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cointelegraph.com Mar 17, 2025 09:21

Wemix denies cover-up amid delayed $6.2M bridge hack announcement - Wemix Foundation CEO Kim Seok-hwan said they had no intention of concealing a hack on its bridge, which led to over $6 million in losses.In a press conference, Kim reportedly said there was no attempt to cover up the incident, even though the audience pointed out the announcement was delayed.On Feb. 28, over 8.6 million WEMIX tokens were withdrawn due to an attack on the platform’s Play Bridge Vault, which transfers WEMIX to other blockchain networks. The company only made an official announcement four days after the attack. According to Kim, the announcement was delayed due to the possibility of further attacks and to avoid causing panic in the market because of the stolen assets. Related: Bank of Korea to take ‘cautious approach’ to Bitcoin reserveWemix CEO outlines risks of premature announcementWemix said the hacker broke into their system by stealing the authentication key for the company’s service monitoring system of Nile, its non-fungible token (NFT) platform. After the theft, the hacker spent two months preparing before randomly creating abnormal transactions. The hackers attempted to withdraw 15 times but only succeeded with 13 withdrawals, taking away 8.6 million WEMIX tokens and selling them in exchanges outside South Korea. Kim explained that upon becoming aware of the hack, they immediately shut down their servers and began their analysis.The executive added that they filed a complaint against the unidentified hacker with the Cyber Investigation Team of the Seoul National Police Agency. The Wemix CEO said the authorities had already started investigating the matter. Kim said that there was a risk in making a premature announcement. The CEO said that in a situation where the penetration method was not identified, they could be exposed to further attacks. Kim also reiterated that the market had already seen some impact from the sold assets, and they would risk panic selling if they announced it immediately. During the press release, the executive apologized to Wemix investors, saying that the disclosure delay was his call and that he should be held responsible if anything goes wrong. WEMIX token drops 39% amid hack announcementDespite the attempt to avoid causing market panic, the WEMIX token dropped by nearly 40% from the day of the exploit to March 4, when the company finally announced the hack. The price went from $0.70 on Feb. 27 to a low of $0.52 on Feb. 28. The price went down to $0.42 on March 4. At the time of writing, the crypto asset trades at $0.58, which is still 17% below its pre-hack price. WEMIX token price chart. Source: CoinGeckoMagazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express

FOMO: 85%
cointelegraph.com Mar 17, 2025 08:26

Peak FUD hints at $70K floor — 5 Things to know in Bitcoin this week - Bitcoin (BTC) heads into FOMC week in a cautious mood, with multimonth lows still uncomfortably close.BTC price action preserves $80,000 support as upside liquidity looks ripe for the taking.The Fed is the center of attention with a decision due on interest rates and traders eagerly scanning Chair Jerome Powell for dovish signals.A return to accumulation among Bitcoin top buyers forms grounds for confidence over market stability going forward.Historical BTC price cycle analysis delivers an impressive $126,000 target for the start of June.Those looking to “be greedy when others are fearful” should concentrate on $69,000, research concludes. Bitcoin trader sees $87,000 liquidity grabA comparatively quiet weekend saw BTC/USD avoid a lasting sell-off into the weekly close, instead only dipping to $82,000 before rebounding. Data from Cointelegraph Markets Pro and TradingView shows a broad reclaim of the $80,000 mark cementing itself in recent days.BTC/USD 1-hour chart. Source: Cointelegraph/TradingView“Not a bad Sunday for Bitcoin,” crypto trader, analyst and entrepreneur Michaël van de Poppe summarized in part of his latest market analysis on X. “We still have Monday to go, but this looks like were making a new higher low on Bitcoin before attacking the highs again.”BTC/USDT 4-hour chart. Source: Michaël van de Poppe/XOther market participants echoed the sentiment, including those seeing another retest of multimonth lows to take liquidity and “trap” late shorts.“I think Bitcoin will hit 78k first to grab liquidity before an Upside Breakout,” popular trader Captain Faibik argued in part of his own X content. “Once the breakout occurs, Bitcoin is likely to reach 109k in the coming weeks (Possibly by mid-April).”BTC/USDT 1-day chart. Source: Captain Faibik/XFellow trader CrypNuevo meanwhile noted that liquidity was skewed mostly to the upside, resulting in key targets for bulls to take.“The area between $85.4k & $87.1k is the main liquidity zone,” an X thread explained. “A move up targeting this area in the upcoming week seems more than likely.”Bitcoin exchange order book liquidity data. Source: CrypNuevo/XFed’s Powell in the spotlight as FOMC week arrivesBitcoin and risk-asset traders have one macroeconomic event only on their minds this week: the US Federal Reserve’s interest rate decision.Coming at what commentary calls a “pivotal point in time,” the move by the Federal Open Market Committee (FOMC) will have wide-ranging implications for market sentiment.On the surface, it appears that few surprises will likely come as a result of the second meeting of 2025 — inflation may be cooling, but Fed officials, including Chair Jerome Powell, maintain a hawkish stance on the economy and financial policy.Powell has repeatedly stated that he is in no rush to cut rates, leading to almost unanimous market bets that current levels will remain unchanged after FOMC.🇺🇸 FOMC: Polymarket users predict a 99% chance that the Fed will not make any rate cut changes on Mar. 20. pic.twitter.com/zaDGBsmAZM— Cointelegraph (@Cointelegraph) March 17, 2025The latest estimates from CME Group’s FedWatch Tool see a high probability of cuts coming only in June.Should Powell strike a more relaxed tone during his accompanying statement and press conference, the mood could easily flip.“If Powell even whispers ‘QE’ at the next FOMC, markets will move fast,” crypto technical analyst Kyle Doops argued in part of an X post on the topic. “But knowing Powell, he’ll keep it as vague as possible.”Fed target rate probabilities. Source: CME GroupDoops referred to quantitative easing, a byword for liquidity injections and something that historically benefits crypto performance.Behind the scenes, US M2 money supply is already increasing — a key ingredient for a crypto market rebound.“M2 money supply rose +3.9% year-over-year in January, the fastest pace in 30 months. This is the 11th straight month of money supply expansion,” trading resource The Kobeissi Letter noted at the weekend.Kobeissi added that worldwide liquidity is following a similar pattern.“Meanwhile, global money supply has risen by ~$2.0 trillion over the last 2 months, to its highest since September 2024,” it reported.“Money supply is expanding again.”  US M2 money supply chart. Source: The Kobeissi Letter/XRecent buyers show new “hodling behavior”Newer Bitcoin investors are showing signs of maturing behavior as the bull market drawdown persists.The latest findings from onchain analytics platform CryptoQuant reveal accumulation taking over for the older half of the short-term holder (STH) cohort.STH entities are those who bought BTC up to six months ago. Per CryptoQuant, investors hodling between three and six months are now entering “accumulation” by refusing to succumb to panic selling, despite potentially being underwater on their stack.“According to the latest data, the percentage of coins held for 3 to 6 months has been rising rapidly, mirroring the accumulation patterns observed during the prolonged correction in the summer of 2024,” contributor ShayanBTC wrote in one of its “Quicktake” blog posts on March 16.“This trend highlights a hodling behavior, where investors refrain from selling their Bitcoin despite the current market correction.”Bitcoin realized cap by UTXO age (screenshot). Source: CryptoQuantAn accompanying chart shows Bitcoin’s realized cap split by the age of unspent transaction output (UTXOs). This reflects the total value of coins based on the price at which they last moved, with those dormant for between three and six months rising rapidly.“Historically, this type of resilience among Bitcoin holders has played a crucial role in forming market bottoms and igniting new uptrends,” the post continues. “As long-term holders continue accumulating, the available supply in circulation decreases, making Bitcoin more scarce. When demand eventually picks up, this supply squeeze often leads to price surges, pushing Bitcoin toward new record highs.”As Cointelegraph reported, however, STH buyers from 2025 have exhibited strikingly different reactions to the BTC price drop, selling coins with a combined $100 million loss since the start of February alone.$126,000 BTC price by June?Network economist Timothy Peterson’s historically accurate BTC price metric, Lowest Price Forward, recently gave 95% odds of BTC/USD never dropping below $69,000 again.Now, another calculation sees the potential for new all-time highs by the start of June.Bitcoin seasonal comparison. Source: Timothy Peterson/XComparing BTC price performance since 2015 at the weekend, Peterson described Bitcoin as currently being “near the low end” of what remains a standard range.The next two months, however, should be critical — April is historically one of the two best months for the Bitcoin bull market. “Nearly all of Bitcoins annual performance occurs in 2 months: April and October,” Peterson commented.  “It is entirely possible Bitcoin could reach a new all-time high before June.”Bitcoin growth of $100 comparison. Source: Timothy Peterson/XFurther analysis produced a BTC price target of $126,000 as an average level that Bitcoin could still attain within the next two-and-a-half months. $70,000 marks a key “FUD” watershedWhen it comes to BTC price predictions, social media analysis is giving research firm Santiment cause to pay attention to two levels in particular.Related: Bitcoin reclaims $80K zone as BNB, TON, GT, ATOM hint at altcoin seasonIn its latest investigation, Santiment tied $69,000 and $100,000 to extremes in market outlook.“Over the past month, we have not seen Bitcoins market value fall below $70K OR rise above $100K,” it summarized on X. “That means looking at the crowds social predictions of $100K is a great gauge for FOMO. Historically, markets move the opposite direction of the crowds expectations.”Bitcoin social media data. Source: Santiment/XAccompanying data examined social media mentions of various BTC price levels.“This is why clusters of blue bars (representing $10K-$69K $BTC predictions) so reliably foreshadow a reversal (or buy signal), especially while markets are moving down and the crowd is getting fearful,” Santiment explained.Crypto Fear & Greed Index (screenshot). Source: Alternative.meThe Crypto Fear & Greed Index stood at 32/100 on March 17, out of its “extreme fear” bracket and at its highest levels since Feb. 24.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

FOMO: 88%
cointelegraph.com Mar 17, 2025 08:08

Why is Solana (SOL) price down today? - Solana (SOL) has dropped by 6.5% in the last 24 hours to reach around $127 on March 17, mirroring losses across the cryptocurrency market.SOL/USD daily chart. Source: Cointelegraph/TradingViewThe top reasons driving the SOL prices lower today include:Decreasing investor interest in SOL’s decentralized finance (DeFi) ecosystem.Decreasing open interest and negative funding rates.Technicals suggest a possible further drop in SOL price.Solana TVL hits four-month lowsSOL’s price drop today is preceded by a drop in the total value locked (TVL) in its DeFi applications, as per data from DefiLlama. Key points:Solana’s TVL has been in a downtrend since mid-January. This metric fell by 45.5% from $12.1 billion on Jan. 19 to $6.63 billion on March 11.The TVL now stands at $7 billion on March 17, 41% below the Jan. 19 peak.Solana total value locked. Source: DefiLlamaThis drop in TVL occurred in tandem with the decrease in SOL’s price, which is down 56% over the same period.Several layer-2 protocols, such as Jito and Raydium, have posted 30% and 32% drops in TVL over the last 30 days.The declining TVL reflects traders’ waning interest and could be a sign that Solana struggles to attract new users despite its lower traction costs.Solana’s price slump is also supported by a decline in onchain activity within the Solana ecosystem, according to the data provided by Dune dashboard Pump.fun. What to know:A sharp drop in the number of network transactions preceded SOL’s price drop on March 17.The amount of daily transactions on the Solana blockchain has dropped from an all-time high of 71,738 on Jan. 23 to 24.505 on March 17, as shown in the chart below.Solana’s deployed transactions performance chart. Source: Pump.FunThis indicates decreasing network activity, resulting in lower revenues from fees. This negatively affects SOL’s price, partially explaining the ongoing correction.Solana funding rates remain negativeSolanas open interest (OI) is decreasing, and its funding rates are negative, which provides insight into why SOL’s price is struggling.Key points:Solana’s OI in the futures market has dripped from its local peak of $8.57 billion on Jan. 17 to $4.03 billion as of March 17.OI measures the total number of outstanding futures contracts, and a decrease suggests more traders are exiting positions.SOL futures open interest. Source: CoinGlassA declining OI typically means reduced speculative demand, slowing upward price momentum.SOL’s weekly funding rates remain negative at -0.10% on March 17, four months after peaking out at 1.37%.SOL OI-Weighted Funding Rate. Source: CoinGlassNegative funding means shorts are paying longs to keep their positions open.OI decline and negative funding rates show a lack of confidence in SOL’s short-term price action.Related: Solana’s 5th birthday: From pandemic origins to US crypto stockpileSOL price could drop another 35%SOL trades 56% below its all-time high of around $294, established on Jan. 19, and chart technicals suggest that there’s more room for the downside over the next few weeks.Key levels to watch:The altcoin has been trading above the $120 level, but the bulls have failed to push the price above $135.If the price slides below $120, the SOL/USDT pair could drop to the $110 range low (established on Aug. 5, 2025). This is a critical support to watch out for because a break and close below it may start a downward move to $100 and then to $80.Such a move would represent a 35% drop from the current price.SOL/USD daily chart. Source: Cointelegraph/TradingViewHowever, a positive divergence from the RSI shows that bulls have been accumulating SOL at lower levels.A break and close above the $140 psychological level will suggest that the selling pressure is reducing. The pair could rally to the 50-day simple moving average at $171, where the bears are expected to mount a strong defense.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

FOMO: 85%
cointelegraph.com Mar 17, 2025 05:33

Solana’s 5th birthday: From pandemic origins to US crypto stockpile - Layer-1 blockchain Solana is celebrating its fifth year since its mainnet launch in 2020 — becoming one of the biggest chains by transaction activity and one of few select cryptocurrencies included in a proposed US digital asset stockpile. Since the first Solana block was built on March 16, 2020, the network has processed more than 408 billion transactions and nearly $1 trillion worth of value on decentralized exchanges — establishing itself as one of the industry’s leading layer-1 blockchains.Source: SolanaHere are some of the Solana ecosystem’s most notable milestones since it was launched by Solana Labs CEO Anatoly Yakovenko and Solana co-founder Raj Gokal to the public in 2020.Solana was born just as the COVID-19 pandemic hitWhile Solana’s origins can be traced back to late 2017 when Yakovenko released a white paper outlining a timekeeping method for blockchains called “Proof of History,” but Solana wasn’t launched until March 2020 — right as the world started to enact emergency measures against the COVID-19 pandemic.The high-speed, low-cost layer 1 Solana blockchain launch was assisted by crypto-focused venture capital firm Multicoin Capital, leading a financing round for Solana, which brought in roughly $20 million worth of private token sales in July 2019.Source: OKXAdditional funding poured in soon after, and within 20 months of launching, Solana was hailed as a potential “Ethereum killer” as it soared to a $77.8 billion market cap at the peak of the 2020-2021 bull cycle.Solana hit hard by 2022 bear market, FTX collapse — but bounced backThe 2022 bear market, coupled with the catastrophic collapse of crypto exchange FTX, tanked Solana’s market cap to $3 billion — a whopping 96% fall from its previous peak — by late 2022.Sam Bankman-Fried’s former firm purchased around 58 million Solana tokens — currently worth $7.4 billion — from Solana Labs and the Solana Foundation and was “by far the most serious” layer 1 that FTX was helping scale, Fortune said in an April 2022 report.FTX filed for Chapter 11 bankruptcy on Nov. 11, 2022, and is still in the process of unlocking hundreds of millions of dollars worth of staked Solana tokens from FTX’s wallets. Solana’s price fell to $8.30 on Dec. 29, 2022.Despite the setback, 2023 marked the start of Solanas impressive comeback, which saw its market cap rise nearly 50-fold from $3 billion to over $140 billion by Jan. 19, 2025. Memecoin craze takes Solana adoption to the next levelOne of the biggest reasons behind Solana’s comeback was the crypto memecoin craze that took place between late 2023 and 2024 — a $100 billion market that Solana dominated.Several Solana memecoins such as Bonk (BONK), Dogwifhat (WIF), Fartcoin (FARTCOIN) and Pudgy Penguins (PENGU) rose to multibillion-dollar market caps in early 2024 — around the time Solana memecoin launchpad Pump.fun became one of the most popular crypto platforms for memecoin lovers. Pump.fun alone has raked in over $540 million in revenue over the last 12 months and even surpassed Ethereum over 24-hour intervals at some points.Solana is home to many of the largest memecoins by market cap. Source: CoinGeckoNo Solana memecoin, however, drew more attention than the Official Trump (TRUMP) token launched by now-US President Donald Trump’s inner circle on Jan. 17 — which soared to a $14.6 billion market within two days before it came crashing down.The TRUMP memecoin briefly pushed Solana decentralized finance (DeFi) total value locked to $14.2 billion, trailing only Ethereum, DefiLlama data shows. happy 5th birthday @solana 🥳congratulations on 5 years of building & shipping the greatest tech to ever grace our industry 🫶manlets on top 🎉 pic.twitter.com/Clkv3eEpn9— pump.fun (@pumpdotfun) March 16, 2025The Solana blockchain has also become the third largest adopter for stablecoins behind Ethereum and Tron.Solana unveils the first major crypto phoneIn May 2023, Solana released the first major crypto phone, called “Solana Saga.”Sales for the Android device with the built-in crypto wallet started slow but skyrocketed after a 30 million BONK airdrop enticed memecoin enthusiasts to make a purchase.Solana also unveiled a newer, shinier Solana “Seeker” smartphone last September to better facilitate memecoin trading and accrue token rewards.While most reviewers say the Solana phones lack the technical capabilities of an iPhone or Google Pixel, Solana has seen over 140,000 presales for the two products.The Solana Seeker phone is currently priced at $500.Hardware specifications of the Solana Seeker phone. Source: Solana MobileSolana, however, has also been plagued with several network outages over its five-year span — halting block production for 20 hours in some instances. Solana validators have been forced to restart the network on several occasions when network activity surged.A new independent validator client called Firedancer is scheduled to go live on Solana’s mainnet sometime in 2025 to address Solana’s client diversity woes. It has been touted as a superior solution to “QUIC” — a Google-developed data transfer protocol that has failed to process transactions on Solana over a dozen times.Solana set to be included in Trump’s Digital Asset StockpileThe Trump administration says it will include Solana in the Digital Asset Stockpile, which it confirmed through an executive order on March 7. It is the youngest cryptocurrency on the list. The Digital Asset Stockpile will initially use cryptocurrency forfeited in government criminal cases.Related: Solana proposal to cut inflation rate by up to 80% fails to passThe US doesn’t appear to hold Solana, according to crypto analytics firm Arkham Intelligence. However, the White House said it would complete an audit of crypto asset holdings.Trump initially announced that Solana would become a US reserve asset on March 2.Source: Donald TrumpHowever, he later established a Bitcoin-only reserve and the Digital Asset Stockpile, which looks like it will include Solana in addition to Ether (ETH), XRP (XRP) and Cardano (ADA).Solana is currently priced at $128.17 — the sixth-largest cryptocurrency with a market cap of $64.5 billion. Solana is down 56% from its all-time high as the broader market continues to navigate through recession fears and weakened market sentiment of late.Magazine: Comeback 2025: Is Ethereum poised to catch up with Bitcoin and Solana?

FOMO: 90%