opinion: SEC

On Friday, May 10, the Securities and Exchange Commission submitted its response to Coinbase’s recent interlocutory appeal. The US financial regulator argued that the exchange’s motion should be denied irrespective of “which version of the question for certification Coinbase proposes.”

In its motion for an interlocutory appeal, the exchange claimed that there is a “substantial ground for difference in opinion” about the application of the Howey Test, which is used to determine if an asset qualifies as an investment contract and security. The SEC addressed this in its filing, saying:

More broadly, it is clear that Coinbase does not like Howey and the current framework for securities regulation, having decided to arrange its business affairs in ways that may make it costly to comply with existing law. But Coinbase’s decision to do so, and its desire to rewrite settled, decades old legal precedent to fit its own policy goals and business needs provides no compelling reason to prematurely certify an appeal in this case.

Judge Katherine Polk Failla, who denied Coinbase’s motion to dismiss the SEC’s charges, will have to rule on the motion for interlocutory appeal. If she approves the request, then the exchange will be able to send the motion to the US Court of Appeals for the Second Circuit.

“Let’s Have An Honest Conversation” – Coinbase CLO Responds

Paul Grewal, Coinbase’s chief legal officer (CLO), took to the X platform to tackle the SEC’s response to the interlocutory appeal motion. Grewal called out the regulatory agency for contradicting its legal arguments in similar cases.

Today @SECGov filed its response to our request to file an interlocutory appeal with the 2nd Cir. The Commission couldn't help contradicting its own arguments for the same kind of appeal in Ripple. Here's just example–compare what they said before to what they say now. 1/3 pic.twitter.com/LkbXefV07N

— paulgrewal.eth (@iampaulgrewal) May 10, 2024

Specifically, the CLO highlighted the differences in the SEC’s argument in a similar appeal in its case against Ripple. Grewal added: 

Let’s at least have an honest conversation. Forget about a split across agencies, circuits and elsewhere. There’s not even a consensus about Howey and digital assets among the district judges in the same courthouse at Foley Square.

While this latest motion and a potential interlocutory appeal might prove pivotal in this legal showdown, it remains to be seen how this case will play out. Moreover, the US SEC and Coinbase have other ongoing court battles, most notably the exchange’s lawsuit against the commission for failing to provide regulatory clarity.

In a notable development highlighting the increasing interest of traditional financial institutions in Bitcoin (BTC), Wells Fargo, the third-largest bank in the United States, has revealed its exposure to spot Bitcoin ETFs. 

The US Securities and Exchange Commission (SEC) approved the regulated index funds in January, allowing institutions like Wells Fargo to invest in the largest cryptocurrency in the market. 

This move signifies a significant entry into the Bitcoin market for the bank, as spot Bitcoin ETFs provide a regulated investment vehicle for institutional investors seeking exposure to Bitcoin’s price movements without directly owning the asset.

Wells Fargo And BNY Mellon Invest In Bitcoin ETFs

According to a recent filing, Wells Fargo holds positions in various spot Bitcoin ETFs. The bank has invested in Grayscale’s spot Bitcoin ETF, the Grayscale Bitcoin Trust (GBTC), ProShares Bitcoin Strategy futures ETF, and shares in Bitcoin Depot Inc. 

Wells Fargo’s disclosure follows a growing trend among major banks and traditional asset managers investing in spot Bitcoin ETFs. As reported by Bitcoinist, the Bank of New York Mellon Corporation (BNY Mellon), one of the oldest and largest banks in the US, has also revealed its investments in Bitcoin ETFs managed by BlackRock and Grayscale. 

BNY Mellon’s engagement with Grayscale involved purchasing shares of Grayscale’s Bitcoin Trust, while its involvement with BlackRock’s IShares Bitcoin Trust (IBIT) included acquiring shares of the ETF. These investments, though symbolic in size, highlight the bank’s recognition of Bitcoin’s potential as an asset class.

BlackRock And Fidelity Surpass $10B In Assets In Record Time

The rapid growth and adoption of Bitcoin ETFs are notable. Bloomberg ETF expert Eric Balchunas pointed out that before the introduction of Bitcoin ETFs, the record for an ETF to reach $10 billion in assets was held by the JPMorgan Nasdaq Equity Premium ETF (JEPQ), which took nearly three years. 

However, BlackRock’s IBIT achieved this milestone in 49 days, while Fidelity’s FBTC ETF accomplished it in 77 days. These ETFs have also demonstrated strong trading volume and inflows, indicating the growing interest and demand for Bitcoin investment products.

In sum, Wells Fargo’s disclosure of exposure to spot Bitcoin ETFs highlights the increasing involvement of traditional banks in the cryptocurrency market. As more institutions recognize the potential of Bitcoin and seek regulated investment vehicles, spot Bitcoin ETFs have emerged as an attractive option. 

Currently, the largest cryptocurrency in the market, Bitcoin, is trading near the critical resistance level of $61,000, which holds significant importance for the potential growth of BTC.

However, recent market movements have resulted in Bitcoin retracing its gains from the weekend, with a 1.2% price decrease observed over the past seven days. This decline has impacted the cryptocurrency’s short-term performance. 

Featured image from Shutterstock, chart from TradingView.com 

While Ethereum struggles to regain the Q1 2024 momentum, currently tethered close to the psychological $3,000 level, one trader remains bullish.

Taking to X, the analyst posts several reasons to negate concerns by skeptics even with the coin trading 30% from March 2024 highs when prices broke above $4,000. By this take, doubts about future gains could be unfounded as they paint an overly pessimistic outlook for the second most valuable cryptocurrency. 

Ethereum Is Under Pressure: Here’s Why

Ethereum is in a bearish breakout formation at press time following sharp losses in mid-April. Although there are hints of strength, the rejection from $2,800 wasn’t enough to assuage fears. 

As prices range within a $500 zone capped at $2,800 and $3,300, bulls have a chance, though sellers could also press lower, continuing the losses of April.

There are multiple reasons to support the bearish forecast. Some investors, the analyst observes, are still hesitant to get exposure to ETH because of Bitcoin and its swelling layer-2 ecosystems. 

The launch of the Runes Protocol saw activity flow to Bitcoin, pushing transaction fees on the world’s most valuable network. Trading fees have fallen, as seen on YCharts on May 10.

Beyond this, there are concerns that the United States Securities and Exchange Commission (SEC) might classify ETH as a security, leading to stricter regulations. Moreover, Solana, a modern high-throughput blockchain, is seen as a stiff competitor considering its surge in activity, mostly from meme coin projects. 

Analyst: Here’s Why ETH Will Rise

Though the threat from Solana and other low-fee and scalable platforms, on top of the United States SEC concerns, is real, the analyst is upbeat. Explaining in a bid to dismantle cause for worry, the analyst dismisses the Bitcoin layer-2 ecosystem as “trash.” Though popular, the analyst thinks it will always be inferior to Ethereum’s in functionality and practicality. 

Beyond this, the analyst adds that though the United States SEC threat exists, it’s unlikely to be successful. Even if it is, powerful political and economic forces like Wall Street will continue to support Ethereum’s growth.

Thus far, Wall Street players like BlackRock have expressed interest in issuing spot Ethereum exchange-traded funds (ETFs), which has boosted confidence.

Related Reading: XRP Ledger Validator Launched By Japanese Financial Titan: Details

Moreover, the analyst downplayed Solana’s strengths, suggesting its scalability and growth might be exaggerated.

Specifically, the analyst noted the existence of equally superior layer-2 scaling solutions for the Ethereum-like Base. From a security perspective, Solana also has limited client diversity, negatively impacting the network reliability. 

BlockFi, a centralized crypto lender, recently shut down its web platform and selected Coinbase as its distribution partner for customer fund withdrawals. The move comes as BlockFi aims to ensure a swift transition for eligible customers following the closure of its platform.

BlockFi Selects Coinbase As Exclusive Partner

According to the company’s press release on the matter, eligible BlockFi clients will have the option to access their crypto withdrawals via Coinbase after the withdrawal request deadline of April 28, 2024. 

Crypto-eligible customers who missed the withdrawal deadline or did not complete an identity verification request by Friday, May 10, will have their assets made available for withdrawal in kind if they create or already have an open and approved Coinbase account. If clients choose not to create an approved Coinbase account, their in-kind distribution may be liquidated to cash as planned.

It should be noted that the crypto lender will exclusively collaborate with Coinbase for crypto distributions and advises clients to remain cautious of potential scams from unauthorized third parties targeting BlockFi clients.

Furthermore, the BlockFi web platform will be permanently shut down in May 2024. The exact date will be communicated separately to clients in the upcoming weeks. 

To ensure the preservation of their transaction history, tax forms, and other important data, BlockFi encourages all clients to download the required information from the platform before the shutdown date. 

Distributions Underway For Wallet Holders

BlockFi’s decision to shut down its web platform follows its filing for Chapter 11 bankruptcy protection in the US District of New Jersey. The company faced challenges due to the collapse of the Three Arrows Capital (3AC) hedge fund, which impacted its operations. 

However, BlockFi has been actively working to recover funds from FTX and other counterparties, including reaching an agreement with the bankrupt crypto exchange and Alameda Research estates to settle substantial claims.

According to the crypto lender’s founder Zac Prince, BlockFi’s focus remains on recovering as much value as possible for its clients despite the bankruptcy proceedings. 

Prince suggests that distributions have already occurred for BlockFi wallet account holders, with interest account clients expected to receive distributions once funds are recovered from the FTX estate. 

With the ongoing estate distributions and positive trends in FTX estate recoveries, the lender’s founder has expressed a sense of closure and is ready to embark on new professional endeavors. 

Having kept a significant amount of personal crypto at the company, Prince states that he relinquished recovery rights to increase the recovery pool for clients and has committed to providing ongoing unpaid cooperation to support the BlockFi estate.

Featured image from Shutterstock, chart from TradingView.com 

The landscape of the United States’ cryptocurrency industry is embroiled in a fierce showdown between the Biden administration and industry stakeholders, with far-reaching implications for both the sector’s future and the nation’s political dynamics.

Hoskinson’s Warning: A Vote Against Crypto

Leading the charge against Biden’s stance is Charles Hoskinson, founder of Cardano, who minced no words in expressing his dismay. In a passionate social media post, he accused the administration of seeking to dismantle the American cryptocurrency industry.

Hoksinson claims:

“A vote for Biden is a vote against cryptocurrencies.”

Hoskinson’s warning resonates deeply within the crypto community, with many echoing his concerns about the potential ramifications of US President Joe Biden’s policies.

Biden’s Stance Sparks Industry Outcry

There’s optimism for the cryptocurrency industry now that the US House of Representatives has passed a historic resolution that aims to reverse SEC crypto recommendations.

This breakthrough was clouded, meanwhile, by Biden’s unwavering adherence to an anti-crypto stance. His threat to veto any law that supports cryptocurrency has sparked a firestorm of opposition from powerful industry players.

Biden Vs. Trump: Contrasting Visions

The stark contrast between Biden’s approach and that of his predecessor, Donald Trump, is impossible to ignore. While Biden doubles down on his anti-crypto stance,

Trump emerges as a vocal advocate for the industry. Trump’s recent endorsement of cryptocurrencies and criticism of Biden’s understanding of digital assets further fuel the political rivalry between the two camps.

Global Competition And Brain Drain

Hoskinson’s concerns extend beyond the immediate impact on the US crypto industry. He warns that Biden’s policies could drive talent and innovation out of the country, potentially handing a competitive advantage to rivals like China. The specter of a brain drain looms large, as the US risks ceding its position as a global leader in crypto innovation.

Political Implications And Public Opinion

As the crypto industry grapples with regulatory uncertainty, the political implications of Biden’s stance cannot be overstated.

With elections on the horizon, Trump positions himself as the pro-crypto candidate, capitalizing on Biden’s perceived hostility towards the industry. While crypto policy may not be a top priority for most voters, the issue has the potential to sway opinion in key battlegrounds.

Congressional Override And Trump’s Campaign

Despite Biden’s veto threat, there remains a glimmer of hope for the crypto industry. The US Constitution grants Congress the power to override a presidential veto with a two-thirds majority vote, offering a potential pathway for pro-crypto legislation. Meanwhile, Trump’s campaign’s acceptance of cryptocurrency donations further underscores the stark divide between the two parties on this issue.

Featured image from Joe Biden/X, chart from TradingView

A crypto analyst has predicted a mega-bullish rally for the XRP price, the native token of the XRP Ledger (XRPL). Using trend lines, a technical analysis tool used to identify the direction in which a cryptocurrency’s price is moving, the analyst has projected a breakout to $250. 

Analyst Predicts XRP Is About To Go Parabolic

A crypto analyst identified as “The Block Bull,” on X (formerly Twitter) has shared a blueprint of XRP’s price action during this market cycle. The analyst has identified crucial junctures for XRP, including anticipated break-out points, interim peaks and the transition into a bear market as the market cycle completes. 

He has projected that XRP could rise to $250 during this bull cycle, potentially experiencing a 46,900% surge by year-end, with the momentum extending into 2025.

Sharing a chart depicting XRP’s price movements from 2015 to 2024, the crypto analyst noted several super cycles XRP had experienced. He revealed that XRP had witnessed a breakout in 2018, occurring 36 weeks after the Bitcoin halving and concluding after 77 weeks.

During the second Bitcoin halving in 2021, the crypto analyst revealed that XRP also underwent another breakout within 36 weeks, reaching an interim peak 48 weeks after Bitcoin halving. Based on this time analysis of the XRP price, The crypto pundit projects a parabolic surge in XRP’s price in the present market cycle, potentially leading to a breakout 36 weeks after the Bitcoin halving event on April 20, 2024.  

The Block Bull foresees the possibility of XRP experiencing a breakout akin to previous cycles, with a potential interim peak 48 weeks after the Bitcoin halving, specifically on March 24, 2025. Additionally, he suggests that XRP could transition into a bear market phase by October 2025, likely within the first or second week of the month. 

XRP Price Update

Currently, 20 days after the 2024 Bitcoin halving event, XRP’s price is trading at $0.51, marking a monthly price decrease of 15.90%, according to CoinMarketCap. The cryptocurrency has failed to witness a significant rally, despite the market’s overperformance at the beginning of the year. 

While The Block Bull has maintained an optimistic outlook for XRP’s price trajectory in the 2024 bull cycle, several community members hold divergent views. A crypto member who criticized the analyst’s ambitious price target, argues that a more conservative rise to $1 for XRP seems more plausible than a dramatic surge to $250 by the end of the year.

Others have outrightly dismissed the $250 price prediction, highlighting the prevailing pessimism within the broader crypto community concerning the XRP’s price fundamentals. Since the legal clash between Ripple and the United States Securities and Exchange Commission (SEC), the XRP price has declined significantly, struggling to regain its past momentum.

The cryptocurrency has also been consolidating around the $0.5 price point for months, disappointing most XRP investors and holders who hope for a potential price surge to new all-time highs. 

Jack Dorsey, the former CEO of Twitter and a well-known figure in the tech and cryptocurrency sectors, recently shared his view that Bitcoin could reach $1 million by 2030.

His prediction is part of a broader bullish outlook on the pioneer cryptocurrency, suggesting that its value could continue to climb even after hitting this milestone.

Dorsey’s comments came during a detailed discussion about the future of digital currencies and his own experiences in the industry.

Dorsey’s Vision: Beyond Bitcoin’s Price

Dorsey’s enthusiasm for Bitcoin extends beyond its potential price appreciation. In the interview with Pirate Wires, he expressed a deep appreciation for the Bitcoin ecosystem, noting that it has been a significant source of learning for him.

According to Dorsey, the collaborative and open nature of the Bitcoin community means that efforts by any individual to improve the network or engage with it positively can lead to broader benefits for all participants. This aspect of Bitcoin, as much as its price potential seems to captivate him.

Dorsey particularly noted:

The most amazing thing about Bitcoin, apart from the founding story, is anyone who works on it, or gets paid in it, or buys it for themselves — everyone who puts any effort in to make it better — is making the entire ecosystem better, which makes the price go up.

In the same conversation where he discussed Bitcoin’s future, Dorsey also touched on his reasons for departing from BlueSky, the alternative social media platform he helped to co-found after leaving Twitter.

He criticized BlueSky for what he sees as its deviation from the original vision of decentralization, noting that the platform has started to mirror traditional corporate structures with its focus on venture capital and a formal board of directors.

This shift, according to Dorsey, contradicts the ethos of “decentralization and open-source protocols” that he aimed to champion. Dorsey’s critique extends to the broader tech industry’s approach to developing and managing digital platforms.

He believes that many of the mistakes made by Twitter are being repeated by BlueSky and others, particularly when it comes to governance and the balance between open protocols and corporate control.

His views highlight a tension within the tech world between the push for innovative, user-driven platforms and the pull of traditional business models.

Bitcoin Market Movements And Broader Predictions

While Dorsey has put forward a long-term view of BTC reaching $1 million, the crypto is currently trading above the $62,000 mark, showing a steady increase of 2.5% in the past 24 hours and 3.7% over the past week.

These movements are part of a wider trend that has seen various experts put forward optimistic forecasts for Bitcoin’s price trajectory.

For example, Tom Lee of Fundstrat has predicted that Bitcoin could rise to $150,000 by the end of the year, citing the launch of several spot Bitcoin ETFs as a key development that simplifies crypto investments for mainstream audiences.

Lee’s bullish stance is supported by his belief that the current crypto bull cycle is far from over, despite recent price dips and inflation concerns.

Further supporting this optimistic outlook, Standard Chartered’s research notes suggest that Bitcoin could reach $150,000, while Ethereum could hit $8,000 by the end of 2024. These projections reflect a growing consensus among financial analysts that major digital assets have substantial room to grow.

Featured image from Unsplash, Chart from TradingView

The November US elections could become a major event for the crypto industry as the government’s crackdown on the sector has created an unclear and uncertain landscape for investors and businesses.

As such, voters and crucial figures are taking presidential and congressional candidates’ stances on the sector as a defining factor to consider. Recent reports revealed a nonprofit organization has launched a new Political Action Committee (PAC) to support industry-friendly politicians running for Congress.

Raising Funds For Pro-Crypto Candidates

On Friday, Reuters reported on Stand With Crypto’s newly launched project to raise money to endorse crypto-friendly politicians running for this November elections.

Stand With Crypto is an advocacy group started by Coinbase in 2023 and operates as a 501(c)(4) nonprofit, according to its website. The organization has nearly 450,000 members and “champions for clear, common-sense regulations for the crypto industry.”

Stand With Crypto’s PAC seeks to raise money for a bipartisan slate of candidates running in the House of Representatives and the Senate and put those who support cryptocurrencies and blockchain in office.

Nick Carr, the chief strategist of the nonprofit organization, told Reuters “The goal is to endorse candidates and support candidates that are protecting the rights of our advocates (…) throughout November.”

The PAC’s endorsements include Jim Banks, a Republican running for Senate in Indiana; Jim Justice, a Republican running for Senate in West Virginia; Troy Downing, a Republican running to represent Montana’s Second District; Shomari Figures, a Democrat running to represent Alabama’s Second District; and Eddy Morales, a Democrat running to represent Oregon’s Third District.

According to the news outlet, other crypto super PACs like Fairshake, Defend American Jobs and Protect Progress have raised more than $110 million during this election cycle. Supper PACs differentiate from Stand With Crypto’s PAC because they can receive unlimited-sized donations but can’t coordinate with campaigns directly.

A recent report by Public Citizen found that over half the money raised by most of these super PACs comes directly from corporate expenditures like Coinbase and Ripple Labs. The rest of the funds have been donations from billionaire executives and venture capitalists, including founders of VC firm Andreessen Horowitz, the Winklevoss twins, and Coinbase CEO Brian Armstrong.

Industry’s Role In Politics

Super PACs like Defend American Jobs claim that the industry already plays a role in this election cycle. The organization felt victorious after four endorsed candidates won the Indiana primaries on Tuesday, including Jim Banks, and Mark Messmer, a Republican running to represent the state’s Eighth District.

However, the industry’s involvement in this electoral campaign has faced some scrutiny by US regulators. During FTX founder Sam Bankman-Fried trial, prosecutors alleged that SBF had used his customers’ funds to donate over $100 million to US political campaigns, which raised concerns.

Despite this, crucial figures in the industry continue to advocate for a clearer and more friendly regulatory framework in the country. The US House of Representatives recently passed a bill to the Senate to nullify some policies by the Securities and Exchange Commission (SEC).

Ultimately, politicians have greatly criticized the SEC’s “overreaching” actions against the crypto industry. US Senator Cynthia Lummis and Chair of the Financial Services Committee Chairman Patrick McHenry have expressed their concerns about the regulator’s “unnecessary” crackdown on the sector on different occasions, calling for a better and less aggressive landscape in the US.

Dogecoin holders are accumulating DOGE tokens amidst the recent price dip from $0.1686 to $0.1423. DOGE recently went on a price surge to cross above the $0.168 price level on May 6 to push 5.21 million addresses into profitability. However, the cryptocurrency reversed and went on a little correction throughout May 7. According to on-chain data from Santiment, large DOGE holders capitalized on this drop and added around 265.86 million DOGE tokens to their wallets. 

Whales Accumulating DOGE

According to data from Santiment, an on-chain analytics platform, DOGE addresses holding between 100 million to 1 billion DOGE recently saw their cumulative holdings increase by 1% on May 7 to reach 21% of the total supply. Interestingly, the number of tokens held by this cohort of traders increased by 265.86 million DOGE, worth approximately $41.2 million. This increase, when compared to their holdings a day before, indicated a notable change from a previous 342 million DOGE outflow from large holders. 

Recent on-chain data suggests that this accumulation from exchanges is still ongoing. Interestingly, data from Whale Alerts indicated an example of an accumulation of 120 million DOGE tokens worth $18 million from crypto exchange Robinhood in the last few hours. This continued accumulation suggests that a few whales are still in bullish sentiment for DOGE and are positioning themselves for when their bullish outlook eventually materializes. 

Why Does This Matter For Dogecoin?

Whale movement and sentiment are essential for any cryptocurrency, particularly for a meme token like Dogecoin, whose value is mostly driven by hype and market sentiment and not by a demand for its utility. These whales typically move the market, and an accumulation or selloff from a few large traders could change the sentiment of other investors. 

At the time of writing, DOGE is trading at $0.1516. The price correction between May 6 and May 9 seems to have ended after bouncing off at the $0.143 level. Currently, DOGE is up by 3% in the past 24 hours and 14% in the past seven days. Consequently, this shows that the accumulation may have contributed to a bullish effect on the price of DOGE.

On a larger timeframe, the $0.143 price level is a strong support level for DOGE. The recent bounce could be a starting point for the next leg up to new highs this month. A continued accumulation from the bulls could send the price of Dogecoin across resistances at $0.16 and $0.20. This, in turn, could lead to DOGE finally pumping above its current all-time high and eventually reaching $1. For this to happen, many bullish factors apart from accumulation need to be put in place. On the other hand, a bearish reversal could see DOGE falling to the next support at $0.13. 

According to Santiment, most of the attention surrounding meme coins is going into TRUMP, TURBO, PONKE, and MYRO.

According to a recent Bloomberg report, trading volume on major cryptocurrency exchanges experienced a significant decline in April, marking the first drop in seven months. 

This decline coincided with a retreat in the price of Bitcoin, which had previously hit a record high of $73,700 on March 14th and then hit a monthly low of $59,000 in late April.

Trading Volume On Coinbase, Binance, And Kraken Tanks

Data from CCData, a renowned research firm, reveals that spot trading volume on centralized exchanges (CEXs) such as Coinbase Global, Binance, and Kraken decreased by 32.6% to $2 trillion last month. Additionally, derivatives trading volume experienced a decline of 26.1% to $4.57 trillion, marking the first decrease in seven months.

Earlier this year, trading volume surged following the introduction of 11 US spot Bitcoin exchange-traded funds (ETFs) by the world’s largest asset managers. 

However, it slowed down due to tightening financial conditions in the United States, where the Federal Reserve (Fed) is grappling with the challenge of addressing persistent inflation. 

The anticipation of the Bitcoin Halving event on April 19, which reduced the supply of newly minted coins, had previously created excitement in the market, as Bitcoin had never reached its previous peak in previous bull cycles before the anticipated Halving event.

CME Group Records First Decline In Crypto Derivatives Volume 

Despite this troubling data ahead of several predictions of further price gains in the coming months for the largest cryptocurrencies on the market, Jacob Joseph, a research analyst at CCData, noted that the slowdown in trading activity on centralized exchanges following the Bitcoin Halving event is consistent with patterns observed in previous cycles. 

Moreover, the researcher highlights factors such as higher-than-expected Consumer Price Index (CPI) inflation data and escalating geopolitical tensions in the Middle East have introduced uncertainty and fear into the market. 

According to Joseph, these factors, combined with negative net flows from US spot Bitcoin ETFs, have contributed to a decline in the prices of major cryptocurrencies.

As trading volumes decreased, the spot market share of Binance, the world’s largest cryptocurrency exchange, dropped for the first time since September 2023. It declined by nearly 4% to 33.8%, reaching its lowest level since January, as reported by CCData.

Similarly, the Chicago Mercantile Exchange (CME) Group, a prominent derivatives exchange, experienced its first decline in crypto trading volume in seven months. In April, its derivatives trading volume fell by nearly 20% to $124 billion, according to CCData.

Despite the decline, Joseph emphasized that trading activity on centralized exchanges remains relatively high compared to volumes recorded in previous months. Although it has slowed down compared to the peak in March, the trading activity remains elevated.

Overall, this decrease in trading volume and market share highlights the impact of various factors on the cryptocurrency market, including the Bitcoin Halving event, inflation concerns, and geopolitical tensions. 

However, as Jacob Joseph noted, this decline is a consistent pattern and should not reflect any change in the prospects for further price increases in the market in the coming months. 

Featured image from Shutterstock, chart from TradingView.com