Is ETH Set for a Rally?🧐Binance CEO Drops Clue with Crucial Driving Force🔥

 

Hey there! Let’s talk about the current state of the cryptocurrency market. Today, Bitcoin (BTC) and Ethereum (ETH) have been trading at around $26,674.54 and $1,769.95, respectively, with no major price movements in the past 24 hours. However, other popular altcoins like Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) experienced losses, making investors cautious about their investments.

Interestingly, Bitcoin SV (BSV) had the biggest drop, with over 13 percent decline in the last 24 hours. On the other hand, KAVA emerged as the biggest gainer, with a 24-hour increase of over 8 percent. It’s clear that the cryptocurrency market is volatile, and investors need to be prepared for such fluctuations.

Despite the slight dip in prices, the global crypto market cap stood at an impressive $1.14 trillion, highlighting the growing interest in cryptocurrencies among investors. As more people recognize the potential of cryptocurrencies, it’s expected that the market will continue to grow and evolve. So, keep an eye out for the latest trends and developments in the cryptocurrency world from Coinpedia!

Latest News

Ripple vs SEC News: Empower Oversight Files Second Lawsuit Against SEC, Seeks to Give the Public Answers

• Empower Oversight has filed a second lawsuit against the SEC, seeking documents related to conflicts of interest and selective enforcement regarding cryptocurrencies by former high-level officials.
• The lawsuit is a response to the SEC’s refusal to comply with Empower Oversight’s FOIA request filed in December 2022.
• Empower Oversight aims to promote transparency at the SEC and shed light on conflicts of interest at the agency by requesting records, including communications and meeting notes between SEC officials and entities related to cryptocurrencies.
• Empower Oversight’s President, Tristan Leavitt, believes that this lawsuit will force the SEC to provide answers to the public about the clear conflicts of interest at the agency that have been stonewalled by the SEC.

Changpeng Zhao Teases a Potential Ethereum Price Rally, Citing a Crucial Variable as the Driving Force

• Binance CEO Changpeng Zhao is optimistic about an upcoming Ethereum price rally.
• The increasing number of locked Ethereum tokens in the Beacon chain smart contract could potentially reduce the overall supply of ETH and drive up its price.
• Crypto analytics firm Santiment identifies Ethereum’s 30-day MVRV ratio moving towards the “opportunity zone,” indicating a possible uptrend in the near future.
• However, some analysts caution against a possible downward trend for altcoins, with pseudonymous analyst Bluntz predicting that Ethereum might fall below $1,700 soon after closing below a weeks-long ascending channel.

Silvergate Faces NYSE Delisting and Major Layoffs: 230 Jobs at Risk

• The parent company of Silvergate Bank, which has already collapsed, has disclosed significant staff cuts and delisting of its securities in an SEC filing.
• The NYSE suspended trading in its stock, and delisting is expected to commence shortly. 230 staff members will be separated from the company starting from May 12.
• After the staff cut, approximately 80 officers and employees will be left behind to continue Silvergate Bank’s liquidation process, and more cuts are slated for June 30, Aug. 30, and Nov. 30 “or later.”
• Silvergate estimated staff drawdown costs would land around $13.6 million, and the firm cited challenges due to continuous regulatory inquiries and investigations and liabilities from legal action and the bank’s liquidation process.

Coinbase Admits Mistake: Apologizes for Branding PEPE as a “Hate Symbol

• Coinbase’s Chief Legal Officer, Paul Grewal, issued an apology on Twitter for a newsletter that linked the frog meme, the foundation of the Pepe cryptocurrency, to a hate symbol used by the alt-right group.
• Grewal stated that the email did not paint a complete picture of the coin and the meme’s evolution, and they are sorry for the error.
• The newsletter was sent out to Coinbase users on Wednesday and referred to the Pepe meme as a hate symbol adopted by the alt-right movement.
• The description of the token upset supporters and investors of the meme coin, prompting calls for Coinbase to apologize and users to terminate their accounts with the cryptocurrency exchange.

Ethereum transactions delayed for 25 minutes, but network avoids complete outage in nail-biting moment.

• On May 11, the Ethereum blockchain experienced an issue that caused it to fail in finalizing transactions for approximately 25 minutes.
• The incident has been resolved, and Ethereum contributor Terence.eth stated that they are investigating the cause.
• Despite the lack of finalization, Ethereum’s blockchain remained partially functional during the incident, thanks to its design for resiliency.
• One potential cause of the issue may be the lack of diversity of clients, as only two clients (Lighthouse and Prysm) dominate Ethereum, each with 38% dominance, and no client has a supermajority.

Thanks for tuning in to today’s crypto buzz from Coinpedia! But don’t go anywhere just yet, we’ll be back with even more shocking and exciting updates from the world of cryptocurrencies.