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20 May 2025, 16:43
Warren Slams GENIUS Act as “Crypto Corruption” Bill, Warns of Trump Profiteering and Financial Collapse
Senator Elizabeth Warren (D-MA) criticized U.S. President Donald Trump’s crypto ventures on the Senate floor on Monday, warning the American public that the country could face a “financial meltdown triggered by crypto instability.” Elizabeth Warren Warns of Financial Meltdown Speaking ahead of the Senate’s successful procedural vote on the GENIUS Act on Monday, Warren criticized Congress for “aiding and abetting” the sitting U.S. president’s crypto “corruption” following the launch of Trump-affiliated World Liberty Financial’s USD1 stablecoin. I’m on the Senate floor right now urging my colleagues to vote no on the GENIUS Act. There is no excuse for Congress to pass a crypto bill that will turbocharge Trump’s corruption. https://t.co/qb8wWQ6PUA — Elizabeth Warren (@SenWarren) May 19, 2025 “The GENIUS Act will accelerate Trump’s corruption by supercharging the size of the stablecoin market and the reach and profitability of USD1,” Warren said. “And, for the first time in American history, it also makes our president—Donald Trump—the regulator of his own financial product.” The Democratic lawmaker cited the potential weakening of national security, financial stability, and consumer protection as drawbacks of the legislation , claiming that it could “directly lead to the next financial meltdown.” “Make no mistake. We are likely to see another financial crisis in the coming years,” Warren said. “And we are virtually certain to see another set of wild swings in cryptocurrency values.” Trump Crypto Connections Draw Scrutiny The GENIUS Act advanced in the Senate in a 66-32 procedural vote on May 19, just two weeks after the bill failed to secure forward motion due to resistance from Democratic lawmakers amid growing concerns over Trump’s ties to the blockchain sector . Reports emerged at the start of the month that USD1 would be used to finalize a deal between Abu Dhabi-based investment firm MGX and Binance, leading to increased political polarization between Democrats and Republicans. Additionally, Trump’s May 22 exclusive gala dinner for the top 220 investors of his meme coin , $TRUMP, left Democrats further disillusioned. Ranking Member of the House Financial Services Committee Maxine Waters (D-CA) walked out of a joint hearing on May 5 in protest of Trump’s “ownership of crypto” and oversight of federal agencies. Monday’s procedural vote, however, will allow the bill to advance to a full vote on the Senate floor sometime after Memorial Day. The post Warren Slams GENIUS Act as “Crypto Corruption” Bill, Warns of Trump Profiteering and Financial Collapse appeared first on Cryptonews .
20 May 2025, 16:41
XRP Price Prediction: Ripple-Circle Stablecoin Deal Rumors Emerge – $1,000 XRP Incoming?
Rumors of a potential acquisition of Circle Internet Financial — the firm behind the USDC stablecoin — have injected fresh momentum into XRP, sparking a 5% price jump and strengthening the bullish XRP price prediction . Still, the news may not be fully priced in. XRP has since retraced to $2.35, alongside a 25% drop in trading volume in the 24 hours following the report. With many investors remaining on the sidelines and competing bidders in the mix, it has not yet made a compelling case as the best crypto to buy . Better-than-expected April inflation data have lifted sentiment, but Fed Chair Jerome Powell’s reluctance on rate cuts has tempered risk appetite, leaving the market cautiously optimistic. Ripple Wants Circle, But it Faces Tough Competition While Circle is still committed to going public, Fortune-reported informal talks with Coinbase and Ripple suggest it is exploring multiple paths. Sources from the banking and private equity sector say Circle is seeking at least $5 billion, the same valuation it is targeting for the IPO. Ripple has already made a bid in the range of $4 billion to $5 billion , but that offer was turned down as too low, according to Bloomberg. With a shared history dating back to 2018 through the Centre Consortium—a venture to establish fiat-backed stablecoins, including USDC—Coinbase is seen as the natural buyer. Though the consortium dissolved in 2023, Coinbase retains an equity stake in Circle and continues to share in the USDC revenue. Looks like Coinbase is trying to move in on Ripple’s plans… Looks like Coinbase is now interested in Circle USDC. However in my opinion I think Ripple got this… XRP RLUSD XLM USDC all under The Ripple Umbrella ——> USA Treasury pic.twitter.com/G93NsGmEpB — Remi In The System (@RemiRelief2) May 19, 2025 XRP Price Prediction: Could Ripple-Circle Pave the Way to $1000? Ripple Labs would likely integrate USDC into the XRP Ledger network, providing access to a sector expected to grow from $248 billion $2 trillion by 2030, according to Citigroup projections . Such an integration could significantly boost XRP Ledger transaction volumes, increasing the burn rate and utility demand for XRP. This would support long-term XRP price growth with deflationary pressure. However, in the near-term price action is likely to be defined by the breakout from the falling wedge pattern that has defined the multi-month XRP price downtrend. Momentum has faltered post-breakout, with the Rupple price now retesting the pattern’s former resistance as support. Crossing below this could invalidate the pattern completely. If momentum continues, the pattern sets an XRP price breakout target around $4 before the end of the year, representing a potential 70% surge from current prices. This outlook is supported by the MACD, which continues to lead above the signal line—often an early sign of a sustained mid-term trend. More so, the RSI holds in bullish territory above the neutral line at 50, though the balance remains delicate. Buying pressure continues to lead higher timeframes. The ongoing retest of past support at $2.20 in line with the 0.5 Fib retracement level—a common reversal zone—could mark a correction bottom if bulls fail to defend the current level. Looking further ahead, June 17 presents a major catalyst with the decision deadline on US XRP spot ETFs. Alongside a Ripple-Circle deal, the coveted $1,000 XRP price prediction could be in focus for the coming years. The Bull Market Could Be Back – Here’s How to Take Advantage Any trader hedging their risk likely features Bitcoin (BTC) as a major part of their portfolio, especially with the market in a state of cautious optimism. But, while Bitcoin provides stable gains, it often sacrifices upside potential—that’s where Bitcoin Bull (BTCBULL) comes in, offering a fresh way to capitalize on BTC tailwinds. True to its name, Bitcoin Bull ties its tokenomics to Bitcoin’s price growth in a deflationary model. The project burns tokens and distributes BTC airdrops whenever Bitcoin reaches key milestones, starting at $125,000 and triggering new rewards for every $25,000 climb thereafter. With some analysts forecasting highs of $1M this cycle and BTC finally back on the recovery path, BTCBULL could become a Bitcoin Maxi’s best friend. With over $6 million raised in its ongoing presale , the project is already gaining strong momentum—potentially credited to its 68% APY on staking that rewards early investors. You can keep up with Bitcoin Bull on X and Telegram , or join the presale on the Bitcoin Bull website . The post XRP Price Prediction: Ripple-Circle Stablecoin Deal Rumors Emerge – $1,000 XRP Incoming? appeared first on Cryptonews .
20 May 2025, 16:30
ETH leads Majors, SOL ETFs Delayed, Bybit allows Stock Trading
ETH leads Majors, SOL ETFs Delayed, Bybit allows Stock TradingFOMO HOUR EP361BTC pulls back from 106k, ETH leads majors. BTC becomes 6th most valuable asset in the world. BTC ETF inflows surge as basis trade nears 9%. SEC delays SOL ETFs, cites various issues. AAVE leads altcoins as TVL breaks $30bn. Bybit allows users to trade top stocks with USDT. GENIUS Act moves to full vote in senate. Strategy buys $765m more BTC. Lawsuit alleging deception filed against Strategy. DigiAsia to raise $100m to buy BTC. JPM will not hold BTC in custody: Dimon. Cramer recommends BTC as a hedge for US debt. DoJ investigating Coinbase on data theft. Circle shopping itself to Coinbase and Ripple pre-IPO. SOL made up 50%+ of all L1 revenue in past week. Alpenglow to bring 100x latency improvement to SOL. Dorsey wants BTC to be valued in Satoshis. Revolut to invest EUR 1b in France. Binance seeks to dismiss $1.7bn FTX lawsuit.FOMO HOUR brings you the biggest daily news, updates and events from inside and outside of the crypto and macro spheres! Join hosts Farokh, Mando and Tyler as they cover some of the biggest topics at present with some of the biggest names in the ecosystem. Streaming live 5 days per week, Monday to Friday 10:00 AM EST to 11:00 AM EST on YouTube and X.JOIN YEET = https://yeet.com/register?aff=fomohourPLAYLIST = https://www.youtube.com/playlist?list=PLGSgoImPFTiVpkHhLXF78cE_Z3uG7VNGLPODCAST = https://x.com/i/spaces/1kvKpydgqMQGELIVE SPACE = https://x.com/i/spaces/1BRJjmyEqQQGwLinks:https://linktr.ee/fomohourhttps://twitter.com/fomohourhttps://www.rug.fm/https://x.com/rugradioHosts:https://twitter.com/farokhhttps://twitter.com/rektmandohttps://twitter.com/tyler_did_itMyriad:https://myriad.marketshttps://x.com/MyriadMarkets#bitcoin #crypto #podcast
20 May 2025, 16:20
Bitcoin Falters Near Record, but 'Realized Price' Analysis Suggests Optimistic Outlook
Record highs — be it $20,000 in 2017, $69,000 in 2021 and $109,000 this year — are great for headlines and quick comparisons, but in reality don't do a great job of describing price action. Tracking the "realized price," or the average price at which bitcoin BTC is withdrawn from all exchanges to estimate a market-wide cost basis is a more valuable tool for gauging investor profitability and potential inflection points in market sentiment. The charts (above and below) illustrate the average withdrawal prices for different investor cohorts, segmented by the year they entered the market starting Jan. 1 of each year from 2017 to 2025. The average realized price for the 2025 so far is $93,266. With bitcoin currently trading at $105,000, these investors are up approximately 12% on average. When bitcoin began its decline from the all-time high of $109,000 in late January, it briefly fell below the 2025 realized price, a historical signal of capitulation. This period of stress lasted until April 22, when the price reclaimed the cohort’s cost basis. Historical Context: Capitulation Patterns Historically, when price falls below a cohort’s realized price, it often marks market capitulation and cyclical bottoms: 2024: After the ETF launch in January, bitcoin dipped below the average cost basis before rebounding. A more significant capitulation followed in the summer, linked to the yen carry trade unwind when bitcoin plunged to $49,000. 2023: Price tracked close to the average cost basis during support levels, only briefly breaking below during the Silicon Valley Bank crisis in March. The data suggests that a capitulation phase has likely occurred, positioning the market for a more constructive phase. Historically, recoveries from such events mark transitions into healthier market conditions. Realized, not record When bitcoin first surpassed $20,000 during the 2017 bull market, it marked a significant divergence between the market price and the realized price of just $5,149, highlighting a phase of exuberant speculation. Unsurprisingly, prices very shortly after went into a brutal reversal. In contrast, by the depths of the 2018 bear market when bitcoin bottomed around $3,200, price at that point converged with the all-time realized price, a metric that aggregates the cost basis of all investors across cycles. This long-term cost basis acts as a foundational support level in bear markets and gradually rises over time as new capital enters the market. Therefore, evaluating bitcoin solely by comparing cycle peaks, for example, from $69,000 in 2021 to just over $100,000 in 2025, misses the bigger picture. The more relevant insight is that the aggregate cost basis of all investors continues to climb, underscoring the long-term maturation of the asset and the increasing depth of capital committed to the network.
20 May 2025, 16:20
Genesis’ New Lawsuits Target DCG Officials Over Lost Crypto Funds
Genesis Litigation Oversight Committee (LOC), the company responsible for overseeing Genesis’s bankruptcy, has filed two new lawsuits. These legal actions target Genesis’s parent company, Digital Currency Group (DCG), its CEO, Barry Silbert, and other top executives. The lawsuits claim that billions of dollars were wrongly taken from Genesis before the company went bankrupt in 2023. Genesis Sues DCG for Funds Mismanagement and Deception The first lawsuit was filed in Delaware. It says Barry Silbert and his team recklessly ran Genesis. The complaint accuses them of misleading customers about the company’s financial health while taking money for their benefit. It also claimed the company’s officials moved money from Genesis to other parts of DCG, even when they knew the company was in trouble. Although Grayscale Investments, another company owned by DCG, was mentioned in the complaint, it was not named as a defendant. In this lawsuit, Genesis asks the court to help recover at least $2.2 billion in Bitcoin (BTC), Ethereum (ETH), and other crypto assets. These funds would then be returned to the creditors still waiting to be paid. This class action comes after the U.S. Securities and Exchange Commission (SEC) charged DCG and former Genesis CEO Michael Moro. In January, the agency claimed the company misled investors, with the case ending with a $38.5 million settlement. DCG Accused of Moving $1B From Genesis Before Collapse Another lawsuit was filed in New York’s Bankruptcy Court. It claimed that DCG and its insiders moved over $1 billion in cash and crypto out of Genesis while the company collided. The suit says these transfers took place when Genesis was already facing serious financial risks, especially after the crash of Terra-Luna. It also revealed that the firm had $14 billion in loans and was already insolvent by the end of 2021. According to the filing, a financial consulting firm warned DCG about these risks in November 2021, but no action was taken to fix the problems. Genesis filed for bankruptcy in January 2023. At that time, it owed money to over 100,000 people and businesses, with total debts reaching as high as $10 billion. The company completed its restructuring process in August 2024 and has since started returning money to creditors. So far, Genesis has paid back more than $4 billion in assets. DCG Responds to the Lawsuits DCG has denied all the claims. A company spokesperson said the lawsuits are not new and that the accusations have been made before. It was also revealed that DCG worked with many people during the bankruptcy process to find a fair solution. The company says it will strongly defend itself against unfair and false accusations. The post Genesis’ New Lawsuits Target DCG Officials Over Lost Crypto Funds appeared first on TheCoinrise.com .
20 May 2025, 16:17
Ethereum Co-Founder Moves $262 Million To Kraken, What is Happening?
About $262 million worth of Ethereum possibly at risk of sell-off on Kraken
