The Crypto Basic

US Secretary of Commerce Howard Lutnick reveals how the United States aims to support #Bitcoin mining operations under President Donald Trump’s administration. 
During an interview with Bitcoin Magazine, Lutnick shared his vision for Bitcoin mining. He disclosed that the Commerce Department’s investment accelerator initiative will benefit Bitcoin mining companies and allow miners to set up shop in the U.S. 
Bitcoin Miners Will Benefit from Investment Accelerator Initiative
Last month, President Donald Trump ordered the Commerce Department to create an Investment Accelerator office to accelerate investments of $1 billion in the American economy. 
This initiative helps clear regulatory hurdles for businesses looking to invest in America and fast-tracks the process of obtaining the necessary operational licenses for these businesses. 
Interestingly, the Commerce Secretary emphasized that the investment accelerator would support crypto businesses, particularly Bitcoin mining companies. 
Other Bitcoin Mining Support 
Besides helping miners obtain the required operational licenses, Lutnick suggests that the Commerce Department would allow Bitcoin miners to build their own power plants right next to where they intend to site their mining data centers. 
This power plant, often powered by wasted gas, would allow miners to run their operations off-grid without relying on local utilities. 
“Bitcoin miners will be allowed to put their data centers on top of gas fields, with a power plant set up right next to them,” Lutnick remarked. “This way, miners won’t be drawing power [from the existing grid].” 
With this support, Lutnick expects the next generation of Bitcoin miners in America to ‘control their destinies’ and drastically reduce power costs. He speculates that the support would ‘turbocharge’ Bitcoin mining operations in the United States....
#CryptoNewss

#Cardano founder and IOG CEO Charles Hoskinson recently joined the conversation around enhancing Bitcoin messaging capabilities via the OP_RETURN functionality.
The conversation emerged after a Cardano DRep, “Psiloblox,” raised concerns about the lack of OP_Return support in most Bitcoin wallets. It highlighted missed opportunities for users to attach messages to Bitcoin transactions. In response, Hoskinson described the critique as “interesting.” 
Notably, the context of the conversation is the Cardano native wallet, Lace, adding Bitcoin support. Given the significance, Cardano proponents like Psiloblox are lauding the move and highlighting weaknesses in other wallet services.
Growing Interest in OP_Return Applications
In the tweet, Psiloblox explained that most Bitcoin wallets do not utilize OP_Return, one of Bitcoin’s few non-financial features. He emphasized the feature’s potential by sharing a previous personal experience requesting a new function in the Bitkit wallet. 
Specifically, Psiloblox suggested allowing users to add a message field, automatically converting it into HEX format for easier use. He pointed to the Moonshine wallet as an example. 
As a result, Psiloblox argued that such an enhancement could set wallets apart from others lacking this support. He had also proposed integrating a QR code scanning feature for OP_Return fields to boost usability further.
Bitcoin Developers Push to Remove OP_Return Data Limits
Meanwhile, some Bitcoin developers are pursuing changes that could expand OP_Return’s capabilities even further. One example is developer Peter Todd, who acknowledged two years of attempts to curb data storage abuse.
This request proposes eliminating the 80-byte limit on OP_Return data, a measure initially intended to discourage spam.
Todd’s initiative draws on a formalization effort led by Chaincode Labs’ Antoine Poinsot. It encourages developers who view the current restriction as unnecessary to test and evaluate the proposed adjustments. 
#Crypto

#Dogecoin is trading above the 50-day EMA, signaling a trend reversal. A breakout above $0.20 could lead to the $0.28–$0.30 resistance zones.
With Bitcoin holding above the $94,000 mark, meme coins are preparing for a major trend reversal. Dogecoin, the largest cryptocurrency in the meme coin segment, is currently trading at $0.1812 with a market cap of $27 billion.
Over the past week, Dogecoin has surged by nearly 12%. As Dogecoin holds above the $0.18 mark, will the meme coin witness a breakout rally to $0.20?
Dogecoin Price Analysis
On the daily chart, the Dogecoin price trend shows a strong pullback after the December 2024 rally. Since then, the price has dropped by nearly 60% from its swing high of $0.4846.
The decline marked a local bottom at $0.1410 before signaling a potential trend reversal. Last week, Dogecoin’s recovery surpassed the 50-day EMA, hinting at a potential turnaround.
The intraday candle shows lower price rejection from the 24-hour low of $0.1738, with an intraday recovery of 1%. The MACD and signal lines maintain a positive flow, crossing above the zero line.
However, the short-term consolidation near the average line has led to a minor drop in trend momentum. These signals show a decline in positive histograms, warning of a potential negative crossover.
Additionally, the recovery has surpassed the highest trading volume range since December 2024, near $0.17. As Dogecoin continues to float above $0.17, the uptrend faces the next prominent volume zone near $0.20.
Beyond this psychological level, the next high-volume zone begins at $0.32, suggesting significant upside potential if the uptrend breaks above $0.20.
DOGE Price Targets 
If Dogecoin rises from the 50-day EMA, the uptrend will likely face strong resistance near the $0.20 psychological mark. This level coincides with the 23.6% Fibonacci level and the declining 100-day EMA. The bulls will target $0.30 psychological level and the 50% Fibonacci level at $0.28. On the flip side, crucial support for Dogecoin remains at $0.17, followed by the $0.15 psychological level..
#Cryptonews

A prominent market analyst says he now firmly believes #XRP is following its 2017 fractal, suggesting it could soar to a three-digit price from his initial target.
This commentary came from EGRAG Crypto, a seasoned analyst, and XRP permabull. Notably, the analyst had persistently suggested that XRP could be following its 2017 pattern, which saw it soar to the $3.8 all-time high price by January 2018. 
However, his latest analysis indicates that he is now more convinced that this pattern is playing out nicely. For context, the 2017 price action saw XRP soar 6,319% from $0.0062 in March 2017  to an initial peak of $0.3988 in May 2017. After this run, XRP saw a pullback and consolidation before resuming the upsurge to hit $3.8 in January 2018.
XRP Following 2017 Fractal?
Interestingly, it appears the asset is following this fractal, having surged 578% from $0.5 in November 2024 to $3.39 in January 2025. Like in 2017, this initial surge met resistance, leading to a pullback, with XRP consolidating within a range for three months now.
With this recent price action, EGRAG now firmly believes XRP is repeating the 2017 price movements. This suggests that another leg up might be on the horizon. However, in his commentary, the market analyst admitted that while XRP could follow the 2017 fractal, it might face a delay or acceleration in the timing.
Further, data from his chart shows that XRP is currently trading within a 5-wave Elliott Wave structure. For context, the asset began this structure last November, with the rally to $3.39 in January 2025 aligning with the end of Wave 1. 
Meanwhile, the correction from this $3.39 peak pushed XRP to Wave 2, with the altcoin currently trading within this wave. EGRAG’s chart indicates that the third wave, which would begin when XRP engineers a rebound push from this correction, could lead to substantial gains....
#CryptoNewss

#Ripple CEO Brad Garlinghouse reacts to the upcoming launch of XRP futures on CME Group’s trading platform, suggesting that the launch is long overdue.  
In a statement yesterday, the Ripple CEO acknowledged the delay in launching XRP futures, noting that the product is ‘overdue in a bunch of ways.’ 
This suggests that although XRP has existed since 2012 and has recorded increased volumes, derivative marketplaces like CME Group have stalled in launching future products for the coin. Despite this delay, Garlinghouse characterized CME Group’s XRP futures as a crucial step in enhancing the growth of the XRP market. He calls CME Group’s XRP futures incredibly important for XRP growth. The Ripple CEO’s statement suggests that the launch of XRP futures on a Tier-1 derivatives exchange like CME Group could potentially lure professional investors and hedge funds to adopt XRP. The product would also provide a regulated way for investors to gain exposure to XRP, while also laying the groundwork for future offerings like spot ETFs.
CME Confirms XRP Futures Launch  
Garlinghouse’s statement comes a few hours after CME Group confirmed it would launch XRP futures on its trading platform. The Crypto Basic reported that CME Group will launch the XRP futures on May 19, pending regulatory approval from the U.S. CFTC. 
Notably, the product would give investors indirect exposure to XRP as they can hedge against its future price movement without owning it or creating a blockchain wallet. The CME Group XRP futures come in two separate contract sizes: Micro XRP futures (MXP) and XRP futures (XRP). The XRP futures are designed for institutional players, with a contract size of 50,000 XRP. In contrast, the micro version is suitable for retail investors, boasting a contract size of 2,500 XRP. 
CME Group’s XRP futures are cash-settled, meaning that investors will receive cash instead of physical XRP once the contract expires.

#CryptoNews🚀🔥V

With the leaderboard shaping up nicely, the Trump Meme team has clarified emerging misconceptions about participating in the draws.
The organizers took to X on Thursday to clear the air amid growing backlash from market observers. Some of them include the amount of the TRUMP token one needs to hold to participate and skepticism about token unlock.
Trump Meme Team Clarifies Backlash
On Wednesday, the Official Trump Meme token announced an event at the Trump National Golf Club in Washington, DC, for 220 top TRUMP holders. The event, slated for late May, will see users compete for a place in the gala dinner between April 24 and May 12, with the top 25 holders receiving extra perks.
Meanwhile, the Trump Meme team has identified some misconceptions circulating on X and in the media about the event. One of them is that users must hold at least $300,000 worth of the token to participate in the draws.
The organizers clarified that this was wrong, citing the current leaderboard standings. According to the tweet, the highest-ranked is an address, identified as “Sun,” which holds 1,176,803 TRUMP ($14 million). However, the 220th-ranked user on the leaderboard holds just 35.3 TRUMP ($420), suggesting that participation is open to everyone.
Furthermore, the team stressed that the speculation that #220 on the blockchain explorer is the cutoff for participation is also false. This is because the ranking includes exchanges, market makers, and people who are not necessarily participating in the event.
Additionally, the project paused its daily token unlock, which started this week, for 90 days. The extension would ensure that locked tokens remain locked throughout the dinner meeting with Donald Trump.
Justin Sun Joins Race
Meanwhile, Tron founder and advisor to the Trump-inspired World Liberty Financials (WLFI), Justin Sun, seems to have joined the race to meet with the 47th US president, further adding to the frenzy. Arkham shared that someone has registered HTX’s cold wallet for the dinner, with Lookonchain suggesting it may be Sun....
#CryptoNewsFlash

The FBI’s Internet Crime Complaint Center (IC3) released its 2024 report, detailing the amount scammers stole via crypto-related scams over the past year. 
The IC3 marked its 25th anniversary by releasing the 2024 Internet Crime Report yesterday. According to the report, the FBI’s IC3 received a total of 859,532 complaints in 2024, with losses reaching a whopping $16.6 billion. The losses recorded in cyber-enabled crimes in 2024 marked a 33% increase from the figure registered in the previous year. 
Crypto-Related Losses 
Out of the total $16.6 billion in losses, $9.32 billion were lost to crypto-related scams in 2024, up 66% from 2023. Overall, victims submitted 149,686 crypto-related complaints to the IC3 in 2024.  
Individuals aged 60+ were the major victims of crypto fraud. According to the report, these older victims submitted around 33,369 complaints, up 96% from last year’s 16,968 count. Notably, these 60+ victims reported a total loss of $2.84 billion, marking a 71% increase from 2023 losses. 
Other age groups also suffered significant losses in crypto scams. According to the report, the IC3 received 1,819 complaints from victims under 20, with losses totaling $7.77 million. 
The 20 – 29, 30 – 39, 40 – 49, and 50 – 59 age groups submitted 13,591, 22,218, 22,555, and 19,317 complaints, respectively. The reported losses for these groups were $370.44 million, $1 billion, $1.46 billion, and $1.18 billion, respectively.
Crypto-Related Fraud Trends 
In terms of fraud trends, the report noted that victims submitted 41,557 complaints relating to crypto investment scams. This investment scam led to a total loss of $5.81 billion, marking an increase of 47% from the previous year. 
The IC3 also received 10,956 complaints linked to crypto ATM/Kiosks use, with losses reaching $246.7 million. In addition, other trends like extortion and s*xtortion saw around 54,936 complaints, with $33.5 million in losses registered in 2024..
#Crypto

The official Trump token recorded a meteoric surge on Wednesday after Donald Trump announced a dinner with exclusive holders of the meme coin.
The dinner, which drew traction to the meme coin, will be at the Trump National Golf Club in Washington, DC, on May 22. According to the website post, the meeting is exclusive to 220 holders of the Solana-based Trump token.
Specifically, the top 220 holders of the Trump token would automatically qualify for the Gala event, set for late next month. Notably, the announcement has sparked a rally of over 50% for the meme coin.
Trump Holders to Meet with President
The team behind the Trump token announced that it would select the top 220 holders during the period between April 23 and May 12. The selection will not just be exclusive to the number of tokens you own, but also for how long you hold the tokens.
Following the announcement, the project shared a leaderboard tracking the qualified holders for the invite-only dinner. The positions of holders, who are required to register on the website, are updated in real-time.
Meanwhile, the top 25 Trump meme holders, as per the leaderboard, would receive an invitation to an exclusive reception before dinner with the US president. Also, those in the top 15 would receive extra perks, including a VIP reception and a tour around the White House.
Remarkably, the project noted that Trump would discuss the future of cryptocurrency at the May 22 gala dinner. The meeting will be the president’s first effort to incentivize holding the Trump token, which is down 84% from its all-time high of $77.24.
Trump Token Reacts as User Misses Out Big
The Wednesday announcement has had a massive impact on the Trump meme coin, boosting its prices amid a recent sideways trend. The token surged over 50% to an intraday high of $16.17 before relinquishing some of its gains to close at $13.29. Furthermore, the asset has continued to correct, trading at $12.20 at the time of writing.

#CryptoNewsCommunity

#Cardano founder Charles Hoskinson has cast significant doubts about the long-term viability of Ethereum, citing the ecosystem’s numerous mistakes.
Hoskinson dropped the bombshell in a recent Ask Me Anything (AMA) session on X (formerly Twitter) on April 23. The Ethereum co-founder asserted that his former project would not survive for more than 10 to 15 years, highlighting the three approaches that have hampered its longevity.
Ethereum’s Three Mistakes
The Ethereum ecosystem is currently the second biggest in the crypto space after Bitcoin, as evident in its network utility, institutional adoption, and developer support. However, Hoskinson has argued that the network’s long-term relevance remains in doubt.
When asked what he would do differently if he were running the Ethereum network, the Cardano founder highlighted three drawdowns impeding the smart contract network’s viability. First, he questioned Ethereum’s choice of protocol and consensus model, insisting they were not befitting.
Then, Hoskinson noted that Ethereum’s adoption of layer 2 scaling solutions and slashing economics has had negative impacts on the ecosystem. Currently running on the Proof-of-Stake (POS) mechanism, Ethereum has the largest layer 2 networks built on top of it in the crypto space, and Hoskinson finds the scalability solutions parasitic rather than symbiotic to its mainnet.
Lastly, the Cardano founder emphasized that Ethereum lacks a sound governance system. For context, the network’s governance is off-chain rather than on-chain. Proposed models are deliberated and agreed upon on social forums coordinated by the blockchain’s key participants.
Meanwhile, the Input Output Global (IOG) CEO stressed that these crucial network properties would deter Ethereum’s adoption as the crypto landscape evolves. Further, he mentioned the solutions to these setbacks....
#Crypto

#Solana has crossed the $151 mark with strong bullish momentum, following a significant $11.5 million purchase of SOL by DeFi Dev Corp.
With Bitcoin surging to $94,000 amid a fresh bullish trend in the crypto market, Solana has broken past the $150 barrier. It currently trades at $151, with an intraday gain of 1.65%.
This follows a nearly 9% rally yesterday and confirms a breakout from a previous resistance zone. The question now is: can this breakout fuel a rally toward the psychological $200 mark?
Solana Price Breaks Past Key Supply Zone Near $150
On the daily chart, Solana’s price action shows a bullish breakout from a long-standing resistance trendline, gaining momentum. The sudden shift has pushed Solana above the 38.20% Fibonacci level at $149.20.
Additionally, the recovery has triggered a reversal in the SuperTrend indicator, signaling the beginning of a new bullish phase. The breakout above this critical resistance, aligned with the 38.20% Fibonacci retracement, increases the probability of a strong bullish continuation.
According to Fibonacci projections, the next resistance lies at the 50% level, around $166. Notably, the rally is expected to continue, as the daily RSI line approaches the overbought territory.
In this scenario, the extended price targets for Solana are the 61.80% level at $184 and the 78.60% level at $215. On the downside, key support now stands at $150—previously a resistance zone—followed by the $130 level.
DeFi Development Corp Expands Its SOL Holdings
DeFi Development Corp recently acquired 88,164 SOL tokens, valued at $11.5 million. This strong show of confidence is reinforcing bullish sentiment around Solana.
Currently, DeFi Dev Corp holds approximately 251,842 SOL tokens, valued at over $34 million, including staking rewards...

#CryptoNewsFlash

Newly sworn-in U.S. SEC Chairman Paul Atkins announced that his primary focus will be to provide a rational, coherent, and principled regulatory foundation for digital assets.
The statement was delivered Tuesday at the White House, where President Donald Trump formally introduced Atkins as the new head of the regulatory body.
Atkins emphasized the need to establish a clear structure for digital asset oversight while steering SEC policy away from political influence. The move signals a shift in the agency’s approach to crypto oversight following the retirement of former Chairman Gary Gensler.
The new SEC chair pledged to strengthen the United States’ status as a global hub for secure and transparent crypto activity.
Shift From Enforcement to Framework
Atkins’ appointment comes amid heightened debate about the SEC’s approach to crypto. His stance signals a pivot away from the previous administration’s strategy. 
Under Gensler, the SEC focused heavily on enforcement, asserting that existing securities laws were sufficient to regulate digital assets. However, critics argued that the enforcement-led approach stifled innovation.
Atkins, who served as an SEC Commissioner between 2002 and 2008, brings prior regulatory experience and a long-standing involvement with digital assets. Since 2017, he has acted as Co-Chair of Digital Chamber’s Token Alliance, where he focused on transparency and investor protections.
When Trump named Atkins his preferred choice for SEC leadership in December 2024, he highlighted the nominee’s expertise in securities law and the crypto sector.
Industry Reactions to Atkins’ Chairmanship
While several digital asset advocates welcomed the appointment, reactions remained mixed across political lines. Michael Saylor, Chairman of Strategy and a prominent Bitcoin advocate, expressed support for Atkins’ direction, calling the change positive for Bitcoin. Matt Hougan, Chief Investment Officer at Bitwise, noted market optimism on social media, linking Bitcoin’s rally to shifts in economic and regulatory conditions....
#Crypto