Kategorie: Crypto News

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FTX Token surges 14% ahead of $5B creditor distribution

  • FTX Token (FTT) has jumped nearly 14% in the past 24 hours, surging as the market reacts to the latest FTX news.
  • On May 15, FTX announced its $5 billion creditor distribution will begin on May 30, 2025.
  • Market reaction aligned with top altcoins’ quest to bounce despite notable risk-off sentiment.

The FTX Token (FTT) rose sharply as the crypto market reacted to an announcement that FTX, which filed for bankruptcy in November 2022, will soon commence the second phase of its creditor payments.

As top coins looked to bounce after paring gains earlier in the day, FTT price spiked 14% to break to highs of $1.33.

The gains came as FTX announced that the $5 billion distribution to creditors will start on May 30, 2025.

Optimism around FTX’s Chapter 11 reorganization plan has helped FTT recover from lows seen when FTX imploded.

FTX Token chart by CoinMarketCap

FTX set to commence $5 billion creditor distribution

The FTX team, led by administrator John J Ray III, has announced the crypto exchange’s second creditor distribution.

An update on May 15 revealed that funds for allowed claims of eligible holders will start flowing into accounts on May 30, 2025.

FTX will distribute over $5 billion to holders of allowed claims, both in its Convenience and Non-Convenience Classes.

According to FTX, eligible creditors are those that have completed pre-distribution requirements.

These users should also have onboarded with the selected distribution service providers, BitGo or Kraken.

If all is in order, creditors should receive their share of the $5 billion from the platforms within 1 to 3 business days.

John J.Ray III, FTX Recovery Trust plan administrator, said:

“These first non-convenience class distributions are an important milestone for FTX. The scope and magnitude of the FTX creditor base make this an unprecedented distribution process, and today’s announcement reflects the outstanding success of the recovery and coordination efforts of our team of professionals. Our focus remains on recovering more for creditors and resolving outstanding claims.”

FTX Token price soars

In November 2022, the FTX Token (FTT) experienced a massive sell-off, with the price plummeting to under $1 from above $25.

Since then, the token has struggled to break higher.

Despite this, data from CoinMarketCap shows FTT price spiking by more than 70% since touching an all-time low of $0.75 on April 17, 2025.

On May 15, the native FTX token rose by more than 14% to top the daily gainers list.

While it has shed some of the upside momentum, FTX Token remains above the psychological $1 level.

A 24-hour trading volume of $69 million represents a 271% surge, while market cap stands at over $416 million to see FTT rank as the 141st largest cryptocurrency by this measure.

The post FTX Token surges 14% ahead of $5B creditor distribution appeared first on CoinJournal.

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Bitcoin to outperform gold in second half of 2025: JP Morgan

  • Gold has been losing steam recently after it raced to record highs due to geopolitical and economic uncertainties, including tariffs.
  • Bitcoin has been the winner, with gold being the loser in a hedge trade against currencies.
  • The increasing number of US states and companies buying bitcoin will be another catalyst.

JP Morgan analysts expect Bitcoin to outperform gold for the rest of the year.

The research firm predicts this performance on the back of more US institutions buying Bitcoin and a zero-sum trade where Gold is losing lately.

Gold’s blitz fading

Gold had a strong start to 2025, racing to a 28% gain in its 52-week peak at $3,509.9 per ounce on April 22.

At that time, Bitcoin was down 3% for the year till then.

This rally was largely fueled by heightened geopolitical tensions, escalating US-China trade tensions, and persistent global recession fears fueled by tariffs, which drove significant safe-haven buying.

Central bank purchases also played a role in this upward trajectory.

A JP Morgan analyst in an earlier note said that momentum in gold’s price could push it to $6,000 over the next four to five years.

This surge would be fueled by a change in investors’ preference towards US investments.

A debasement trade where investors buy gold and Bitcoin as a hedge against weakening international currencies has turned into a zero-sum game in 2025, JP Morgan analysts noted.

Gold was the asset that was gaining, and Bitcoin was losing in this arrangement until recently, they said.

Since April’s peak, Gold prices have declined by 8% while Bitcoin has gained by 18%.

The analysts noted that this performance has reflected in investor appetite as well.

Data indicating the flow of money showed that money was taken out of gold exchange-traded funds (ETFs) and being poured into spot bitcoin and crypto funds since April, JP Morgan said.

Bitcoin ETFs have attracted over $40 billion in inflows since their approval in 2024.

In futures data, the gold position has declined while bitcoin has been trending upwards.

Catalyst for Bitcoin

The surge in Bitcoin price was also supported by companies and US institutions, either buying the crypto asset or encouraging the buying with supporting regulations.

Strategy, a business intelligence company, has plans to buy $84 billion worth of bitcoin by 2027 in two separate $42 billion plans.

The company said it has already met 60% of the first $42 billion buying project.

Prominent hedge funds like Citadel, Millennium, and Susquehanna have also invested in the crypto asset.

Major companies like Tesla, Coinbase, Block, and MetaPlanet have also added Bitcoin to their reserves.

US states are also buying bitcoin to pad their reserves. New Hampshire recently became the first US state to pass a crypto bill.

Under the new rule, the state can invest up to 10% of its public funds in Bitcoin and precious metals.

Arizona also passed a Bitcoin reserve bill into law and promises no increased taxes.

Analysts said that as more US states make rules to invest in Bitcoin, it could act as a “sustained positive” catalyst for Bitcoin.

 

The post Bitcoin to outperform gold in second half of 2025: JP Morgan appeared first on CoinJournal.

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Coinbase faces SEC probe over historical user metrics: report

  • Stock slips 6% after report on federal investigation.
  • The regulatory scrutiny comes as Coinbase deals with the aftermath of a cybersecurity breach disclosed earlier in the day.
  • Hackers reportedly stole customer data and are demanding a $20 million ransom.

Coinbase confirmed Thursday that the US Securities and Exchange Commission is investigating whether the company overstated user numbers in prior disclosures.

The development, first reported by The New York Times, contributed to a decline of about 6% in Coinbase shares during the session.

The inquiry centers on Coinbase’s reporting of “verified users,” a metric the company has cited in filings and promotional materials as totaling more than 100 million.

According to the report, the investigation originated during the Biden administration and has continued under the current SEC, which has taken a comparatively more accommodating stance toward the crypto industry.

“This is a hold-over investigation from the prior administration about a metric we stopped reporting two and a half years ago, which was fully disclosed to the public,” said Paul Grewal, Coinbase’s chief legal officer, in a statement to CNBC.

He added that the verified users figure included anyone who completed an email or phone number verification, which could have led to an overstatement of unique customers.

Grewal also emphasized that Coinbase now focuses on a different disclosure: monthly transacting users, a figure the company considers a more relevant indicator of platform activity.

“While we strongly believe this investigation should not continue, we remain committed to working with the SEC to bring this matter to a close,” he added.

Cyberattack adds to market pressure

The regulatory scrutiny comes as Coinbase deals with the aftermath of a cybersecurity breach disclosed earlier in the day.

Hackers reportedly stole customer data and are demanding a $20 million ransom.

Coinbase estimates the incident could cost the company up to $400 million.

The timing compounds an already volatile period for the company.

Coinbase recently announced its inclusion in the S&P 500 index, effective next week, and revealed plans to acquire crypto derivatives platform Deribit as part of its global expansion strategy.

Speaking on an earnings call last week, CEO Brian Armstrong said he aims to make Coinbase “the No. 1 financial services app in the world” within the next five to 10 years.

Coinbase currently operates the largest cryptocurrency exchange in the United States.

The post Coinbase faces SEC probe over historical user metrics: report appeared first on CoinJournal.

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SOL price prediction: is $300 next as capital inflows flip positive

  • Solana dropped 4% in 24 hours as most cryptocurrencies shed recent gains.
  • Bitcoin also dropped amid news that rogue agents had leaked personal data of Coinbase users.
  • While the token is down 42% from its January highs, it has recently climbed from lows of $123.

Solana dropped 4% over the past 24 hours on Thursday, giving back part of its recent rally.

The token fell from a high of $178 to around $167 as broader cryptocurrency markets tracked Wall Street’s pullback.

The decline coincided with the Dow Jones Industrial Average trading lower and the S&P 500 looking set to snap a three-day winning streak.

Why is the Solana price down?

Solana extended its decline as Bitcoin also retreated, with the broader crypto market under pressure following reports of a security breach at Coinbase.

According to CEO Brian Armstrong, hackers exploited the exchange’s systems and are demanding $20 million in Bitcoin to avoid releasing the compromised data.

The incident involved cyber criminals who reportedly bribed and recruited rogue overseas support agents.

Coinbase says the insiders pulled personal data that it estimates could impact less than 1% of the exchange’s monthly tracked users.

While the theft is a threat, Coinbase maintained there was no exposure of passwords, private keys, or funds for other users.

While it plans to reimburse impacted customers, it’s not paying the ransom and is ready to engage law enforcement.

“We will pursue the harshest penalties possible and will not pay the $20 million ransom demand we received. Instead, we are establishing a $20 million reward fund for information leading to the arrest and conviction of the criminals responsible for this attack,” Coinbase wrote in an update.

Can SOL bounce to $300?

SOL reached highs of $294 in January 2025, riding the overall crypto momentum that followed President Donald Trump’s election.

While the token is down 42% since it recently climbed from lows of $123. Bulls managed highs of $182 on May 14, before today’s dip.

Whether buyers can reclaim this move remains to be seen. However, analysts at Glassnode note key metrics are in favour of bulls.

“After a few months of realized cap outflows, $SOL is showing signs of a trend reversal. Its 30-day capital inflows are now back in positive territory, growing at ~4–5%, on par with $XRP. This points to a renewed demand returning to the #Solana ecosystem,” Glassnode noted.

The downturn in Solana and other altcoins comes amid a stall in Bitcoin’s dominance, which peaked at 64.4% on May 8.

Data from Glassnode shows Ethereum’s dominance has edged up 3% to 9.75%, while altcoins collectively gained 2% to 22.35%.

Despite this rebound, altcoin dominance remains below recent highs, underscoring that the market is still largely in a “BTC-driven cycle,” as analysts describe it.

In this environment, Solana and other high-beta assets could continue to lag in the near term as capital remains concentrated in Bitcoin.

The post SOL price prediction: is $300 next as capital inflows flip positive appeared first on CoinJournal.

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Arthur Hayes sees Bitcoin at $1M by 2028: here’s why

  • Key drivers include capital controls and Treasury devaluation.
  • US election outcomes could accelerate or delay BTC gains.
  • European policy divergence adds regulatory uncertainty.

Bitcoin is trading around $103,025, but forecasts for its long-term growth are becoming increasingly ambitious.

One of the most widely discussed predictions comes from Arthur Hayes, co-founder and former CEO of crypto exchange BitMEX, who believes Bitcoin will soar to $1 million within the next three years.

Bitcoin price
Source: CoinMarketCap

Hayes shared this estimate in a blog post published on 15 May, citing global macroeconomic factors as the primary catalysts behind such a dramatic rise.

His comments follow a recent surge in institutional interest and ongoing concerns around fiat currency stability.

Global capital controls and US Treasury risk fuel bullish case

Hayes argues that two key developments are paving the way for Bitcoin’s potential seven-figure price point: capital repatriation and the devaluation of United States Treasurys.

According to him, as governments impose tighter capital controls and attempt to manage sovereign debt, investors will seek refuge in decentralised assets.

He suggests that Bitcoin, given its finite supply and growing institutional legitimacy, will become a preferred store of value, especially in regions where economic instability undermines confidence in traditional banking systems.

He emphasises that “foreign capital repatriation” and the diminishing purchasing power of massive holdings in US Treasurys will act as core accelerants for BTC’s price trajectory.

Hayes claims these pressures are likely to intensify depending on the outcome of the next US presidential election in 2028.

His logic hinges on how the next administration might shift economic and fiscal policy, potentially hastening investor flight into alternative assets like Bitcoin.

Central banks and policy uncertainty boost Bitcoin’s appeal

Hayes’ forecast coincides with a broader divergence in policy responses across regions.

While some countries are increasing their acceptance of Bitcoin, others, especially in Europe, are considering more stringent controls.

He criticised the European Central Bank for being overly restrictive, contrasting its stance with that of China, which, despite banning crypto trading, has not outlawed private Bitcoin ownership.

He warned that attempts to suppress Bitcoin in the eurozone could backfire, likening such policies to ineffective central planning.

In his view, institutional and retail investors in these regions should act quickly to shift wealth into decentralised assets before tighter restrictions come into force.

These geopolitical risks, combined with concerns over inflation, currency debasement, and ballooning government debt, are helping to solidify Bitcoin’s image as a hedge against systemic risk.

Big players see long-term growth potential

Hayes is not alone in his optimism. Institutional leaders, including Michael Saylor, CEO of business intelligence firm Strategy, and asset management giants like Fidelity Investments, have echoed similar sentiments.

Saylor, whose firm holds the largest Bitcoin reserve among public companies, has projected a long-term valuation of $10 trillion for Bitcoin.

His personal prediction stretches even further, with a price target of $13 million per coin by 2045.

Meanwhile, Hayes’ near-term forecasts have proven to be relatively accurate.

In April, he anticipated a return to the $100,000 level, while also identifying the mid-$70,000 range as a local bottom.

These predictions aligned closely with recent price movements, bolstering his credibility among retail and institutional investors.

Although a 900% price gain from current levels might seem far-fetched, proponents argue that in an era of growing debt and diminishing trust in fiat currencies, Bitcoin’s asymmetric upside cannot be ignored.

The post Arthur Hayes sees Bitcoin at $1M by 2028: here’s why appeared first on CoinJournal.