Strong Earnings Coinbase, the popular cryptocurrency exchange, saw its stock jump last week after reporting its first profitable quarter in two years. The company posted a net income of $273 million, or $1.04 per share. Analyst Optimism Owen Lau, an analyst at Oppenheimer & Co., believes Coinbase’s profitability could change the perception of the company…
Resistance Level at $58,000 A respected trader known as DonAlt believes Bitcoin (BTC) is approaching a crucial resistance level at $58,000. He anticipates a pullback if BTC reaches this point. “If we get there, I think it would be for a wick mostly,” DonAlt said. “I think that would be the top for a while……
Over the past week, Bitcoin has been performing well, reaching above $50,000 for the first time since 2021. However, analyst Ali Martinez predicts a possible correction in the near future. Correction to $46,000? Martinez suggests that Bitcoin could experience a one-to-four candlestick correction on its daily chart. This prediction is based on the Tom Demark…
Raid and Missing Crypto In 2019, a police raid seized a hardware wallet containing 81.62 Bitcoins, worth $309,000 at the time. When investigators accessed the wallet later, the Bitcoins were gone. Seed Phrase Breakthrough Investigators discovered a device with the wallet’s seed phrase, a unique recovery code. Using crypto-tracking software, they traced the transferred Bitcoins…
Market Sentiment Overload Analyst Michaël van de Poppe warns that Bitcoin’s recent surge may be followed by a 40% correction. He believes market sentiment is overheated, leading to unsustainable price increases. Strategic Investing Poppe advises short-term traders to be cautious when prices rise rapidly. He suggests avoiding buying assets that have already appreciated significantly. Long-Term…
Inflows Soar to $2.2 Billion Bitcoin exchange-traded funds (ETFs) have been on a roll, with a whopping $2.2 billion pouring into them over the past week. This surge surpasses any other ETF in the US during the same period. BlackRock Dominates BlackRock’s IBIT ETF has been the biggest beneficiary, raking in over $1.6 billion in…
FTX Creditors Sue Law Firm FTX creditors have filed a lawsuit against Sullivan & Cromwell (S&C), the law firm handling the exchange’s bankruptcy proceedings. They accuse S&C of helping FTX commit fraud. S&C’s Ties to FTX S&C’s relationship with FTX began in 2021 when FTX hired a former S&C employee as its general counsel. This…
Two cryptocurrencies linked to artificial intelligence (AI) are seeing a surge in value following the launch of a new text-to-video model by OpenAI. OpenAI’s Sora Model OpenAI, an AI research company, has introduced Sora, a model that generates high-quality videos based on text descriptions. Sora can create videos with complex camera movements, detailed scenes, and…
Check Washing Scam Targets Elderly Couple Diana and her husband, married for 70 years, were shocked to find thousands of dollars stolen from their U.S. Bank account. The money was intended for their future funeral expenses. The couple became victims of a “check washing” scam, where criminals alter the amount and recipient on checks. Frustrating…
Circle, the issuer of the second-largest stablecoin, has urged the U.S. Treasury Department to investigate its competitor, Tether. Treasury’s Authority Questioned Circle’s senior director, Caroline Hill, testified before Congress that Tether’s connection to the U.S. financial system through Cantor Fitzgerald gives the Treasury authority to take action. Tether’s Reputation and Alleged Malign Activities Hill cited…
