BTCUSD Bitcoin

Imminent SEC decision on Ethereum ETFs generates cautious expectations

The SEC is set to issue a new decision on Ethereum ETFs this week, with mixed expectations among experts. Despite recent concerns, including Grayscale decisions that have strained the market, the expectation is that the SEC might finally start accepting exchange-traded funds in stages. VanEck and Ark Invest are awaiting responses for May 22 and 23. Uncertainty persists, especially due to the evaluation of Ethereum (COIN:ETHUSD) as a potential security by the SEC.

Michael Sonnenshein leaves Grayscale, Peter Mintzberg takes over as new CEO

Michael Sonnenshein has resigned as CEO of Grayscale Investments to explore new opportunities, as announced by the company. The transition comes at a time when Grayscale’s main bitcoin fund (AMEX:GBTC) faces an investor exodus. Peter Mintzberg, former Global Head of Strategy at Goldman Sachs (NYSE:GS), will assume the position on August 15, 2024, and will also join Grayscale’s board. Barry Silbert, CEO of DCG, Grayscale’s parent company, praised Sonnenshein’s contributions during his ten years at the company, highlighting his role in introducing bitcoin ETFs to the traditional financial market.

Spot bitcoin ETFs in the US see robust recovery in inflows

Last week, US spot bitcoin ETFs continued their recovery trend, recording a total of $948.3 million in net inflows. This follows a prior four-week period of positive inflows, totaling $1.05 billion. Notably, Grayscale’s ETF (AMEX:GBTC) was the only one to record net outflows, but these were offset by gains on other days of the week. Fidelity’s ETF (AMEX:FBTC) led with $344.5 million in inflows, followed by Ark Invest (AMEX:ARKB) and BlackRock (NASDAQ:IBIT). Since January, ETFs have accumulated net inflows exceeding $12.5 billion. Additionally, BlackRock is closing in on Grayscale in terms of assets under management. Currently, BlackRock’s IBIT holds over 276,759 BTC, valued at approximately $18.6 billion, while Grayscale’s GBTC holds 288,954 BTC, totaling $19.4 billion.

Bitcoin and Ether rise on Monday; silver regains position lost in March

Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD) posted gains on Monday, with BTC rising 3.9% to $68,740 and ETH increasing 2.4% to approximately $3,153. The week brings high expectations with the potential approval of ether ETFs by the SEC. Notably, silver surpassed Bitcoin in market value, regaining the position of the eighth-largest global asset. Silver has appreciated 33.4% since March, while Bitcoin has seen a 9.5% decline, elevating silver’s market value to $1.83 trillion, surpassing Bitcoin’s $1.35 trillion.

Trader turns Solana investment into millions with memecoin

A cryptocurrency trader, known as “sundayfunday.sol,” managed to convert an initial investment of 13 Solana (COIN:SOLUSD), valued at $2,275, into an impressive return of $2.26 million in just eight hours by trading the newly launched memecoin 1DOL. Despite the associated risks, the trader also stood out as the top investor in the pre-sale of the Book of Memes (BOME) token, maintaining a significant position despite recent sales. This profit of over 993 times was reported by Lookonchain on May 19.

XRP faces quantum computing challenges

Ripple’s token (COIN:XRPUSD) is up 2.2% in the last 24 hours above the crucial support of $0.50, trading at $0.5254. Recently, Ripple released a study on the intersection of blockchain and quantum computing, highlighting how quantum advancements could impact networks like the XRP Ledger. This study is part of Ripple’s University Blockchain Research Initiative, emphasizing the importance of preparing the XRP Ledger for future technical challenges. Meanwhile, the XRP community awaits crucial decisions in the SEC case against Ripple, which include a potential fine and restrictions on its On-Demand Liquidity platform, essential for managing clients’ liquidity.

Polimec debuts on Polkadot with Web3 project evaluation

Polimec, a new community-focused decentralized financing network, has launched on the Polkadot blockchain. Starting with the analysis of Apillon, a platform offering Web3 infrastructure for developers, Polimec proposes to evaluate projects seeking funding with an emphasis on transparency, accessibility, and regulatory compliance. The evaluation procedure lasts 28 days, during which investors can link their PLMC tokens to projects, which remain locked until the funding is completed or canceled.

XLink announces partnership with Kaamel Technology after security breach

The Bitcoin bridge XLink, after suffering a security breach on May 15, has teamed up with Kaamel Technology to investigate and resolve the flaw that resulted in a loss of nearly $10 million. The collaboration with Kaamel Technology will focus on detailed analysis of the incident’s origin and strengthening security to prevent future occurrences. Simultaneously, XLink has also intensified partnerships with Ancilia and Cobo to enhance security infrastructure and key management, ensuring better protection of users’ assets.

British judge disqualifies Craig Wright’s claims as Bitcoin creator

A UK judge has ruled that Craig Wright, who claimed to be Satoshi Nakamoto, the creator of Bitcoin (COIN:BTCUSD), provided false testimonies and used forged documents in a crucial trial. The decision, issued by Judge James Mellor in a detailed 231-page verdict, concluded that Wright not only systematically lied but also failed in his attempt to prove himself as Nakamoto. The action was brought by the Crypto Open Patent Alliance (COPA) to block Wright from claiming authorship of Bitcoin. Mellor refuted Wright’s allegations, highlighting his inconsistent and illogical narrative, and denied his claims over Bitcoin’s copyrights, significantly impacting his credibility and limiting future legal actions in the UK.

Gemini announces return of frozen Earn assets to users

Cryptocurrency exchange Gemini announced that users of Earn, its discontinued product, will start receiving about 97% of their frozen digital assets by the end of the month. In a recent statement, Gemini explained that initial distributions will be made in kind, ensuring users receive the same assets lent, including any accumulated appreciation since then. This measure comes after judicial approval for bankrupt lender Genesis to return approximately $3 billion in assets to customers, providing significant relief to Earn holders affected by the liquidity crisis since November 2022.

Binance seeks to strengthen the crypto ecosystem by supporting smaller projects

On May 20, Binance opened calls for small and medium projects to apply for its listing programs, aiming to revitalize the crypto ecosystem. The initiative seeks to support projects with robust foundations, active communities, sustainable business models, and committed teams. Binance responds to trends of launches with low initial circulation and high valuations, which often fail to sustain long-term growth.