Major cryptocurrencies such as Dogecoin (DOGE), Cardano (ADA), and Solana (SOL) dropped over 5% during the past 24 hours, as traders leaned towards taking profits after a week of strong gains.
The cryptocurrency market had witnessed a wave of rising alongside high-risk assets last week, driven by favorable winds from macroeconomic factors and renewed optimism from investors, but there are signs that some sectors that saw a sharp rise may experience a pause.
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Bitcoin and Ether face resistance levels
Alex Koptsikievich from FxPro said: 'Bitcoin's price has been swinging around the $104,000 level for the sixth consecutive day. This behavior is largely expected as we approach the peak levels recorded in December and January, which were critical turning points.'
He added that Ether is currently trading around $2,615, after failing to maintain above the $2,700 level, which also intersects with the 200-day moving average.
"The second-largest cryptocurrency by market cap is likely to pause or begin a price correction after a 55% increase over the past seven days, with a potential target at $2,400," according to his warning.
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Momentum indicators reveal a state of excessive enthusiasm
These increasing sentiment indicators reflect this wave of excessive enthusiasm in the market, with the Crypto Fear and Greed Index reaching a level of 73 on Tuesday, which is usually considered a signal of imminent sharp volatility.
Risk appetite had significantly increased earlier in the week, following a series of positive developments including:
Unexpectedly low US inflation data.
Strong earnings from the technology sector in China.
A major trade agreement between the United States and China led to a rise in global markets, and cryptocurrencies joined in the upward trend, as Bitcoin's price briefly surpassed the $104,000 barrier, and Ether reached the $2,700 level before facing resistance.
Strong institutional activity and positive outlook around Coinbase
Haiyang Rou, co-CEO of HashKey Exchange Group, said: 'The Chinese technology sector has seen a surge in profits following the announcement of the trade agreement between China and the United States, increasing investor optimism about potential increases in investments and innovations such as artificial intelligence.'
He added: 'Monthly reports have also shown that inflation in the United States was lower than expected, which increased the momentum of the upward trend in the markets.'
Despite the recent waves of volatility, institutional investment activity remains strong. Data from Santiment this week showed that average Bitcoin wallets (holding between 10 to 10,000 Bitcoin) accumulated over 83,000 Bitcoin over the past month.
At the same time, Coinbase Global Inc's (NASDAQ: COIN) inclusion in the S&P 500 index scheduled for May 19 is seen as a short-term catalyst for the sector. Some analysts estimate that demand for the stock from passive investment funds may exceed $9 billion.
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QCP Capital, based in Singapore, stated Wednesday evening: 'We believe there is room for further upside in digital assets, especially with Coinbase's upcoming inclusion in the S&P 500 index on May 19.'
The company added: 'Historically, companies' inclusion in indices is considered a short-term catalyst.'
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Breaking: Major breach of the largest cryptocurrency exchange in America with collusion from employees
Author: Abdullah Mashlab
Published 15/05/2025, 14:43
Breaking: Major breach of the largest cryptocurrency exchange in America with collusion from employees

Investing.com - Coinbase Global Inc (NASDAQ: COIN) announced just now, on Thursday, that it expects to incur costs ranging from $180 million to $400 million as a result of a cyberattack it recently suffered.
The company confirmed that account data – including names, addresses, and email – was stolen from a small group of users, but the attackers were unable to access login data or passwords.
Compensating the affected and confirming an internal breach
Coinbase stated: 'We will compensate customers who were tricked into sending money to the attacker.'
The company clarified that the cybercriminals managed to execute this attack after they 'bribed and recruited a group of involved technical support agents', facilitating the theft of user data.
In a post on its official blog, Coinbase renewed its commitment to compensate customers who were deceived, and also announced a reward of up to $20 million for information leading to the arrest of the attackers.
Confirmations after months of previous warnings
This official confirmation from Coinbase comes three months after the on-chain investigator 'ZachXBT' published allegations that Coinbase users lost $300 million due to social engineering-based scams.
The platform also reported that attackers obtained images of government IDs, account balances, and company data, but confirmed that two-factor authentication (2FA) tokens and private keys were not compromised.
Immediate actions against the involved employees
Coinbase immediately fired the employees involved in the breach and reported to the relevant US and international authorities, confirming its intention to take legal action and file criminal charges against those involved.
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Coinbase has not yet issued an official comment on what ZachXBT mentioned regarding losses of $300 million, according to CoinDesk.
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Trump prepares to sign digital currency legislation before the congressional recess: Is America opening the doors to a new financial revolution?
Published 15/05/2025, 14:31
Trump is preparing to sign digital currency legislation before the congressional recess: Is America opening the doors to a new financial revolution?

Arincen - A senior official in the White House, Bo Heinz, confirmed that President Donald Trump is nearing the passage of critical legislation to regulate stablecoins and the financial market structure, ahead of the congressional recess in August, despite recent legislative obstacles and challenges.
During his participation in the Consensus 2025 conference in Toronto, Heinz noted that negotiations regarding legislation are still ongoing, expressing strong optimism that the White House will succeed in passing these laws on time, indicating that the legislative process 'is constantly evolving.'
Heinz also denied any conflict of interest between Trump's activities and those of his family in the digital currency space, affirming his children's right to invest as ordinary citizens, reflecting an evolution in the sector and its growing appeal.
He confirmed that the White House is working on establishing a strategic reserve of Bitcoin, an unprecedented move aimed at enhancing the United States' role as a leader in digital financial technology.
In a decisive response to reports of TRUMP coins being purchased by a small company, Heinz stated: 'The President of the United States cannot be bought', thus reinforcing the image of transparency and integrity that the White House seeks to present in managing digital asset files.
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A sudden collapse of the PI coin despite the launch of a $100 million fund: Did expectations let investors down?
Published 15/05/2025, 14:31
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Arincen - In a surprising development, the Pi Network coin (symbol: PI) plummeted nearly 30% within 24 hours, falling from its daily high of $1.30 to about $0.84, despite its foundation announcing the launch of a massive $100 million investment fund to support startups and expand the currency's use.
The Pi Foundation announced on May 14 the establishment of 'Pi Network Ventures', a fund dedicated to investing in startups working in generative AI, gaming, fintech, e-commerce, and social media platforms, along with projects based on blockchain technology. The fund aims to accelerate the adoption of the digital currency in real life by supporting innovation and enhancing actual use.
However, contrary to expectations, the announcement was met with a negative market reaction, as analysts believe that investors were anticipating a more impactful move, such as listing the currency on a major centralized trading platform, which would have provided real liquidity and an opportunity to discover its market price. The announcement came without this expectation, prompting many investors to sell in a reaction known in financial markets as 'selling the news.'
Despite the significant drop, technical indicators show mixed signals. The currency is still trading above its 10 and 50-day moving averages, indicating the possibility of a short-term bullish rebound. The Relative Strength Index (RSI) is at 57.24, reflecting a state of caution and waiting among traders.
Analysts expect that if the currency holds above the support level of $0.85, it may see a recovery towards $1.10. However, if it falls below, it may return to test the next support level at $0.74.