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Ethereum Nears $4K, Bitcoin ETFs Hold Over 1 Million BTC, and More Crypto News

Fernanda T
Latest News
May 27 2024 10:35AM

Bitcoin ETFs reach milestone of 1 million bitcoins held

For the first time, Bitcoin ETFs worldwide have surpassed the milestone of 1 million bitcoins held, according to US ETFs lead, with the Grayscale ETF (AMEX:GBTC) holding around 292,000 BTC. Following are BlackRock (NASDAQ:IBIT) and Fidelity (AMEX:FBTC), with significant recent transaction volumes, consolidating the growing influence of these investment vehicles in the cryptocurrency market.

Experts debate the impact of Ether ETFs approval

The US SEC has approved spot Ether ETFs, sparking a debate among experts on X. Bloomberg analyst Eric Balchunas predicts a lower initial adoption compared to Bitcoin ETFs. Meanwhile, Matthew Sigel from VanEck discusses robust investment strategies for Ethereum. Yat Siu highlights the possible global repercussions, emphasizing that the US will not accept a secondary role in the crypto race.

In the past 24 hours, the price of Ethereum (COIN:ETHUSD) is nearing the $4,000 mark, rising 2.7%. Ethereum’s DeFi ecosystem also saw growth, indicating strong investor optimism about the future of Ethereum-based assets.

Trader earns $2.7 million in just three days with MAGA token

A cryptocurrency trader made an impressive profit of $2.7 million in just three days by trading the meme token MAGA. Using the identity “0x303,” the trader invested over half a million dollars and achieved a return of over 500% the invested amount, capitalizing on bullish movements following pro-crypto comments from Donald Trump. Experts debate whether insider information was used or if it was just advanced trading strategies.

Trader loses over $1 million in memecoin after exploit

A cryptocurrency trader saw his initial investment of over $1 million in NormieCoin plummet to just $150. The loss occurred after a smart contract exploit that crashed the memecoin’s market capitalization by millions. The Normie team is negotiating the return of 90% of the stolen tokens to try to recover the losses of the affected investors.

Caitlyn Jenner launches her own crypto token and sparks debate

Caitlyn Jenner, known for her Olympic achievements and ties to the Kardashian-Jenner family, launched her own crypto token, JENNER, causing a stir on social media. After announcing the project on her X and Instagram accounts, debates and suspicions arose due to recent similar hacks involving celebrities. Despite assurances from her manager, Sophia Hutchins, that the promotions are authentic and the accounts secure, the crypto community remains skeptical about the legitimacy and security of the token.

Aptos sets record with 115 million transactions in one day

The Aptos blockchain set a new record by processing 115.4 million transactions in just one day, surpassing the previous record held by the Sui Network and the 31.7 million mark of Solana. This activity spike, highlighted on Aptoscan, was driven by the launch of the game Tapos Cat, which alone generated 10 million transactions. This event reflects the platform’s scalability and growing usage, solidifying Aptos as a serious competitor in the cryptocurrency space.

Ethereum rollup Taiko launched on mainnet with support from Vitalik Buterin

Taiko, the long-awaited Ethereum-based rollup, was officially launched on the mainnet, marking a milestone in blockchain development that started in 2022. Vitalik Buterin, co-founder of Ethereum (COIN:ETHUSD), proposed the inaugural block, honoring the project’s key contributors. Taiko promises to enhance Ethereum’s scalability and security through a multisig approach and innovative zero-knowledge proofs.

Joe Biden faces crucial decision on SEC crypto rules

President Joe Biden faces an imminent deadline to decide whether to veto the congressional resolution overturning the SEC’s cryptocurrency regulations, known as SAB 121. Despite initial veto threats from the White House, both the House of Representatives and the Senate passed the resolution. Biden has until June 3 to act, potentially signing, vetoing, or letting the resolution become law by inaction, in a move that will define the future regulatory landscape for cryptocurrencies in the US.

Nomura and GMO Internet Group partner to explore stablecoin issuance in Japan

Nomura, along with its subsidiary Laser Digital, and Japan’s GMO Internet Group announced a partnership to explore the issuance of stablecoins denominated in yen and dollars. The collaboration aims to develop a “stablecoin as a service” offering technical and compliance support for companies. This initiative highlights the growing focus on cryptography, asset management, and technological innovation, seeking to expand the adoption of digital assets in the Japanese market.

Argentina explores Bitcoin adoption with El Salvador’s advice

Argentina, in partnership with El Salvador, is investigating strategies for cryptocurrency implementation and regulation. In a recent meeting between Argentina’s National Securities Commission and El Salvador’s National Digital Assets Commission, they discussed the latter country’s experiences as a pioneer in the legal adoption of Bitcoin (COIN:BTCUSD). The meeting emphasized knowledge exchange aimed at potential regulatory collaboration, reflecting Argentina’s growing interest in shaping a favorable environment for crypto assets.

MicroStrategy rises to top indexes after significant market gains

MicroStrategy (NASDAQ:MSTR), holder of 214,400 Bitcoins, saw a 146% increase in its stock this year, reaching a market value of nearly $30 billion. This success resulted in the company’s inclusion in the MSCI World and Russell 1000 indexes. The addition to MSCI will be effective after May 31, while the transition to the Russell 1000 will occur on June 28, reflecting the company’s robust performance amidst a generally declining market.

Uniswap reports strong reserves and advances in decentralized governance

Uniswap announced having $41.41 million in fiat and stablecoins, along with 730,000 UNI tokens (COIN:UNIUSD) at the end of the first quarter. With $4.34 million committed to new grants and $2.79 million disbursed, the foundation aims to support operations and grant distribution. A new proposal to establish a fee mechanism is up for a vote until May 31, aiming to transfer control of the UniswapV3Factory to a dedicated contract, marking an important step for the platform’s decentralized governance.

Bitget appoints Gracy Chen as new CEO in transformative moment for women in crypto

Gracy Chen takes over as the new CEO of Bitget, becoming the only woman to lead one of the major cryptocurrency exchanges. With a vision of inclusion and diversity, Chen proposes mentorship and innovation programs for women, as well as emphasizing compliance and long-term growth. The platform, reaching 25 million users globally, reflects its commitment to female empowerment in the crypto space.