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Cryptocurrency News Today Top Stories May 7, 2024

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Find out the latest Cryptocurrency news today top stories development, including significant updates on the Ripple v. SEC litigation, Apple’s creative collaboration with Render Network, significant market trends, and regulatory measures.

Stay informed with today’s most impactful crypto news and analysis.

Cryptocurrency News Today: Ripple vs. SEC, Apple-Render Partnership, Bitcoin Trends, and other Top Stories

Cryptocurrency continues to make headlines, reflecting its increasing impact on finance and technology globally. 

As the digital currency landscape evolves, it’s shaped by significant developments, including regulatory battles, groundbreaking partnerships, and shifts in market dynamics. 

We will now bring you the latest pivotal events in the cryptocurrency world as of May 7, 2024, focusing on the ongoing Ripple vs. SEC lawsuit, public skepticism about crypto in the US, strategic partnerships like that of Apple and Render Network, and fundamental market movements.

Ripple vs. SEC Lawsuit Intensifies

The Ripple vs. SEC lawsuit has reached a crucial point as the US Securities and Exchange Commission (SEC) filed its final response in the ongoing legal battle with Ripple. 

The SEC argued that Ripple’s claims do not eliminate the necessity for injunctions to prevent potential future violations. 

This legal conflict, which began in December 2020 when the SEC filed a lawsuit against Ripple Labs for conducting unregistered securities sales via its XRP token, has now escalated with this latest filing​.

Background of the Lawsuit

The lawsuit centers around the SEC’s assertion that Ripple raised over $1.3 billion through an unregistered securities offering. Ripple maintains that XRP is a digital currency, not a security, and therefore not subject to SEC regulations. 

The outcome of this case is poised to set a precedent for how digital assets are classified and regulated in the US. 

The initial ruling in favor of Ripple sparked optimism in the crypto community, but the SEC’s recent filing intensified regulatory scrutiny​.

SEC’s Final Response and Ripple’s Defense

In its latest response, the SEC urged the court to issue injunctions despite Ripple’s assurances of compliance, emphasizing the importance of deterring future violations. 

Ripple argues that the lawsuit is unfounded and that the XRP Ledger’s decentralization minimizes the potential for securities fraud. 

The SEC’s response highlighted the need to protect investors and maintain the integrity of financial markets, pointing to Ripple’s past behavior as a basis for future risks.

Potential Impact on the Market

The lawsuit has affected XRP’s price and market sentiment, with the token experiencing significant volatility. 

Despite falling over 14% year-to-date due to legal uncertainties, analysts believe XRP could rebound if Ripple secures a favorable outcome. Moreover, this lawsuit has implications beyond Ripple, potentially shaping future regulatory approaches to the broader cryptocurrency market​.

Majority of Americans Skeptical About Crypto Despite Financial System Concerns

According to a recent survey by The Harris Group and the Digital Currency Group (DCG), 70% of voters in swing states think that considerable changes are needed to the current financial system since it is antiquated.

However, despite these concerns, most participants remain skeptical about cryptocurrencies as a viable solution due to issues like security, regulation, and market volatility.

Survey Findings and Public Perception

The survey highlighted the divide in public perception. While the majority agreed on the need for reform in traditional finance, only a minority viewed cryptocurrencies as the answer. Factors contributing to this skepticism include the perceived association of cryptocurrencies with speculative trading, regulatory uncertainty, and the prevalence of scams. Many respondents were particularly wary of decentralized finance (DeFi) and its potential risks.

Regulatory Concerns

Participants expressed concerns about regulatory oversight, highlighting the importance of government involvement in ensuring investor protection. 

Recent events such as the Ripple vs. SEC lawsuit and the collapse of FTX have further fueled doubts about the industry’s integrity​.

This survey underscores the challenges that cryptocurrency faces in gaining mainstream acceptance, even as it continues to grow in technological innovation and market impact.

Apple Partners with Render Network for Decentralized Computing

Apple’s keynote on May 7, 2024, spotlighted a groundbreaking partnership with the Render Network via OctaneX, a decentralized GPU platform. 

This collaboration aims to harness Apple’s advanced hardware capabilities alongside the Render Network’s decentralized computing power, creating a seamless and powerful computing platform​.

Partnership Overview

OctaneX is designed to leverage the decentralized GPU resources of the Render Network, offering a nearly unlimited pool of high-performance computing power. 

By integrating Apple’s cutting-edge hardware, such as the M-series chips, with Render’s decentralized architecture, the partnership is set to redefine how decentralized computing resources can be accessed and utilized​.

Impact on Decentralized Computing

This collaboration could significantly impact the decentralized computing landscape, offering content creators, developers, and researchers access to scalable GPU resources. 

It also demonstrates how blockchain-based networks like Render can partner with tech giants to provide decentralized solutions for demanding computing tasks like rendering, machine learning, and data analysis​.

Furthermore, this partnership aligns with Apple’s broader strategy of promoting innovation and integration within its ecosystem, signaling a growing interest in decentralized technologies and their potential applications.

Wintermute Provides Liquidity for Hong Kong Crypto ETFs

Wintermute, a leading market maker in the cryptocurrency industry, has committed to providing liquidity for Hong Kong-listed crypto exchange-traded funds (ETFs). 

This calculated strategy comes at the same time as Asian venture capital firms open a $1 billion liquidity fund to help the expansion and uptake of cryptocurrency exchange-traded funds (ETFs) in the area.

Hong Kong’s Growing Crypto Market

The move reflects Hong Kong’s ambition to position itself as a global hub for cryptocurrency trading and innovation. 

Recent regulatory changes have made the region increasingly attractive to institutional investors seeking exposure to digital assets through regulated financial products like ETFs​.

Wintermute’s Role and Significance

Wintermute’s involvement as a liquidity provider ensures tighter spreads and higher trading volumes for the new ETFs, improving investor confidence and signaling the growing maturity of the cryptocurrency market in Asia. 

The initiative aims to bridge the gap between traditional finance and digital assets, fostering institutional adoption of crypto products​.

Bitcoin and Ethereum Market Trends

Bitcoin continues to capture investor attention as market sentiment shifts positively. 

Find out the latest Cryptocurrency news today top stories development, including significant updates on the Ripple v. SEC litigation, Apple's creative collaboration with Render Network, significant market trends, and regulatory measures.
Cryptocurrency News Today Top Stories May 7, 2024 2

Bitcoin’s Bullish Momentum

The world’s largest cryptocurrency recently surpassed the $69,000 level before slightly retreating to $67,857.52, reflecting a 3.45% gain​. 

Fidelity Investments predicts a potential surge to $100,000 as institutional interest grows and more traditional finance firms offer Bitcoin exposure. 

This bullish sentiment is supported by recent on-chain data, indicating that Bitcoin might be preparing for a significant upward movement​.

Bitcoin adds 4.5% even as stocks reverse lower following hawkish Fed commentary.

Stephen Alpher, CoinDesk

Indicators and Trends

  • Funding Rate and Basis Rate: Both indicators have cooled off, signaling a “calm before the storm,” according to Ciaran Lyons of Cointelegraph. This cooling-off often precedes a bullish breakout​.
  • Market Analysis: Bitcoin’s recent dip hasn’t dented the optimism of traders, as it remains on an upward trajectory.

Data suggests the crypto market remains in the early stages of a macro uptrend.”

Nancy Lubale, to Cointelegraph

Ethereum’s Underperformance

While Bitcoin is gearing up for a bull run, Ethereum (ETH) has been underperforming due to weaker capital rotation. 

Despite rising 0.61% to $3,297.90, it has lagged behind Bitcoin’s gains, attributed to a lack of institutional momentum and uncertainty around the SEC’s approval of a spot Ethereum ETF.

Indicators and Trends

  • On-Chain Data and Glassnode Analysis: Glassnode analysts report that Ethereum price lags due to “weaker capital rotation” but remains in a macro uptrend alongside Bitcoin.
  • Market Analysis: Ethereum is still expected to benefit from the crypto market’s overall macro uptrend.

Broader Market Trends

  • Altcoin Performance: Other prominent cryptocurrencies, such as Binance Coin (BNB), Cardano (ADA), and Toncoin (TON), have seen modest gains in recent days.
  • Crypto Rebound Expectations: Investors are closely watching presales of promising projects like Raboo, which has attracted significant investment amid Bitcoin and Ethereum price recovery​.

Australian Tax Office Seeks Crypto Data from 1.2 Million Users

The Australian Tax Office (ATO) has requested personal and transaction data from 1.2 million cryptocurrency users to identify those who still need to fulfill their tax obligations. 

The agency acknowledged that some users might unknowingly fail to comply but emphasized the need to enforce regulations consistently. This move underscores the growing scrutiny of crypto transactions by tax authorities globally.

Complexity of Compliance

Crypto tax compliance remains challenging due to the intricacies of tracking transactions across multiple exchanges and platforms, making it crucial for users to stay informed on evolving guidelines.

The landscape of cryptocurrencies is still changing as a result of market trends, creative collaborations, and regulatory scrutiny.

The Ripple vs. SEC lawsuit highlights the industry’s regulatory challenges and the need for more precise guidelines​​. 

Meanwhile, public skepticism about crypto remains high despite dissatisfaction with the current financial system, emphasizing the importance of security and compliance​.

On the innovation front, Apple’s partnership with the Render Network exemplifies the potential for decentralized computing. 

At the same time, Wintermute’s involvement in Hong Kong crypto ETFs showcases the growing institutional interest in digital assets in Asia​.

Market trends indicate that Bitcoin remains bullish, with predictions pointing to a surge beyond $100,000, while Ethereum, despite its underperformance, is expected to benefit from a macro uptrend alongside other altcoins.

The Australian Tax Office’s move to enforce crypto compliance further underscores the importance of regulatory adherence.

Conclusion 

Bitcoin and Ethereum continue to shape the cryptocurrency market’s outlook. 

While Bitcoin shows bullish potential, Ethereum’s macro trends and growing institutional interest hint at a promising future despite recent underperformance.

It will be crucial for stakeholders and investors alike to keep up with new developments and stay aware of developing trends as the cryptocurrency business continues to drive changes in the markets, regulations, and technology.

FAQs

  1. What is the current status of the Ripple vs. SEC lawsuit?
    • The SEC has filed its final response, calling for injunctions against Ripple despite its arguments​.
  2. Why are Americans skeptical about crypto despite dissatisfaction with the financial system?
    • Concerns about security, regulation, and market volatility contribute to skepticism.
  3. How does Apple’s partnership with the Render Network impact decentralized computing?
    • This collaboration integrates Apple’s advanced hardware with decentralized GPU resources, potentially redefining decentralized computing.
  4. What does Wintermute’s involvement in Hong Kong crypto ETFs signify?
    • It reflects growing interest and strategic importance in the Asian crypto market​.
  5. What market trends are currently affecting Bitcoin and Ethereum?
    • Bitcoin shows signs of a bullish movement, while Ethereum lags due to weaker capital rotation​.
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Cold Wallet Raises $6.3M in A Few Weeks While Solana Rebounds and PEPE Holds Steady in Volatile Markets

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The crypto market in 2025 is still marked by big questions around control, ownership, and long-term value. Solana continues to defy economic pressure with a price rebound, while PEPE proves that decentralised meme-driven projects can stay resilient even through steep drops.

 But it’s Cold Wallet that brings a different layer to the table, reshaping how people view custody, rewards, and privacy. With over $6.3 million raised and more than 736 million tokens sold, it is quickly becoming one of the top crypto coins to watch. Cold Wallet doesn’t just store assets, it rewards users, protects their data, and gives them a real say in governance.

Cold Wallet Expands Beyond the Limits of Self-Custody

The collapse of centralised platforms such as FTX pushed the crypto crowd to demand self-custody. Many wallets stepped up, but most delivered only the basics, safe storage. Cold Wallet has gone further. It transforms every interaction into a rewarding moment. Swapping, bridging, or paying gas doesn’t just drain funds; instead, users receive CWT back. This flips the script from losing value to gaining value through regular use.

Its presale success backs this up. With $6.3 million already raised, Cold Wallet has reached stage 17, pricing CWT at $0.00998, compared to a set launch price of $0.3517. That difference reflects strong upside potential for early supporters. But numbers alone don’t tell the whole story. Cold Wallet embeds privacy by using zero-knowledge tech, ensuring data and transactions remain shielded. On top of that, holders get DAO voting rights, giving them real influence on how the ecosystem evolves.

This is what separates it from the pack: not just storage, but rewards, privacy, and governance—an all-in-one design built around user needs. As traction grows, Cold Wallet is positioning itself not only as another presale but as a system where participation equals ownership.

Solana Shows Signs of Strength with Price Recovery

Solana’s rebound highlights how resilient its network remains despite broader market pressures. After dipping near $192, SOL climbed to around $198, even with inflation numbers creating wider economic concern. On charts, an inverse head and shoulders pattern on the 4-hour timeframe adds technical weight to the recovery, pointing toward possible higher levels if volume rises.

But the real story isn’t only in the chart action. Solana reflects the durability of decentralised ecosystems. While traditional finance reacts heavily to macroeconomic swings, projects like SOL continue to build and hold strong. The community’s faith in its long-term future fuels this price resilience, proving that decentralised protocols can thrive even when conditions look rough.

PEPE Maintains Community Power Despite Sharp Market Moves

PEPE coin has faced heavy turbulence, dropping about 7.4% recently to $0.00001119. Whale sell-offs and over $6 million in liquidations triggered the move, yet key support levels remain intact. If these supports hold, analysts suggest a possible run toward $0.00039, which would represent a 30× rise from its current level.

This rollercoaster movement reflects the strength and unpredictability of decentralised networks. Prices swing not from one entity but from a blend of community moves, sell-offs, and recoveries. Despite the volatility, PEPE continues to show why decentralised meme coins capture attention; they are unpredictable, community-driven, and capable of sharp comebacks.

Cold Wallet Brings Rewards, Privacy, & True Ownership 

What sets Cold Wallet apart is its refusal to stop at storage. It integrates real-time rewards, zero-knowledge privacy, and community control through DAO mechanics. Users don’t just hold assets; they actively benefit from using them. With its presale already passing $6.3 million and over 736 million tokens sold, Cold Wallet has proven early demand.

This isn’t just another project following a trend. It gives back at every step, builds with privacy at the core, and puts control back into the hands of the community. For those searching beyond price action and hype, Cold Wallet offers something much stronger: a working structure where ownership truly belongs to the user.

Explore Cold Wallet Now:

Presale: https://purchase.coldwallet.com/

Website: https://coldwallet.com/

X: https://x.com/coldwalletapp

Telegram: https://t.me/ColdWalletAppOfficial

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2.5M Miners and Growing: BlockDAG’s Thunder Drowns Out BNB and ETH Narratives

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As Binance Coin works toward the $1,000 target and Ethereum retests multi-year highs, BlockDAG is moving ahead with adoption and infrastructure that rival major networks.

BlockDAG now has over 2.5 million users mining through its X1 app. It has also locked in 20 confirmed exchange listings and presented its X1 and X10 miners in a live showcase. The presale has raised more than $376 million, with over 25.2 billion coins sold and miner sales topping $7.8 million from 19,300 units.

With ROI already at 2,660% from Batch 1 to 29, and the coin priced at $0.0276 in Batch 29, momentum is climbing fast. Against this backdrop, BlockDAG is shaping up as a stronger 2025 growth story than both Binance Coin and Ethereum price projections.

Binance Coin Sets Sights on $1,000

Binance Coin (BNB) has surged above $815, sparking optimism that it could push toward $1,000 in 2025. Analysts highlight a key resistance level at $912, which if broken, could open the path toward $1,044.

BNB’s performance has been steady, with gains of over 7% in the past week, 21% across the month, and 32% in six months. Current support levels sit at $649.40 and $517.90, giving buyers a safety net if prices drop.

Despite strong growth, BNB’s large market cap limits the scale of percentage gains. While it remains one of the strongest exchange-linked assets, its upside appears smaller compared to early-stage presale projects like BlockDAG.

Ethereum Pushes Higher Above $4,000

Ethereum (ETH) has also shown strength, trading above $4,000 and reaching $4,045 before a slight pullback. This 3.46% daily gain reinforces bullish outlooks, with predictions pointing to a breakout above $4,050 and possibly $4,350 in the coming week.

ETH maintains strong support at $3,760 and $3,500. Technical indicators also support the bullish case. The RSI currently sits at 69.01, near overbought levels, while the MACD line is above the signal line, showing momentum is still positive.

Staying above $4,000 will be crucial for ETH to hold its momentum. Yet, like BNB, Ethereum’s gains are expected to be smaller than the explosive upside seen in fast-growing projects like BlockDAG.

BlockDAG: 2.5M Miners, 20 Listings, and Proven Mining Demo

While BNB and ETH are focused on hitting new price levels, BlockDAG is expanding its network and technology before entering exchanges. This strategy is building traction.

The X1 app allows anyone to mine BDAG directly from their smartphone, removing barriers to entry. With 2.5 million active miners, BlockDAG has built a strong base of users well before launch. This ensures activity and liquidity when BDAG begins trading.

To strengthen liquidity, BlockDAG has already secured listings on 20 exchanges, including MEXC, BitMart, Coinstore, LBank, and XT.com. This gives the project global coverage and immediate access to multiple trading pairs from the first day of launch.

A major milestone came on July 23, when BlockDAG showcased its X1 mobile miner working alongside the X10 hardware unit. The X10 can mine up to 200 BDAG per day at the projected $0.05 launch price, proving the scalability of the system. This dual setup makes mining accessible to both casual users and dedicated miners.

Now in Batch 29 at $0.0276, BlockDAG has raised over $376 million and sold more than 25.2 billion coins. With ROI already at 2,660%, plus strong adoption, exchange readiness, and mining validation, BlockDAG is presenting itself as one of the most compelling presales of 2025.

Final Outlook

BNB’s climb above $815 fuels hopes of reaching $1,000, and ETH’s strength above $4,000 signals possible highs near $4,350. Both remain dominant, but their percentage growth potential is lower compared to newer projects.

BlockDAG, with 2.5M active mobile miners, 20 confirmed listings, and a proven mining system, is entering with adoption already in place. Add to that its $376M presale, 19,300 miners sold, and strong audits, and the case becomes clear.

At just $0.0276, well below its $0.05 launch, BlockDAG combines accessibility, growth, and utility. For those seeking strong opportunities in 2025, BlockDAG is positioning itself as the leading name to watch.

Presale: https://purchase.blockdag.network

Website: https://blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficialDiscord: https://discord.gg/Q7BxghMVyu

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Best Cryptos in August 2025: Cold Wallet’s 37x ROI Potential Plus LINK, SOL & AVAX

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The market is buzzing with activity this August, and a few projects are getting extra attention for their strong fundamentals and upcoming catalysts. Price movements are giving traders a reason to take another look, while long-term investors are watching how these projects are building and expanding their ecosystems. Whether you’re focused on early-stage presales or established assets with proven track records, the right picks can make a big difference.

This month’s focus is on four projects that are delivering something unique: Cold Wallet, Chainlink (LINK), Solana (SOL), and Avalanche (AVAX). From innovative wallet technology with cashback rewards to established blockchain solutions powering DeFi and NFT platforms, these are the best cryptos in August to keep on your radar. Let’s break down what each brings to the table and where the potential opportunities lie.

1. Cold Wallet: Privacy, Cashback, and Big ROI Potential

Cold Wallet ($CWT) is currently in Stage 17 of its 150-stage presale, with the token priced at $0.00998. The project has already raised $6.3 million and sold roughly 703 million tokens. With a fixed launch price of $0.3517, investors at the current stage could see an estimated 37× return, or about 3,600% gains, if that target is met. Those who bought in at Stage 1 for $0.007 could be looking at returns of up to 50×. Cold Wallet has also been featured on CoinMarketCap, where buyers can track live presale progress, funds raised, and token sales.

What makes Cold Wallet stand out is its approach to utility. Instead of relying on traditional fee models, it rewards users with cashback in CWT for gas fees, swaps, on/off ramps, and other transactions, without staking or lockups. The wallet is already live on Android and iOS, and security audits by Hacken and CertiK are underway. Its $270 million acquisition of Plus Wallet added over 2 million active users instantly, expanding its adoption base. 

Referral programs add another layer of incentive, offering immediate USDT payouts along with future CWT rewards. These factors make Cold Wallet one of the best cryptos in August for those seeking both early-stage entry and a ready-to-use product with a growing user base.

2. Chainlink: Connecting Blockchains to Real-World Data

Chainlink (LINK) continues to be one of the most important infrastructure projects in crypto, powering decentralized oracle solutions that connect blockchain networks with off-chain data. This technology is essential for smart contracts that need real-world inputs like price feeds, weather data, or sports scores. LINK’s role in DeFi, gaming, and insurance platforms makes it a key asset for projects that depend on accurate and timely data.

As of August, LINK is trading with bullish sentiment, with analysts targeting the $19.80–$21.25 range if it can break above $16. Its wide network of partnerships and continuous upgrades to improve scalability keep it relevant in both retail and institutional discussions. For those looking at the best cryptos in August, Chainlink offers a combination of proven technology and a strong use case that has been battle-tested across multiple blockchain ecosystems.

3. Solana: Speed and Scalability in the Spotlight

Solana (SOL) remains one of the fastest and most scalable blockchains, processing thousands of transactions per second at minimal fees. This performance has made it a preferred choice for NFT projects, DeFi applications, and blockchain-based games. Developers often choose Solana because it can handle large user bases without network congestion, making it ideal for high-traffic applications.

SOL has been trading actively, with market sentiment improving as new projects and partnerships come online. Ecosystem expansion, improved developer tools, and lower downtime incidents have helped restore investor confidence. With the potential for further adoption in both retail and institutional spaces, Solana is well-positioned as one of the best cryptos in August for those betting on high-performance blockchain platforms with strong developer activity.

4. Avalanche: Multi-Chain Flexibility with Growing Adoption

Avalanche (AVAX) is built for high throughput and custom blockchain creation using its unique multi-chain architecture. This allows developers to deploy decentralized applications (dApps) or create custom blockchains (subnets) for specific use cases. The approach has made Avalanche a go-to choice in DeFi, enterprise blockchain solutions, and NFT marketplaces, thanks to its scalability and versatility.

Recently, AVAX has seen renewed momentum as more projects opt to build on its network. Its fast transaction finality and low fees make it appealing for both developers and users. Partnerships and integrations with leading Web3 platforms are further strengthening its presence in the market. With adoption steadily increasing across multiple sectors, Avalanche is becoming a key player to watch. For anyone considering the best cryptos in August, Avalanche offers strong technical capabilities and an expanding ecosystem that could continue to drive demand and long-term value.

Final Thoughts

August’s market activity shows that investors are paying attention to projects that are not only trading well but also building ecosystems with real utility. Cold Wallet offers a rare mix of early-stage presale pricing and an already-live product, with ROI potential that’s hard to ignore. Chainlink continues to be a critical part of blockchain infrastructure, while Solana’s speed and scalability keep it a favorite for high-performance applications. Avalanche rounds out the list with its multi-chain flexibility and steady developer adoption.

Whether you’re looking at presale opportunities or established networks, these four are among the best cryptos in August for combining market potential with practical use cases. As always, it’s smart to research further, track price action, and decide based on your own risk profile. But with these picks, August is shaping up to be an active month for both short-term traders and long-term holders.

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