Avalanche’s native token rose slightly as the blockchain network hit two key milestones in daily transactions and active addresses. The Avalanche (AVAX) token jumped nearly 5% in 24 hours as top cryptocurrencies soared, with the Avalanche Foundation sharing details of…

Avalanche price spikes as active addresses hit 950k

The US government has asked a federal judge to impose a two-year sentence for 
Eric Council Jr., the individual who helped post a fake message announcing the 
approval of Bitcoin exchange-traded funds through the Securities and Exchange 
Commission&#8217;s (SEC&#8217;s) X account.
In a May 12 filing in the US District Court for the District of Columbia, 
prosecutors recommended Judge Amy Berman Jackson sentence Council to two years 
in prison for his role in posting a message to the social media platform X 
suggesting that the SEC had approved spot Bitcoin (BTC) exchange-traded funds 
(ETFs) for the first time in January 2024. The fake announcement, which shook 
markets in the roughly 24 hours before the regulator actually approved spot 
Bitcoin ETFs, led to the arrest of Council.
&#8220;This case deserves a guidelines range prison sentence,&#8221; said US prosecutors. 
&#8220;Defendant profited through a sophisticated fraud scheme involving 
fraudulently produced identification documents, a series of misrepresentations 
at telecommunication stores, and the transmission of password reset codes for 
victim online accounts to co-conspirators located in the United States and 
abroad. This conduct deserves a significant penalty.&#8221;
_US government &#8216;s May 12 sentencing recommendation for Eric Council. Source: 
PACER_
As of May 12, Council&#8217;s legal team had not filed a response to the sentencing 
recommendation. He is scheduled to appear before Jackson on May 16.
_**Related:**__**Ledger secures Discord after hacker bot tried to steal seed 
phrases**_
Council pleaded guilty to being part of a group that took control of the SEC&#8217;s 
X account through a SIM swap attack. With control of the regulator&#8217;s social 
media account, the hackers posted a fake message announcing the approval of 
spot Bitcoin ETFs. The SEC quickly removed the message and announced official 
approval of the crypto investment vehicles the following day.
Many in the crypto industry had been anticipating whether the SEC would 
approve or disapprove of listing spot BTC investment vehicles on US exchanges 
when the fake X post appeared. The price of Bitcoin surged by more than $1,000 
before then-SEC Chair Gary Gensler refuted the false post&#8217;s claims.
## DOJ leadership change-up under Trump
The Council case and others will be decided under US Attorney picks who have 
not received confirmation in the Senate. President Donald Trump appointed 
interim leadership for the Eastern District of New York, the Southern District 
of New York, and the District of Columbia after facing pushback from 
Democrats.
It&#8217;s unclear how the president&#8217;s influence could affect the Justice Department 
pursuing criminal cases involving digital assets, given his ties to the 
industry and his own crypto holdings. In New York&#8217;s Southern District, a judge 
ordered former Celsius CEO Alex Mashinsky to 12 years in prison after a 
December 2024 guilty plea.
_**Magazine:**__**SEC &#8216;s U-turn on crypto leaves key questions unanswered**_

US Prosecutors recommend 2 years for SEC hacker

Blockchain technology could enable &#8220;a broad swath of novel use cases for 
securities&#8221; and foster &#8220;new kinds of market activities that many of the 
Commission&#8217;s legacy rules and regulations do not contemplate today,&#8221; 
Securities and Exchange Commission (SEC) Chairman Paul Atkins said.
During his keynote address at the Commission&#8217;s May 12 roundtable on 
tokenization and digital assets, Atkins welcomed &#8220;a new day at the SEC,&#8221; 
adding that &#8220;policymaking will no longer result from ad hoc enforcement 
actions. Instead, the Commission will utilize its existing rulemaking, 
interpretive, and exemptive authorities to set fit-for-purpose standards for 
market participants.&#8221;
_Source:__U.S. Securities and Exchange Commission_
A key priority will be to &#8220;develop a rational regulatory framework for crypto 
asset markets that establishes clear rules of the road for the issuance, 
custody, and trading of crypto assets while continuing to discourage bad 
actors from violating the law.&#8221;
In particular, Atkins said the SEC would focus on establishing &#8220;clear and 
sensible guidelines&#8221; for crypto assets that could be considered securities. 
Another area of focus would be to allow brokers to offer a broader range of 
investment products on their platforms, which in some cases may mix securities 
and non-securities.
Atkins&#8217; approach moves away from former SEC Chair Gary Gensler&#8217;s, whose tenure 
was criticized by some industry participants for its &#8220;regulation by 
enforcement&#8221; method of oversight.
## Securities evolution
Atkins likened the tokenization of securities to the evolution of audio 
formats &#8212; from vinyl to cassettes to digital software &#8212; highlighting how 
each shift enhanced compatibility and interoperability across a wide range of 
devices and applications. This progression eventually gave rise to streaming 
content business models, which he said &#8220;greatly benefited consumers and the 
American economy.&#8221;
_SEC&#8217;s Crypto Task Force Roundtable on May 12. Source: SEC_
Securities tokenization is an ongoing topic at the intersection of traditional 
finance and crypto. Some asset management firms, like BlackRock and Franklin 
Templeton, have already jumped into tokenization through their respective 
BUIDL and BENJI tokenized US treasury funds. Robinhood is considering building 
a blockchain to allow European retail investors to trade tokenized US 
securities.
Tokenized securities may attract interest from firms and brokerages due to 
features such as faster settlement times, reduced reliance on traditional 
financial infrastructure, and improved accessibility. Tokenization may also 
help provide liquidity to asset classes that have historically been illiquid.
According to RWA.xyz, $22.6 billion of real-world assets are onchain, a 7.6% 
rise in the past 30 days. That doesn&#8217;t include stablecoins, which are often 
backed by real-world assets like treasury bills. Stablecoins have a $243 
billion market capitalization as of May 12, according to data from DefiLlama. 
Tether&#8217;s USDt (USDT) alone has a market cap of $150.6 billion.
_**Magazine: SEC &#8216;s U-turn on crypto leaves key questions unanswered**_

SEC Chair: Blockchain 'holds promise' of new kinds of market activity

Ki Young Ju, CEO of Cryptoquant, states that due to upcoming regulations, dark 
stablecoins—an alternative not under government control—will rise as people 
use them for large international transfers and other use cases that may invite 
scrutiny. Cryptoquant CEO Predicts Rise of &#8216;Dark Stablecoins&#8217; in Face of 
Upcoming Regulation The increasing relevance of stablecoins and the […]

Cryptoquant CEO Predicts the Rise of ‘Dark Stablecoins’

**Key points:**
 * Bitcoin price saw profit booking near $105,819, signaling that bears remain active at higher levels.
 * Select altcoins have continued to move higher, indicating increased investor interest. 
 * The SPX and the DXY are playing catch-up to Bitcoin following the US-China trade deal.
Bitcoin (BTC) has started the new week on a cautious note, falling below 
$103,000, but the S&amp;P 500 Index (SPX) and the US Dollar Index (DXY) have risen 
sharply following the announcement of the US-China trade agreement. One of the 
reasons could be that other assets are trying to play catch up with Bitcoin, 
and the sharp rally in the US dollar may be acting as headwinds for Bitcoin in 
the near term.
Bitwise European Head of Research Andre Dragosch said in a post on X that the 
firm&#8217;s proprietary indicator has reached its highest level since 2024. 
Historically, high levels of the indicator have resulted in a short-term 
correction or sideways price action.
_Crypto market data daily view. Source:__Coin360_
The short-term uncertainty has not stopped the long-term bulls from adding 
more Bitcoin to their portfolio. Michael Saylor&#8217;s Strategy acquired 13,390 
Bitcoin at an average price of $99,856 between May 5 and May 11. The latest 
purchase has boosted the firm&#8217;s haul to 568,840 Bitcoin.
What are the crucial support levels to watch out for in Bitcoin and altcoins? 
Let&#8217;s analyze the charts of the top 10 cryptocurrencies to find out.
## S&amp;P 500 Index price prediction
The S&amp;P 500 Index gapped up sharply on May 12 and rose above the stiff 
overhead resistance at 5,800.
_SPX daily chart. Source: Cointelegraph/TradingView_
Time is running out for the bears. If they want to prevent the upside, they 
will have to fiercely defend the 5,800 level and quickly drag the price below 
the 20-day exponential moving average (5,570). If they manage to do that, the 
index could start a deeper correction toward 5,400.
Instead, if the price closes above 5,800, the up move may continue toward the 
6,000 level. There could be a minor halt at 6,000, but if the bulls prevail, 
the index could retest the all-time high at 6,147.
## US Dollar Index price prediction
The US Dollar Index pierced the 20-day EMA (100.42) on May 8, indicating that 
the bears are losing their grip.
_DXY daily chart. Source: Cointelegraph/TradingView_
Sellers tried to pull the price back below the 20-day EMA on May 9, but the 
bulls held their ground. The index has reached the 50-day simple moving 
average (102.08), which is expected to behave as a resistance.
If the price turns down from the 50-day SMA but finds support at the 20-day 
EMA, it suggests a positive sentiment. That increases the likelihood of a 
rally to 103.54 and thereafter to 104.68.
## Bitcoin price prediction
Bitcoin has turned down from $105,819, indicating that the bears are defending 
the $107,000 to $109,588 zone.
_BTC/USDT daily chart. Source: Cointelegraph/TradingView_
The first support on the downside is the $100,000 level, and below that, the 
20-day EMA ($97,238). If the price rebounds off the support zone, the bulls 
will again try to kick the BTC/USDT pair above $109,588. If they can pull it 
off, the pair could ascend to $130,000.
Conversely, if the price turns down and breaks below the 20-day EMA, it 
signals that buyers are booking profits at higher levels. That opens the doors 
for a fall to $93,000 and then to the 50-day SMA ($89,302).
## Ether price prediction
Ether (ETH) bulls are trying to sustain the price above $2,550, but the bears 
have kept up the selling pressure.
_ETH/USDT daily chart. Source: Cointelegraph/TradingView_
If the price skids below $2,435, the ETH/USDT pair may fall to $2,320. If the 
price rebounds off $2,320, the bulls will try to resume the up move. There is 
resistance at $2,850, but if it is crossed, the pair could reach $3,000.
Contrary to this assumption, if the price turns down and breaks below $2,320, 
it suggests that the bulls are booking profits. The pair may drop to the 
breakout level of $2,111, which is likely to act as support.
## XRP price prediction
XRP (XRP) broke above the resistance line on May 10, and the bulls 
successfully held the retest of the breakout level on May 11.
_XRP/USDT daily chart. Source: Cointelegraph/TradingView_
The bulls have strengthened their position by pushing the price above the 
$2.50 resistance. There is minor resistance at $2.65, but if the level is 
scaled, the rally could reach $3. Such a move signals a potential trend 
change.
Alternatively, if the price turns down sharply from $2.65 and breaks below the 
20-day EMA ($2.27), it signals a possible range formation in the near term. 
The XRP/USDT pair could swing between $2 and $2.65 for some time.
## BNB price prediction
BNB (BNB) turned down from $679 on May 10 but rebounded off the breakout level 
of $644 on May 12.
_BNB/USDT daily chart. Source: Cointelegraph/TradingView_
Buyers tried to resume the up move, but the long wick on the candlestick shows 
selling near the $700 level. If the price stays above $644, the bulls will 
make another attempt to propel the BNB/USDT pair to $745.
Sellers will have to pull the price below $644 to weaken the bulls. The pair 
could then fall to the 20-day EMA ($621). Buyers are expected to defend the 
20-day EMA because a break below it could tilt the advantage in favor of the 
bears.
## Solana price prediction
Solana&#8217;s (SOL) up move has stalled near the $180 resistance, but a positive 
sign is that the bulls have not given up much ground to the bears.
_SOL/USDT daily chart. Source: Cointelegraph/TradingView_
A shallow pullback increases the possibility of the continuation of the rally. 
If buyers drive the price above $180, the SOL/USDT pair could rally to $210.
The immediate support on the downside is at $168. If the price slides below 
$168, the pair could descend to the 20-day EMA ($155). A solid rebound off the 
20-day EMA suggests the bulls remain in control. That increases the likelihood 
of a break above $180. Sellers will gain the upper hand on a break below $153.
_**Related:**__**Bitcoin set for $150K BTC price rally as US, China agree to 
slash tariffs**_
## Dogecoin price prediction
Dogecoin (DOGE) turned down from $0.26 on May 11, indicating profit booking by 
short-term buyers.
_DOGE/USDT daily chart. Source: Cointelegraph/TradingView_
The bulls are expected to aggressively defend the breakout level of $0.21. If 
the price rebounds off $0.21 with strength, it signals that the bulls have 
flipped the level into support. The DOGE/USDT pair could then climb to $0.31.
On the contrary, a break and close below the $0.21 level suggests that bears 
remain active at higher levels. The pair could then drop to the moving 
averages, pointing to a possible range formation between $0.14 and $0.26 in 
the near term.
## Cardano price prediction
Cardano (ADA) is facing resistance near $0.86, but a positive sign is that the 
bulls have not ceded much ground to the bears.
_ADA/USDT daily chart. Source: Cointelegraph/TradingView_
The 20-day EMA ($0.72) has started to turn up, and the RSI is near the 
overbought area, indicating an advantage to buyers. If the price rebounds off 
the neckline, the bulls will try to propel the ADA/USDT pair above $0.856. If 
they can pull it off, the pair could travel to the target objective of $1.01.
If sellers want to prevent the upside, they will have to swiftly yank the 
price below the moving averages. If they do that, the pair could descend to 
the solid support at $0.58.
## Sui price prediction
Sui (SUI) is facing selling at $4.25, but a positive sign is that the bulls 
have maintained the price above the breakout level of $3.90.
_SUI/USDT daily chart. Source: Cointelegraph/TradingView_
Both moving averages are sloping up, and the RSI is near the overbought zone, 
indicating that the path of least resistance is to the upside. If buyers clear 
the $4.25 level, the SUI/USDT pair could soar to $5.
The first sign of weakness will be a break and close below the $3.90 level. 
That opens the doors for a fall to the 20-day EMA ($3.48). A bounce off the 
20-day EMA signals that the positive momentum remains intact. The bulls will 
then again try to clear the overhead hurdle at $4.25.
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.

Price predictions 5/12: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI

New York City Mayor Eric Adams announced partnerships between the city and 
financial firms as part of his crypto plans.
In a May 12 press conference at Gracie Mansion, the the city&#8217;s official 
mayoral residence, Adams said June Ou, founder of financial services company 
Figure, and Richie Hecker, CEO of private equity firm Traction and Scale, 
would be assisting the city in its crypto efforts. He spoke of Ou and Hecker 
acting as advisers for New York City&#8217;s next steps in &#8220;economic development and 
opportunities to serve the public using digital assets.&#8221;
&#8220;We are focused on the long-term values of these technologies for our city and 
its people, not chasing memes or trends,&#8221; said Adams, adding:
&gt; &#8220;If you&#8217;re in the crypto, blockchain, Web3 or the fintech space, New York 
&gt; City is open for business.&#8221;
_Eric Adams addressing reporters on May 12. Source: Yedda 
Araujo/Cointelegraph_
Adams made digital assets a large part of his policy platform after assuming 
office in January 2022, when he announced plans to accept his first three 
paychecks in Bitcoin (BTC). In a 2023 financial disclosure, the mayor reported 
holding between $5,000 and $54,999.99 worth of Bitcoin, but suggested it was 
worth more in a December 2024 press conference.
## Trump DOJ dismissed the corruption case against Adams
Adams had been facing corruption charges over alleged illegal donations from 
the Turkish government, but Justice Department officials appointed by US 
President Donald Trump stepped in and directed local authorities to intervene. 
The case was dismissed with prejudice, meaning it cannot be reopened, in 
April, and Adams traveled to the White House on May 9 to reportedly thank 
Trump for his &#8220;words of support&#8221; during his 2024 campaign.
_**Related:**__**8 major crypto firms announce US expansion this year**_
It&#8217;s unclear whether Adams&#8217; May 12 announcement was related to his meeting 
with the president, who has also pushed significant policies related to 
digital assets since taking office. Cointelegraph reached out to the mayor&#8217;s 
office for comment, but had not received a response at the time of 
publication.
Adams announced in April that the city would be hosting its own crypto summit 
on May 20.
_**Magazine:**__**Crypto City: Guide to New York**_