Sam Bankman-Fried, the founder of FTX, has been sentenced to 25 years in prison. This ruling was made after Bankman-Fried was convicted on several charges, including fraud and money laundering, associated with the failure of his cryptocurrency exchange, FTX. The sentencing was conducted in Manhattan federal court, with Judge Lewis A. Kaplan overseeing the entire The post Breaking: Sam Bankman-Fried Sentenced to 25 Years In Prison appeared first on CoinGape .
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BlackRock Poised to Overtake Grayscale as Largest Bitcoin Fund Manager
The post BlackRock Poised to Overtake Grayscale as Largest Bitcoin Fund Manager appeared first on Coinpedia Fintech News BlackRock is set to surpass Grayscale as the largest bitcoin fund manager, with its spot bitcoin ETF reaching $16.7 billion in assets in just four months. This rapid growth narrows the gap with Grayscale, which peaked at $28 billion. BlackRock’s shift towards cryptocurrencies reflects the growing demand from clients and the expanding digital asset market, …
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Solana DEX Cypher Developer Admits to Stealing and Gambling Funds
The post Solana DEX Cypher Developer Admits to Stealing and Gambling Funds appeared first on Coinpedia Fintech News Cypher, a decentralized exchange on the Solana blockchain, faced a security breach in August 2023, resulting in a nearly $1 million loss. Developer Hoak confessed on May 14, 2024, to stealing approximately $315,000 from Cypher’s funds and gambling them away. In his public statement on X, Hoak admitted to similar misconduct several times. This revelation …
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El Salvador Mines 474 Bitcoins Using Volcanic Geothermal Energy
The post El Salvador Mines 474 Bitcoins Using Volcanic Geothermal Energy appeared first on Coinpedia Fintech News El Salvador has taken the lead in the world when it comes to pioneering Bitcoin. According to the latest reports, El Salvador has used geothermal energy from its Tecapa volcano to mine 474 Bitcoin and has added them to its reserves since 2021. Volcanic Power Fuels Bitcoin Mining Under the leadership of President Nayib Bukele, …
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XRP Price Faces Uphill Battle: Struggles to Initiate Fresh Upside
XRP price is struggling to clear the $0.5120 resistance. The price could decline again in the near term if it stays below $0.5060 and $0.5120. XRP is struggling to gain pace for a move above the $0.5120 level. The price is now trading below $0.5050 and the 100-hourly Simple Moving Average. There is a short-term declining channel forming with resistance at $0.5040 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a decent increase if there is a close above the $0.5120 resistance. XRP Price Stuck Near $0.50 Yesterday, we discussed how XRP price started a recovery wave, like Bitcoin and Ethereum. There was a move above the $0.4950 and $0.50 resistance levels. The price even moved above $0.5100, but the bears were active near the $0.5120 resistance. A high was formed at $0.5120 and the price is now correcting gains. There was a move below the 50% Fib retracement level of the upward move from the $0.4865 swing low to the $0.5120 high. The price is now trading below $0.5050 and the 100-hourly Simple Moving Average. However, the bulls are active above the 61.8% Fib retracement level of the upward move from the $0.4865 swing low to the $0.5120 high. Immediate resistance is near the $0.5040 level and the 100-hourly Simple Moving Average. There is also a short-term declining channel forming with resistance at $0.5040 on the hourly chart of the XRP/USD pair. The first key resistance is near $0.5060. A close above the $0.5060 resistance zone could send the price higher. The next key resistance is near $0.5120. If the bulls remain in action above the $0.5120 resistance level, there could be a rally toward the $0.5250 resistance. Any more gains might send the price toward the $0.5350 resistance. More Losses? If XRP fails to clear the $0.5040 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4965 level. The next major support is at $0.4925. If there is a downside break and a close below the $0.4925 level, the price might accelerate lower. In the stated case, the price could even drop below the $0.4865 support zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.4965 and $0.4925. Major Resistance Levels – $0.5040 and $0.5120.
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El Salvador Mines 474 Bitcoins Using Volcano Power, Boosting State Holdings
The post El Salvador Mines 474 Bitcoins Using Volcano Power, Boosting State Holdings appeared first on Coinpedia Fintech News El Salvador has mined nearly 474 bitcoins since 2021, leveraging geothermal energy from the Tecapa volcano. This addition brings the government’s total bitcoin holdings to 5,750, valued at approximately $354 million. The “Bitcoin Office” reported these gains, powered by 1.5 MW of the 102 MW produced by a state-owned plant. Additionally, President Nayib Bukele’s administration, …
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Ripple vs. SEC: Ongoing Legal Battle Intensifies with New Allegations
The post Ripple vs. SEC: Ongoing Legal Battle Intensifies with New Allegations appeared first on Coinpedia Fintech News What’s going on in Ripple vs SEC is far away from any predictions. There is a new twist and turn every day, and the XRP community is waiting for its victory for a long time. Whereas Ripple claims that the SEC wants to overreach crypto with unclear laws, the SEC fights back with manipulative stances …
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