NXPC, the new token from Nexon’s blockchain gaming arm, is gaining massive traction—having surged over 100% following a wave of major exchange listing announcements and its market cap surpassing $500 million. NEXPACE (NXPC), the native token of the blockchain gaming…

NEXPACE surges over 100% after a wave of exchange listings

After several days of intense buying pressure and strong bullish momentum, 
Ethereum has finally paused its rally, finding resistance around the $2,740 
mark. The move comes after ETH effortlessly cleared key resistance levels at 
$2,000 and $2,200, marking one of its strongest short-term performances in 
months. As excitement builds across the broader crypto market, Ethereum’s next 
move could define the strength and sustainability of this breakout. Related 
Reading: $1.2B In Ethereum Withdrawn From CEXs – Strong Accumulation Signal 
With price now stalling, analysts believe a period of consolidation is 
likely—and perhaps even necessary—before the next leg higher. Top analyst Daan 
shared a technical view suggesting that the $2,400 level will be crucial in 
the coming days. He believes it makes sense to retest that local support, 
which would provide a healthier structure for further upside. However, Daan 
also notes a cautionary signal: extremely high levels of Open Interest across 
the ETH derivatives market. He’s currently avoiding long positions until some 
of that leverage is flushed out, reducing the risk of a sharper pullback. For 
now, Ethereum bulls must hold above $2,400 to confirm strength and keep the 
uptrend intact, while traders await cleaner conditions for potential reentry. 
Ethereum’s Surge Faces a Crucial Retest Around $2.4K Ethereum has surged more 
than 50% since last week, reclaiming momentum after months of heavy selling 
pressure. ETH is showing sustained strength for the first time since late 
December, fueling optimism that the broader altcoin market could be next. Many 
analysts are calling for an altseason, and Ethereum’s breakout is seen as a 
potential catalyst for a larger move across altcoins that have severely 
underperformed in recent years. However, after such a sharp move, a period of 
consolidation or correction wouldn’t be unusual—and could even be healthy. 
According to Daan, the $2,400 level will be a key support zone to watch. He 
believes it makes sense for price to test this area before further 
continuation. Daan currently has no interest in entering long positions until 
some of the billions in Open Interest are flushed from the system. How 
Ethereum reacts around $2.4K will likely set the tone for the next phase. If 
ETH sweeps $2.4K and quickly bounces, Daan expects a local range to form 
between $2.4K and $2.7K. However, if price loses that level decisively, the 
next major support lies at $2.1K. A slow bleed into that zone could signal 
weakness, while a quick flush might present a short-lived buying opportunity. 
Despite short-term risks, Daan notes that even a pullback to $2.1K would still 
leave ETH up roughly 20% from the prior week. In his view, the larger trading 
range for now is between $2.1K and $2.8K—a zone that could define Ethereum’s 
next major trend if bulls can hold key levels and regain momentum. For now, 
the rally is alive, but the next test will be critical. Related Reading: 
Ethereum MVRV Pricing Bands Show Key Resistance Around $3,100 Level – Details 
Price Consolidation Taking Place Amid Optimism Ethereum (ETH) is currently 
trading around $2,565, following a sharp retracement from its recent local 
high near $2,740. After a powerful rally that pushed ETH above both the 
200-day exponential moving average (EMA) and simple moving average (SMA), the 
price is now consolidating just below the 200-day SMA at $2,702.93. This level 
has acted as resistance over the last few sessions, capping Ethereum’s attempt 
to continue its upward momentum. Volume has declined slightly, reflecting 
market indecision after last week’s breakout. If bulls can defend the 200-day 
EMA near $2,437 and maintain higher lows above $2,500, the structure would 
remain bullish. However, a failure to hold these levels could lead to a deeper 
pullback, with $2,400 and $2,200 as potential supports. The recent price 
action suggests Ethereum is forming a short-term range between $2,400 and 
$2,700, which could persist until a clear breakout above the 200-day SMA. 
Holding above $2,500 is crucial to maintaining bullish momentum, especially as 
the altcoin market eyes further gains. Related Reading: XRP Open Interest 
Surges 41% As Speculation Grows – Over $1B Added In Just One Week If ETH can 
push above $2,700 with strong volume, it would confirm renewed strength and 
open the path toward the $3,000–$3,100 resistance zone. Until then, 
consolidation and caution dominate the short-term outlook. Featured image from 
Dall-E, chart from TradingView

Ethereum Eyes $2.4K Retest – Analyst Sets Key Levels To Watch

More than two-and-a-half years after filing for bankruptcy, cryptocurrency 
exchange FTX is moving forward with repaying users who have not had access to 
their funds.
In a May 15 notice, the FTX Recovery Trust announced that it would begin 
disbursing funds to the second group of parties eligible under the exchange&#8217;s 
reorganization plan. Starting on May 30, FTX will send more than $5 billion to 
creditors &#8220;within 1 to 3 business days&#8221; through crypto firms BitGo and Kraken.
In accordance with the reorganization plan, FTX said five groups of 
&#8220;convenience classes&#8221; would receive between 54% and 120% distribution of 
assets. The repayment schedule for the next class of creditors will be 
&#8220;announced in due course,&#8221; and the debtors were expected to pay up to $16 
billion if all claims were filed.
_Breakdown of the second round of FTX repayments. Source:__Sunil Kavuri_
FTX began its first round of reimbursements on Feb. 18, which was estimated to 
repay roughly $1.2 billion to creditors. Though former FTX users will likely 
be seeing their funds for the first time since the exchange collapsed in 
November 2022, many have criticized the reorganization plan for basing 
disbursement on the prices of cryptocurrencies at the time of bankruptcy.
_**Related:**__**FTX EU creditors can now withdraw money from Backpack 
exchange**_
Since the end of 2022, the price of Bitcoin has risen more than 400%, from 
roughly $20,000 to more than $100,000 at the time of publication. According to 
the recovery plan, 98% of creditors are expected to receive at least 118% of 
their initial claim value in cash.
## Criminal cases already wrapped, nearing the end
The estate&#8217;s announcement came more than a year after former FTX CEO Sam &#8220;SBF&#8221; 
Bankman-Fried was found guilty at trial and sentenced to 25 years in prison 
for his role in misusing customer funds. Former Alameda Research CEO Caroline 
Ellison and former FTX Digital Markets co-CEO Ryan Salame pleaded guilty and 
were sentenced to two and seven-and-a-half years in prison, respectively.
FTX engineering director Nishad Singh and co-founder Gary Wang also pleaded 
guilty and were sentenced to time served. However, Salame&#8217;s wife, Michelle 
Bond, while potentially not directly involved in the exchange&#8217;s activities, 
still faces campaign finance charges in New York.
_**Magazine:**__**Bitcoin eyes &#8216;crazy numbers,&#8217; JD Vance set for Bitcoin talk: 
Hodler&#8217;s Digest, May 4 &#8211; 10**_

FTX estate to start distributing more than $5B on May 30

U.S. stocks closed mixed Thursday, with the S&amp;P 500 rising 0.4% to log a 
fourth straight day of gains, while the Dow Jones Industrial Average climbed 
more than 250 points. The Nasdaq Composite dipped 0.2%, breaking its six-day 
winning streak.…

Dow jumps 271 points, S&P 500 extends win streak, Nasdaq sheds 0.18%

The FTX Recovery Trust explained on Thursday that it will distribute more than 
$5 billion to creditors starting May 30, 2025, as part of its court-approved 
Chapter 11 bankruptcy reorganization plan. Distribution Date Set for FTX’s $5B 
Creditor Repayment The distribution, the second under FTX’s reorganization 
plan, will pay creditors across multiple claim classes. Class […]

FTX Creditors to Receive Over $5B in Second Payout Starting May 30

Stablecoin regulation is &#8220;the next catalyst&#8221; for the crypto industry and could 
lead to unprecedented &#8220;appetite from institutional investors,&#8221; according to 
Ash Pampati, head of ecosystem at the Aptos Foundation.
In an interview with Cointelegraph at Consensus 2025 in Toronto, Pampati said 
that &#8220;the whole world outside of the United States […] has already jumped onto 
this [stablecoins],&#8221; adding that &#8220;the US is [&#8230;] at the doorstep.&#8221;
&#8220;I really think about new use cases that can emerge because of the borderless 
nature of stablecoins, because of the efficiency of the dollar onchain,&#8221; he 
said. &#8220;If you&#8217;re trying to send money to your friend in Nigeria, why do you 
have to go through a bunch of hoops?&#8221;
Stablecoins are often used to transfer money across borders, as they are 
easier and cheaper to transfer than traditional finance methods such as wire 
transfers. They are also used to hedge against fiat currency, which, in 
emerging markets, can devalue significantly in a short period of time.
_**Related:**__**Pareto launches synthetic dollar backed by private credit**_
According to a new survey from Fireblocks, Latin America leads all regions in 
real-world use of stablecoins, with 71% of respondents saying they use the 
technology for cross-border payments. Half of respondents in the region, which 
encompasses a number of developing countries, say they expect stablecoins to 
offer lower transaction costs than traditional finance rails.
&#8220;I think you will see an amazing appetite from institutional investors […] we 
can really think, rethink the fintech space across B2B, B2C with fully onchain 
rails,&#8221; Pampati said.
## 86% of firms ready for stablecoins
According to Fireblocks&#8217; survey, 86% of respondents say that their company 
shows &#8220;infrastructure readiness.&#8221; In other words, their companies are ready to 
adopt stablecoin. In addition, 75% of respondents say they see clear customer 
demand for stablecoins.
_Confidence indicators for stablecoin adoption. Source:__Fireblocks_
However, regulation still holds a large role in determining adoption. The 
survey shows that confidence in stablecoins is rising, not only because of the 
technology but also because regulatory barriers have fallen.
Agencies around the world have sought to regulate stablecoins. The progress 
has included the European Union&#8217;s MiCA regulation, various acts in the United 
Arab Emirates, and even the United States&#8217; GENIUS Act, which reports indicate 
has regained some bipartisan support after a failed May 8 vote.
_**Magazine:**__**Legal Panel: Crypto wanted to overthrow banks, now it &#8216;s 
becoming them in stablecoin fight**_