The recent downturn isn’t affecting the overall stock market. Futures for the S&P 500 and Nasdaq 100 are both up over 0.5%, suggesting the issues are specific to the crypto market and not related to wider economic or global events.
The 4‑hour chart scribbles a gentle bear flag, a whisper of a descending channel tucked in like a half‑finished sandwich. When that tiny channel pulls its final line, the price tried to linger inside-like a shy teenager staying in the hallway at a party. But it slipped out again, got bounced off its bottom trendline, and started producing lower highs this way and that.
And lo, the Deribit options expiry on May 29 approaches, a $6.6 billion masquerade where market makers, those cunning puppeteers, strive to keep the price pinned between $75,000 and $80,000. Oh, the drama! Open interest at these levels is as thick as the plot of a Molière farce, with traders and makers alike dancing to the tune of compressed volatility.
Indonesia recently blocked Polymarket, a platform where people make predictions on events, after a popular bet about Prabowo Subianto potentially not finishing his term as president spread online.
Kelp DAO announced on Monday that it had sent the last of its rsETH – a total of 20,373.7 – to LayerZero. LayerZero will use these tokens to manage the process of moving tokens between different blockchains, including locking, creating, destroying, and releasing them.
Key Takeaways:
Like a bad sequel that never made the cut, the so‑called SquidRouterModule was a third‑party Gnosis Safe module that the attackers bit off, and then bled away roughly $3.2 million across Ethereum and Base in a frantic 86 accounts and only two hours.
All this drama unfolded while stablecoin liquidity took a nosedive ($687M, ouch!) and DEX volumes were like, “Yeah, no, we’re good.”
CoinDesk reports that Bitcoin lingered near $76,500 mid‑day Hong Kong time, a picture of a hostage in its own prison. The price held a clingy, almost jealous, narrow range as traders pick up the remote control only after the long weekend came and went.
I saw the news fly around on social media, and it was crazy! Everyone started jumping on the hype train, and a ton of new meme coins popped up on Solana and the BNB chain as people tried to make a quick profit from the speculation.