🚨 Web3 Wire: What’s Really Happening in Crypto!

News

🏛 US Senate To Pass Historic GENIUS Act Next Week, Says Senator Bill Hagerty

As the US Senate’s failure to advance the historic stablecoin bill, the GENIUS Act, has increasingly sparked criticism, Senator Bill Hagerty fuels optimism. In a recent X post, Hagerty claims that the Senate will pass the bill by next week. “Next week, the Senate will make history when we pass the GENIUS Act that establishes the first ever pro-growth regulatory framework for payment stablecoins,” states Bill Hagerty.

⚠️ Coinbase Hack Hits High-Profile Execs Including Sequoia Capital’s Botha

Earlier this week, Coinbase revealed a significant cyberattack and data breach. Being a leading crypto exchange, the breach has put the personal data of influential figures at risk. As per the latest reports, Sequoia Capital’s Managing Partner, Roelof Botha, is also among the high-profile victims, with hackers accessing sensitive information, including phone numbers and addresses.

Markets

🔻 3 Reasons Why Bitcoin’s $105K Consolidation May Result in BTC Price Crash to $99K

Over the past 10 days, Bitcoin (BTC) has been moving sideways, consolidating between $105k to $101k. But three recent developments hint BTC’s price may crash lower to $99k or lower. On May 17, the weekend, BTC trades at $103.3k after dropping 2.52% in the past 24 hours. Ethereum (ETH) and other top cryptocurrencies have also followed Bitcoin’s footsteps and registered a loss.

🔥 ETH Investors Secure Nearly $1B in Profits – How Low Will Ethereum Price Crash?

Ethereum (ETH) price faces immense selling pressure after the $2,700 local top as blockchain data reveals investors cashed out nearly $1 billion in profits this week. Today ETH trades at $2,500, but whale transaction count spike shows that large investors are distributing their holdings. Technicals solidify this potential crash by flashing a bearish divergence sell signal.