BlackRock’s Bitcoin ETF nears top spot after $380 million buy
BlackRock’s iShares Bitcoin Trust is close to becoming the largest Bitcoin fund with a recent $380M Bitcoin purchase, signaling strong market confidence.
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On-chain derivatives need more capital efficiency to rival centralized exchanges: SynFutures CEO
SynFutures CEO Rachel Lin discusses the challenges and new features of V3 aimed at improving capital efficiency in on-chain derivatives.
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3 tips for protecting Bitcoin profits amid Ethereum ETF mania
Looking to protect the millions you’ve made from crypto during the Bitcoin-Ether ETF mania before this bull run comes crashing to an end? Here are a few ideas.
Cryptocurrency’s leading act has been knocked off the top spot. The much-hyped launch of exchange-traded funds (ETFs) for Ethereum in the United States has sent Ether (ETH) soaring more than 20% since May 20. Bitcoin’s (BTC) performance looks lackluster by comparison. Opportunities to bet on crypto’s kingpin still abound — but not all are worth taking.
If you’re an inveterate Bitcoin maxi, stop here. You already know the U.S. dollar is on the brink of collapse, and $200,000 BTC is right around the corner. For everyone else, here are three practical tips for protecting your crypto profits after this bull run loses steam.
The greenlight for Ether ETFs is bullish for crypto as a whole, but not necessarily for BTC — especially not in the short-term. With Ethereum dominating the market’s narrative in the coming months, expect BTC to retest prior price support levels.
Ethereum’s lackluster performance has little to do with spot ETH ETF approval
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.
Trader Says Top-10 Altcoin Primed To Surge 500% ‘Eventually,’ Updates Outlook on Ethereum and Pepe
A widely followed crypto analyst says that one top-10 altcoin will eventually see a 500% rise while updating his outlook on smart contract platform Ethereum (ETH) and memecoin Pepe (PEPE). In a new thread, pseudonymous crypto trader Altcoin Sherpa tells his 216,200 followers on the social media platform X that meme asset Dogecoin (DOGE) will […]
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EU says ChatGPT outputs too much false information to comply with rules
While the assessment remains ongoing, OpenAI appears to have made little in the way of progress since 2023.
The European Data Protection Board (EDPB) published the first progress report from its “GPT taskforce” and the news isn’t good for ChatGPT.
OpenAI’s efforts to bring its flagship AI model, ChatGPT, into line with European Union (EU) rules including the comprehensive General Data Protection Regulation (GDPR) were noted by the EDPB, but ultimately deemed insufficient.
Per the EDPB document:
US House Passes Central Bank Digital Currency Anti-Surveillance State Act
The House of Representatives has passed Congressman Tom Emmer’s CBDC Anti-Surveillance State Act, which prohibits the Federal Reserve from issuing a surveillance-oriented central bank digital currency (CBDC). The lawmaker emphasized that the bill protects American values of privacy and individual sovereignty, countering potential governmental overreach. CBDC Anti-Surveillance Act Clears House Following the passage of the […]
ETH balances in centralized exchanges fall to lowest level in three months
Investors withdraw over 56k ETH, causing exchange balances to hit a three-month low, while the market reacts calmly to US ETF approvals.
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Crypto Asset Management Giant Grayscale Launches New Trusts for Ethereum Competitor and Bitcoin Layer-2 Project
The world’s largest digital asset manager is unveiling two new crypto investment trusts for Ethereum (ETH) rival Near Protocol (NEAR) and Bitcoin (BTC) layer-2 project Stacks (STX). In a statement, Grayscale Investment says Grayscale Near Trust and Grayscale Stacks Trust are now available for daily subscription by eligible individual and institutional investors. The new investment […]
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RIP, Kabosu – Shiba Inu Who Inspired the Dogecoin (DOGE) Memecoin Movement Passes Away at 18
It’s a sad day in the crypto community as one of the space’s most lovable faces has passed away. The cryptoverse woke up to a tragic announcement this morning: the Shiba Inu who inspired Dogecoin (DOGE) has died. View this post on Instagram A post shared by ????? (@kabosumama) Kabosu, the photogenic Japanese Shiba Inu who inspired […]
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$3,400,000 Will Be Sent To Struggling Families As ‘No Strings Attached’ Income Program Launches on East Coast: Report
A nonprofit is preparing to hand out millions of dollars over the next two years in a new guaranteed basic income program. New York City-based homeless shelter operator Win has launched a program that aims to assist homeless families with young children, handing out monthly cash payments for two years to help them get out […]
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Consensys Hails Spot Ether ETF Approval, Slams SEC’s ‘Deliberate Regulatory Abuse’
Consensys has lauded the U.S. Securities and Exchange Commission’s approval of 19b-4 filings for spot ether exchange-traded funds as “a step in the right direction.” However, the software firm expressed its disapproval of what it calls the securities regulator’s “deliberate regulatory abuse” in its handling of ethereum. The SEC’s Inconsistent Approach to Digital Assets The […]Price analysis 5/24: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
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.
Ethereum Will Turn ‘Really Freaking Bullish’ if This Happens, Predicts Crypto Analyst
A widely followed cryptocurrency analyst and trader believes Ethereum (ETH) could go on a massive bull run if one scenario plays out in the near term. The analyst pseudonymously known as Credible Crypto tells his 394,900 followers on the social media platform X that Ethereum could go parabolic if it holds a key support level […]
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Coinbase, SEC spar over investment definition in appeal attempt
The SEC is evading the real issue, and the court was wrong to take its side, Coinbase claims in a defense of its interlocutory appeal.
Coinbase has leaned heavily into case law in its latest volley against the United States Securities and Exchange Commission (SEC) and has come to a rare conclusion: “the SEC seeks to side-step the [Howey] test.”
Coinbase filed a memorandum in support of its interlocutory appeal—an appeal against a single ruling in an ongoing case—on May 24. The document is a response to the SEC’s opposition to its original request for such an appeal. Coinbase filed its interlocutory appeal on April 12 disputing a March 27 ruling that the SEC had shown sufficient grounds to claim the cryptocurrency exchange’s staking program was an unregistered securities offering.
Related: Coinbase Wallet triumph over SEC allegations is a ‘giant win’ for DeFi
Northern Data’s Peak Mining Acquires Second 300-Megawatt Site in Texas
According to Peak Mining, a subsidiary of the German bitcoin mining and infrastructure firm Northern Data, the company has announced the purchase of a 300-megawatt ERCOT-approved site in Corpus Christi, Texas. The site is adjacent to another location acquired by the firm in December 2023. Peak Mining Purchases ERCOT-Approved Texas Site Northern Data’s Peak Mining […]Investigation finds FTX bankruptcy lawyer didn’t conspire with FTX
An independent probe found that Sullivan & Cromwell was not complicit in the now-defunct exchange’s fraud.
An independent investigation into Sullivan & Cromwell LLP, the law firm that oversaw the FTX bankruptcy, found that the firm was unaware of the dire financial conditions and underlying fraud that led to the collapse of the once-thriving exchange.
Former U.S. prosecutor Robert Cleary conducted the investigation and noted that while attorneys at Sullivan & Cromwell did make false statements while representing FTX, they did so without knowing the statements were false.
After the findings of the investigation were made public, Sullivan & Cromwell released the following statement:
Top US Crypto Exchange Coinbase Reestablishes Support for XRP Trading in New York
Coinbase has reestablished trading support for XRP in the state of New York. The top US crypto exchange by trading volume first suspended XRP trading across the country shortly after the U.S. Securities and Exchange Commission (SEC) kicked off its lawsuit against Ripple in late 2020. The SEC alleged Ripple sold XRP as an unregistered […]
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Elon says AI will ‘do everything better than you,’ make employment obsolete
Despite having fathered at least 10 children, Musk also seems to think humans will struggle to find meaning in their lives without employment.
Elon Musk recently doubled-down on his predictions that humans would need a “universal high income” in the wake of artificial intelligence-driven job displacement. This time claiming that without our jobs our purpose in life may eventually be to “give AI meaning.”
The bleak prognostication from the world’s richest person came during the VivaTech 2024 event in Paris as part of a winding speech wherein Musk made fervent claims that AI would provide all of our goods and services in the future.
“My biggest fear is AI,” the mogul said.
Do Kwon’s extradition to go back to Montenegro High Court after appeal
Since his arrest in March 2023, Do Kwon has been in Montenegro. He could be extradited to either his native South Korea or the United States to face fraud charges.
After another successful appeal from Do Kwon’s legal team, Montenegro’s High Court will decide whether to extradite the Terraform Labs co-founder to the United States or South Korea.
According to a May 24 report from Montenegrin news outlet Vijesti, the country’s court of appeals accepted arguments from Kwon’s lawyers and returned the question of extradition to the High Court “for retrial and decision.” The appeal marked the latest legal maneuver Kwon’s team used to delay his transfer to the U.S. or South Korea, where he would face criminal charges.
“If the person whose extradition is sought gives his consent to extradition, it is a shortened procedure that has to be applied and in which case the court decides on extradition,” Montenegro’s court of appeals reportedly said in its decision, adding:
Ethereum’s Subdued Market Performance Follows US Approval of Spot ETFs
Following the approval of several spot ethereum exchange-traded funds (ETFs) in the U.S., ether’s price has been rather subdued, ranging between $3,640 to $3,740 over the last 12 hours. There’s wasn’t really any substantial upticks other than when the rumors of the approval fueled the previous rise. Market observers are questioning whether or not a […]Bitcoin Technical Analysis: BTC Consolidation Signals Range-Bound Activity
Bitcoin is currently priced at $67,350, with a market capitalization of $1.32 trillion and a trading volume of $42.36 billion. The cryptocurrency’s price has fluctuated within the range of $66,665 to $70,028 over the last 24 hours. Bitcoin Recent trends in the daily chart reveal bitcoin (BTC) reaching a peak of $71,958 before retreating to […]Montenegro Court Blocks Do Kwon’s Extradition to South Korea
A Montenegro appeals court has reversed an order to extradite Do Kwon, the cryptocurrency entrepreneur behind Terraform Labs, to South Korea. Kwon is wanted for his alleged role in the company’s collapse, which caused a $40 billion loss and impacted global crypto markets. Both South Korea and the U.S. have sought his extradition on fraud […]
OKX to end trading services in Hong Kong, abandons VASP license bid
OKX announced the withdrawal of its VASP license application in Hong Kong, ceasing centralized trading services by May 31.
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Onchain Fees for Bitcoin Drop to Six-Month Low
Bitcoin transaction fees have reached their lowest point since early November 2023, roughly six months ago. The average fee is now about $2.77 per transaction, with low-priority to high-priority transfers costing between $0.38 and $0.95 per transaction on May 24. Bitcoin Transfer Fees Reach Lows Not Seen Since November 2023 Transferring BTC onchain is now […]Hashing It Out: Navigating the next wave of Web3 with Avail’s Anurag Arjun
On the latest episode of Hashing It Out, Avail’s co-founder explains the need to unify multiple networks in the Web3 space, not just ideologically but through innovation.
In this week’s episode, Hashing It Out dives into the evolving landscape of Web3 and blockchain technology with Anurag Arjun, co-founder of Avail. The discussion covers the unification of the Web3 ecosystem, the rise of rollups, the challenges of fragmentation and the innovations paving the way for mass adoption.
Arjun discusses the fragmentation of the Web3 ecosystem and Avail’s role in unifying it. He explains that the increasing number of layer-1 and layer-2 blockchains offering innovation can be detrimental to the space due to fragmentation and user confusion. He emphasizes the importance of a modular architecture, where multiple blockchains can operate on top of a secure base layer, sharing the same economic security.
Avail aims to address this fragmentation by providing a scalable and reliable base layer for rollups, enabling the creation of numerous blockchains with different execution environments. Arjun also highlights the significance of data availability and zero-knowledge-proof technology in achieving scalability and solving fragmentation issues. He envisions a future where rollups become the dominant model for blockchains, offering flexibility and reducing the friction for developers to build decentralized applications.
$15M Crypto Presale Dogeverse Enters Last 10 Days Ahead of Exchange Listings
The hype around Dogeverse (DOGEVERSE), a new multi-chain meme coin, is continuing to grow. After raising over $15 million during its presale, this viral project is entering the final 10-day countdown before hitting exchanges – and investors are eager to get involved while they can. Final Countdown on Dogeverse Presale Before DEX Listings The clock […]Coinbase Continues to Fight for Crypto Clarity, Challenging SEC Overreach in Court
Cryptocurrency exchange Coinbase has filed a reply memorandum supporting its motion to certify an interlocutory appeal in its lawsuit against the U.S. Securities and Exchange Commission (SEC), which alleges that certain digital asset transactions conducted by Coinbase constitute the sale of unregistered securities. Coinbase’s chief legal officer, Paul Grewal, explained that the crypto exchange’s position […]
Solana drops as FTX sells $2.6 billion at 38% discount
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 Great Wealth Transfer Will Be a Boon for Crypto, Says Billionaire Mike Novogratz – Here’s Why
Galaxy Digital CEO Mike Novogratz believes that the so-called great wealth transfer could give a huge boost to Bitcoin (BTC) and other digital assets. In a new CNBC interview, the billionaire says that the millennials, who stand to inherit the largest transfer of wealth in history, are more inclined to invest in digital assets than […]
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