19 May 2025, 05:06

Coinbase faces lawsuit over alleged breaches of Illinois biometric privacy law

A group of Coinbase users from Illinois have filed a class-action lawsuit against the crypto exchange, alleging that its identity checks violate the state’s Biometric Information Privacy Act (BIPA). Plaintiffs Scott Bernstein, Gina Greeder and James Lonergan claimed in the May 13 lawsuit filed in a federal court that Coinbase’s “wholesale collection” of faceprints for its Know Your Customer requirements violates BIPA, as they weren’t notified. The group claimed Coinbase failed to notify users in writing of the collection, storage, or sharing of their biometric data and the purpose and retention schedule for their data. “Coinbase does not publicly provide a retention schedule or guidelines for permanently destroying Plaintiffs’ biometric identifiers as specified by BIPA,” they alleged. The complaint said Coinbase requires users to verify their identity by uploading a government-issued photo ID and a selfie, which is then sent to a third-party facial recognition software to scan and extract facial geometry. This process captures biometric identifiers without users’ informed written consent, which the suit claimed violates BIPA. Coinbase ID verification procedures. Source: CourtListener Additionally, the group claimed Coinbase violated the law by sharing biometric data without users’ consent to third-party verification vendors such as Jumio, Onfido, Au10tix and Solaris. “Coinbase ‘obtains’ biometric data in violation of [BIPA] because it explicitly directed the Third Party Verification Providers to use its software to verify and authenticate users, including Plaintiffs, and its software does so by collecting biometric data,” the complaint read. The group claimed that more than 10,000 individuals have filed demands for arbitration over these issues with the American Arbitration Association, which Coinbase has allegedly refused to pay the required arbitration fees, causing them to be dismissed. Related: Alabama drops staking lawsuit against Coinbase The suit brings three claims of violating state biometric privacy laws and one for consumer fraud under the Illinois Consumer Fraud and Deceptive Business Practices Act. The group is seeking relief of $5,000 per willful or reckless violation found, $1,000 per negligent violation found, along with injunctive relief and litigation costs. Coinbase has also recently been hit with at least six lawsuits over its May 15 disclosure that some of its customer support agents were bribed to leak users' data. Past BIPA violation suit sent to arbitration In May 2023, a group of Coinbase users sued the exchange under similar accusations of BIPA violations. A judge later allowed that lawsuit to pause pending arbitration and dismissed the lawsuit without prejudice on Feb. 3 after Coinbase and the group of users agreed to drop the action. Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest

19 May 2025, 05:01

XRP sideways structure holds as traders eye May 19 CME futures launch as next catalyst

XRP is showing muted price action as markets await a potential catalyst in the form of regulated futures trading on the Chicago Mercantile Exchange Group on Monday, May 19. The token has been range-bound between $2.32 and $2.62 for the past week and is currently holding steady at $2.37, up just 0.7% in the last day. Even though the price has been moving sideways, market activity has risen dramatically. The 24-hour trading volume of XRP ( XRP ) increased 46.8% to $3.2 billion, showing renewed interest among traders. Meanwhile, open interest has decreased by 0.26%, but derivatives volume is up by 48%, as per Coinglass data . This discrepancy points to a rise in short-term positioning without long-term conviction, perhaps in preparation for the upcoming derivatives launch. CME Group, the world’s largest regulated derivatives marketplace, plans to introduce XRP and Micro XRP futures contracts on May 19, pending final regulatory approval. According to CME Group’s notice on April 24, each contract will be cash-settled based on the CME CF XRP-Dollar Reference Rate and represent 50,000 and 2,500 XRP, respectively. You might also like: XRP dips as U.S. court rejects Ripple-SEC settlement bid over procedural misstep CME has been expanding into crypto derivatives after making its debut with Solana ( SOL ) futures in March. As the fourth-largest cryptocurrency by market capitalization, XRP’s inclusion in CME’s portfolio may pave the way for greater institutional involvement. From a technical perspective, XRP is currently in a consolidation stage. With no discernible momentum in either direction, key indicators such as the relative strength index and the MACD point to a neutral trend. The longer-term trend is still in place as XRP is still above the majority of its mid- and long-term moving averages, including the 50-day and 200-day averages. XRP price analysis. Credit: crypto.news The key support zone lies near $2.30, which has held firmly in recent sessions. A break below this level could expose the $2 zone. On the upside, resistance is forming around $2.60. A breakout could lead to a retest of the highs from April above $2.80. Traders are keeping a close eye on whether institutional demand through CME will provide the momentum required to end XRP’s current consolidation, with volatility expected to return amid the launch. Read more: XRP price prediction 2025: hidden channel points to $4.50 rally

19 May 2025, 04:08

XRP Price Struggles to Hold Ground — Breakdown or Breather?

XRP price started a downside correction below the $2.480 zone. The price is now consolidating and might extend losses below the $2.320 support zone. XRP price started a fresh decline below the $2.520 zone. The price is now trading below $2.480 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $2.3550 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might start another increase if it stays above the $2.350 support. XRP Price Dips Again XRP price attempted a fresh increase above the $2.350 zone, like Bitcoin and Ethereum . However, the bears were active near the $2.450 zone. A high was formed at $2.4495 and the price is now moving lower. There was a drop below the $2.40 support level. The price dipped below the 50% Fib retracement level of the upward move from the $2.299 swing low to the $2.449 high. However, the bulls are now active near the $2.350 support. There is also a connecting bullish trend line forming with support at $2.3550 on the hourly chart of the XRP/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $2.299 swing low to the $2.449 high. The price is now trading below $2.40 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.40 level. The first major resistance is near the $2.450 level. The next resistance is $2.50. A clear move above the $2.50 resistance might send the price toward the $2.60 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.680 in the near term. The next major hurdle for the bulls might be $2.80. More Losses? If XRP fails to clear the $2.450 resistance zone, it could start another decline. Initial support on the downside is near the $2.3550 level. The next major support is near the $2.320 level. If there is a downside break and a close below the $2.320 level, the price might continue to decline toward the $2.20 support. The next major support sits near the $2.120 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $2.350 and $2.320. Major Resistance Levels – $2.40 and $2.450.

19 May 2025, 03:48

Binance Launches ETH Protected Earnings: Earn Up to 3,000 USDC with 3.3% Annualized Interest

On May 19th, COINOTAG reported significant news from Binance, the renowned cryptocurrency exchange. Binance has introduced a new savings product, dubbed ETH Protected Earnings, aimed at enhancing user engagement. Investors

19 May 2025, 03:19

Bitcoin notches record weekly close after highest-ever daily close candle

Bitcoin has notched its highest-ever weekly close as crypto market momentum continues and the cryptocurrency is again nearing its all-time high. Bitcoin ( BTC ) has closed at a weekly gain for the past six weeks in a row, and its most recent close at midnight UTC on May 18 was its highest weekly close ever at just below $106,500, according to TradingView. Its last highest weekly close was in December when it reached $104,400. It later went on to reach an all-time high of $109,358 on Jan. 20, according to TradingView. Bitcoin is now less than 3% away from its peak price and has gained 2% over the past 24 hours to trade around $104,730 at the time of writing. Bitcoin also posted its highest-ever close in a 24-hour period on May 18. However, this is not the largest daily gain Bitcoin has made. “Bitcoin just had its highest daily candle close... ever,” investor Scott Melker posted to X on May 19. With a daily close above $105,000, “Bitcoin will develop a brand new higher high,” said analyst Rekt Capital. BTC/USD weekly timeframe. Source: TradingView Bitcoin’s weekly gains over the past six weeks are mirroring its gains in November when it added $30,000 in three of its largest weekly candles ever. It has added around $12,000 so far in May, climbing from $94,000 to over $106,000 before it pulled back to around $105,400. Related: BTC price to $116K next? Bitcoin trader sees 'early week' all-time high Additionally, Arete Capital partner “McKenna” said the Coinbase premium had returned, which measures US sentiment by comparing the difference between Coinbase’s BTC/USD pair and Binance’s BTC/USDT equivalent. The “strength of this bid on a Sunday night feels strange,” they said, adding its “possible someone knows some important news dropping next week.” Bitcoin’s CAGR cools down On May 18, analyst Willy Woo dived into Bitcoin’s compound annual growth rate ( CAGR ), noting that it was trending downward as the network continues to store more capital. “BTC is now traded as the newest macro asset in 150 years, it'll continue to absorb capital until it reaches its equilibrium,” he said. Woo compared it to long-term monetary expansion of 5% and GDP growth of 3%, estimating that Bitcoin’s annual growth rate will be around 8% in around 15 to 20 years when it has settled. “Until then, enjoy the ride because almost no publicly investable product can match BTC performance long term, even as BTC's CAGR continues to erode.” Bitcoin annualized growth rate. Source: Willy Woo Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest

19 May 2025, 03:08

Ethereum Price Fails to Break Through — What’s Holding It Back?

Ethereum price corrected gains and tested the $2,320 zone. ETH is now struggling and might decline toward the $2,220 support zone. Ethereum started a correction from the $2,580 zone and tested $2,320. The price is trading below $2,500 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $2,540 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain strength if it clears the $2,550 resistance in the near term. Ethereum Price Dips Again Ethereum price struggled to clear the $2,520 resistance and started a downside correction, unlike Bitcoin . ETH traded below the $2,500 and $2,440 support levels. The bears were able to push the price below the 50% Fib retracement level of the upward move from the $2,308 swing low to the $2,509 high. The price even spiked below the $2,440 level, but the bulls were active near the $2,400 zone. The price is stable above the 61.8% Fib retracement level of the upward move from the $2,308 swing low to the $2,509 high. Ethereum price is now trading below $2,450 and the 100-hourly Simple Moving Average . There is also a connecting bearish trend line forming with resistance at $2,540 on the hourly chart of ETH/USD. If there is another increase, the price could face resistance near the $2,460 level. The next key resistance is near the $2,500 level. The first major resistance is near the $2,550 level and the trend line. A clear move above the $2,550 resistance might send the price toward the $2,580 resistance. An upside break above the $2,580 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,700 resistance zone or even $2,780 in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,500 resistance, it could start a fresh decline. Initial support on the downside is near the $2,400 level. The first major support sits near the $2,350 zone. A clear move below the $2,350 support might push the price toward the $2,320 support. Any more losses might send the price toward the $2,220 support level in the near term. The next key support sits at $2,120. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,400 Major Resistance Level – $2,500