Ripple's Acquisition of Metaco Fuels Speculation of Potential IPO Plans Amid Ongoing Legal Battle
Ripple Labs Inc's recent acquisition of Metaco for $250 million has gained recognition from NASDAQ Global Select Market, leading to speculation that Ripple may consider going public through an IPO. However, Ripple must first resolve its securities lawsuit with the SEC to go public in the US. Going public could signal growth for Ripple and attract more investors who recognize the firm's regulatory standing. The acquisition of Metaco can also strengthen Ripple's presence in the European Union.
Crypto Analyst Predicts Downward Spiral: Bitcoin and Ethereum Brace for Lower Lows, Reveals Target
Crypto analyst Bluntz has predicted further downward trends for Bitcoin and Ethereum, with BTC expected to hit a low of $24,000 in June. Bluntz suggests that both cryptocurrencies have not yet reached their market lows and that Bitcoin's value is projected to further decrease. He identifies a double three Elliott Wave pattern that would send BTC below the $24,800 mark. Bluntz also notes that Ethereum is displaying a bear flag pattern, indicating a continued downward trajectory.
Bitcoin to Surge by 150% and Hit New All-Time High of $100,000 in the Current Year Says Top Trader
Bitcoin's price movements have been impressive and influenced by various factors. A trader known as Credible Crypto has predicted that Bitcoin will reach an all-time high of $100,000 by the end of the year, citing previous records attained by the cryptocurrency. However, Credible Crypto acknowledges that Bitcoin's current price action may not replicate the exact timing and magnitude of previous impulses. Meanwhile, an AI messaging tool called ChatGPT has made a prediction that Bitcoin will be worth $33,000 by the end of 2023, representing a 52% drop from its all-time high.
Ethereum Whales Accumulate Over $9 Billion Worth of ETH in Their Wallets
The number of Ethereum whales, who hold a significant portion of the total supply, has been increasing and they now possess 30.07 million ETH worth over $9 billion. This reflects their confidence in the digital asset and hints at an ongoing fervor surrounding the world’s second-largest cryptocurrency by market capitalization. The accumulation of ETH by these whales is likely driven by various factors, including the increasing popularity of Ethereum’s Proof of Stake (PoS) consensus mechanism. While long-term holders have increased their holdings by 4.54%, midterm holders experienced a marginal decrease in their balances by 0.38%, and short-term holders saw a significant decrease of 17.5%.
Blockchain Startup Nutrios Has Raised $500,000 in Funding
On May 28th, blockchain startup Nutrios announced the completion of a $500,000 financing round with participation from Aptos Labs, Monoceros, and others.
Bitcoin Spikes to Over $27K, Altcoins Trade in the Green
Bitcoin has had a more positive weekend, reaching over $27,000 and experiencing a 2% increase in market capitalization. Altcoins are also trading in the green, with SOL being one of the most notable gainers with a 5% surge. The total crypto market cap has added $15 billion and sits close to $1.140 trillion, with most lower- and mid-cap alts seeing gains. Ethereum has also managed to reclaim and retain its level above $1,800.
Jimbos Protocol hacked for $7.5 million due to lack of control over token slippage
Jimbos Protocol, a crypto project aimed at creating a semi-stable floor price token, was hacked for 4,090 ETH ($7.5 million) just three days after the launch of its version 2. The hack was made possible due to the protocol's lack of control over slippage for the tokens it controls. The attacker utilized a $5.9 million flash loan to carry out the attack. The project's price has fallen 25% since the exploit, and the protocol has stated that they are in contact with law enforcement and security professionals.
BSV Blockchain Processes Record 86 Million Transactions in 24 Hours
The BSV blockchain has broken its previous record for daily on-chain transactions, with Vaionex generating over 86 million transactions. On Thursday, the daily transaction volume processed by BSV amounted to 73.4 million, with each block processing an average of 560,940 transactions or 854 transactions per second. The TAAL API has processed 80% of transactions, indicating the scalability of the BSV blockchain. The London Blockchain Conference from May 31 to June 2 will focus on the transformative potential of blockchain technology across various sectors.
High-Stakes Negotiation Underway in Washington to Lift US Debt Ceiling
Negotiations are underway in Washington to lift the US federal government's $31.4 trillion debt ceiling before the June 5 deadline. Failure to resolve the current standoff could have catastrophic consequences, as the government may be unable to meet its financial obligations. However, reaching an agreement is proving difficult, with hardline Republicans demanding steep spending cuts and progressive Democrats threatening to withhold support for certain proposed compromises. If Congress fails to lift the debt ceiling, the US could face a possible default, triggering shockwaves through financial markets and potentially plunging the country into a deep recession.
Stargate DAO Votes to Reduce Exposure to Multichain's Stablecoin Amid Ongoing Issues
The Stargate DAO is considering a proposal to decrease its involvement with a stablecoin issued by Multichain protocol and to separate pools containing the asset from its other pools.
