Ethereum ETFs approved but trading still pending
The SEC has given the green light to eight Ethereum ETFs from
major management firms like BlackRock (NYSE:BLK), Fidelity, and
Grayscale. However, the delay in finalizing the S-1 forms,
essential for the commencement of trading, might prolong the
process. Experts indicate that the sluggishness is due to
last-minute changes and potential political influence, unlike the
swift process observed with Bitcoin ETFs. Trading for Ethereum ETFs
could take weeks or months to start.
SEC approval of Ether ETFs doesn’t boost cryptocurrency prices
Despite the SEC approving regulatory filings for spot Ether
ETFs, the cryptocurrency market reacted with a decline. The price
of Bitcoin (COIN:BTCUSD) dropped to a low of $66,171. In the past
24 hours, Bitcoin slightly increased by 0.30% to $68,123. Ethereum
(COIN:ETHUSD), which had fallen to $3,627, mitigated losses to a
drop of -1.4% at $3,720 at the time of writing. The crypto market
had anticipated the approval, with ETH’s price rising about 26% in
the last seven days. Additionally, the lack of immediate trading
for the ETFs may have contributed to the absence of a significant
price reaction. Historically, Bitcoin also fell after the approval
of its ETFs, suggesting a similar pattern for Ethereum.
Bitcoin ETFs in the US attract $107.91 million in inflows on
Thursday
On May 23, US spot bitcoin ETFs continued to attract investors,
with $107.91 million in inflows, marking the ninth consecutive day
of gains. This streak is the longest since March. Since the SEC
approved the first ETFs in January, funds from major managers like
BlackRock and Fidelity have accumulated billions. BlackRock’s
iShares Bitcoin Trust (NASDAQ:IBIT) led with $89 million in
inflows, while the Grayscale Bitcoin Trust (AMEX:GBTC) saw outflows
of $14 million. IBIT is now just $300 million behind GBTC in
inflows to become the largest spot Bitcoin ETF.
Chainlink price jumps to $17.35 driven by increased activity
Chainlink (COIN:LINKUSD) experienced a significant price
increase while the global crypto market showed a slight retreat,
jumping from an opening price of $16.58 to a high of $17.81, quoted
at $17.35 at the time of writing. Over the week, LINK accumulated a
gain of 11.6%. The price of the cryptocurrency was boosted by a
sharp increase in network activity, indicating a strong resistance
level at $17.41.
Algorand ad criticizes rivals but receives mixed reactions
The Algorand Foundation (COIN:ALGOUSD) sparked controversy with
a new YouTube ad attacking Bitcoin (COIN:BTCUSD), Ethereum
(COIN:ETHUSD), and Solana (COIN:SOLUSD) networks for their payment
transaction limitations. The video shows buyers facing problems
using these cryptocurrencies and highlights Algorand as superior in
speed and cost. Despite over 700,000 views, the ad generated
criticism from commentators who pointed out a negative marketing
approach and questioned the effectiveness of such campaigns in
driving crypto adoption.
Dfinity launches API to connect ICP to other blockchains
The Dfinity Foundation introduced EVM RPC, a new API that
promotes interoperability between the Internet Computer
(COIN:ICPUSD) and other Ethereum Virtual Machine-compatible
blockchains, including Optimism and Arbitrum. The API will also
support Bitcoin and plans to expand to Solana. The technology
facilitates the creation of multi-chain dApps without the need for
bridges, allowing ICP smart contracts to interact directly with
various networks, simplifying development, and fostering liquidity
in the Web3 ecosystem.
Kabosu, the face of Dogecoin, dies at 17
Kabosu, the dog that inspired the meme behind Dogecoin
(COIN:DOGEUSD) and several other meme tokens, passed away on Friday
at the age of 17. Her owner announced in a blog that a farewell
party will be held on Sunday, May 26, in Narita, Japan. Kabosu
became an iconic figure in digital culture, influencing the
creation of various meme-based cryptocurrencies, including
Dogecoin, Shiba Inu (COIN:SHIBUSD), and Floki (COIN:FLOKIUSD),
becoming influential symbols in the crypto world.
US Supreme Court denies arbitration to Coinbase in Dogecoin case
The US Supreme Court denied Coinbase Global’s (NASDAQ:COIN)
motion to compel arbitration in a case related to its Dogecoin
(COIN:DOGEUSD) sweepstakes. The court upheld previous decisions,
indicating that the sweepstakes rules, which designate exclusive
jurisdiction to California courts, prevail over Coinbase’s User
Agreement that preferred arbitration. This decision marks a
significant defeat for Coinbase, emphasizing the judiciary’s rigor
in contract interpretations.
OKX withdraws license application in Hong Kong and limits
operations
OKX, one of the largest cryptocurrency exchanges, announced the
withdrawal of its license application to operate in Hong Kong.
According to a statement on the company’s website, the decision is
part of a strategic reassessment. Starting May 31, OKX will cease
centralized operations in the territory, allowing only withdrawals.
The move comes as other major exchanges face stringent regulatory
reviews from local authorities.
Trial of Binance executive in Nigeria postponed due to health
issues
The High Court of Nigeria postponed the trial of Tigran
Gambaryan, a Binance executive, to June 20 after he suffered a
health collapse during the hearing. Accused of money laundering,
Gambaryan was unable to continue the trial, leading to his transfer
to the hospital for evaluation. The defense requested the
postponement, emphasizing the need for a proper recovery before
proceeding with the case.
Sam Bankman-Fried transferred to federal transfer center in
Oklahoma
Sam Bankman-Fried, former CEO of FTX, was relocated to the
Federal Transfer Center in Oklahoma City, according to Federal
Bureau of Prisons records. The move diverges from Judge Lewis
Kaplan’s request for Bankman-Fried to remain at the Metropolitan
Detention Center in Brooklyn to facilitate access to his attorney.
This relocation occurs as he awaits possible future transfers
within the US prison system.
Judge rules SPRK tokens are securities in case against Ian Balina
The federal court in Texas ruled that Ian Balina, a
cryptocurrency influencer, illegally offered unregistered
securities by selling Sparkster (COIN:SPRKRUSD) tokens to US
investors. Judge David Alan Ezra confirmed that the tokens fall
under US securities laws, meeting the investment contract criteria
of the Howey Test. The decision marks a partial victory for the
SEC, which sued Balina for his activities related to the tokens in
2022.
Rabbit AI refutes Coffeezilla’s fraud accusations
Rabbit AI, a personal AI assistance company, contested the
accusations made by YouTube investigator Stephen Findeisen, known
as Coffeezilla, that it was involved in an NFT scheme. The company
clarified that the Gama NFT project and Rabbit are separate
initiatives, though under the same corporate umbrella. After being
accused of failing to deliver promises and masking its rebranding
from Cyber Manufacture, Rabbit stated that over 80% of the
employees were hired post-rebranding, highlighting transparency in
its processes and products, including the new Rabbit R1 AI.
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