Weekly Cryptocurrency News. May 17

It’s Friday, May 17th. As the ongoing week cones to a close, we can reflect on the industry highlights over the past few days.

Glassnode: Bitcoin surviving a rollercoaster of consolidation and correction

On-chain indicators suggest that bitcoin is going through a phase of consolidation and a potential correction. Market players should keep an eye out, Glassnode warned.

The experts came up with the following metrics system to monitor trends and shifts in market behavior:

  • On-Chain Activity: Once increased, this metric typically correlates with rising market momentum.
  • Market Profitability: This one identifies periods where market participants are experiencing gains.
  • Spending Behavior: High demand during these timeframes implies sustained uptrend.
  • Wealth Distribution: By examining the transfer of wealth between long-term holders and newcomers, this metric provides insights into market cycles and potential inflexion points.

As of now, 4 out of the 8 conditions for a robust momentum are met, indicating a cool-down period in the crypto space.

After 7 years of waiting, untiring hacker moved 3050 ETH to crypto mixer

According to experts at Cyvers, a blockchain security platform, the attacker anticipated as much as 7 years before they set out to sell the stolen property. To date, the incredibly patient hacker managed to transfer about 3,050 ETH into the crypto mixer.

83,000 ETH is held in the hacker’s account at the moment, valued at $250m. Fun fact: while being stolen, the price of the second leading cryptocurrency amounted to only $33 million at the time.

Analysts at Cyvers believe the criminal displayed exceptional patience in waiting so long before proceeding to shift the coins through the mixer.

It is assumed that the intuder in question is an experienced market player who is aware of the current price dynamics of digital assets and has the short- and medium-term outlook for them.

Fear and trembling

Though Bitcoin value stays within the set bounds, other cryptocurrencies are witnessing volatility.

Crypto Fear & Greed Index reveals a volatile market sentiment lately, jumping back and forth from Neutral to Extreme Greed this month.

In fact, the index uses multiple factors to spot any impulse trends among crypto traders. Extreme values usually suggest that the market could make a U-turn.

As of May 13, the Fear and Greed score is 57/100 (Neutral), contrasting with the 71/100 (Extreme Greed) recorded on May 6.

In new analysis last week, research firm Santiment likewise attributed a drop in Bitcoin on-chain activity to “fear and indecision” on the part of traders.

Binance to be monitored by U.S. FRA for next 3 years

The United States Department of Justice (DOJ) has reportedly appointed international consultancy firm Forensic Risk Alliance (FRA) to ensure cryptocurrency exchange Binance complies with regulatory requirements over the next three years, according to sources familiar with the matter.

Assigning a third-party law firm to keep track of the exchange’s compliance in the coming three-years was a pivotal requirement of Binance’s plea deal back in November 2023, where it pleaded guilty to money laundering and other federal charges, along with a $4.3 billion fine.

The legal watchdog is to have access to internal records, premises, and employees to provide the government with updates on the company’s activities.

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments