Ethereum signalled a potential rally to $6,000 as bullish technicals, tightening supply, and rising institutional demand are starting to look like major tailwinds. Ether’s (ETH) 33% rally from its sub-$1,800 multi-year lows appears to be cooling, but several key metrics suggest the top altcoin is primed for a bigger rally toward $6,000 or higher. Key takeaways: Ether is currently displaying a technical setup similar to past cycles that ignited a massive rally in ETH price. Read more
Bitcoin brought its bull market support band as a key level for BTC price action to reclaim during the weekly candle close. Bitcoin (BTC) slipped from near three-month highs on Thursday as attention turned to the weekly close. Key points: Bitcoin retraces after its latest trip to its highest levels in several months. Read more
Spanish police seized crypto cold wallets tied to an alleged illegal manga site, as questions remain over whether officers can access the funds. Spanish police seized two crypto cold wallets containing about 400,000 euros ($467,000) during a raid on what authorities described as the country’s largest illicit Spanish-language manga distribution platform. Police in Almería arrested three suspects and confiscated two cold wallets hidden inside a wall thermometer, seized from what authorities called the largest portal for illegal manga distribution that generated over 4 million euros ($4.6 million) over the past decade, according to Spain's Interior Ministry. The ministry said the website had offered free access to pirated manga since 2014 and generated most of its revenue through advertising. Read more
The FTX estate sold its Cursor stake for $200K in 2023, now worth $3B after a SpaceX-linked valuation surge, raising questions about bankruptcy asset sales. The FTX bankruptcy estate sold a 5% stake in AI coding startup Cursor for $200,000 in April 2023, missing out on roughly $3 billion after the company was valued at $60 billion in a SpaceX-linked deal this week. On Wednesday, SpaceX said it has secured the right to acquire Cursor later this year at a $60 billion valuation, or alternatively pay a $10 billion breakup fee if the transaction does not proceed. That valuation sharply revalues FTX’s earlier position in the company, which traces back to April 2022 when Alameda Research, a quantitative trading firm also founded by Sam Bankman-Fried, invested $200,000 in Anysphere, the startup behind Cursor. The investment reportedly secured about a 5% equity stake at a $4 million valuation. Read more