BNB holds key support at $630 as traders brace for next big move

BNB price is looking to defend $620 amid Bitcoins retreat from $81,000 highs.Supply dynamics highlight $570 as potential support.Upside catalysts could include BNB Chain ecosystem strengths and capital inflows.  BNB hovers near a key support area as bulls defend gains following retreat below the $630 level, with cautious sentiment prevailing as weak momentum shows across altcoins.  The Binance Coins price thus remains under pressure amid overall caution in risk appetite. But what could trigger renewed momentum?  BNB price sees slight retreat to support  BNBs price hovered around $627 at the time of writing, as largely flat action in the past 24 hours kept bulls off intraday highs of $638 reached on Monday.  This pullback aligns with Bitcoins partial unwind from its recent spike above $81,000, where the leading cryptocurrency briefly tested resistance before cooling off.  Despite shedding gains to under $630, traders note that BNB has successfully held the zone as critical support.  A key factor supporting this resilience is the BNB Foundations recent 35th quarterly token burn, which eliminated over 1.56 million BNB tokens worth roughly $1.02 billion at the time.  This deflationary mechanism has trimmed the total BNB supply to about 134.7 million, enhancing scarcity and providing a floor against downside pressure.  Meanwhile, on-chain data reveals trading

05-05

Polygon Makes a Sharp Move Into Private Stablecoin Payments

Tech  Polygon Makes a Sharp Move Into Private Stablecoin Payments  Polygon private stablecoin payments for institutions, adding confidentiality to USDC and USDT transfers on Polygon through its wallet infrastructure.  The feature went live on May 4, 2026, through Polygon Wallet and uses Hinkals privacy protocol. It lets users send stablecoins without publicly exposing the sender, receiver, or amount onchain.  The launch targets institutions that need blockchain settlement but cannot expose payment flows in public. That includes businesses, treasuries, payment companies, and financial firms handling sensitive transactions.  Polygon Targets Institutional Stablecoin Use  Public blockchains show transaction activity by default. That transparency can create problems for companies that move large amounts of money or settle payments with suppliers, partners, and clients.  Polygon said private payments help protect business activity while keeping the benefits of blockchain settlement. The system uses zero knowledge proofs to verify transactions without revealing full payment details.  The payments remain non custodial, according to Polygon. That means users keep control of their assets while the privacy layer shields transaction data from public view.  Private Stablecoin Payments Add to Polygons Payment Push  The rollout fits Polygons wider push into stablecoin payment infrastructure. Polygon has positioned its network as a low cost, fast settlement layer for digital dollars and global payments.  The

05-05

Coinbase Cuts 14% of Staff as Armstrong Restructures Around AI-Native Pods

Coinbase plans to cut about 14% of its staff in a restructuring announced Tuesday by chief executive Brian Armstrong. The move will flatten the exchange and rebuild operations around artificial intelligence.  The cut will collapse the company hierarchy to a maximum of five layers below the CEO and chief operating officer. Senior leaders are expected to manage 15 or more direct reports while still contributing as individual workers.  Why Coinbase Is Cutting Now  The 14% constitutes approximately 700 of Coinbase employees, with Brian Armstrong tying the decision to two simultaneous pressures.  First, the broader crypto cycle, which has weighed on recent quarterly results. The company remains well-capitalized and is positioning for an adoption wave in stablecoins, prediction markets, and tokenization.  The second is what Armstrong described as an inflection point in how companies operate. He said engineers at Coinbase now ship in days what previously took teams weeks.  Non-engineers are also pushing production code. The shift extends earlier moves, including the firms push to make most of its code AI-generated by October.  “~40% of daily code written at Coinbase is AI-generated. I want to get it to 50% by October,” Armstrong said in September 2025.  The new structure leans on what Armstrong called AI-native pods built around staff

05-05

Coinbase to cut 14% of workforce as Armstrong pushes AI-native structure

SummaryCoinbase will cut about 14% of staff to lower costs during weaker crypto market conditions.Armstrong said AI lets smaller teams ship faster, pushing Coinbase toward AI-native workflows.Coinbase is still expanding products, including Australia SMSF crypto support and internal AI agents.  CEO Brian Armstrong announced the decision on May 5, 2026, in an email to employees that he later shared publicly.  Armstrong said two forces shaped the move. He pointed to crypto market cycles and the faster use of artificial intelligence across company workflows. He said Coinbase remains well-capitalized, but the company needs a lower cost base while market conditions remain uneven.  You might also like:  Elon Musk settles SEC Twitter case with $1.5M fine  Armstrong says AI is changing work  Armstrong said AI has changed how small teams operate. He wrote that engineers now use AI to ship work in days that once took teams weeks. He also said non-technical teams are shipping production code as more workflows become automated.  He described the shift as an “inflection point” for Coinbase and other companies. Armstrong said the exchange must become “lean, fast, and AI-native.” He added that Coinbase wants to return to the speed and focus it had as a startup.  Moreover, Coinbase will change its structure as part

05-05

Coinbase layoffs touch 14% as AI hits crypto firms hard – Details

Coinbase CEO Brian Armstrong recently announced that the firm is laying off 14% of its workforce; thats about 700 roles.  Heres the latest.  Coinbase cuts off 14% of staff  Armstrong attributed the move to a combination of a “down market” and rapid gains in AI-led productivity.  Going ahead, the organizational hierarchy will be compressed to a maximum of five layers below the CEO and COO; traditional management-only roles are being phased out. Therefore, leaders are now expected to function as active contributors, in some cases supervising fifteen or more direct reports.  Source: X  He noted how engineers are delivering projects in days that previously took weeks; non-technical staff are also contributing to production-level code. Moreover, hiring will now focus on smaller, “AI-native” teams. This could mean just one individual handling multiple roles.  In his company-wide letter, Armstrong assured that,  The Coinbase that emerges from this will be more capable than ever to achieve our mission.  In response to the news, Base creator Jesse Pollak also posted on X, stating,  today we said goodbye to some talented people who helped build base. deeply grateful for everyones contributions  Industry-wide AI-led job cuts rise  Across tech and crypto, companies are reallocating capital toward automation.  Notably, Meta reduced its employee base by around 8,000 employees last month

05-05

Aave Files Motion to Lift Restraining Order on $71M Frozen ETH

Ethereum  Aave Files Motion to Lift Restraining Order on $71M Frozen ETHAave filed an emergency motion to vacate a restraining notice freezing $71 million in ETH.Arbitrum community intercepted the funds to return them to victims of the April 18 exploit.Plaintiffs suing North Korea claim the hackers brief possession makes the assets theirs now.  Aave LLC filed an emergency court motion Monday asking a New York federal judge to immediately lift a restraining notice that has frozen $71 million in Ethereum belonging to victims of last months devastating protocol exploit, arguing that plaintiffs suing North Korea have essentially seized the wrong assets from the wrong people.  The restraining notice was served on Arbitrum DAO on May 1, just as the DeFi community was finalizing plans to return those funds to thousands of users who lost money in the April 18 hack. Its timing could not have been worse.  What Happened  On April 18, an attacker exploited a vulnerability in the rsETH cross-chain bridge, using forged transaction messages to drain approximately $230 million worth of Ethereum from the Aave Protocol. The funds belonged to ordinary users who had deposited assets to earn interest, not to any party connected to North Korea or any other sanctioned entity.  Members of

05-05

FLOKI Price Prediction: Technical Breakdown Points to Sharp Move Within 10 Days

FLOKIs Critical Technical Juncture  FLOKI finds itself at a pivotal moment where technical patterns are converging toward an inevitable resolution. The RSI reading of 55.99 positions the token in neutral territory, neither overbought nor oversold, creating the perfect setup for a significant directional move. This technical positioning often precedes the most explosive price action in meme tokens.  The MACD histograms current flat reading signals that momentum is coiling, waiting for a catalyst to unleash accumulated buying or selling pressure. When combined with Bollinger Bands showing price action at 0.60 – above the midline but not extended – the setup resembles a compressed spring ready to release energy.  Analysts at Blockchain.news recognize this pattern as characteristic of tokens preparing for major moves, particularly when volume and price data become inconsistent across exchanges. These data irregularities often coincide with behind-the-scenes accumulation or distribution by larger holders.  Volume Dynamics Signal Preparation Phase  The $2.33 million in 24-hour Binance volume represents moderate engagement but lacks the intensity needed to sustain current levels long-term. This volume profile typically indicates that market participants are positioning for a larger move rather than actively trading current prices.  The 1.57% daily gain appears modest on the surface, but for a meme coin experiencing technical compression,

05-05

KuCoin Launches PROOF: Tomorrowland Edition, Connecting Fair Trading Competitions with Real-World Experiences at Tomorrowland Belgium 2026

Tech  KuCoin Launches PROOF: Tomorrowland Edition, Connecting Fair Trading Competitions with Real-World Experiences at Tomorrowland Belgium 2026  PROVIDENCIALES, Turks and Caicos Islands, May 5, 2026 — KuCoin, a leading global crypto platform built on trust, today announced the launch of KuCoin PROOF: Tomorrowland Edition, introducing a new phase of its flagship trading campaign with diversified competition formats, expanded rewards, and the opportunity to experience Tomorrowland Belgium 2026. Building on the initial rollout of KuCoin PROOF — which attracted over 55,000 participants globally and drove over 500 million USDT in trading volume — the campaign continues to evolve as a multi-stage initiative designed to deliver sustained engagement through structured and verifiable trading experiences.  The Tomorrowland Edition reflects the shared vision between KuCoin and Tomorrowland to create globally connected experiences that bring communities together across digital and real-world environments. As the exclusive crypto and payments partner of Tomorrowland Winter and Tomorrowland Belgium (2026–2028), KuCoin recently extended its presence into a cultural setting through Tomorrowland Winter 2026, bringing crypto participation into a broader community context.  Running from May 4 to May 31, 2026, the campaign introduces a series of multi-format trading competitions, including spot and futures activities, designed to accommodate different trading styles and user segments.  Key activities

05-05

Ripples Schwartz Reveals His XRP-Only Portfolio

As reported by U.Today, Schwartz recently pushed back against community rumors of a post-departure “gag order.”  He has vehemently denied that he is bound by any Non-Disclosure Agreement (NDA), forcing him to lie about the company or the XRP token.  He previously spoke about some cold water on the highly ambitious $10,000 price prediction for the XRP token, stating that the market simply did not think that such a target was reasonable.  Schwartz has revealed that he has largely liquidated his own XRP holdings.  According to the Ripple boss, relying on his Ripple equity provides him with enough skin in the game without the extreme volatility.

05-05

Bankers Say CLARITY Act Stablecoin Provisions Still Flawed

“This is a significant loophole that must be addressed,” the bankers said, adding that they will be sharing “detailed suggestions for strengthening the proposed language with lawmakers in the coming days.”  However, Tillis said the current text of the CLARITY Act strikes a compromise by prohibiting stablecoin rewards on idle balances while allowing crypto platforms to “offer other forms of customer rewards.”  “Most importantly, it helps put us on a bipartisan path to pass the CLARITY Act, providing the regulatory certainty needed to foster innovation. Some in the banking industry may not want either of these things to happen, and we respectfully agree to disagree.”  The current text of the CLARITY Act was made public on Friday, with Coinbase and other members of the crypto industry pushing for a Senate markup next week.  Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraphs Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

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