Imminent SEC decision on Ethereum ETFs generates cautious
expectations
The SEC is set to issue a new decision on Ethereum ETFs this
week, with mixed expectations among experts. Despite recent
concerns, including Grayscale decisions that have strained the
market, the expectation is that the SEC might finally start
accepting exchange-traded funds in stages. VanEck and Ark Invest
are awaiting responses for May 22 and 23. Uncertainty persists,
especially due to the evaluation of Ethereum (COIN:ETHUSD) as a
potential security by the SEC.
Michael Sonnenshein leaves Grayscale, Peter Mintzberg takes over as
new CEO
Michael Sonnenshein has resigned as CEO of Grayscale Investments
to explore new opportunities, as announced by the company. The
transition comes at a time when Grayscale’s main bitcoin fund
(AMEX:GBTC) faces an investor exodus. Peter Mintzberg, former
Global Head of Strategy at Goldman Sachs (NYSE:GS), will assume the
position on August 15, 2024, and will also join Grayscale’s board.
Barry Silbert, CEO of DCG, Grayscale’s parent company, praised
Sonnenshein’s contributions during his ten years at the company,
highlighting his role in introducing bitcoin ETFs to the
traditional financial market.
Spot bitcoin ETFs in the US see robust recovery in inflows
Last week, US spot bitcoin ETFs continued their recovery trend,
recording a total of $948.3 million in net inflows. This follows a
prior four-week period of positive inflows, totaling $1.05 billion.
Notably, Grayscale’s ETF (AMEX:GBTC) was the only one to record net
outflows, but these were offset by gains on other days of the week.
Fidelity’s ETF (AMEX:FBTC) led with $344.5 million in inflows,
followed by Ark Invest (AMEX:ARKB) and BlackRock (NASDAQ:IBIT).
Since January, ETFs have accumulated net inflows exceeding $12.5
billion. Additionally, BlackRock is closing in on Grayscale in
terms of assets under management. Currently, BlackRock’s IBIT holds
over 276,759 BTC, valued at approximately $18.6 billion, while
Grayscale’s GBTC holds 288,954 BTC, totaling $19.4 billion.
Bitcoin and Ether rise on Monday; silver regains position lost in
March
Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD) posted gains on
Monday, with BTC rising 3.9% to $68,740 and ETH increasing 2.4% to
approximately $3,153. The week brings high expectations with the
potential approval of ether ETFs by the SEC. Notably, silver
surpassed Bitcoin in market value, regaining the position of the
eighth-largest global asset. Silver has appreciated 33.4% since
March, while Bitcoin has seen a 9.5% decline, elevating silver’s
market value to $1.83 trillion, surpassing Bitcoin’s $1.35
trillion.
Trader turns Solana investment into millions with memecoin
A cryptocurrency trader, known as “sundayfunday.sol,” managed to
convert an initial investment of 13 Solana (COIN:SOLUSD), valued at
$2,275, into an impressive return of $2.26 million in just eight
hours by trading the newly launched memecoin 1DOL. Despite the
associated risks, the trader also stood out as the top investor in
the pre-sale of the Book of Memes (BOME) token, maintaining a
significant position despite recent sales. This profit of over 993
times was reported by Lookonchain on May 19.
XRP faces quantum computing challenges
Ripple’s token (COIN:XRPUSD) is up 2.2% in the last 24 hours
above the crucial support of $0.50, trading at $0.5254. Recently,
Ripple released a study on the intersection of blockchain and
quantum computing, highlighting how quantum advancements could
impact networks like the XRP Ledger. This study is part of Ripple’s
University Blockchain Research Initiative, emphasizing the
importance of preparing the XRP Ledger for future technical
challenges. Meanwhile, the XRP community awaits crucial decisions
in the SEC case against Ripple, which include a potential fine and
restrictions on its On-Demand Liquidity platform, essential for
managing clients’ liquidity.
Polimec debuts on Polkadot with Web3 project evaluation
Polimec, a new community-focused decentralized financing
network, has launched on the Polkadot blockchain. Starting with the
analysis of Apillon, a platform offering Web3 infrastructure for
developers, Polimec proposes to evaluate projects seeking funding
with an emphasis on transparency, accessibility, and regulatory
compliance. The evaluation procedure lasts 28 days, during which
investors can link their PLMC tokens to projects, which remain
locked until the funding is completed or canceled.
XLink announces partnership with Kaamel Technology after security
breach
The Bitcoin bridge XLink, after suffering a security breach on
May 15, has teamed up with Kaamel Technology to investigate and
resolve the flaw that resulted in a loss of nearly $10 million. The
collaboration with Kaamel Technology will focus on detailed
analysis of the incident’s origin and strengthening security to
prevent future occurrences. Simultaneously, XLink has also
intensified partnerships with Ancilia and Cobo to enhance security
infrastructure and key management, ensuring better protection of
users’ assets.
British judge disqualifies Craig Wright’s claims as Bitcoin creator
A UK judge has ruled that Craig Wright, who claimed to be
Satoshi Nakamoto, the creator of Bitcoin (COIN:BTCUSD), provided
false testimonies and used forged documents in a crucial trial. The
decision, issued by Judge James Mellor in a detailed 231-page
verdict, concluded that Wright not only systematically lied but
also failed in his attempt to prove himself as Nakamoto. The action
was brought by the Crypto Open Patent Alliance (COPA) to block
Wright from claiming authorship of Bitcoin. Mellor refuted Wright’s
allegations, highlighting his inconsistent and illogical narrative,
and denied his claims over Bitcoin’s copyrights, significantly
impacting his credibility and limiting future legal actions in the
UK.
Gemini announces return of frozen Earn assets to users
Cryptocurrency exchange Gemini announced that users of Earn, its
discontinued product, will start receiving about 97% of their
frozen digital assets by the end of the month. In a recent
statement, Gemini explained that initial distributions will be made
in kind, ensuring users receive the same assets lent, including any
accumulated appreciation since then. This measure comes after
judicial approval for bankrupt lender Genesis to return
approximately $3 billion in assets to customers, providing
significant relief to Earn holders affected by the liquidity crisis
since November 2022.
Binance seeks to strengthen the crypto ecosystem by supporting
smaller projects
On May 20, Binance opened calls for small and medium projects to
apply for its listing programs, aiming to revitalize the crypto
ecosystem. The initiative seeks to support projects with robust
foundations, active communities, sustainable business models, and
committed teams. Binance responds to trends of launches with low
initial circulation and high valuations, which often fail to
sustain long-term growth.
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