Kategorie: Crypto News

Movement Labs has officially rebranded as Move Industries following the removal of its co-founder Rushi Manche, as the company reels from a steep crash in the value of its MOVE token and increasing scrutiny from Binance.

The leadership shake-up and rebrand aim to restore investor confidence amid mounting concerns over governance and token stability.

The announcement came on May 7, with the firm confirming it had terminated Manche’s involvement.

“Movement Labs has terminated Rushi Manche. Movement will continue under different leadership,” the company said in a statement.

It also promised further updates on its revamped governance structure and leadership team.

The dramatic decision follows an internal investigation into alleged market manipulation involving a substantial December 2024 token dump that triggered a massive sell-off in MOVE.

In response, the company engaged blockchain intelligence firm Groom Lake to investigate the matter and severed ties with its market maker.

Additionally, a $38 million token buyback initiative was launched in an attempt to stabilize the token and reassure investors.

While Manche has denied any wrongdoing, he previously attributed the project’s challenges to poor strategic advice from external partners.

He has yet to respond publicly to his dismissal.

Leadership transition and rebranding strategy

As part of its restructuring, the company has rebranded itself as Move Industries.

Founding team member Torab Torabi has stepped in as the new CEO, while Will Gaines, formerly head of marketing, now serves as president.

The new leadership has signaled a shift in direction—focusing on transparency, community involvement, and meaningful technological progress.

In a statement, the team emphasized their intent to return to “crypto’s radical roots” by delivering utility-focused innovation rather than market-driven hype.

MOVE token tumbles and faces Binance scrutiny

The ongoing controversy has taken a serious toll on the MOVE token.

Over the past 24 hours, the token dropped nearly 10% to about $0.16, extending a weekly loss of 35%.

Since hitting its all-time high of $1.21 in December 2024, MOVE has lost roughly 87% of its value.

Amid the heightened volatility, Binance has slapped a “Monitoring Tag” on the token—signaling potential non-compliance with the exchange’s listing standards and raising the risk of delisting.

According to Binance, tokens under this label are subject to enhanced surveillance and may be removed from the platform if they fail to meet ongoing requirements.

The post Movement Labs rebrands amid MOVE token crash and Binance delisting fears appeared first on CoinJournal.

• Whale addresses now hold 9.44% of XRP supply, up from 8.24% in January.
• FedWatch Tool shows expectations for interest rates to remain at 4.25%-4.5%.
• RSI below 50 signals bearish momentum and possible downside pressure.

Ripple’s XRP token is holding steady at $2.14 despite a significant slowdown in trading volume and increasing caution across the wider crypto market.

Source: CoinMarketCap

The token’s price consolidation comes as investors await the US Federal Reserve’s next interest rate decision and watch closely for developments in upcoming trade talks between the US and China.

On-chain data suggests that large investors are continuing to accumulate XRP, with wallets holding between 1 million and 10 million tokens increasing their holdings by 1.2% since January.

This rise in so-called whale activity is helping to maintain a floor at the $2.10 support level, even as momentum indicators such as the RSI point to growing trader uncertainty.

The broader crypto market is similarly rangebound, with Bitcoin fluctuating between $94,000 and $96,000 ahead of the Fed’s policy statement and key diplomatic meetings set to take place in Switzerland this weekend.

Fed expected to keep rates steady at 4.25%-4.5%

According to CME Group’s FedWatch Tool, most market participants anticipate that the Federal Open Market Committee will leave its benchmark interest rate unchanged.

The current range of 4.25% to 4.5% reflects the central bank’s cautious stance amid ongoing global economic volatility, particularly stemming from trade policy and geopolitical tension.

K33 Research’s latest weekly report notes that the Fed’s conservative approach is being driven in part by uncertainty over tariffs and broader macroeconomic concerns.

These macroeconomic headwinds are weighing on risk assets, including cryptocurrencies.

Exchange-traded funds (ETFs) have absorbed over 50,000 BTC since April 21, yet Bitcoin has struggled to maintain upward momentum beyond $97,000, underscoring the broader market’s hesitancy.

XRP’s own muted performance in recent days reflects similar indecision, with bulls and bears locked in a stalemate above the $2.10 level.

Trade tensions push XRP into consolidation

XRP’s current price movement reflects more than just domestic economic uncertainty. International trade disputes have intensified after the US placed new restrictions on chip exports to China.

Specifically, NVIDIA’s advanced H20 processors were barred from shipment, prompting China to retaliate by halting exports of rare earth materials to the US.

These tit-for-tat actions have destabilised sentiment and triggered panic across global markets in April.

In response to this escalating trade war, US Treasury Secretary Scott Bessent has confirmed a planned meeting with Chinese Vice Premier He Lifeng in Switzerland.

Scheduled for this weekend, the meeting is expected to focus on resolving some of the key tariff barriers and opening channels for improved bilateral trade.

Market analysts suggest that progress in these talks could reduce volatility and improve sentiment for risk-on assets, including cryptocurrencies.

XRP price faces resistance at $2.20

XRP continues to trade within a tight range between its 200-day exponential moving average at $1.99 and a dual resistance level formed by the 50-day and 100-day EMAs around $2.20.

A long-term descending trendline dating back to January adds further pressure on bullish traders attempting to break past the upper resistance zone.

The Relative Strength Index (RSI) has dipped below the neutral 50 level, indicating that bearish momentum may be strengthening. This shift in sentiment raises the possibility of losses below $2.10.

Should the $1.99 support break, traders may look to lower levels at $1.80 or even $1.61—the latter being the low recorded on April 7—for signs of a reversal.

Despite these technical headwinds, whale wallets are quietly increasing their holdings.

According to Santiment data, addresses holding between 1 million and 10 million XRP now control 9.44% of the total supply, up from 8.24% at the start of the year.

This trend could serve as a stabilising force as investors navigate short-term volatility ahead of the Fed’s decision and international trade negotiations.

The post Whales boost XRP exposure by 1.2% as Fed decision and US-China talks loom appeared first on CoinJournal.

• Bitcoin surged ~3% to $97,200 after US and China signaled upcoming trade talks in Switzerland.
• US Treasury Sec. Bessent & China’s Commerce Ministry confirmed willingness to engage on tariff issues.
• US stock futures (Nasdaq 100, S&P 500) jumped ~1% on the positive trade negotiation news.

A significant thaw in the often-frosty trade relations between the United States and China sent a jolt of optimism through global financial markets late Tuesday and into Wednesday, propelling risk assets, including Bitcoin, sharply higher.

The positive momentum came as officials from both nations signaled a mutual willingness to engage in substantive discussions aimed at de-escalating the ongoing tariff conflict.

The renewed hope for a trade resolution was sparked by key statements from both sides.

US Treasury Secretary Scott Bessent announced plans to travel to Switzerland for trade talks with his Chinese counterparts over the upcoming weekend.

“The current tariffs and trade barriers are unsustainable, but we don’t want to decouple,” Bessent stated, signaling a potential shift in the US approach.

Echoing this sentiment, a spokesperson for China’s Ministry of Commerce confirmed Beijing’s readiness to engage.

“Senior US officials have made a series of remarks hinting at adjustments to tariffs and have expressed, through various channels, a desire to engage with the Chinese side on tariff-related issues,” the spokesperson said, according to CoinDesk report.

China has carefully evaluated these messages from the US side and, after fully considering global expectations, China’s own interests, and the appeals of American industries and consumers, has decided to agree to engage with the US.

This news of impending high-level dialogue triggered an immediate positive reaction in markets.

Bitcoin (BTC) surged approximately 3%, climbing to around $97,200.

Futures contracts for major US stock indices also jumped, with both Nasdaq 100 and S&P 500 futures up about 1% in the hours following the announcements.

Amidst trade hopes, Trump’s crypto ventures draw senate scrutiny

While markets cheered the trade developments, a separate undercurrent of political and regulatory scrutiny emerged concerning President Donald Trump’s personal and business ties to the cryptocurrency industry.

Senator Richard Blumenthal, the ranking Democrat on the Senate Permanent Subcommittee on Investigations, initiated a preliminary inquiry into potential conflicts of interest and legal violations stemming from these ventures.

On Tuesday, Senator Blumenthal dispatched letters to executives associated with Trump-affiliated crypto entities, including Bill Zanker of Fight Fight Fight LLC (linked to the TRUMP memecoin) and Zach Witkoff, a co-founder of World Liberty Financial (associated with the USD1 stablecoin).

The letters also targeted entities like CIC Digital LLC (involved in Trump’s NFTs) and DTTM Operations LLC (manager of Trump’s IP rights).

“The Permanent Subcommittee on Investigations is conducting a preliminary inquiry into potential conflicts of interest and violations of the law from President Trump’s cryptocurrency ventures … and associated businesses’ financial dealings with foreign nationals, foreign governments and other cryptocurrency firms,” both letters stated.

They explicitly questioned whether these businesses “may be enabling the violation of government ethics requirements.”

The inquiries seek detailed information regarding ownership structures, investment sources (particularly concerning foreign governments), revenue generation, and protocols for identifying or blocking participation by individuals facing prosecution or investigation.

Blumenthal also requested records tied to these Trump-affiliated crypto businesses.

As Democrats are in the Senate minority, Blumenthal currently lacks subpoena power for this inquiry unless his Republican counterpart, Senator Ron Johnson, co-signs the effort.

Senator Johnson’s office did not immediately respond to a request for comment.

This Senate probe reflects a broader unease among Democrats regarding Trump’s crypto activities.

Earlier this week, Representative Maxine Waters, the leading Democrat on the House Financial Services Committee, objected to a joint hearing on crypto market structure legislation, opting instead to host a separate hearing focused specifically on these crypto tie-ups.

Furthermore, a recent statement from Senator Ruben Gallego and several other Senate Democrats, indicating they would not support the current iteration of the Senate’s stablecoin bill, also appears linked to these concerns.

A key trigger was the announcement by Eric Trump that Abu Dhabi-based investment firm MGX would use the Trump-affiliated USD1 stablecoin for a $2 billion investment into the Binance cryptocurrency exchange.

Adding to the legislative pressure, Senator Chris Murphy introduced a bill on Tuesday aimed at banning the US president and other senior government officials from issuing memecoins or other financial assets.

While financial markets reacted positively to signs of a potential US-China trade détente, the unfolding scrutiny of President Trump’s personal crypto dealings introduces a new layer of political and regulatory complexity for the digital asset industry in Washington.

The post Crypto news today: Bitcoin surges past $97K as US, China signal trade talk breakthrough appeared first on CoinJournal.

• CRO price was down nearly 2% despite 21Shares’ launch of a new Cronos exchange-traded product.
• The ETP is live on the Euronext Paris and Euronext Amsterdam exchanges.
• Cronos’ price has struggled amid the broader market downturn.

21Shares, a leading crypto asset manager, launched a new exchange-traded product (ETP) tied to Cronos, a Layer 1 blockchain network developed by Crypto.com.

This move aims to provide investors with regulated exposure to Cronos’ native token, CRO, without the complexities of managing digital wallets or navigating crypto exchanges.

The announcement, shared by Cronos on X, highlights a growing trend of major asset managers integrating cryptocurrencies into traditional financial systems.

Many of these have recently hit the market via exchange-traded products.

The investment vehicles offer a bridge for investors seeking exposure to the fast-evolving web3 ecosystem.

21Shares announces Cronos ETP launch

Exchange-traded products like ETPs have become a popular vehicle for investors to gain exposure to cryptocurrencies without directly owning them.

ETP products, traded on regulated stock exchanges, track the performance of underlying assets like $CRO and are accessible through conventional brokers and banks.

The launch of the 21Shares Cronos ETP aligns with the broader market’s increasing acceptance of crypto-based ETFs.

The 21Shares Cronos ETP, trading under the ticker CRON, is now live on Euronext Paris and Euronext Amsterdam, as confirmed by both 21Shares and Cronos.

With a 2.5% annual fee, the ETP allows investors to add $CRO to their portfolios seamlessly.

This product eliminates the need for self-custody, a common barrier for traditional investors hesitant to engage with cryptocurrencies directly.

The launch sees 21Shares, a Zurich-based firm, continue to expand its suite of crypto-linked ETPs, which already includes various cryptocurrencies.

The company has also been making strides in the US.

Recently, it filed an S-1 registration form for an SUI ETF, joining many other fund applications before the SEC.

Experts believe the regulator will approve several of the ETFs before the end of the year.

CRO price performance amid market trends

Despite the positive news, the price of $CRO experienced a slight decline, with the altcoin’s price down nearly 2% in the past 24 hours at the time of writing.

This movement aligns with the broader cryptocurrency market performance in the past 24 hours.

Bitcoin, which rose to highs of $97k over the weekend, was down to near $93k as stocks also struggled amid tariff uncertainty.

CRO price could dip further amid this outlook. However, the launch of the ETP may yet spark fresh optimism within the Cronos community, helping CRO higher.

The post CRO price forecast as 21Shares launches Cronos-linked ETP appeared first on CoinJournal.