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Bitcoin 'looks exhausted' as next bear market yields $69K target

Key points:

Bitcoin all-time highs matter little to those seeing a BTC price correction as long overdue.

Both the latest surge and the bull market itself are on borrowed time, traders say.

Comparisons to previous price cycles remain in use despite the booming institutional investment scene.

Bitcoin (BTC) traders are calling for a pullback after all-time highs and seven “green” weekly candles.

BTC price momentum continues to be met with skepticism as commentators assume that lower levels will come next.

BTC price roadmap prepares for Q4 “cycle peak”

Bitcoin hit its highest-ever levels this week, data from Cointelegraph Markets Pro and TradingView confirmed — but despite being up by a third in Q2 already, BTC/USD remains unconvincing for many.

Long-term analysis suggests that not only is price action due to return lower to consolidate gains, but that the entire bull market is near

5 red flags you’re being shilled: Don’t buy the hype

What is shilling in crypto?

At its core, shilling is the act of artificially promoting a cryptocurrency or token, often with exaggerated claims, to increase its price or popularity.

But what’s the goal?

Hype it up, get others to buy in, and then cash out, leaving latecomers holding the bag.

Shilling can come from anyone: influencers, anonymous accounts or even high-profile figures with political or financial clout. The common thread is manipulation: It’s not about educating you or building real value but pumping hype for personal gain.

Unfortunately, the line between enthusiastic promotion and outright deception can be thin, and many fall victim without realizing it. That’s why it’s critical to learn how to spot the signs early.

5 red flags you’re being shilled

Beware of crypto red flags like overhyped promises, anonymous teams, influencer shills, missing products

Read More at https://cointelegraph.com/explained/5-red-flags-youre-being-shilled-dont-buy-the-hype?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

Posted bypdgwebMay 22, 2025May 22, 2025Posted inUncategorized

Coinbase hacker trolls ZachXBT onchain after $42.5M THORChain swap

The hacker behind the data breach targeting Coinbase users mocked blockchain investigator ZachXBT with an onchain message following a major crypto swap.

On May 21, the hacker used Ethereum transaction input data to write “L bozo,” followed by a meme video of NBA player James Worthy smoking a cigar.

The message came after the attacker swapped about $42.5 million from Bitcoin (BTC) to Ether (ETH) via THORChain.

ZachXBT flagged the message on his Telegram channel, linking it to the same entity responsible for the Coinbase data breach affecting at least 69,400 users.

Coinbase hacker trolling ZachXBT. Source: ZachXBT.

On May 22, blockchain security firm PeckShield reported that the hacker had continued to move funds, swapping 8,697 ETH for 22 million Dai (DAI). A separate but closely linked address, which received 9,081 ETH via THORChain, also converted the assets into 23 million DAI.

Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/justice-department-coinbase-data-breach"

Microsoft takes legal action against infostealer Lumma

Tech giant Microsoft says it has taken legal action against the information-stealing malware Lumma Stealer and has blocked thousands of websites related to the software.

Microsoft said in a May 21 blog post that a federal court in Georgia allowed the firm’s digital crimes unit to take down, block or suspend nearly 2,300 websites critical to Lumma’s operations, and it has collaborated with local and international law enforcement agencies to dismantle the project’s infrastructure.

The company said the US Department of Justice seized Lumma’s central command structure and disrupted marketplaces where the tool was sold to other cybercriminals.

Microsoft says that Lumma has been sold via underground forums since 2022 and that it has undergone multiple upgrades since its launch.

Domains seized by Microsoft. Source: Microsoft Blog

Europol’s European Cybercrime Center and Japan’s Cybercrime Control Center also facilitated the suspension of locally based Lumma infrastructure.

Lumma is a malware tool

Pakistan creates Digital Asset Authority to regulate crypto

Pakistan’s Ministry of Finance has reportedly endorsed the creation of a dedicated body to regulate blockchain-based financial infrastructure in the country.

The Pakistan Digital Assets Authority (PDAA) will serve as a regulatory body to oversee licensing, regulate exchanges, custodians, wallets, tokenized platforms, stablecoins and decentralized finance applications, according to a May 21 report from the state-owned broadcaster, PTV.

Muhammad Aurangzeb, federal minister for finance and revenue, told the broadcaster, “Pakistan must regulate not just to catch up, but to lead” in the industry.

“With the PDAA, we are creating a future-ready framework that protects consumers, invites global investment, and puts Pakistan at the forefront of financial innovation,” he said.

Muhammad Aurangzeb, Pakistan’s Federal Minister for Finance and Revenue. Source: Pakistan Ministry of Finance

The PDAA will also be tasked with tokenizing national assets and government debt, facilitating monetization of Pakistan’s surplus

Feds charge Amalgam founder with stealing $1M via ‘sham’ blockchain

A US grand jury has indicted the founder of blockchain startup Amalgam Capital Ventures over allegations he defrauded investors out of over $1 million with a fake blockchain.

Jeremy Jordan-Jones was arrested and indicted on May 21 and charged with wire fraud, securities fraud, making false statements to a bank, and aggravated identity theft, the Department of Justice said on May 21.

Manhattan US Attorney Jay Clayton claimed Jordan-Jones “touted his company as a groundbreaking blockchain startup,” but alleged that, in reality, the “company was a sham, and investors’ funds were siphoned off to bankroll his lavish lifestyle.”

FBI Assistant Director Christopher Raia alleged that Jordan-Jones defrauded investors of more than 1 million dollars through “misrepresentations of his purported company’s capabilities, partnerships, and investment intentions.”

Raia claimed the Amalgam founder’s “blatant lies” funded his personal lifestyle at the expense of unknowing victims.

An excerpt from the indictment of Jeremy Jordan-Jones. Source: <a

Hyperliquid sees $1.1B Bitcoin long bet opened at 40x leverage

A crypto whale has expanded an existing 40x leverage long Bitcoin bet to $1.1 billion on the decentralized exchange Hyperliquid, which has stunned the crypto community and is believed to be the first-ever position exceeding $1 billion on the platform.

The X account “James Wynn” claims to be behind the position, which is now up $36 million on the trade, data from Hypurrscan’s block explorer shows.

A $28.4 million margin position was used across several trades to increase the Bitcoin (BTC) position, now worth $1.13 billion. The average Bitcoin entry price was $108,065.

Perp futures positions of wallet address “0x507.” Source: Hypurrscan

“He did it fellas,” crypto analyst Sigma^2 wrote on X. “First position [on Hyperliquid] to exceed $1B.”

Wynn’s long position was at a loss of about $16.3 million before it shot back up as Bitcoin broke through $110,000

BlackRock’s Bitcoin ETF notches 2-week high inflow as BTC nears $112K

BlackRock’s iShares Bitcoin Trust (IBIT) has seen its largest inflow in the past two weeks as traders allocate to US spot Bitcoin exchange-traded funds (ETFs) to scoop up the rocketing cryptocurrency.

IBIT’s May 21 net inflows hit $530.6 million, its biggest single-day net inflow since it took in $531.2 million on May 5, according to Farside Investors. The ETF hasn’t had an outflow since April 9.

In one day alone, IBIT has accumulated over 10 times the amount of Bitcoin (BTC) mined over the same timeframe, with it scooping up 4,931 BTC against just 450 BTC produced for the day.

IBIT also saw its largest volume day since January, according to the ETF tracking X account Trader T.

“Given trading volume today, expect these inflow numbers to increase,” said ETF Store president Nate Geraci.

BlackRock IBIT net flows. Source: Trader

Synthetix scuttles $27M Derive deal after community concerns

Decentralized finance platform Synthetix has axed its $27 million plan to acquire crypto options platform Derive after negative community feedback.

A Synthetix spokesperson told Cointelegraph on May 22 that its acquisition proposal, pitched to its community and to Derive’s, “did not resonate,” and both projects agreed to “step back from the proposed acquisition.”

Synthetix said on May 14 that it would acquire Derive in a token exchange deal, pricing 1 SNX token to 27 DRV tokens, which would value Derive at around $27 million, pending approval from both communities.

Synthetix strategy lead Ben Celermajer told Cointelegraph that other community concerns were the three-month token lock-up period and the deal’s price, part of which Synthetix tried to address with no lock-up for holders of less than 1 million DRV.

“While we understand the commercials did not resonate with all community members, a number of holders from

Bitcoin continues rally to surpass $110K for the first time

Bitcoin has topped $110,000 for the first time in a recent rally that has seen it gain 3% over the past day to break through past price highs from earlier this year.

Bitcoin (BTC) hit a new all-time high of $110,788.98 on Coinbase late on May 21, just before 11:30 pm UTC, according to TradingView.

Bitcoin has gained around 3% over the last 24 hours, surpassing its all-time high of $109,458 that it hit earlier in the day, which was the first time it traded above its previously long-held Jan. 20 peak.

The world’s largest cryptocurrency has now gained 17.5% so far this year and is up 47% since its slump to $75,000 on April 7, triggered by US President Donald Trump enacting sweeping tariffs that tanked global markets.

Bitcoin’s new peak comes as US stock markets were rattled by a weak