A London court has ruled against Craig Wright’s controversial claim that he invented Bitcoin. The Australian computer scientist has long claimed that he is Satoshi Nakamoto, the pseudonymous founder of the digital currency revolution, and that, as a result, he owned the Bitcoin whitepaper and its implications. However, the British court found this claim false and stated that Wright lied at every turn and forged documents on a massive scale.

Craig Wright’s Crusade to be Called Satoshi Nakamoto

Wright has been on a mission to be recognized as Bitcoin’s storied founder. Back in 2015, a botched investigative report by Wired and Gizmodo revealed that Wright may have founded the decentralized currency. Wright even published several cryptographic signatures allegedly showing his connection to Bitcoin’s genesis block.

However, several crypto researchers and developers soon debunked the claims. The “proof” he could provide was declared an attempt to fool the users and the government into believing he was Satoshi himself, and it proved nothing.

This didn’t stop Wright from his chaotic claim, and he started suing everyone who publicly opposed him. At one point, he even attempted to patent the Bitcoin whitepaper in the United States to solidify his claim. However, all such efforts had no substance and were spectacularly shot down.

The London High Court Ruling

In this particular case, Wright was pitted against the Crypto Open Patent Alliance (COPA) as he had started suing Bitcoin developers. COPA wanted to end Wright’s ability to sue these developers as he wasn’t the founder of the digital currency in the first place.

After hearing arguments from both sides, Judge James Mellor first indicated in March that evidence against Wright was overwhelming but yesterday, he concluded the case entirely in favor of COPA.

Mellor wrote:

“Dr Wright presents himself as an extremely clever person. However, in my judgment, he is not nearly as clever as he thinks he is….., All his lies and forged documents were in support of his biggest lie: his claim to be Satoshi Nakamoto.”

This was a very damning verdict from the court, as it now looks like the whole “Craig Wright is Satoshi Nakamoto” saga is nearing its end. It has gone on for the better part of the last decade.

Wright plans to appeal the decision, while COPA, whose members include former Twitter CEO Jack Dorsey, believes the decision frees developers from testing and improving the Bitcoin Network without being constantly harassed by Wright’s legal team.

Who is Satoshi Nakamoto?

The identity of Bitcoin’s mysterious founder is likely to remain in the shadows. Satoshi famously owns 1 million Bitcoins ($70 billion), or around 4.7% of the Bitcoin supply. However, these coins have remained unused since they were mined and will likely remain so.

Numerous insights have been provided regarding the identity of the elusive genius behind BTC. One of the most plausible explanations is that it is not the work of one man but rather a group of visionaries who wanted a decentralized future.

With the growing anticipations of an Ethereum ETF approval, the entire crypto market is on a bull run. As the altcoins pick up pace, meme coins display impressive rallies within 48 hours.

Further, with the Bitcoin and Ethereum ETPs getting listing approval on the London Stock Exchange, the bulls are supercharged. Will this bull market sustain an uptrend for a massive jump in meme coins?

Don’t worry. We’ve got our top pick of meme coins that are likely to explode before the Ethereum Spot ETF approval.

PEPE (PEPE)

With the bull run spreading like wildfire in the crypto market, the PEPE price spearheads the bull run in the meme coin sector. The PEPE price is constantly rising as a frog-themed coin in a canine-dominated market.

With a massive jump of almost 50% during the Ethereum bull run, the PEPE price is trading at an all-time high of $0.0000136. Further, the meme coin shows the rounding bottom breakout rally gaining momentum.

The trend-based Fibonacci retracement shows that the PEPE price could easily scale to hit $0.000027 amidst the growing market. 

Floki (FLOKI)

Following the bullish breakout of a double bottom pattern and a falling wedge pattern, the meme coin prepares for a massive surge. The FLOKI price has increased by almost 20% with two immensely bullish candles. 

The Stochastic RSI average lines enter the overbought zone, and the crucial 50, 100, and 200-day EMAs are in a bullish alignment. Thus, the technical indicators bolster the continuation of the bullish trend.

As per the Fibonacci levels, the bull run could reach the 1.618 Fibonacci level at the $0.00040 mark.

Dogwifhat (WIF)

With a bullish trend in motion, the WIF price sustained above a crucial support trendline in the 1D chart. This meme coin is on the verge of a massive bull run as it prepares a triangle breakout.

With the WIF price challenging the overhead resistance trendline, the sideline traders anticipate a surge in buying pressure. Further, the bullish crossover in the MACD and Vortex indicators bolsters the possibility of a bull run.

As per the trend-based Fibonacci retracement, the 2.618 level at $9.29 is a potential upside target.

Shiba Inu (SHIB)

With a market cap of 15.29 Billion dollars, Shiba Inu ranks as the second biggest meme coin in the crypto world. The meme coin has increased by almost 10% since the buzz of Ethereum ETF started in the market.

Further, the SHIB price action shows a triangle breakout rally ready to gain bullish momentum. The meme coin sustains above the 20D EMA and is ready to challenge the $0.00002750 mark.

As the RSI line approaches the overbought zone, the SHIB price could shortly give another breakout entry. An uptrend continuation in Shiba Inu might reach the $0.00005378 mark.

Book of Meme (BOME)

Finally, the Book of MEME or the BOME token is starting to siphon momentum from the recovering market. The recovery rally in the BOME price is starting with a trendline breakout.

The bullish reversal crossed above the 50% Fibonacci level and jumped almost 20% in the last 48 hours. According to the Fibonacci levels, the uptrend continuation in BOME can target $0.037.

Amidst a flurry of speculative activity in the cryptocurrency market, Dogecoin (DOGE) has once again taken the spotlight, surging on Tuesday just over 8% and reigniting discussions about the potential approval of a Dogecoin Exchange-Traded Fund (ETF).

Notably, the recent rally has bolstered optimism among investors and analysts, with many pointing to the practical use cases and growing adoption of Dogecoin as key factors driving the push for regulatory approval.

Andrew Kang, a prominent crypto venture capitalist, hinted at the possibility of a DOGE ETF, citing the increasing likelihood of a spot Ethereum ETF being approved. 

“With significant political pressure for regulation of crypto to be officially bestowed upon the CFTC, the odds for a DOGE ETF look brighter than ever,” Kang tweeted on Monday. 

This echoes sentiments he expressed in March, when he estimated the likelihood of a DOGE ETF approval to exceed 30%, especially as the regulatory environment for cryptocurrencies evolves and in light of potential developments.

Elsewhere, Dogecoin investors like Vee have expressed confidence in Dogecoin’s prospects, particularly given its longstanding presence in the crypto sphere and widespread adoption by businesses worldwide.

“After Bitcoin, and possibly Ethereum, venture capitalists expect a Dogecoin ETF to be approved by the SEC,” Vee tweeted. “Although it started as a joke, the currency has been in continuous use for 11 years, and has been adopted by a huge number of large and small businesses around the world. There are upsides and downsides to the potential approval of a DOGE ETF.”

Investors have also joined the chorus of optimism, with renowned analyst Matthew Hyland noting the emergence of a “clean inverse head and shoulders” pattern for the DOGE daily chart. He anticipated that a close of price above the neckline, which is currently in play, could push the price to the $0.24 zone soon.

In a Wednesday tweet, renowned analyst Ali Martinez echoed this optimism, stating, “History doesn’t repeat itself, but it often rhymes!” Alluding to a tweet earlier this month in which he suggested that Dogecoin’s current price action might foreshadow another significant bull run, reminiscent of previous growth and consolidation cycles.

It is also important to mention that according to data from IntoTheBlock, large transaction volumes for Dogecoin have surged by 31%, reaching $1.53 billion, while daily active addresses have expanded by 5.4% to 57,930. Moreover, transactions exceeding $100,000 have witnessed a notable uptick, indicating a burgeoning interest from institutional investors.

At press time, Dogecoin traded at $0.1668, reflecting a 1.23% surge over the past 24 hours. With 85% of Dogecoin holders currently in profit and total exchange inflows surpassing outflows, market sentiment remains primarily bullish.

Former U.S. President Donald Trump has announced that he will begin accepting donations in cryptocurrency for his presidential campaign, making him the first major party presidential nominee to do so.

On Tuesday, May 21, his campaign team launched a fundraising page that allows donors to contribute using various cryptocurrencies, including Bitcoin, Ether, Solana, SHIB, and DOGE.

The page, hosted on the Coinbase platform, allows donors to contribute using any cryptocurrency accepted by the exchange.

“Today, President Trump’s campaign has launched a fundraising page that provides any federally permissible donor the ability to give – through its joint fundraising committees – using any cryptocurrency accepted through the Coinbase Commerce product.” An announcement on Trump’s official campaign website read.

The decision to accept cryptocurrency donations is seen as a move to appeal to a younger demographic increasingly interested in digital assets. Interestingly, the campaign’s announcement quoted a representative from Coinbase, Julia Krieger, as saying, “Crypto is nonpartisan and moves money forward because it’s cheaper and faster.”

It is also seen as a way to promote the president’s message of reducing government control over financial decisions.

“As our President, Donald J. Trump has reduced regulations and championed innovation in financial technology, while Democrats, like Biden and his official surrogate Elizabeth Warren, continue to believe only government has the answers to how our nation leads the world.” The announcement further read. 

That said, Trump’s decision to accept cryptocurrency donations for his campaign is not without controversy. Concerns about the anonymity of cryptocurrency transactions have been raised, which could pose challenges in verifying donors’ identities. Nevertheless, the campaign team assured compliance with Federal Election Commission regulations, committing to transparent disclosure of donation sources.

Notably, Trump’s campaign announcement resonates with a message of empowerment, rallying supporters under the banner of a “crypto army” poised to secure victory in the upcoming election. The decision to accept crypto comes just days after Trump poked fun at President Joe Biden for seemingly not understanding cryptocurrencies like himself.

In response to Trump’s initiative, Biden’s supporters allegedly swiftly issued a call for donations, highlighting concerns about being “outraised” by “crypto executives” backing Trump, as seen via a widely circulated screenshot.

That said, Trump is not alone in recognizing the allure of cryptocurrencies in the political arena. Rival candidate Robert F. Kennedy Jr. has embraced Bitcoin, citing its symbolic significance as a beacon of democracy and freedom. Additionally, candidates in smaller races, such as pro-Ripple lawyer John Deaton in Massachusetts, leverage cryptocurrency donations to challenge incumbent opponents like Senator Elizabeth Warren, who has espoused anti-crypto legislation.

Bitcoin (BTC) marked a relatively quiet day in trading Wednesday as the global crypto community celebrated the milestone event known as “Bitcoin Pizza Day.” Following a massive surge in value on Monday that saw it tap $71,360, Bitcoin exhibited a brief period of recoil, reflecting typical price fluctuations in the volatile cryptocurrency market.

Bitcoin Pizza Day, observed annually on May 22nd, commemorates the first documented real-world Bitcoin transaction. Notably, about fourteen years ago, on May 22nd, 2010, Laszlo Hanyecz, a programmer, made history by offering 10,000 Bitcoins (worth just over $703 million today) for the delivery of two Papa John’s pizzas to his doorstep. This transaction, while seemingly trivial at the time, symbolizes a pivotal moment in Bitcoin’s journey toward mainstream adoption.

To honor this significant event, cryptocurrency enthusiasts worldwide have been convening on the said date for various celebrations, from in-person meetups to virtual gatherings and social media campaigns. Businesses such as restaurants, cafes, and online retailers have also joined the celebration by offering special deals and discounts to patrons using Bitcoin wallets.

On Wednesday, crypto personalities also took to social media to express their sentiments on Bitcoin Pizza Day. Binance CEO Richard Teng highlighted the industry’s growth and evolution over the past decade, noting the increasing utility of cryptocurrencies beyond pizza purchases.

“A very happy Bitcoin Pizza Day, everyone! Today offers a heartwarming reminder of how young our industry is, but also how much we’ve grown and evolved in the past 14 years. You can now buy a lot more than just pizzas with crypto!” wrote Teng.

Bitcoin maximalist Michael Saylor thanked Laszlo Hanyecz for his pioneering transaction and wished the community a happy Bitcoin Pizza Day.

Crypto exchanges also joined the festivities, with some like Gemini, Bybit, and Coinbase offering giveaways and promotions to engage users and celebrate the occasion.

That said, as Bitcoin Pizza Day festivities unfolded, it served as a poignant reminder of the transformative potential of cryptocurrency and blockchain technology. Bitcoin’s acceptance as a means of payment by millions of businesses worldwide, coupled with recent developments such as El Salvador adopting Bitcoin as legal tender, underscores its growing significance in global finance.

Moreover, Bitcoin’s rising popularity has attracted attention from political and regulatory spheres. Candidates in the upcoming US presidential election are vying for support from the crypto community by pledging improved crypto incentives and accepting Bitcoin donations for what is now widely referred to as the “First Bitcoin Election.”

Bitcoin was trading at $70,024 at press time, reflecting a 1.88% drop over the past 24 hours.

$4.9 trillion asset manager Fidelity has filed an amended S-1 registration statement with the United States Securities and Exchange Commission (SEC) for its spot Ether exchange-traded fund (ETF). 

Fidelity has removed staking plans from their updated ether proposal ahead of approaching deadlines for such ETH-based products. This adjustment is expected to increase the chances of approval following a recent U-turn from the SEC.

Fidelity Adjusts Ether ETF Filing

In the updated S-1 application submitted on Tuesday, the clause stating Fidelity would stake a portion of the fund’s assets through third-party infrastructure providers was notably removed. The asset management giant clearly indicated in the new registration statement that it would “not stake the ether” stored with the custodian.

Staking refers to the process through which users lock Ethereum tokens on the network for a stipulated period of time in exchange for rewards. Staking became a key component of Ethereum’s consensus model with the blockchain’s transition to a proof-of-stake security system in September 2022. It’s mainly deemed passive income among cryptocurrency traders.

The previous version of Fidelity’s filing also indicated that staking rewards would be treated as taxable income, creating a taxable event for investors without corresponding distributions from the trust.

The removal of the staking may be attributed to the SEC’s concerns about staking crypto assets. In June 2023, the SEC sued Coinbase for offering users access to staking via its platform, claiming it was breaking federal securities laws.

Optimism As Spot ETH ETF Deadline Looms

The amended filing follows reports that the SEC has softened its stance on spot Ethereum ETFs — likely due to political pressure — with reports that the regulator has asked ETF issuers to update their 19b-4 filings. By dropping staking plans, Fidelity might be mitigating potential regulatory risks, thus boosting the likelihood of the ETF’s greenlighting. Bloomberg analysts recently suddenly raised the probability of approval to 75% from 25%.

The SEC has been pushing back decisions on spot ether ETF proposals. The Commission postponed making a decision on the Invesco Galaxy spot Ethereum ETF proposal and also deferred decisions for other proposals from Grayscale, Fidelity, Franklin Templeton, VanEck and BlackRock.

The regulator must, however, decide on VanEck’s spot Ethereum application by May 23, followed by Ark and 21Shares’s application on May 24.

Implications For The Ether Price

Fidelity’s updated filing comes after a massive price appreciation for Ether, which rose over 22% during the past 24 hours to trade at a two-month high of $3,818, according to CoinGecko data.

Expectations are currently high as the deadline for the SEC’s decision on spot Ether-based ETFs draws closer. The approval and listing of spot Ethereum ETFs could be a significant catalyst for the price of Ether, pushing ETH to new all-time highs.

However, an SEC rejection would trigger significant price correction.

The legal brawl between Ripple and the U.S. Securities and Exchange Commission (SEC) nears a climax. The financial regulator’s latest court filing marks the final submission before the presiding judge considers the remedies phase of this monumental lawsuit.

SEC Wants To Make Ripple’s Financial Records Public 

The Securities and Exchange Commission has submitted its opposition to Ripple’s motion to seal some financial documents, according to a May 20 filing.

The SEC contends that Ripple’s request to “conceal financial and securities sales information” from the public is unlawful and that the material in question such as financial figures and other details are essential to requested remedies. Citing Lugosch v. Pyramid Co. of Onondaga, the regulator also stressed the historical significance of public access, particularly in cases of regulatory enforcement. “The common law right of public access to judicial documents is firmly rooted in our nation’s history,” said the SEC.

The suit, which was lodged in late 2020, revolves around the SEC’s assertions that Ripple conducted an unregistered securities offering via the sale of the XRP cryptocurrency. Ripple scored a partial win in July 2023, when Judge Analisa Torres found that XRP was not a security in itself, but that institutional XRP sales constituted investment contracts.

As per the earlier released joint schedule, Ripple, the SEC, and any third parties were expected to file letter briefs on May 20, 2024, opposing omnibus letter motions to seal. This represents the final deadline for the joint proposal decided on by both parties.

Final Clash Before Long-Awaited Verdict

While the SEC agrees to seal five exhibits, it challenges the fintech firm’s request to conceal key financial figures and contract terms noted in the remedy deliberations. This includes details that would disclose Ripple’s current financial health, the volume of recent XRP sales, and the specifics of revenues and expenses—all considered vital for assessing the company’s compliance and deciding potential penalties.

SEC also argues that Ripple failed to show reasonable evidence of how exposing the information to the public would result in significant injury warranting sealing. The agency further added that the financial records are outdated, and some evidence is already available to the public. “Stale business records cannot support the necessary finding of harm,” the SEC posited.

In terms of the next steps in the case, the crypto industry will be closely watching as Judge Analisa Torres makes her ruling on the remedies. The stakes are incredibly high, with the SEC requesting a fine of up to $2 billion. Ripple, however, contested the SEC’s “Draconian remedial requests”, suggesting that any fines should not exceed $10 million.

Although the exact time of Judge Torres’ judgment is not known, Ripple’s recent statements reveal that they expect a resolution in the coming few months.

At the time of writing, the XRP price is holding above $0.54, after gaining 6.1% on the day. XRP enthusiasts remain optimistic about the token’s future despite its recent sluggish performance. The conclusion of the Ripple v. SEC lawsuit could be the catalyst for propelling XRP to the elusive $3 milestone.

Overnight, the sentiments in the crypto market have turned extremely bullish, leading to massive gains in the top blue-chip cryptocurrencies. The prices of Bitcoin and Ethereum have surged 7.73% and 19.23%, respectively.

With this surge, Bitcoin trades at $70k, and Ethereum has surpassed the $3,600 level. The main catalyst behind the boost of optimism is the SEC’s demand that the exchanges expedite the 19B-4 document updates on the Ethereum ETFs. With this proactive move of the SEC, the probability of approval of the spot Ether ETFs has remarkably improved.

With the growing anticipation, the bulls expect the uptrend to soar in the coming days and Ethereum to make new highs. But will this momentum be sustained, or is it just a news-based move?

Let’s find out more in our detailed analysis below.

Ethereum’s Outstanding Performance

The ETH price shows a bullish trend, with a massive engulfing candle undermining the pullback phase. The Ether price action breaks out of a bearish wedge pattern in the daily chart.

The Ethereum price trades at $3,713 with an intraday gain of 7.40%, following the 19.23% surge last night. Further, the bull run breaks above multiple resistances to breach the 78.60% Fibonacci level at $3,671.

Moreover, the massive jump now challenges the supply zone near the 78.60% Fib level. As the wedge breakout rally gains momentum, the chances of a bull run beyond $4,000 grow stronger.

Based on these retracement levels, the bull run could easily push Ether to the $5,294 mark or the 1.618% Fibonacci level if the SEC decides to approve the ETH ETF.

Bulls Looking Out For The Ethereum ETFs 

The recent surge comes with the SEC’s proactive move on Ethereum’s ETF, improving the chances remarkably in just a day. According to the decentralized betting platform Polymarket, the odds of approval have increased from 11% to 54%.

Bloomberg analysts Eric Balunchas and James Seyffart, big names in the crypto world, have increased their odds of a Spot ETH ETF Approval from 25% to 75%. Supporting the news, Fidelity has filed an updated S-1 application for the spot Ethereum ETF.

If the SEC approves the Ether ETF application, the latest decision coming on VanEck’s $ETH ETF on May 23rd, the market might go ballistic.

On-Chain Activity and Rising Exchange Reserves

Ethereum has broken new ground as the market buzzes, anticipating potential ETF approval. As per Cryptoquant, the Ethereum on-chain activity heats up, with transfer volume soaring by 124.73% within 24 hours to reach 2,257,380 ETH. Further, the active addresses jumped by 11.74% to 501,829, with transactions up by 4.72%, hitting 1,177,808.

Meanwhile, exchange reserves have risen to 14,029,117.58 ETH, indicating higher selling pressure. Despite this, net deposits on exchanges are low, signaling lower immediate selling pressure and showcasing strong confidence among traders.

As Ethereum’s on-chain activity grows strong and optimism around ETFs grows, the bullish stage is set for $ETH .

Where’s The Ethereum Bull Run Headed?

The market bulls are ready with an increased chance of getting approval for VanEck’s Ethereum ETF application this Thursday. However, if there is a 25% chance of a delay or rejection, the ETH prices may consolidate or undergo a minor correction.

Eric Balchunas supports the 35% viewpoint by stating that the SEC wanted a minor update on the 19B-4 filing.

Hence, a bullish viewpoint predicts a run to $5,234, potentially heading to $6,000 if momentum sustains. On the contrary, the bottom support for the Ether price is at $3400 and $3250.

A Monday rally ended what had been very muted crypto price action in recent days, driving Bitcoin (BTC) above the $70,000 milestone for the first time in more than five weeks.

That means the premier cryptocurrency now boasts a $1.376 trillion market capitalization and accounts for around 51.8% of the $2.68 trillion global crypto market cap.

The favorable disposition of Bitcoin (BTC) price charts has some analysts expecting a meteoric ascent in the near term. For pseudonymous popular analyst PlanB, more and more telltale signs nostalgically bring the market to the feeling of 2017 — remembered by its spectacular performance.

“2017 Vibes”

In a post on X (aka Twitter), PlanB noted that Bitcoin is currently four months into its bull market phase, as shown by the four red dots on the chart he shared:

“2017 vibes.”

2017 vibes pic.twitter.com/xntjwQoQvu

— PlanB (@100trillionUSD) May 16, 2024

According to CoinGecko data, the world’s largest and oldest crypto was trading for $69,854 at publication time, having hit a high of $70,167.92 yesterday.

The reversal in the latest correction happened last week after the U.S. economic data revealed softer-than-forecast April inflation, and quarterly institutional filings showed an extraordinary level of interest in the spot BTC ETFs from the Wisconsin State Pension Board and several renowned multinational banks. Alongside that rally came a renewal of massive inflows into the ETFs. The net flows had been negative for at least four of the previous seven weeks.

According to PlanB’s chart, BTC was changing hands for roughly $1,200 when it was at its fourth red dot in 2017 but swiftly surged to its previous $20,000 all-time price high on December 17 of the same year.

What Lies Ahead?

Stock-to-flow creator PlanB previously observed that based on the historical correlation between miner revenue and Bitcoin price action, BTC is on the brink of going “vertical” in 2024 as the sector’s revenue recovers from the April block subsidy halving event.

“Historically, Bitcoin miner revenue recovers two to five months after a halving, and after that, Bitcoin price goes vertical.”

The quant analyst’s technical chart also pointed out that BTC’s price is currently above its five-month, two-year, and total realized cost price, implying that we might be witnessing the final days of the alpha crypto trading below the $70K mark. 

That being said, Bitcoin faces significant resistance at $70,000. A strong breakout above would open the floodgates for new historic highs in the coming weeks or even days, with price targets of $100K envisioned.

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, continued to surge Tuesday after skyrocketing over 20% on Monday. This surge comes amidst growing speculation that the US Securities and Exchange Commission (SEC) may finally approve the first spot Ethereum Exchange-Traded Fund (ETF).

The hype surrounding a potential spot ETF approval has been a major catalyst for the recent price increase. Notably, their introduction would significantly develop the cryptocurrency industry, potentially attracting new investors and boosting mainstream adoption of Ethereum.

The optimism around spot ETFs stems from recent reports indicating that the SEC requests amendments to applications from asset managers seeking to launch these products. While this request could signify a delay, it is generally viewed positively as it suggests the SEC actively engages with the proposals rather than outright rejecting them.

Analysts like Eric Balchunas of Bloomberg have even revised their approval estimates upwards, putting the chances of a spot Ethereum ETF launch much higher than in the previous estimate.

“James Seyffart and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied).” Balchunas tweeted on Monday.

This shift reflects a growing belief that the SEC may be softening its stance on cryptocurrency regulations, potentially due to increasing political pressure, despite the path to a spot ETF launch remaining complex.

Notably, however, the SEC still needs to approve both the rule changes proposed by exchanges (Form 19b-4 filings) and the registration statements of the ETFs themselves (S-1 filings). Even if the 19b-4 filings are approved quickly, the SEC could still delay the S-1s for further scrutiny.

Elsewhere, investors have been dabbling in ETH investments. One interesting development is the recent activity of prominent crypto investor James Fickel. As highlighted by Lookonchain on Tuesday, Fickel has been accumulating Ethereum in anticipation of a potential ETF launch. On Tuesday, the firm reported that he had borrowed over $150 million worth of Wrapped Bitcoin (WBTC) and exchanged it for Ethereum, suggesting a solid belief in the positive impact of an ETF approval.

The coming days and weeks will be crucial for Ethereum and the broader cryptocurrency market. If the SEC approves the 19b-4 filings and the path toward a spot ETF launch becomes clearer, investors can expect continued bullish momentum for Ethereum. However, any delays or rejections from the SEC could lead to a significant price pullback.

ETH was trading at $3,778 at press time, reflecting a 21.88% surge over the past 24 hours. As seen on CoinMarketCap, its purchase volume had increased 336% over the same period.

Founder and chief investment officer of crypto-focused fund Cyber Capital, Justin Bons, recently sparked controversy in the cryptosphere after asserting that Cardano’s native token, ADA, is highly centralized — eliciting strong pushback from enthusiasts.

Cardano Genesis Keys: The Main Point Of Centralization

Justin Bons of Cyber Capital has ignited a debate on the X social media platform regarding the centralization implications of Cardano’s “genesis keys.” 

According to Bons, Cardano is extremely centralized because these genesis keys allow the parent company Input Output Global (IOG) to exercise excessive control over the blockchain. He noted that these keys allow IOG to single-handedly change protocol rules without necessitating a hard fork.

He warned that IOG could possibly halt the blockchain or alter fundamental parameters such as emission schedules, or censor transactions without broad consensus — which he characterized as an unparalleled level of centralized control for a Layer 1 blockchain.

The pundit Bons notes that IOG holds five out of the seven genesis keys, a scenario he thinks sabotages Cardano’s decentralization thesis. He further criticized the decision made during the Shelley update in 2020, where the Cardano Foundation (CF) delegated their control to IOG, granting them absolute control.

1/8) Cardano has "genesis keys"; a multi-sig that controls all rules!ADA is extremely centralized, as this is uniquely hardcoded into the protocolIOG controls 5 out of 7 keys & can unilaterally change anything!Ironic, as ADA claims to be the "most decentralized" chain:

— Justin Bons (@Justin_Bons) May 20, 2024

While acknowledging Cardano’s efforts towards on-chain governance with the Voltaire upgrade, Justin stated that the Genesis keys still make ADA totally centralized at the moment. In conclusion, he urged users to “verify, not trust,” stressing the importance of examining such centralized mechanisms.

Community’s Response

The Cardano community has reacted strongly against Bons’ assertions, as many reacted and expressed their disagreements.

pic.twitter.com/nXrB1lGMFw

— ₳ Bïrd Called Px (@AbirdcalledPx) May 20, 2024

Cardano Yoda, for instance, explained in a lengthy X post that the genesis keys cannot change protocol rules capriciously; rather, they can only trigger a hard fork. He highlighted that any substantial protocol change still requires the participation and agreement of the independent stake pool operators running Cardano nodes.

The Cardano aficionado noted that the genesis keys could be used to change certain protocol parameters, including taking rewards or block size, but always with community approval.

YODA concluded by noting that Cardano’s governance will soon move to the community, rendering Genesis keys basically useless. Roles currently controlled by IOG, CF, and Emurgo will be handed to Delegate Representatives (DReps) after the incoming Chang hard fork. Only DReps, together with the Constitution Committee and SPOs, will be able to decide on governance moves.

As spot Ethereum Exchange-Traded Fund (ETF) applications are being asked to be amended by the US Securities and Exchange Commission (SEC), prominent Bloomberg analysts have envisioned a 75% chance of approval. Previously, the same guru had given this regulatory exercise a much less 25% chance.

Balchunas gave this opinion soon after news arrived regarding the SEC’s request to amend spot Ethereum ETF applications, Form 19b-4. The federal regulator followed the same practice before granting approvals to spot ETFs of Bitcoin itself.

The Bitcoin community is abuzz with rumors regarding the possible approval of these exchange-traded funds of the second-largest cryptocurrency by market capitalization. ETH is flying high at the moment, having already increased 22.1% in the last 24 hours alone. 

What are Spot Ethereum ETFs and Why are they Important?

Spot ETFs are a way of owning an underlying asset directly via a major exchange. For example, instead of buying Gold or Bitcoin directly from users, investors can buy shares of an ETF on Nasdaq or New York Stock Exchange. Over 9 Bitcoin ETFs were approved in January this year, which resulted in a major price boost for the premier cryptocurrency.

The premise is that conventional asset managers need a secure, regulated way to buy crypto assets, and they won’t invest in centralized exchanges. Now, they have the tools to do it, at least when Bitcoin is concerned. JPMorgan Chase, BlackRock, Morgan Stanley, and other funds with hundreds of billions and even trillions of dollars of assets have already invested in Bitcoin ETFs.

Is an ETH ETF Right Around the Corner?

Following BTC’s success, analysts were quick to predict that ETH would be next and that that a spot Ether ETF approval would be imminent. However, ETH’s dynamics are very different from that of Bitcoin. The SEC is particularly concerned about its staking feature, which can result in passive gains for the holders. Passive gains, according to the SEC, mean that the underlying asset is a security and not a commodity, and an ETF would be a difficult proposition. Bitcoin has no passive rewards scheme, so Ethereum ETF presents that kind of problem at the moment.

However, the SEC is also keen on bringing all major cryptocurrencies under its watchful eyes, and an ETF seems like the best bet to accomplish that. However, it remains to be seen if and when Spot Ethereum ETF applications will be approved. Balchunas is adamant that an approval is quite likely now.

Dogecoin is usually mentioned alongside other newer meme coin competitors. However, a new development has placed Dogecoin amid other leading altcoins. Ripple’s XRP and Cardano (ADA) have noticed massive wallet growth over the last 6-months, but Dogecoin has made an even more impressive move by outpacing their wallet address count.

The most valuable meme coin, the 9th most valued cryptocurrency by market cap, has recorded an upsurge in new wallet users. The number of new wallet addresses over the past 6-months, as depicted in a chart shared by Santiment, is noticeably higher than that of XRP and ADA.

Since December last year, DOGE has seen its holder count soar to 6.63 million. Milestones like these are important because they typically point to increased interest from investors and traders alike. In Dogecoin’s case, the new development speaks to the asset’s dominance in the industry, as it emerged as the only meme coin and altcoin behind Ethereum, with the highest holder count within the period mentioned above.

ADA, XRP, and USDT are behind Doge, with a total number of holders totaling 4.47 million, 5.18 million, and 5.66 million, respectively.

Meanwhile, the apex cryptocurrency, Bitcoin (BTC), and its longstanding rival, Ethereum (ETH), saw a total number of holders of 53.85 million and 120.69 million, respectively.

Dogecoin bulls remain suppressed as selling pressure rises

Despite the network growth, DOGE’s price is still struggling as market volatility continues into the week. The global cryptocurrency market has declined, with Bitcoin bulls struggling to stay afloat.

The development came not long after Elon Musk reportedly enabled Dogecoin as a payment method for a handful of Tesla products. The Dogecoin proponent had branded the memecoin the “people’s currency,” hinting at plans to integrate Doge into Twitter.

It is, however, still important to note that Dogecoin was one of the best-performing altcoins over the last week, with gains of more than 20%. The asset now trades at a press time price of $0.15.

Robert Mitchnick, head of digital assets at BlackRock, anticipates a new wave of investment into bitcoin ETFs, particularly from large financial entities such as sovereign wealth funds, pension funds, and endowment funds.

Mitchnick’s prediction comes despite a recent pause following consistent inflows into spot bitcoin ETFs for 71 days. Regardless, the BlackRock exec suggested, “The current lull is likely to be followed by a new wave from a different type of investor.”

In an interview, Mitchnick shared insights on the renewed dialogue around Bitcoin, saying, “Many of these interested firms – whether we’re talking about pensions, endowments, sovereign wealth funds, insurers, other asset managers, family offices – are having ongoing diligence and research conversations, and we’re playing a role from an education perspective.”

BlackRock’s Strategic Expansion into Digital Assets: Spotlight on Bitcoin and Ethereum ETFs

Since their approval earlier this year, spot bitcoin ETFs have seen significant interest, with over $76 billion accrued across these products. BlackRock’s bitcoin ETF, IBIT, has notably amassed $17.2 billion in assets. This compares to Grayscale’s Bitcoin Trust, now an ETF holding approximately $24.3 billion.

The increase in IBIT’s assets is partly due to transfers from Grayscale’s product, shifts from higher-priced ETFs in Canada and Europe, and conversions from bitcoin futures ETFs.

Nonetheless, Mitchnick emphasized that BlackRock is not solely focused on becoming the leading provider of spot bitcoin ETFs but prioritizes client education and comprehensive asset management. Moreover, the firm is expanding its digital asset initiatives, demonstrated by its recent application for an Ethereum ETF.

This move follows CEO Larry Fink’s hyping of the transformative potential of tokenization, which represents “traditional assets on blockchains.”

However, market experts argue that BlackRock’s potential introduction of an ether exchange-traded fund (ETF) prompts the need to educate clients about the Ethereum blockchain. Likewise, investors may question the need for another crypto ETF after adjusting their portfolio’s risk return through spot Bitcoin ETF’s Sharpe ratio.

Mitchnick emphasized that BlackRock views digital assets from three critical perspectives. These components are considered interconnected, each informing the firm’s strategies and insights into others. “When we think about this space, we see the potential for digital assets to benefit our clients and capital markets, with a focus in three areas: crypto assets, stablecoins, and tokenization. And these pillars, they’re all interrelated.” Mitchnick expressed.

This holistic approach aims to equip clients with a nuanced understanding of effectively incorporating digital assets into their investment portfolios.

Polkadot is preparing for its long-awaited upgrade: Polkadot 2.0, an integration to the network poised to revolutionize the Polkadot ecosystem. The network is a Layer 0 solution that aims to deliver three significant features to its user base: tackle blockchain interoperability and offer developers a platform to build applications and chains.

In the long term, Polkadot 2.0 will be integrated into the network. As noted in a recent blog post, the upgrade is part of an ongoing effort to provide flexibility on the network, lower barriers for projects, and create more value for network users and DOT.

It is worth mentioning that Polkadot has recorded massive growth as network adoption has soared over the years. Over 80 para chains have joined the Polkadot network, and around 39 parachains operate on the main network. More than 43 parachains have been hosted on Kusama, Polkadot’s canary network.

However, Polkadot’s current positioning has opened the pathway for energy waste that the network intends to curb with the introduction of Polkadot 2.0.

As noted in a blog post;

“Originally, Polkadot leased Polkadot parachain slots, which provides the winner with access to a “freighter of blocks” regardless of whether they need it. This potentially leads to a waste of energy and resources while creating high entry barriers, which brings us to Polkadot 2.0.” 

Migrating from a chain-focused ecosystem to an application-focused ecosystem and redistributing block space is at the core of Polkadot’s future development strategy. Polkadot 2.0 will allow projects to leverage the collaborative potential across parachains to create inter-chain solutions by shifting its focus to applications.

The new system will also allow applications to reserve and purchase block space depending on their needs and the demand of developers on the network.

“Polkadot is also introducing a system of burning a portion of these [network] fees to reduce inflation, where burning is a deflationary measure to balance the circulating supply of the token.” Polkadot shared in a blogpost.

In the long term, the upgrade could also affect Polkadot’s native token DOT by boosting visibility and adoption.

At report time, DOT and other leading altcoins are recording daily losses. Although the 14th most valuable asset by market cap has sustained more than 8% of its weekly gains, DOT loosely hangs above the $7 price mark. 30-day losses have surged past 18% as selling pressure increased. At press time, DOT trades for $7.42.

Significant moves by major investors often signal upcoming shifts in the crypto market. Recently, Cardano (ADA) has caught the attention of these large-scale investors, commonly known as “whales.” This renewed interest could trigger a substantial comeback for the 10th biggest cryptocurrency.

Cardano Whales Increase Holdings

Data from IntoTheBlock shows a significant trend: Cardano whales, holding more than 100 million ADA tokens, increased their holdings by 11% last month. They now control almost 7% of Cardano’s entire supply. This accumulation is typically considered bullish, indicating that these influential investors are adjusting their positions and buying more promising projects.

It’s not just the whales that are showing confidence in Cardano. Retail investors are also involved in the bullish momentum. More data from IntoTheBlock highlights ADA’s positive bid-ask volume imbalance, indicating that buying pressure exceeds selling pressure. Additionally, the ‘In The Money’ metric, which measures the profitability of current holders, has flipped positively.

Growing Confidence in Cardano’s Ecosystem

Beyond investor sentiment, the overall confidence in the Cardano ecosystem is rising. According to DeFiLlama, the Total Value Locked (TVL) on Cardano increased by more than 5% in the last week. TVL is a critical metric in the DeFi space, reflecting the total value of assets staked or locked in the network’s smart contracts.

Moreover, Cardano’s trading volume has significantly risen. Higher trading volumes generally suggest greater market activity and interest, which may raise prices.

Analysts Predict a Bullish Future for Cardano

Several prominent crypto analysts are forecasting a substantial rally for Cardano. An analyst known as World of Charts has noted that ADA’s breakout is confirmed, and the token is moving accordingly. The analyst expects Cardano to reach $1 in the next few weeks.

Similarly, another analyst, Trend Rider, has identified a bullish pattern for Cardano. They noted a jump in ADA’s price following a bullish signal on the daily chart and expect ADA to hold above the $0.5 level in the short term.

Dan Gambardello, founder of Crypto Capital Venture, also shared his opinion on Cardano’s price movements. He pointed out that ADA is exceeding its 20-day moving average (MA). Gambardello mentioned the formation of a golden cross on Cardano’s daily chart – where the 50-day MA crosses above the 200-day MA.

The resurgence of whale activity, strong retail investor interest, and growing confidence in Cardano’s ecosystem paint a promising picture for ADA. The combination of these factors and bullish predictions from several analysts indicate that Cardano could be on the verge of a significant comeback.

Bitcoin was called a “scam” and a “threat to the US Dollar” by former President Donald J. Trump as late as 2021. Fast forward three years later, and he leaves no stone unturned to court the pro-Bitcoin electorate. Much has changed during this time for the largest cryptocurrency by market capitalization, and it may play a part in the development of the US Presidential election itself.

Why? Because Over 20% of Americans Now Own Bitcoin

The 2020 US presidential election was one of the most chaotic electoral events. The election’s results only slowly trickled down and took forever to be released, while the official counting of the electoral college votes was affected by the January 6, 2021, riots. Donald Trump and incumbent Joe Biden fought it with every trick up their sleeve, and things got nasty.

However, interestingly, there was one policy they both agreed upon back then that they don’t anymore: Bitcoin regulation. Donald Trump has done a complete backflip on it to improve his election chances as he understands the popularity of the digital currency economy. Trump was previously known for his hawkish, protectionist stance on Bitcoin. He said back in 2021:

“Bitcoin, it just seems like a scam,” Mr Trump said. “I don’t like it because it’s another currency competing against the dollar.”. He then added that he wanted the greenback to “remain the currency of the world”.

Joe Biden Struggling to Court Crypto Users

On the other hand, President Joe Biden’s position on Bitcoin has remained unwavering and has hardly changed his stance in the buildup to the election. Some commentators believe that the President will loosen his policy on the digital currency economy, but no big shift is expected. Some are breaking ranks to support pro-crypto legislation, but that might not be enough to change the overall narrative.

This hawkish attitude was a mainstay in the US regulatory outlook during the 2020 halving. Talks of a spot Bitcoin ETF were prevalent, but the institutions weren’t ready to make such a bold move.

Back then, it would have seemed far-fetched to think that Bitcoin would be at the center stage of the Presidential and Congressional elections in just four years. Now, notable candidates, including Vivek Ramaswamy, Robert F. Kennedy Jr, and Ron De Santis, have appeared in pro-Bitcoin podcasts and made crypto a part of their campaigns. Bitcoin has surely come a long way and is unlikely to stop anytime soon. 

A seismic shake-up in Grayscale’s top leadership has occurred. CEO Michael Sonnenshein stepped down after a decade of leadership. Starting on August 15, Peter Mintzberg of Goldman Sachs will succeed Sonnenshein.

Grayscale Appoints TradFi Veteran As New CEO

Grayscale CEO Michael Sonnenshein has departed from his role to “pursue other interests.” Sonnenshein joined Grayscale in 2014 as an account executive and became CEO in 2021.

“It has been an honor and a privilege to work alongside such smart, passionate people to grow Grayscale into an industry titan over the last decade,” Sonnenshein said in a company release. “I would like to thank Barry Silbert for his vision and partnership and for entrusting me to lead Grayscale’s business. The crypto asset class is at an important inflection point and this is the right moment for a smooth transition.”

I leave @Grayscale with deep gratitude for everyone who has been on this incredible rocket ship journey. @BarrySilbert, thank you for taking a bet on me and for your partnership these last 10 years. To the Grayscale Leadership Team – thank you for your dedication, loyalty, and…

— Sonnenshein (@Sonnenshein) May 20, 2024

Peter Mintzberg will serve as the company’s chief executive officer on August 15, 2024, and will join Grayscale’s board of directors. Before joining Grayscale, Mintzberg served as Goldman Sachs’ global head of strategy for asset and wealth management. He has over 20 years of experience in the traditional finance sector, having previously worked at prominent investment firms, including BlackRock, OppenheimerFunds, and Invesco.

Speaking on Sonnenshein’s departure, Barry Silbert, CEO of Grayscale’s parent company, Digital Currency Group stated:

“I want to thank Sonnenshein during his 10 years at Grayscale. Michael guided the firm through exponential growth and oversaw its pivotal role in bringing spot bitcoins ETFs to the market, leading the way for the broader financial industry. We wish him the best in his future endeavors.”

Grayscale’s Spot ETF

In mid-January, Grayscale was one of 11 companies to finally get a regulatory green light from the Securities and Exchange Commission (SEC) to list spot Bitcoin exchange-traded funds (ETFs) in the United States. The firm had sued the SEC over the agency’s frequent denials to allow it to transform its Bitcoin Trust (GBTC), then a closed-end fund, into an ETF.

Grayscale’s GBTC is currently the largest BTC ETF with $19.37 billion of assets under management. Notably, GBTC hemorrhaged over $15 billion in three months as the company held fees higher than its rivals. However, Grayscale started witnessing inflows in early May, snapping a 78-day streak of outflows.

Bloomberg’s senior ETF analyst Eric Balchunas described the CEO switch as a “big shakeup at Grayscale,” adding that “they were just beginning to see inflows again too! Curious the story behind this.”

Bitcoin continued its ascent on Monday, building upon its impressive momentum from the preceding week when it reached a peak of $68,203. Despite undergoing a period of consolidation within a channel since mid-March, the main trend remains particularly bullish.

On Monday, popular cryptocurrency analytics platform Santiment underscored Bitcoin’s resilience. They observed that this activity could be considered a positive sign while smaller traders have been shedding their holdings amidst the recent price surge.

“Bitcoin is maintaining levels just above $66,100 as smaller traders persist in liquidating their holdings despite the crypto rebound over the past week. Historically, the transfer of coins from smaller to larger wallets signifies an encouraging and bullish trend for $BTC ,” Santiment tweeted.

Adding to this optimistic sentiment is Axel Adler, a crypto analyst at Cryptoquant, who observed that entities possessing over 1,000 Bitcoins have been accumulating and refraining from selling, anticipating an upswing in value.

“The current 30-day average is 641 BTC. Whales are unwilling to sell their coins as they anticipate a rise in value,” the analyst added.

Andler further noted that investors holding Bitcoin for 1-3 months have exited unrealized losses. He also noted that the MVRV for this timeframe has turned positive at $66,500. Looking ahead, he emphasized that $70,000 remains a crucial resistance level to watch.

Elsewhere, analyst Sonny Mulder also expressed optimism about the continuation of the uptrend. “Seems like it’s gearing up for another upward move soon,” Mulder tweeted. “The retracement to $50k appears less likely now, given that the last low was invalidated by a higher high… We must adjust our course and recognize the low at $56K as the more probable bottom unless we dip below our Wyckoff accumulation structure at approximately $61K.”

Another analyst, “DrProfitCrypto,” also pointed out that he anticipates that a breach above $70,000 will incite the initial wave of FOMO (fear of missing out) among investors, followed by another surge at $74,000. With ongoing institutional inflows and robust technical indicators, DrProfitCrypto set Bitcoin’s next target within the $82,000-$88,000 range.

Bitcoin traded at $68,288 at press time, reflecting a 2.25% increase over the past 24 hours. Notably, popular crypto analyst Ali Martinez noted the significance of over 530,000 $BTC transacted at $66,250, marking a crucial support level. According to him, Bitcoin has strong potential for further gains if it holds.

Numerous memecoins have emerged in the wild, uncharted territory of cryptos, yet few have managed to seize the public’s imagination and evoke such fervor as Shiba Inu. Its staggering 2021 rally turned small investments into life-changing fortunes, fueling dreams of overnight millionaires.

SHIB has had a wild ride, especially during the meme coin craze of late 2020, when its value soared. The idea of SHIB reaching $0.001 has been circulating for some time, contributing to the ongoing speculation around the coin. Despite some analysts’ doubts, the $0.001 target resurfaces in discussions about Shiba Inu’s potential.

Now, as Shiba Inu claws its way back from a steep post-2021 crash, investors are wondering: can it reach $0.001 and ignite another frenzy of wealth creation?

Shiba Inu’s Astronomical Rise and Recent Performance

Rewinding to 2021, Shiba Inu was the talk of the town, boasting an eye-popping gain of over 45,000,000%. For those who had the foresight to invest just $3, they were looking at a cool million in returns. However, the euphoria was short-lived as Shiba Inu plummeted by 92%, mirroring the broader crypto market turmoil triggered by the 2022 FTX contagion.

Fast-forward to 2024. There’s a resurgence of investor confidence in the cryptocurrency market, and Shiba Inu is capitalizing on this trend. Its value has already surged by 120% in 2024, outperforming Bitcoin, which has seen a 50% increase. This raises the question: Could Shiba Inu replicate its historic rally and reach $0.001 from its current price of $0.0000248?

Shiba Inu’s journey to mainstream adoption is still fraught with challenges, even as its price stages a comeback. The token’s utility in the real world remains limited, with just 933 merchants accepting it, as per data—a stark contrast to more established cryptocurrencies. Despite initiatives like Shibarium, which aims to lower transaction costs through a Layer-2 blockchain solution, Shiba Inu has struggled to gain widespread acceptance.

The community has also tried to enhance Shiba Inu’s appeal through projects like Shiba Eternity, a digital card game created in 2022 to expand the token ecosystem. However, these efforts have not translated into widespread adoption, raising questions about Shiba Inu’s long-term sustainability.

Speculation vs. Utility

Shiba Inu’s meteoric rise in 2021 was largely fueled by speculation, with investors banking on its price continuing to soar. However, the token’s subsequent crash served as a stark reminder of the risks associated with speculative investments. To maintain its value and create more, Shiba Inu needs widespread adoption and utility, aspects it currently lacks.

While Shiba Inu’s community is actively working to address these issues, the token’s path to $0.001 remains uncertain. The token’s market capitalization and supply would need to change significantly to support such a price, making it a challenging goal to achieve.

Analyzing potential drivers, such as integrating SHIB into gaming and the metaverse and sustained retail interest, provides a glimpse into what might boost SHIB’s value. Yet, it’s essential to stay realistic and avoid overly optimistic projections, especially regarding SHIB reaching $0.001.

Like many other altcoins, SHIB’s price tends to follow Bitcoin’s movements. While a bullish crypto market could lift SHIB, the volatile nature of cryptocurrencies highlights the need for prudent risk management strategies.