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Trading of Ether ETFs Delayed, LINK Performs Well, and More Crypto News

Fernanda T
Latest News
May 24 2024 11:54AM

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.