Bitcoin is just 3% shy of a new all-time high, and the current market structure suggests a breakout is imminent. Key technical signals point to strong bullish momentum. Bitcoin (BTC) is on the verge of making history again as it…

Bitcoin inches toward new all-time high: strong market structure signals breakout this week

Solana Mobile, a subsidiary of blockchain technology company Solana Labs, has 
revealed the next steps for its soon-to-be-shipped Seeker device and the 
overall ecosystem. The steps include a new, trustless architecture, a native 
token, and the Seeker ship date.
According to the announcement, Solana Mobile will ship the device starting 
Aug. 4. Seeker is the company&#8217;s second-generation device, after the Saga Web3 
phone that launched in April 2023.
The company unveiled the Seeker phone in September 2024, saying it wouldn&#8217;t 
just be a &#8220;memecoin phone.&#8221; So far, it has pre-sold 150,000 units.
The Solana Seeker has gone through two sale phases: The Founder window, where 
the price for each device was $450, and the Early Adopter window, where the 
price per device was $500.
Assuming the lower price window, Solana Mobile could generate at least $67.5 
million in gross revenue from device sales. For comparison, the iPhone 
generated $199.3 billion in revenue for Apple in 2024.
The new architecture that will govern future Solana Mobile devices is called 
TEEPIN, which stands for &#8220;Trusted Execution Environment Platform 
Infrastructure Network.&#8221; It is a three-layer architecture &#8212; hardware, 
platform, and network layers &#8212; that will allow users, developers, and device 
makers to participate in a trustless environment.
Anatoly Yakovenko, co-founder and CEO of Solana Labs, called TEEPIN &#8220;the next 
evolution in mobile&#8221; and a framework where trust is &#8220;verified by 
cryptography.&#8221;
In addition, Solana Mobile is planning to launch &#8220;SKR,&#8221; the native asset of 
the Solana Mobile ecosystem. &#8220;It transforms the traditional mobile business 
model by giving stakeholders actual ownership in the platform,&#8221; said Emmett 
Hollyer, general manager at Solana Mobile.
_**Related:**__**Solana lacks &#8216;convincing signs&#8217; of besting Ethereum: 
Sygnum**_
## Solana Saga
Solana Mobile&#8217;s first released device, Saga, initially elicited mixed 
reactions from the Web3 community &#8212; some hailed it as Web3&#8217;s &#8220;iPhone moment,&#8221; 
while others pointed to the network&#8217;s outages as a drawback.
The Saga phone didn&#8217;t take off until late 2023, when a surge in the value of 
memecoins stored on the devices turned them into unexpected profit machines. 
Some units were listed on eBay for thousands of dollars, driven by growing 
demand. By December 2023, the Saga had completely sold out.
_**Magazine: Memecoins are ded &#8212; But Solana &#8216;100x better&#8217; despite revenue 
plunge**_

Solana Mobile reveals trustless architecture, token for Seeker device

World, OpenAI CEO Sam Altman&#8217;s digital identification project, raised $135 
million from venture capital firms Andreessen Horowitz and Bain Capital 
Crypto, the company said in an announcement.
The capital will be used to expand World&#8217;s network of iris-scanning orbs and 
infrastructure in the United States, where the company said in April it would 
operate in six cities, and increase coverage around the globe, according to 
the announcement.
More than 12.5 million individuals in over 160 jurisdictions have been issued 
a World ID, the company said.
The project, which collects biometric data from individuals to establish 
&#8220;proof of personhood,&#8221; faces regulatory headwinds and bans in several 
countries. Critics of the project say that offering financial incentives for 
biometric data violates informed consent, sparking a debate about the ethics 
of centralized digital ID systems and data privacy.
_Major components of an iris-scanning World orb visualized. Source:__World_
 _**Related:**__**Alarm bells ring in US over OpenAI &#8216;s crypto project 
World**_
## Scrutiny of Worldcoin continues, more governments ban project
Brazil&#8217;s National Data Protection Authority (ANPD) in January ordered World to 
stop providing services in the country due to concerns that incentivizing 
biometric data collection via cryptocurrency payments violates informed 
consent.
The ANPD upheld the decision to ban World in March, citing the company&#8217;s 
business model of offering cryptocurrency payments to users in return for 
their biometric data.
World faces fines of 50,000 Brazilian reais ($8,851) per day if it continues 
to operate in the country.
_Translated statement from Brazil &#8216;s ANPD maintaining the World suspension. 
Source: __Brazilian Government_
Indonesia&#8217;s Ministry of Communications and Digital (Komdigi), a data and 
communication watchdog, suspended World&#8217;s business license on May 4 after 
accusing some of the company&#8217;s subsidiaries of failing to register as digital 
asset service providers under the Electronic System Operator Certificate 
Registration (TDPSE) framework.
Komdigi has launched an investigation into the project and will meet with 
representatives from the subsidiaries following the suspension to clarify the 
matter.
The bans in both countries follow a December 2024 order from the Bavarian 
State Office for Data Protection Supervision (BayLDA), a German data 
protection regulator, demanding that World adhere to the European Union&#8217;s data 
protection standards by allowing individuals the option to easily delete their 
biometric data from the network.
_**Magazine:**__**Worldcoin fined again! Crypto store clerk runs off with 
$500K cash: Asia Express**_

Sam Altman's World raises $135M from Andreessen, Bain, to expand network

A New York jury found Braden John Karony, the former CEO of cryptocurrency 
company SafeMoon, guilty of three felony charges after less than a day of 
deliberation.
According to May 21 reporting from the courtroom, in the US District Court for 
the Eastern District of New York, a jury convicted Karony of conspiracy to 
defraud the United States, money laundering, and wire fraud. Prosecutors and 
defense lawyers presented their cases over the roughly two-week trial that 
kicked off with jury selection on May 5.
Karony, former chief technology officer, Thomas Smith, and the platform&#8217;s 
creator, Kyle Nagy, were charged in 2023 for having allegedly &#8220;diverted and 
misappropriated millions of dollars&#8217; worth&#8221; of SafeMoon&#8217;s SFM token. Smith 
testified against Karony at trial, while Nagy reportedly fled to Russia and 
was at large as of May 21.
The criminal trial involving a cryptocurrency company executive was seen by 
many as a bellwether for how Joseph Nocella, the interim US Attorney for the 
district, could handle cases involving digital assets and fraud. Nocella, a 
Donald Trump appointee, took office on May 5.
This is a developing story, and further information will be added as it 
becomes available.

Jury convicts ex-SafeMoon CEO on all charges

Lbank announced on May 20 that it has temporarily suspended new user 
registrations from the United Arab Emirates to comply with regulatory 
requirements set by Dubai&#8217;s Virtual Assets Regulatory Authority. Existing UAE 
Users Face Service Restrictions Lbank, the British Virgin Islands-based 
cryptocurrency exchange, announced May 20 it has temporarily suspended new 
user registrations from the […]

Crypto Exchange Lbank Halts UAE Registrations, Plans to Retire Users in Russia, Ukraine

**Key takeaways:**
 * Bitcoin&#8217;s $109,458 all-time high aligns with seven consecutive green weekly candles since April, highlighting the strength of the current bullish momentum.
 * Analysts expect BTC to reach between $135,000 to $320,000 in 2025.
 * BTC heatmaps show high-leverage zones that may trigger liquidations. Thus, risk management remains crucial.
Bitcoin (BTC) hit a new all-time high of $109,458 on Binance on May 21, 
marking seven consecutive green weekly candles in a row since the price 
bounced from its swing low of $74,500.
_Bitcoin 1-week chart. Source: Cointelegraph/TradingView_
If Bitcoin closes the current weekly candle above $106,500 on May 25, it will 
mark its longest streak of consecutive green weekly closes since October 2023.
Alongside a new all-time high, Bitcoin&#8217;s market cap and realized cap also 
achieved new highs of $2.17 trillion and $911.5 billion, as noted by 
Glassnode.
_**Related: Is Bitcoin price close to a cycle top? &#8212; 5 indicators that help 
traders decide**_
## Bitcoin bulls target higher prices above $110K
With bullish momentum on BTC&#8217;s side, crypto trader Titan of Crypto noted that 
a Bitcoin price target for $135,000 remains in &#8220;play&#8221; for 2025. Tracking its 
returns with respect to key high time frame resistance and support levels over 
the past two years, the forecast uses the Fibonacci extension tool, which 
identifies price targets by measuring previous price swings.
_Bitcoin analysis by Titan of Crypto. Source: X.com_
On the chart, the 1.618 Fibonacci level, drawn to a swing high from a swing 
low, aligns at $135,000-$140,000, identifying a potential target.
Veteran trader Peter Brandt acknowledged BTC&#8217;s new high but pointed out that 
such milestones are &#8220;not technically significant&#8221; during bull markets. The 
trader said,
&gt; &#8220;Bull markets make ATHs all the time. It is the definition of a bull market. 
&gt; On track maybe for top of $125,000 to $150,000 by end of August????&#8221;
In comparison, technical analyst Gert van Lagen set a much higher price level 
between $300,000 and $320,000. In a recent X post, Gert van Lagen pointed to 
Bitcoin&#8217;s breakout from a 4-year bullish Megaphone Pattern, marked by 
diverging trendlines with higher highs and lower lows, signaling a potential 
sharp uptrend after breaking the upper resistance.
_Bitcoin &#8216;s megaphone pattern. Source: X.com_
Using Elliott Wave Theory, the analyst noted that BTC is in the final Wave 5 
of an impulse cycle, supporting the bullish case for another 170% to 190% 
Bitcoin rally.
While the markets edge toward euphoria, Alphractal CEO Joao Wedson recommended 
caution and patience for investors. The analyst noted that BTC heatmaps reveal 
price movement toward high-leverage zones, suggesting market makers may target 
overconfident traders for liquidations.
Wedson emphasized that public obsession over new all-time highs could create 
traps for both bulls and bears. Thus, it is imperative to &#8220;always manage your 
risk.&#8221;
_**Related: Bitcoin enters &#8216;acceleration phase&#8217; resembling BTC price gains 
seen after Trump election victory**_
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.