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Coin Trading News: Essential source for crypto market news & analysis. Stay ahead with updates on Bitcoin and altcoins. Admin 📩 @nftmaxcoll"
💰 Ripple CEO Says XRP, Solana, Cardano ETFs Are 'Inevitable'
Ripple CEO Brad Garlinghouse foresees the emergence of exchange-traded funds (ETFs) for cryptocurrencies beyond bitcoin and ether, following the U.S. Securities and Exchange Commission (SEC) approval of spot bitcoin and ethereum ETFs. At the Consensus 2024 event, he stated: “I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a solana (SOL) ETF, there’s gonna be a cardano (ADA) ETF, and that’s great.”.
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🪙 Franklin Templeton, VanEck and Invesco Galaxy file amended S-1 for spot Ethereum ETFs, Franklin lists 0.19% fee
Franklin Templeton, VanEck and Invesco Galaxy filed amended S-1 forms with the Securities and Exchange Commission on Friday for their spot Ethereum ETF applications. Those issuers, along with others, after successfully launching a spot Bitcoin ETF, are now trying to complete the necessary regulatory steps to launch a similar product that will allow investors to bet on the price of Ethereum without having to buy the cryptocurrency directly.
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🇺🇸 SEC told spot Ethereum ETF issuers to get first round of draft S-1 forms in by Friday: sources
The march to get the spot Ethereum ETFs approved for trading is well underway, with all eyes on the S-1 forms. After the 19b-4 forms were approved on May 23, the only remaining step is for the S-1 forms to become effective before trading can begin. However, since the approvals resulted from a last-minute change in direction from the SEC, the S-1 forms were not prepared in advance. Yet progress is now being made.
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📣 Deutsche Bank sees blockchain as key to tackling margin compression
Deutsche Bank AG has announced its strategic push into blockchain technology as a potential remedy for the margin compression challenges facing the financial services industry, Bloomberg News reported on May 29. The German banking giant is participating in Singapore’s Project Guardian, an initiative led by the Monetary Authority of Singapore, which aims to harness the benefits of blockchain for financial markets.
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🪙 Ethereum Name Service proposes migration to Layer 2
ENS Labs has proposed ENSv2, a comprehensive upgrade to the Ethereum Name Service that involves migrating the service to a Layer 2 network. ENSv2 aims to enhance scalability and decrease gas fees by transferring core functionalities from the Ethereum mainnet to a Layer 2 chain, according to ENS Labs. If the proposal is accepted, users will benefit from reduced transaction fees.
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💰 JPMorgan casts doubt on SEC approval for Solana and other crypto ETFs
JPMorgan is skeptical about the United States Securities and Exchange Commission approving Solana and other crypto exchange-traded funds now that Ethereum ETFs have been approved. Nikolaos Panigirtzoglou, managing director and global market strategist at JPMorgan, told The Block that the investment bank doubts the SEC will approve such funds given its stance that most cryptocurrencies are securities.
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🇺🇸 SEC's approval of 🪙 Ethereum ETFs still leaves some questions on whether ETH is a security, lawyers say
The U.S. Securities and Exchange Commission's approval of spot Ethereum products left some this past week wondering: is ether a commodity now? That answer is still unclear. Whether the SEC has jurisdiction over ether has been hazy. The agency's Chair Gary Gensler has not explicitly said ether is a security. However, Consensys alleged that the agency has considered ether to be a security, in a complaint the crypto firm lodged against the agency last month.
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🪙 ETH 'bucking' crypto market downturn thanks to spot ether ETF excitement, analysts say
Ether is the winner among losers in the crypto market downturn, buoyed by excitement for spot ether exchange-traded funds (ETFs). After the Securities and Exchange Commission approved eight spot ether ETFs Thursday, ether traded at $3,815, having increased 2.12% in the past 24 hours as of 5:19 p.m. ET (21:19 UTC). Conversely, bitcoin's price declined 2.35% in the same period to trade at $67,540, according to The Block prices.
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🪙 Nasdaq files updated 19b-4 form for BlackRock's spot Ethereum ETF
Exchange Nasdaq Stock Market LLC has filed an updated 19b-4 form for BlackRock's spot Ethereum exchange-traded fund as other amended filings have begun to flood in. Nasdaq filed the amended form for the world's largest asset manager on Wednesday. Exchange CboeBZX filed revamped 19b-4 forms late Tuesday for five spot ETF proposals.
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🪙 Over $280 million in short liquidations as ether rallies on renewed ETF optimism
Volatility over the past 24 hours has caused a spike in liquidations on centralized exchanges as ether rallied over 22%. The rally comes amid renewed optimism that the U.S. Securities and Exchange Commission might greenlight spot ether ETFs later this week. The first round of spot ether ETF deadlines is fast approaching, with VanEck's on May 23 and Ark Invest/21Shares' on May 24.
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💰 Skybridge's Scaramucci: Institutional Adoption of Bitcoin Is Happening Now
Anthony Scaramucci, founder of Skybridge Capital, believes that the institutional adoption of bitcoin is happening now. Highlighting recent developments like the State of Wisconsin Investment Board investing in Blackrock’s spot bitcoin exchange-traded fund (ETF), he predicts that other pension funds will make similar announcements. “Bitcoin now has the regulatory approval and I think that was the rate-limiting step for a lot of these large-scale institutions,” he detailed.
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🇮🇳 Indian Regulator Advocates Multi-Agency Approach for Crypto
The Securities and Exchange Board of India (SEBI) has submitted its recommendations for regulating crypto assets to a government panel. SEBI suggests multiple regulators for different aspects of cryptocurrency trade. India’s central bank, the Reserve Bank of India (RBI), however, views crypto as a macroeconomic risk, highlighting concerns about tax evasion and fiscal stability.
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💰 Bitcoin power-law model projects $100k value before January 2025
The Bitcoin (BTC) Power-Law Model, coined by Giovanni Santostasi, provides a mathematical description of BTC’s price movements, revealing a power-law distribution on a log-log scale. However, its predictive capabilities for future price movements are limited due to the absence of assumptions about broader markets and external factors. While it is an excellent indicator of BTC’s past growth, its effectiveness in forecasting future price trends is constrained.
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🇸🇻 El Salvador mined 474 💰 bitcoin since 2021 using volcanic geothermal power, bringing total BTC to 5,750: report
El Salvador has mined 474 bitcoin since 2021 using geothermal power fueled by the Tecapa volcano. The mined coins bring the country's total bitcoin holdings to 5,750, worth about $380 million at current prices, Reuters reports. Nayib Bukele, El Salvador's pro-Bitcoin president, who won a second term in February 2024, implemented 300 new processors powered by volcanic geothermal energy.
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⬜️ OKX officially launches crypto exchange in Australia
OKX has officially launched its spot and derivatives crypto trading platform in Australia, the company announced on Tuesday. OKX said in a statement that it will offer spot trading services to all Australian users, while derivatives trading will only be available for verified wholesale clients. Its users in Australia can also deposit and withdraw AUD through most Australian banks to gain access to a total of 85 crypto tokens, or 170 crypto spot pairs.
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🏦 Coinbase Challenges SEC’s Rulemaking Process, Argues for Clear Regulations on Digital Assets
Coinbase, Inc. has escalated its dispute with the Securities and Exchange Commission (SEC) by filing a reply brief in the Third Circuit Court of Appeals, arguing the necessity of clear rulemaking for the digital asset industry. The case underscores the ongoing tensions between regulators and the digital asset sector over compliance and operational standards.
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💰 Vitalik Buterin critiques Bitcoin’s block size war, calls for innovation
Vitalik Buterin, co-founder of Ethereum, has provided a detailed reflection on the Bitcoin block size wars, a significant conflict within the Bitcoin community that spanned from 2015 to 2017. This debate centered on whether to increase Bitcoin’s block size limit from 1 MB to accommodate more transactions, thereby reducing fees and enhancing its utility as a payment system.
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🇺🇸 Senator Lummis says crypto will play important role in US economy post-elections
Senator Cynthia Lummis recently said the crypto market will play a significant role in the US economy unless the opportunity is squandered. Lummis, a vocal advocate for pro-crypto legislation, believes that recent victories in Congress signal a promising future for the sector. In recent years, pro-crypto lawmakers like Lummis have worked tirelessly to educate their colleagues about digital assets.
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💰 Blackrock’s IBIT Nears Grayscale’s GBTC in Bitcoin Reserves
According to the latest statistics, U.S. spot bitcoin exchange-traded funds (ETFs) experienced ten consecutive days of positive inflows. Notably, during a third of those days, Grayscale’s Bitcoin Trust (GBTC) faced outflows and neutral activity. Conversely, Blackrock’s IBIT saw inflows on most of the ten trading days. During the past ten trading days, spot bitcoin ETFs accumulated over a billion U.S. dollars in net inflows, with each day showing a positive influx.
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💰 Solana validators approve 100% allocation of priority fees, ending 50/50 burn split
Solana validators voted to allocate 100% of priority fees to themselves on May 27, ending the previous 50/50 split between burning fees and rewarding validators. The proposal, known as SIMD-0096, passed with 77% approval. It aims to address perceived flaws in the current system and align incentives for network security and efficiency. Validators such as Everstake, Jito, Helius, Stakehaus, Leapfrog, Bonk, Solend, and Pico.sol supported the change.
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💰 Strike CEO sees Bitcoin at $1m this cycle: ‘We’re still so early in the story’
Jack Mallers, the CEO of Strike, a Bitcoin (BTC) payments app, has made bold predictions about the price of the orange coin. Bitcoin could hit $1 million this bull cycle, he predicts. In a recent podcast with Anthony Pompliano on his YouTube channel, Mallers doubled down on his prediction that Bitcoin could reach $1 million per coin in the current market cycle. “We’re still so early in the Bitcoin story,” he said. “I think Bitcoin will hit $250,000 to $1 million in this cycle.”
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⬜️ OKX withdraws VASP license application in Hong Kong
OKX announced it has withdrawn its VASP license application in Hong Kong on Friday. In a statement, the crypto exchange cited “careful consideration” of its business strategy as the motivation for the decision without elaborating further on the reasons why. OKX was unable to expand on the statement when asked by The Block.
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💰 Bloomberg analyst predicts Solana ETF delay despite community anticipation
James Seyffart, a Bloomberg ETF analyst, has suggested a potential timeline for the launch of a Solana-based spot exchange-traded fund (ETF). Seyffart indicated that a Solana ETF might be delayed despite growing anticipation within the crypto community following recent discussions surrounding spot Ethereum ETFs. The Bloomberg ETF expert explained that the timeline for a Solana ETF could extend over several years, influenced by the regulatory environment in the United States.
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🪙 Spot bitcoin exchange-traded funds are on a hot streak amid Ethereum ETF hype
Spot bitcoin exchange-traded funds in the United States registered their seventh consecutive day of net inflows on Tuesday. According to data from multiple sources, $305.72 million flowed into the products, with BlackRock's iShares Bitcoin Trust bringing in the lion's share of $290 million. The Fidelity Wise Origin Bitcoin Fund was the only other ETF to record net inflows, bringing in $26 million.
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🪙 Ether ETFs Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources
The exchanges that want to list and trade shares of spot ether (ETH) exchange-traded funds are abruptly being asked by regulators to update key filings related to these products. Exchanges are being asked to update 19b-4 filings on an accelerated basis by the U.S. Securities and Exchange Commission, three people familiar with the situation told CoinDesk, suggesting they may be moving to approve these applications ahead of a key deadline this Thursday.
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🇭🇰 Hong Kong Police Arrest Crypto Exchange Shop Employees on Suspicion of Fraud
Hong Kong police have taken into custody three employees of a currency exchange shop who are suspected of engaging in fraudulent activities. On Wednesday, Hong Kong’s technology crime division apprehended three individuals aged between 31 and 34. The authorities seized 3,000 hell banknotes, a safe, and a note-counting machine from a store in Tsim Sha Tsui. Hell banknotes, used in traditional Chinese rituals as offerings to ancestors or deities, were among the confiscated items.
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💰 Lackluster Performance for Hong Kong Bitcoin ETFs Since Launch
On Thursday, the spot bitcoin ETFs in Hong Kong experienced net negative outflows of approximately 104.79 BTC, valued at about $6.95 million. There has been little enthusiasm for the Hong Kong spot bitcoin ETFs or the spot ethereum ETFs, as their performances have been minimal. The first trading day was the best, with an inflow of 3,880 BTC, while the next day’s sessions recorded a significantly lower inflow of 173.13 BTC.
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🪙 QCP expects current momentum to push the bitcoin price back to all-time highs
QCP Capital today stated that it expects the price of bitcoin to ride back to the highs of $74,000 after the latest Consumer Price Index print in the United States saw risk assets surge yesterday. "We expect bullish momentum here that could take us back to the highs of 74k," the institutional-focused firm wrote in the Telegram channel QCP Broadcast, citing buy-side demand.
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💰 Vanguard appoints Bitcoin-friendly former BlackRock ETF lead as CEO
Investment management firm Vanguard has confirmed the appointment of Bitcoin-friendly former BlackRock executive Salim Ramji as its new CEO and member of the board, effective July 8. Ramji, who has 25 years of experience in the industry, previously led BlackRock’s global exchange-traded fund business, overseeing the launch of its IBIT spot bitcoin ETF in the U.S However, he left the firm in January to “seek a new leadership or entrepreneurial opportunity outside the firm.”.
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🇺🇸 President Joe Biden blocks Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base
President Joe Biden issued an order blocking a China-majority-owned crypto mining company from having property close to an Air Force base in Wyoming, citing national security risks concerns. Biden further required the divestment of the property, which is one mile from the missile base Francis E. Warren Air Force Base, according to a statement released Monday from the U.S. Treasury Department.
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