Industrial Bank (CIB) introduces carbon credit rewards for digital yuan use, promoting green finance and expanding the e-CNY ecosystem.
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Ether’s price performance is hindered by stagnant network use, high fees and regulatory uncertainty.
The Ethereum spot exchange-traded fund (ETF) was approved by the U.S. Securities and Exchange Commission (SEC) on May 23. Despite this long-awaited decision, the price of Ether (ETH) failed to hold above $3,800 on May 24, which was surprising given that ETH was trading at $3,943 just two days earlier. The market had been uncertain about the approval odds, so the decision, particularly its timing, caught many off guard.
Some market participants quickly pointed out that the SEC has not yet approved the individual S-1 statements from each issuer, a process that could take weeks or months. This delay, among other factors, is hindering Ether’s performance, including the network's stagnant growth, relatively high transaction fees, and regulatory uncertainty in the U.S.
Some of the recent profit-taking likely resulted from the anticipation of the spot ETF's approval, which triggered a 23% rally on May 20, an event often termed "sell the news." Traders bought ETH expecting the official announcement, especially after the SEC reportedly urged exchanges like the NYSE and Nasdaq to expedite their 19b-4 filings on May 20.
The spot Ether ETFs approval by the SEC has failed to start a rally in Ether and Bitcoin, but this could change after a few weeks.
The United States Securities and Exchange Commission (SEC) greenlighted several spot Ether exchange-traded funds on May 23, but the decision failed to ignite Ether (ETH) or the crypto markets. Does this mean that the ETF decision was already priced in? It is difficult to judge by the initial reaction because Bitcoin’s (BTC) price had also dipped just after the approval of the spot Bitcoin ETFs. However, the price turned around after a few days and skyrocketed to a new all-time high.
The approved spot Ether ETFs are expected to launch by mid-June, according to Bloomberg ETF analyst Eric Balchunas. He projects the Ether ETFs to garner roughly 10-15% of the inflows seen by the Bitcoin ETFs. Once money starts flowing into Ether ETFs, the spot market is likely to respond favorably.
Although Bitcoin remains stuck in a sideways price action, Fundstrat Global Advisors managing partner and head of research Tom Lee remains uber bullish. In an interview with CNBC, Lee said their base case for Bitcoin by the end of the year is $150,000.
Solana prices drop 4% after FTX sells $2.6 billion worth of tokens at a 38% discount to Figure Markets and Pantera Capital.
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The crypto market experienced significant volatility following the SEC's approval of spot-based Ethereum ETFs, with analysts suggesting it was a "sell-the-news" event and traders suffering over $400 million in liquidations.
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Coinbase Institutional transfers over $20M in Ethereum as the market awaits the SEC's decision on the Ethereum ETF.
The post Whales load up on Ethereum in anticipation of ETF approvals: Coinbase Institutional shifts $110M appeared first on Crypto Briefing.
WisdomTree's Bitcoin and Ethereum ETPs receive FCA approval for LSE listing, offering professional investors regulated crypto exposure.
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Ethereum ETF approval odds jump to 75%, sparking a market rally and over $296 million in short position liquidations.
The post Bear blues: over $296 million in shorts liquidated in 24 hours appeared first on Crypto Briefing.
Gala Games sees $240M in tokens stolen; swift action taken to secure assets and address the breach.
The post Gala Games CEO admits fault in $240 million token exploit appeared first on Crypto Briefing.
Ethereum price soared to a 2-month high at $3,700 today as analysts significantly boosted their expectation that a spot ETH ETF could be approved.
On May 20, the price of Ether (ETH) surged over 18% after Eric Balchunas, a senior analyst at Bloomberg, raised the approval odds for the Ethereum exchange-traded fund (ETF) from 25% to 75%. Balchunas noted that the United States Securities and Exchange Commission likely faced political pressure, as their previous position showed little engagement with ETF applicants.
Balchunas further mentioned that the SEC is reportedly asking exchanges like the NYSE and Nasdaq to update their filings, although there has been no official confirmation from the regulator. Nonetheless, Nate Geraci, co-founder of the ETF Institute and president of the ETF Store, stated that the final decision is still pending regarding the registration requirement for individual funds (S-1s).
According to Geraci, the SEC could approve the exchange rule changes (19b-4s) separately from the fund’s registration (S-1), which could technically be delayed beyond the May 23 deadline for VanEck’s Ethereum spot ETF request. This allows the regulator additional time to review and approve these documents, considering the complexities and risks associated with structures involving Proof-of-Stake (PoS) cryptocurrencies.
