The recent approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) has ignited a fervent debate within the cryptocurrency community about the future of similar financial instruments for other digital assets.

At the center of this debate is XRP, one of the most popular cryptocurrencies, which has become a focal point of speculation and discussion regarding the potential for an XRP ETF in the United States.

A recent poll by a prominent XRP community member on social media platform X highlighted a significant division in opinion. Of the respondents, 66% expressed confidence that an XRP ETF would be approved by 2025, while 34% remained doubtful. 

Will there be an XRP ETF in 2025 ?

— Vet (@Vet_X0) May 24, 2024

Proponents: Institutional Investment and Market Legitimacy

Advocates for an XRP ETF argue that its introduction could lead to a substantial increase in institutional investment. They believe that an ETF would provide a regulated and accessible entry point for institutional investors, which could, in turn, lead to a surge in XRP adoption. 

Proponents suggest that this increased participation would enhance XRP’s legitimacy and stability in the market. Historical data supports this view, as Bitcoin’s rise to a new all-time high was partly attributed to the approval of spot Bitcoin ETFs earlier this year.

Skeptics: XRP Core Utility Over Institutional Involvement

However, not all members of the XRP community share this optimistic outlook. Bill Morgan, a well-known advocate for XRP, voices skepticism about the necessity of an ETF for XRP’s future success. Morgan and like-minded community members argue that XRP’s true value lies in its ability to facilitate seamless cross-border payments.

They believe the focus should remain on this core utility rather than attracting institutional investment through an ETF.

CRYPTO ETFs LAUNCHING IN USA !! Ripple CEO Brad Garlinghouse At Davos 2024, Discussing The Inevitability Of Other Crypto ETF Products Besides #Bitcoin. “How About An $XRP ETF?” “There Will Be Other ETFs For Sure” – @bgarlinghouse Do You Believe We See An #Ethereum… pic.twitter.com/xHmpyh05bg

— Good Morning Crypto (@AbsGMCrypto) May 21, 2024

Morgan has voiced his concerns that the SEC might not approve an XRP ETF. He suggests that Ripple and the XRP community should instead concentrate on positioning XRP as a global reserve currency, which could yield greater benefits than an ETF structure.

According to Morgan, an ETF’s complexities could potentially hinder XRP’s ability to fulfill its intended role within the global financial system.

The ETF Impact

A respected figure in the crypto industry has also weighed in, suggesting that ETFs would have minimal impact on XRP’s price. He described the race for ETF approval as a distraction and an invitation for institutional corruption. This viewpoint aligns with the belief that the essence of cryptocurrencies lies in their decentralized nature and utility rather than in their appeal to institutional investors.

The success or failure of Ethereum ETFs in the coming months will likely influence the XRP community’s stance on this issue. Many attribute Bitcoin’s recent surges to its ETF approval, and similar expectations are now placed on Ethereum.

If Ethereum ETFs prove successful, they might sway some skeptics within the XRP community. Conversely, if Ethereum fails to meet expectations, the broader crypto community may need to reconsider the role and importance of ETFs in the cryptocurrency market.

As the debate over the potential for an XRP ETF continues, the division within the community highlights the broader tensions in the cryptocurrency space between institutional adoption and core utility. Whether an XRP ETF will come to fruition remains uncertain, but the discussions surrounding it reflect the evolving landscape of the cryptocurrency market and the differing visions for its future.

In a development that highlights the potential for explosive returns in the cryptocurrency market, a dormant Shiba Inu (SHIB) wallet has come back to life after over three years, netting over $1 million in profits for an early investor.

On Monday, Lookonchain, a platform specializing in tracking large crypto transactions, tweeted that the anonymous investor’s SHIB investment had skyrocketed an astonishing 419 times after lying dormant for 3.5 years.

Notably, the trader, known only as the “super diamond trader,” had invested 2 Ethereum (equivalent to $2,625 at the time) to acquire 48.09 billion SHIB on February 1, 2021. After years of patient waiting, the trader cashed out on Monday, selling the SHIB haul for a staggering 278.7 Ethereum, worth around $1.1 million at current prices.

While this case of a dominant SHIB wallet might seem isolated, recent occurrences suggest otherwise. Earlier this month, another investor reaped a remarkable $3.2 million in profits, marking an impressive 200% surge in investment returns over 2.6 years. This mysterious whale initially entered the SHIB market in October 2021, acquiring a substantial 199 billion SHIB tokens from various exchanges.

Adding to the intrigue, an Ethereum whale wallet holding over $1.5 billion worth of SHIB exhibited signs of activity in February after a year of dormancy.

These developments coincide with growing anticipation surrounding a potential Ethereum ETF approval. Many experts believe such an ETF could be a game-changer, opening the doors for wider adoption of meme coins like SHIB and Dogecoin. This increased accessibility could lead to a significant price surge for these tokens, potentially rewarding those who’ve held onto their SHIB for the long haul.

A recent post by Shytoshi Kusama, the anonymous lead developer of Shiba Inu, adds fuel to the speculative fire. Last week, the pundit congratulated the Ethereum community on the potential ETF approval. While this sparked conversations about a future SHIB ETF, Kusama emphasized the Shiba Inu team’s current focus on ongoing projects.

Since its inception in August 2020 by the mysterious figure Ryoshi, Shiba Inu has captivated the crypto community with its meteoric rise, particularly in 2021. Over the years, the meme coin has evolved from a speculative tool into a thriving ecosystem, attracting significant investors and witnessing its market capitalization surge to $16.2 billion, outpacing giants like Avalanche, Tron, and Chainlink.

BlackRock’s spot Bitcoin exchange-traded fund (ETF) has overtaken the Grayscale Bitcoin Trust (GBTC) as the world’s largest ETF tracking BTC’s price performance after registering over $100 million in inflows in Tuesday’s trading session.

IBIT Steals Biggest ETF Crown From Grayscale

BlackRock’s Bitcoin exchange-traded fund now holds more Bitcoin than its close rival, the Grayscale Bitcoin Trust.

When U.S. markets closed on May 28, the iShares Bitcoin Trust (IBIT) had 288,671 BTC compared to GBTC’s 287,454. According to Coinglass, the flippening occurred after IBIT witnessed $102 million worth of inflows on Tuesday while GBTC bled $105 million in investors’ funds.

BlackRock surpassed Grayscale yesterday, and is now the largest BTC ETF, holding 288,671 BTC. IBIT needed only 96 trading days to close GBTC's huge lead. pic.twitter.com/rmrIAhtQCL

— Vetle Lunde (@VetleLunde) May 29, 2024

Per a Wednesday report from Bloomberg, IBIT now holds $19.68 billion worth of Bitcoin, outshining GBTC, which holds $19.65 billion in BTC. Fidelity’s ETF product held the third spot with $11.1 billion.

All 11 US spot Bitcoin ETFs logged a net inflow of roughly $45 million on Tuesday, marking the funds’ 11th consecutive day of positive flows — the longest streak of inflows since February.

BlackRock becoming the new king in the land of Bitcoin ETFs comes nearly five months after the spot BTC offerings commenced trading on U.S. exchanges after securing the SEC’s landmark approval on January 10, 2024. The management fee structure has played a key role in IBIT’s shift. Grayscale’s GBTC exorbitant 1.5% fee has pushed investors towards funds with much lower fees, such as IBIT.

ETFs Control 5% Of Total BTC Supply

Spot Bitcoin ETF buying activity increased recently amidst positive sentiment for BTC and the wider cryptocurrency industry. The bulls regained momentum following the Securities and Exchange Commission’s approval of spot Ethereum (ETH) ETFs and growing support for crypto among U.S. presidential candidates.

May 28 regulatory filings indicate that BlackRock has invested in IBIT via other funds. The BlackRock Strategic Income Opportunities Fund and the Strategic Global Bond Fund snapped up $3.56 million and $485,000 worth of shares of IBIT, respectively.

Amid strong institutional support, spot Bitcoin ETF funds trading globally recently reached a significant milestone: They now control over 1 million BTC, which, as ZyCrypto previously reported, represents 5% of the total Bitcoin supply.

Market participants are observing a turnaround in the cryptocurrency market. While Bitcoin has continued to sustain its bullish momentum, the apex cryptocurrency isn’t the star of the show; altcoins are. Per analysts’ sentiments, altcoins Ether, XRP, Solana, DOGE, Cardano, and Shiba Inu are gearing up for a massive price rally.

On many occasions, during a market cycle, altcoins have historically outperformed Bitcoin, and analysts are convinced that market indicators are now collectively validating a highly promising run referred to as altcoin season.

Pseudonymous analyst CryptoJelleNL was one the first key players to note that technical, analytical data has flashed a positive signal for altcoins.

#Altcoins are about to remind everyone what a real bull market looks like.We have seen nothing yet. pic.twitter.com/UsygtJAjOo

— Jelle (@CryptoJelleNL) May 27, 2024

Further strengthening this position, a crypto analytics platform CryptoQuant analyst asserts that the altcoin season could kick off much earlier than the market anticipates.

Should Ethereum’s price follow a particular trajectory, altcoins could easily flip Bitcoin’s run in the coming weeks.

“Ethereum is surpassing Bitcoin in the growth of open interest in the current period. Are we approaching altcoin season? If Ethereum’s price continues to consolidate in the current range, it’s very possible that the altcoin season will start sooner than expected.” the analyst wrote. 

On-chain activities validate the market’s bullish outlook on altcoins

Meanwhile, a handful of altcoins seem to have met and surpassed market expectations. ETH being one such asset, has been on the run since the SEC gave its stamp to Ethereum ETF applications.

Last week, ETH soared by 22% as the hype of Ethereum-based ETFs soared. ETH’s futures market has also depicted remarkable activity. CryptoQuant notes that the preference for Ethereum has been spotlighted in “the increase in the ETH-BTC Open Interest ratio from 0.54 to 0.67.”

Even more importantly, permanent ETH holders are making purchases of more than 100,000 ETH, the highest daily level observed since 2023.

Similarly, DOGE, the most valued meme coin by market cap, is preparing to test new resistance levels.

As cryptocurrency analyst Ali Chart explained in a recent post shared with X: 

“Dogecoin is encountering significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion $DOGE . However, once this barrier is overcome, #DOGE has the potential to double, with the next key resistance around $0.322.”

The on-chain movement also highlights crypto whales and sharks’ heightened accumulation of altcoins like ETH, XRP, SOL, ADA, and LINK.

In large numbers, market participants are heavily weighing in on Ethereum’s future following the recent approval of Ethereum ETFs, which has left Ether investors excited since the announcement.

Notably, price predictions have been discussed among crypto traders, investors, and analysts. The sentiments are largely bullish and linked to the current uptrend recorded by leading altcoins, especially Ether.

Market analyst Miles Deutscher believes Ether is well on its way to doubling its current price. The analyst shared his view on X with his follower base of more than 500,000 X users. Deutscher, who is not new to making bold price predictions, cited the bullish trajectory of Bitcoin bulls following the approval of multiple Spot Bitcoin ETFs back in January.

According to him, ETH bulls could send the asset above its all-time high of $4,721, a price level recorded in November 2021.

“BTC rallied 75% in 63 days after the spot ETF was approved. If ETH follows the same trend (if approved), this would take it to $6,446 by July 23.” The analyst wrote.

$BTC rallied 75% in 63 days after the spot ETF was approved. If $ETH follows the same trend (if approved), this would take it to $6,446 by July 23. pic.twitter.com/FfWg9VGUMx

— Miles Deutscher (@milesdeutscher) May 21, 2024

Certain that ETFs in the USA and similar products in Asia could catalyze a massive ETH price rally, Andrey Stoychev, the Head of Prime Brokerage at Nexo, has also made a bullish call.

“ETH ETFs in the USA and similar products in Asia could be the driver that helps the asset reach $10,000 by end-2024, catching up with Bitcoin’s performance post-ETF.” Stoychev said.

Pseudonymous market analyst Ali Chart appears to be leaning towards a more modest target. He cites Ethereum’s most important resistance barrier between the $3,940 and $4,054 levels, noting that more than 1.16 million addresses had previously purchased 574,660 ETH around those levels.

“If ETH overcomes this hurdle and prints a daily candlestick close above $4,170, the bearish outlook will be invalidated. This could result in a new upward countdown phase toward $5,000.” He wrote in a recent post.

At report time, the crypto market is making a slow recovery. Notably, the global crypto market cap has soared by 1.33% over the last 48 hours, bringing the current total to $2.55 trillion. ETH has also emerged as the best-performing asset and altcoin within the top then category over the past 30 days with more than 21% in gains. ETH is now trading for $3,820 per coin. Positive market sentiments could continue pushing ETH to newer levels as investors enter the market.

Ryan Salame, a former top lieutenant of FTX founder Sam Bankman-Fried, was sentenced to 90 months —  or seven-and-a-half years — in prison on Tuesday, making him the latest individual connected to the collapsed cryptocurrency exchange to land behind bars.

Ryan Salame Is Going To Prison For Nearly 8 Years

In a Tuesday hearing in the U.S. District Court for the Southern District of New York, Judge Lewis Kaplan ordered Ryan Salame to serve 7.5 years in prison for conspiracy to operate an unlicensed money transmitting business and conducting campaign finance fraud. The former FTX executive pleaded guilty to the charges in September 2023 and has since been awaiting sentencing.

“Ryan Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and through an unlicensed money transmitting business, which helped FTX grow faster and larger by operating outside of the law,” U.S. Attorney Damian Williams said in a release May 28 following the sentencing.

The US Attorney Damian postulated that Salame, as one of the top officials at Alameda Research and co-CEO of FTX Digital Markets, colluded with others to illegally transmit customer funds and make confidential political donations.

“Salame’s involvement in two serious federal crimes undermined public trust in American elections and the integrity of the financial system. Today’s sentence underscores the substantial consequences for such offenses.”

In addition to prison time, Salame was sentenced to three years of supervised release and ordered to pay more than $6 million in forfeiture and over $5 million in restitution.

The ex-FTX executive had hoped to get a shorter sentence of 18 months behind bars. His legal team noted Salame did not play a major role in fraudulent actions and had cooperated with U.S. authorities.

Salame was the second figurehead linked to FTX and Alameda Research to be sentenced after CEO Sam Bankman-Fried. Former Alameda CEO Caroline Ellison, former FTX engineering director Nishad Singh and FTX co-founder Gary Wang all pleaded guilty to crimes in connection with FTX’s collapse and took the stand to testify against Bankman-Fried. Fallen crypto king Bankman-Fried was sentenced to 25 years behind bars in March, but Ellison, Singh, and Wang are hoping to avoid prison time altogether.

Following in the footsteps of Michael Saylor’s MicroStrategy, yet another publicly listed company has decided to make Bitcoin (BTC) its savings vehicle of choice after adopting the foremost crypto as its “primary treasury reserve asset.”

Medical device maker Semler Scientific announced Tuesday that it had purchased 581 BTC for $40 million. The adoption of BTC has already helped Semlar Scientific gain significant market momentum, with the stock price up 32% post-announcement. 

Semler Scientific’s Bitcoin Strategy

Nasdaq-listed healthcare technology company Semler Scientific has bought Bitcoin with its cash reserves. According to the May 28 announcement, the company’s board of directors purchased 581 BTC for a total of $40 million, fees and expenses included.

“Our Bitcoin treasury strategy and purchase of Bitcoin underscore our belief that Bitcoin is a reliable store of value and a compelling investment,” said Chairman Eric Semler in the company’s accompanying statement. “We believe it has unique characteristics as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability.”

Semler Scientific indicated that it will continue to generate revenues and accumulate cash reserves, and Bitcoin will serve as the company’s “principal treasury holding on an ongoing basis” as they believe the benchmark cryptocurrency “has the potential to generate outsize returns as it gains increasing acceptance as digital gold.”

Semler Scientific’s Shares Soar As Company Mimics MicroStrategy On Bitcoin Buying

Immediately after the announcement, SMLR stock jumped 32% to $31.07 apiece, jumpstarting a robust recovery following continuous losses since its $52 yearly high back in February. According to Yahoo Finance, the company’s market capitalization was $215 million at the time of publication.

Using Bitcoin as a treasury asset was popularized by the Fortune 500 firm MicroStrategy, helmed by Michael Saylor. As of March 31, Tysons Corner, Virginia-based MicroStrategy, owned 214,400 Bitcoin, valued at over $13.5 billion. The business intelligence company’s stock has soared in value by over 1,000% since its first Bitcoin purchase in 2020.

Similarly, Tokyo-listed Web3 infrastructure provider Metaplanet has nearly tripled in value since disclosing its Bitcoin strategy roughly two months ago. Metaplanet announced on Tuesday that it would purchase an additional 250 million yen ($1.6 million) worth of BTC. The company also aims to accumulate more Bitcoin over time.

Bitcoin is currently trading at around $67,595, according to CoinGecko data.

Popular hardware hacker Joe Grand, also known as “Kingpin” in the hacker community, has successfully cracked a long-lost, time-locked Bitcoin wallet from the Satoshi era, containing $3 million worth of Bitcoin. 

As reported by Wired on May 28, this modern-day digital treasure hunt began when an unfortunate crypto holder from Europe reached out to Grand for help. The wallet’s password, generated by the password manager RoboForm, had become corrupted, locking the owner out of their 43.6 fortune acquired in 2013.

What seemed impossible to many experts turned into a triumphant retrieval. Grand, with his hardware hacking expertise, unlocked the wallet, giving the owner access to their long-lost cryptocurrency wealth.

The wallet’s owner had amassed Bitcoin in 2013 when the cryptocurrency was in its infancy and worth significantly less than it is today. However, the owner could not access their digital fortune for a decade due to a corrupted file storing the wallet’s password.

Upon receiving the request for help, Grand embarked on a complex journey to crack the wallet’s password. Unlike his previous exploits, this task was particularly challenging due to the nature of the wallet’s password-generation process. RoboForm, a password manager known for its robust security features, generated the password.

Grand and his German friend discovered a flaw in the wallet owner’s specific version of RoboForm. This flaw made the password generation process less random, allowing them to narrow the possible passwords to a particular time range, as per the report.

After meticulously analyzing the RoboForm version and narrowing down the time frame for the password’s generation, Grand and his friend successfully cracked the wallet’s password.

With access to the wallet restored, the owner now possesses their $3 million Bitcoin fortune. Considering the significant appreciation of Bitcoin’s value over the years, the owner is patiently waiting for the cryptocurrency to reach six digits before making decisions regarding their newfound wealth.

This successful retrieval of a long-lost Bitcoin wallet is a testament to cryptocurrency’s resilience and the innovative spirit of the hacker community.

In 2022, Grand, a well-known hardware hacker, gained attention for helping a crypto wallet owner recover access to $2 million in cryptocurrency. This individual had forgotten the PIN to his Trezor wallet and believed his funds were irretrievably lost.

Bitcoin Price History and Future Predictions

Bitcoin started with a value of zero when it was launched in 2009. By October 26, 2010, its price had risen from $0.10 to $0.20, reaching $0.30 by the end of that year. In 2011, Bitcoin’s price surged past $1 and peaked at $29.60 on June 8, but a significant market downturn followed, bringing the price down to around $5 by year-end.

In 2012, Bitcoin saw modest growth, gaining a few dollars. However, 2013 was a breakthrough year, with the price starting at $13, surpassing $100 in April, and reaching $200 by October.

Various analysts support predictions for Bitcoin’s price, including targets of $95,000 by June and $150,000 by year-end. BitQuant, which forecasted the $95,000 mark, recently advised against worrying about short-term dips, expressing confidence that Bitcoin will hit this target.

I don't know what the mass media is telling you or what geopolitics will bring. The only thing I'm confident about is that #Bitcoin is going to $95K. https://t.co/GTuQErzWLq

— BitQuant (@BitQua) May 22, 2024

If the wallet owner waits and the $95,000 prediction materializes, his 43.6 BTC fortune will be worth approximately $4,142,000. If the price reaches $150,000, his fortune will be worth approximately $6,540,000. 

The XRP Ledger (XRPL) has recently captured significant attention due to a huge uptick in payment transactions. The State of XRP Ledger Q1 2024 report by Messari on May 28th reveals that XRPL experienced an astounding 350% increase in quarter-over-quarter (QoQ), averaging two million transactions daily.

This surge, primarily driven by inscriptions, started in late Q4 2023 and continued into Q1 2024 before tapering off towards the quarter’s end. The shift in transaction dynamics saw payments becoming the most common transaction type on XRPL, overtaking OfferCreates, which historically held this position.

According to the report, total transactions on the XRPL increased by an impressive 113% QoQ, averaging 2.8 million per day. This uptick in transactions was mirrored by a substantial increase in network activity, with active addresses and transactions rising by 37% and 113% QoQ, respectively.

Notably, the number of active addresses sending XRP saw a remarkable 92% QoQ increase, surpassing unique receivers for the first time since Q1 2022.

The surge in payment transactions and network activity on the XRPL has not gone unnoticed by market analysts. Some analysts predict a significant rally for XRP, targeting double-digit price levels in the coming months.

X user EGRAG CRYPTO shared a price chart showing XRP’s recent performance aligning with the Fib 0.702 – 0.786 levels. The analyst targets a price range of $1.20-$1.50, highlighting $0.70-$0.75 as a critical breakout point. EGRAG CRYPTO also noted XRP’s strength along the “Atlas line,” a trendline where prices have historically rebounded.

Analyst JAVON MARKS added that XRP has displayed a “hidden bull divergence” over recent months, potentially leading to a rapid “mass expansion.” MARKS predicted a bull run due to XRP nearing a “major converging point” and showing an RSI pattern indicating momentum. 

XRP/USDT Price Chart: TradingView

Currently, XRP’s RSI stands at 44.6, down from last week’s. Levels above 70 suggest an overbought condition.

Factors Driving XRP Ledger’s Growth and Market Outlook

Several factors are driving the growth of XRPL and its potential for a significant rally. The approval of a spot Ethereum ETF by the U.S. Securities and Exchange Commission (SEC) is expected to have positive implications for ETH and other tokens like Solana. Classifying Ether as a commodity rather than a security settles a long-standing debate and sets a precedent for other coins.

Additionally, integrating new features and functionalities, such as the Automated Market Maker (AMM) and introducing a USD-pegged stablecoin, are expected to serve as liquidity catalysts for XRPL and drive further growth and adoption.

Market analysts are increasingly bullish on XRP’s price trajectory, with some predicting a substantial rally soon. Technical analysis suggests that XRP is currently holding strong support levels and is poised for a breakout towards higher price targets. At the time of writing, XRP was trading at $0.52, marking a 2.17% decline in the past 24 hours.

Argentina is looking to El Salvador’s experience with Bitcoin to explore ways to integrate the pioneer cryptocurrency into its financial system.

In a recent meeting with El Salvador’s National Commission for Digital Assets, Argentina’s National Securities Commission officials highlighted their interest in learning from the Central American nation’s pioneering efforts.

“El Salvador has emerged as one of the leading countries, not only in the use of bitcoin, but has also stood out in the world of crypto assets,” said Dr. Roberto E. Silva, president of the CNV. He praised El Salvador’s establishment of a dedicated regulatory body, the CNAD, indicating Argentina’s desire for similar expertise.

Dr. Patricia Boedo, vice president of the CNV, echoed this sentiment, emphasizing the importance of strengthening ties with El Salvador “a pioneer in the subject, and that has vast experience in the subject.”

Max Keiser, the Senior Bitcoin advisor to El Salvador’s President Nayib Bukele, further shed light on the discussion, clarifying that the focus was not on adopting crypto but rather on leveraging Bitcoin’s anti-inflationary properties against fiat currency instability.

In a preceding tweet, Keiser had emphasized the need for Argentina to follow suit, advocating for the legalization of Bitcoin as legal tender and the crackdown on fraudulent practices surrounding other cryptocurrencies until such measures are taken.

 “Milei’s mission to save Argentina only starts when he makes Bitcoin legal tender and outlaws frauds & scams like ETH, web3, NFT’s, ICO’s, ADA, etc Until he does that, he’s just making the situation worse. The Bukele model works.” Keiser stated.

The meeting between Argentina and El Salvador comes amidst a global shift towards embracing cryptocurrencies amidst ballooning inflation. Argentina’s interest in El Salvador’s Bitcoin journey is particularly timely, given President Javier Milei’s pro-Bitcoin stance. Notably, Milei’s election last November marked a significant turning point, with Argentina officially legalizing the use of Bitcoin and other cryptocurrencies for contract settlements and payments. 

In February 2024, President Milei’s administration scrapped taxes on crypto holdings, except capital gains above a certain threshold. However, the formal proposal to make Bitcoin legal tender in Argentina remains pending, leaving room for speculation on whether the country will follow in El Salvador’s footsteps.

That said, Argentina is drafting an executive order to oversee cryptocurrency service providers and avoid the Financial Action Task Force’s (FATF) greylist. According to sources familiar with the matter, this move would place crypto service providers under the jurisdiction of the national securities watchdog for regulatory supervision.

Since the spot Bitcoin ETFs were approved, there have been talks about ETFs being approved for other cryptos. Ethereum (ETH) has been a major focus point in this respect. For one, many experts and even regulators consider Bitcoin and Ethereum commodities, which works in favor of ETF approvals for the said cryptos. Similarly, many other cryptos are considered securities by their working models.

Now, there’s talk about Solana (SOL) and XRP ETFs. However, some influential entities think this is unlikely to happen soon, and they have their reasons. One such entity is JPMorgan. An exec from the bank had something to share regarding SOL and XRP ETFs.

Why A Fantasy?

According to Nikolaos Panigirtzoglou, any hopes of an SOL and XRP ETF approval soon are pure fantasy. Nikolaos believes that the SEC has the upper hand in classifying most of the existing cryptos as securities (except BTC and ETH). Nikolaos is a managing director and global market strategist at JPMorgan.

Approving an ETH ETF was a slim win, given the backlash that dogged the process. ETH has now joined BTC in the realm of crypto ETFs. Some top crypto networks have been lobbying to approve more ETFs covering other cryptos. Still, this strive has been largely suppressed by the sentiments that most cryptos are securities instead of commodities like Bitcoin. Granted, Ripple emerged with a victory against the SEC in a case where the SEC wanted XRP classified as a security. The vague regulatory framework by the SEC worked against it.

There’s Growing Optimism

While the possibility of SOL and XRP ETF approvals is currently slim, there’s still a chance that things could change for the better if new legislation is passed. This legislation would exclude all cryptos from the securities bracket, thereby paving the way for the SEC to approve their ETFs. This prospect may not be far-fetched, given that more lawmakers are joining the crypto bandwagon and advocating for the technology.

A trader has made it big from a small initial investment in the canine-themed meme coin Shiba Inu (SHIB). On-chain data shows a crypto address that bought about $2,700 worth of SHIB in 2021 bagged over $1 million in profits this week.

“Super Diamond Trader” Finally Sells SHIB

Shiba Inu enjoyed an explosive rally from its launch in August 2020 to its all-time high in October 2021. According to Etherscan data, one savvy trader purchased roughly 48.09 billion SHIB on Feb 1, 2021, for two wrapped ether (WETH) on the decentralized exchange Uniswap for $2,625. At the time, Shiba Inu was still an unrecognized project that only very few crypto fanatics knew about.

After hodling the SHIB stockpile for approximately three and a half years, the investor sold it for $1.1 million as the meme coin’s price surged to $0.00002614. The trade netted the unknown investor a 419x gain from their initial investment.

The price of SHIB jumped 1.9% on Tuesday and has gained 9.8% in the past 14 days. It is currently the 11th largest crypto by market capitalization at $15.2 billion after dethroning Avalanche (AVAX). SHIB is now only three spots behind Dogecoin (DOGE), its Shiba Inu-themed predecessor. Both Doge and SHIB soared earlier this year along with other meme coins as indirect beneficiaries of the spot Bitcoin exchange-traded fund (ETF) approvals in mid-January.

SHIB Is still down 70.5% from its current lifetime high of $0.00008616 registered back in October 2021. The aforementioned investor seems to be satisfied with the huge gains that they have accrued during these three years. The investor seems convinced that it may be too late for established meme coins like Shiba Inu to see a 2021-style mind-blowing upsurge again.

The team behind Shiba Inu recently raised $12 million through a token sale for the upcoming digital asset TREAT to develop its new privacy-centric Layer 3 blockchain, built atop Shibarium — its Ethereum Layer 2 solution.

SHIB is also one of the cryptocurrencies accepted by Republican candidate Donald Trump’s campaign for the 2024 presidential election.

A proposal designed to increase yields for validators rather than burn tokens is a significant factor in SOL’s upward action.

Solana validators will receive the full priority fee amount per transaction after a governance proposal passed with 78% support on Monday, shifting away from the current 50% reward and 50% burn model.

Solana Will No Longer Burn 50% Of The Priority Transaction Fees

The majority of Solana validators approved Solana Improvement Document SIMD-0096, which proposes charging validators all transaction priority fees. The proposal has officially been implemented.

For those unaware, Solana users with urgent transactions pay optional priority fees to avoid network congestion. Validators can, in turn, prioritize and fast-track their transactions, a crucial way Solana mitigates network congestion. 

This proposal seeks to improve incentives around how validators receive priority fees, thus enhancing network security. SIMD-0096 will also eradicate possible opaque and off-chain side deals between block producers and transaction submitters, improving the overall efficiency of the validator system.

“This ensures that validators are appropriately incentivized to prioritize network security and efficiency, rather than being incentivized to engage in potentially detrimental side deals,” the proposal creator Tao Stones explained.

According to CoinGecko data, SOL’s price slipped by 1.4% on the day after the SIMD-0096 proposal passed. Users have spent $1.9 million on Solana fees in the past 24 hours, as per DeFi Llama. Notably, the proposal to eliminate the 50% burn rate might negatively affect the Solana network by making SOL more inflationary.

The Problem With Removal Of The Burn Function

While the recently passed proposal could boost Solana’s security, some community members have voiced serious concerns about its impact on SOL’s tokenomics and the fact that only validators were allowed to vote on it.

With validators receiving 100% of the priority fees and none being burnt, this means more SOL issuance and inflationary pressures. One opponent to the proposal, going by the online moniker FreedomFighter, said:

“Not essentially stealing a deflation aspect people bought into Solana for, every user will suffer with higher inflation, doesn’t matter how much you undermine the amounts, it still remains a fact.”

Leading Solana validator Stakewiz also criticized the SIMD—0096 proposal. “I’m generally for a removal of priority fee burn, but I’m against this proposal for its lack of data-driven reasoning and failure to address the concern of priority fee inflation,” Stakewiz explained.

The proposal is considered to be more beneficial to validators than Solana users. How the SOL price reacts following the proposal remains to be seen.

Notcoin (NOT), introduced on May 16 via the Telegram Open Network (TON), marks Binance’s 54th Launchpool initiative. Demonstrating robust market performance since its launch, the community-driven token has surged by over 38% in the last 24 hours, emerging as one of the market’s top performers.

Notcoin price soared by over 38%, reaching $0.009687, following a series of strategic community-focused initiatives. This price jump came after a notable increase in user engagement and investment interest, spurred by a recent airdrop and earning missions that resonated strongly with the community.

According to on-chain data, the market liquidity and investor participation surged significantly after these announcements, highlighting the positive sentiment around Notcoin.

Notcoin Impressive Market Performance

Last week, Notcoin saw a 500% increase in value after being listed on major crypto exchanges. This listing elevated its market presence and led to a substantial rise in market liquidity and activity.

On-chain statistics revealed a dramatic increase in large transactions involving Notcoin, with daily trading volumes surpassing $1.25 billion, marking a 165% increase. Open interest for Notcoin also climbed from $44 million to an impressive $170.82 million within just 24 hours.

NOT Growing Popularity of Web3 Gaming

Notcoin’s success is closely linked to its innovative play-to-earn Web3 game hosted on Telegram.

The game has significantly boosted user engagement, with players actively participating in earning missions to passively earn NOT tokens by engaging with partner projects and communities.

This feature has made Notcoin an attractive crypto asset for new and existing investors drawn to the potential for substantial returns through staking and other rewards.

The Notcoin team has strategically marketed the project by drawing comparisons to Bitcoin, highlighting its limited supply, wide distribution, and lower price.

This comparison has resonated with the crypto community, with a recent poll on X revealing that most respondents preferred Notcoin over Bitcoin. 

By highlighting the similarities to Bitcoin’s early days, the team has successfully positioned Notcoin as a promising coin with significant growth potential.

Market Sentiment and Future Prospects

The recent surge in Notcoin’s price and market activity underscores the power of community support and innovative project development within the cryptocurrency space. With its play-to-earn Web3 game, strategic marketing, and growing interest, Notcoin is well-positioned for continued growth.

At the time of writing, NOT is trading at $0.009, boasting a market cap of $941 million. The token has experienced a significant rebound following a price dip last week. The bullish trend kicked off in the late hours of May 27, successfully breaking past the resistance level of $0.0053 and reaching a recent high of $0.0099.

The newly launched spot Bitcoin exchange-traded funds (ETFs) continue to vacuum up Bitcoins, now holding over 1 million BTC — which is nearly 5% of the entire 21 million BTC supply. This rapid accumulation has not only pushed the Bitcoin price to new all-time highs but also spurred wider demand for cryptocurrencies.

Capturing Over 1 Million Bitcoin

Spot Bitcoin exchange-traded funds have been an absurd success, with a profound impact on the crypto industry. 

Over 30 spot Bitcoin ETFs collectively held 1,002,343 BTC as of May 24, as per a chart posted to X (aka Twitter) on Monday by MicroStrategy founder Michael Saylor. These holdings represent 5% of the circulating supply of Bitcoin.

32 #Bitcoin Spot ETFs now hold ~1 Nakamoto of $BTC pic.twitter.com/OpHridlymc

— Michael Saylor (@saylor) May 27, 2024

The total net asset value of the 11 ETFs reached $70.5 billion. Most of that BTC is held within U.S.-based spot Bitcoin ETFs that started trading in January and have broken all past ETF launch performance records. Grayscale’s converted GBTC fund leads the pack with over 293,000 BTC under management, closely followed by BlackRock’s IBIT and their 284,526 BTC cache. 

The next biggest funds include Fidelity Wise Origin Bitcoin Trust (161,538 BTC), the Ark 21Shares Bitcoin ETF (48,444 BTC), and the Bitwise Bitcoin ETF (36,185 BTC). Outside the United States, the largest Bitcoin ETF remains Canada’s Purpose Bitcoin ETF, which was the world’s first to go live — owning 27,110 BTC. The Germany-based BTCetc Bitcoin Exchange Traded Crypto (BTCE) follows with 22,490 BTC under its management. 

The seven recently established Hong Kong Bitcoin ETFs own 5,789 BTC in total. Despite the initial optimism, Hong Kong crypto ETFs have failed to drive a lot of interest and inflows.

Rapid Adoption Of Bitcoin ETFs Shows Mainstream Acceptance

Spot Bitcoin ETFs are managed by professional fund managers who control the buying, selling, and custody of BTC, thus streamlining the investment process for traditional investors who are not well-versed in the technical aspects of crypto assets.

The world’s largest asset manager, BlackRock, has emerged as a key player in the Bitcoin ETF market. The fund’s popularity has garnered the interest of various high-profile financial institutions, including BNP Paribas, Europe’s second-largest bank, which reported an almost $42K investment in iShares.

American banking giant JPMorgan also disclosed their Bitcoin ETF holdings in multiple funds, including products from BlackRock, Grayscale, ProShares, and Fidelity, amounting to around $750,000.

The soaring adoption of Bitcoin ETFs and the substantial investments by institutional players have legitimized and cemented crypto as an asset class.

After topping $70,000 on Monday, Bitcoin swiftly slumped to sub-$68K on Tuesday after wallets labeled as belonging to the long-defunct crypto exchange Mt. Gox transferred Bitcoin worth over $9 billion to an unknown wallet.

The move is ahead of the defunct crypto exchange’s plan to return BTC holdings to creditors before October 31, 2024.

Bitcoin Repayments To Mt. Gox Creditors Nearing Reality

After 10 years of holding the bag, creditors of the famed, failed Bitcoin exchange, Mt. Gox, may soon get at least some of their money back. While that might sound like good news, some are worried about the possibility of Mt. Gox customers dumping their newly recovered BTC, putting bearish pressure on the foremost cryptocurrency.

Data from Arkham Intelligence shows that Mt. Gox transferred over 140,000 BTC, worth around $9.365 billion, from its cold wallets. Wallet activity indicates the transfers were conducted over thirteen different transactions. Mt. Gox trustee firm Nagashima Ohno and Tsunematsu started with a test transaction worth $3 on May 20 and another smaller transaction of $160 earlier today. The rest of the transactions ranged from $1.2 million to $2.2 billion worth of BTC.

All of Mt.Gox’s Bitcoin holdings have now effectively been transferred to a single wallet address “1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6”. This movement marks the first time in five years that Mt. Gox transferred assets from its wallet.

Based in Japan, Mt. Gox was one of the oldest and most prominent crypto exchanges, once handling at least 70% of all Bitcoin trades. However, a major security hack in 2011 dealt its reputation a fatal blow. The exchange eventually imploded in 2014 amidst claims of insolvency, resulting in the loss of over 800,000 BTC.

Since then, it has been a harrowing struggle for Mt. Gox creditors, who have faced rehabilitation plan delays and huge fees in a lengthy fight to recover the lost funds.

What’s Next For BTC?

At the time of writing, the Bitcoin price has rebounded to $68,321 after sliding to as low as $67,555.01 early this morning. The drop is a swift pullback for BTC. Only just yesterday the premier crypto leaped past the $70,000 threshold after it was revealed Argentina authorities have been meeting with officials from El Salvador to discuss the prospect of embracing Bitcoin as legal tender.

However, investors usually get alarmed when there’s movement from the Mt. Gox wallets, which sparks fears that an enormous amount of BTC is about to be dumped on the market and puts negative price pressure on Bitcoin.

However, Galaxy’s head of research, Alex Thorn, stated in a May 28 post on X that he expected the majority of the moved BTC to be HODL’d by creditors, instead of being sold on the open market.

there’s some reasons to believe they will hodl. noteworthy long termers make up a lot of creditors. getting a huge payday in dollar terms (cap gains) but also only a 15% recovery in btc terms. also many were offered to sell their claims and refused, wanting the coins instead. and…

— Alex Thorn (@intangiblecoins) May 28, 2024

It remains to be seen whether the release of Bitcoin to creditors will result in heavy selling pressure.

For the past few months, the cryptocurrency market has been abuzz with anticipation as Ethereum enthusiasts eagerly await the launch of spot Ether ETFs.

Amidst this excitement, Arthur Cheong, the founder and CEO of DeFiance Capital, has boldly predicted that Ethereum’s price could soar to $4,500 even before the ETFs hit the market.

Cheong’s confident assertion follows a Twitter poll on Sunday, in which he asked his followers to disclose the percentage of their crypto portfolios allocated to Ethereum. The striking results showed that despite Ethereum’s undeniable prominence and potential, only 25% of respondents had allocated a mere 47% to ETH.

“Just look at how much CT (Crypto Twitter) is under-allocated to ETH,” Cheong noted, signaling the untapped potential and latent demand for Ethereum within the broader cryptocurrency landscape.

Notably, Cheong’s forecast follows the recent approval by the US Securities and Exchange Commission (SEC) of 19b-4 filings from issuers of Ethereum-based spot exchange-traded funds. This regulatory green light injected renewed optimism into the Ethereum community, sending the price of ETH briefly surging to $3,900 before a minor correction to around $3,500.

Meanwhile, while the launch of Ethereum ETFs hinges on the SEC’s signing of registration statements on Form S-1, Bloomberg stock analyst James Seyffarth cautioned that this process could take “weeks or months.” Nonetheless, industry experts like Michael Saylor, the founder of MicroStrategy, view the approval of Ethereum ETFs as a significant development not only for Ethereum but also for Bitcoin.

In a recent interview on the “What Bitcoin Did” podcast, Saylor noted that ETH-ETFs serve as “another line of defense for Bitcoin,” amplifying the political clout of the entire crypto industry. The Bitcoin maxi contended that institutional adoption of cryptocurrencies will accelerate as skeptical investors increasingly perceive them as a legitimate asset class.

Looking ahead, some pundits, like investment bank TD Cowen, foresee the emergence of ETFs based on a “basket of cryptocurrency tokens” within a year. The bank views the SEC’s approval of Ethereum ETFs as inevitable, particularly following the green light given to cryptocurrency futures ETFs. Just recently, Matrixport co-founder Daniel Yang suggested that ETH ETF approval could pave the way for other assets like Solana to follow suit.

Ethereum was trading at $3,895 at press time, reflecting a 1.57% surge over the past 24 hours.

Bitcoin broke above the $70,000 psychologically important mark on Monday following reports that Argentina authorities are collaborating with officials from Bitcoin-friendly El Salvador to boost their adoption of the bellwether cryptocurrency.

The National Securities Commission (CNV), the Argentinian securities regulator, has opened discussions with El Salvador’s National Commission of Digital Assets (CNAD) to tackle crypto adoption and regulation in the two nations.

Argentina Taps El Salvador For Crypto Adoption Strategy

Roberto E. Silva, the President of CNV, along with Vice-President Patricia Boedo, had talks with Juan Carlos Reyes, President of CNAD, to delve into El Salvador’s pioneering journey as the first country to adopt Bitcoin as legal tender alongside Bitcoin. Argentina sought to learn from the tiny Central American nation’s regulatory and operational experiences with crypto, according to a blog post.

“El Salvador has established itself as a global leader not only in the use of Bitcoin but also in the broader realm of digital assets,” Roberto E. Silva, president of Argentina’s National Securities Commission, opined. “We aim to strengthen our ties with El Salvador and are exploring potential collaboration agreements.”

El Salvador, under President Nayib Bukele, grabbed headlines in September 2021 when it made a bold foray into the world of Bitcoin, leading to significant growth in its tourism sector and subsequently going on BTC buying sprees. Bitcoin’s price has seen marked fluctuations since 2021, recently setting a record high of nearly $74K. 

El Salvador’s frequent BTC purchases and the establishment of a tax-free crypto haven powered by geothermal energy from its volcano underscores the country’s strategic approach to harnessing cryptocurrency for economic development. 

Learning From El Salvador’s Experience

Despite objections and warnings from international entities like the International Monetary Fund (IMF), El Salvador’s commitment to its Bitcoin strategy remains firm, with the country displaying no signs of divesting from the OG cryptocurrency.

As the country continues its Bitcoin investment program and improves its cryptocurrency infrastructure, it sets a great precedent for others like Argentina to follow suit, potentially revolutionizing the global financial landscape.

CNV vice president Boedo, who visited El Salvador in March to engage in meetings on market development, stressed the important role of El Salvador’s expertise in the cryptosphere.

“Argentina is a pioneer in technology and the National Securities Commission understands and wants to work with the industry efficiently and create appropriate regulation,” El Salvador’s official Reyes postulated.

Argentina is currently the 22nd biggest country by GDP, with a population of more than 44 million. Although the meeting took place on May 23, the news didn’t circulate until today.

Most of the top 20 cryptocurrencies are in the green as Bitcoin jumps 2% to climb past $70,000, while Ether flirts with the $4,000 threshold. Bitcoin hit a local high of $70,601 earlier today. The BTC price has slipped to $70,100.44 at press time, while that of ETH stands at $3,934.75, according to data aggregator CoinGecko.

Popular Ethereum-based meme coin Pepecoin (PEPE) soared to a new all-time high earlier today, propelled by the recent approval of spot ETH exchange-traded fund (ETF) filings in the United States.

The upsurge was enough to overtake Polygon (MATIC) and become the world’s 19th biggest crypto by market value.

PEPE Overtakes MATIC’s Market Cap

Probably the most surprising comeback in 2024 was PEPE’s climb to the top, outpacing multiple “serious” crypto assets. PEPE’s most recent feat was surpassing Polygon’s MATIC.

Cult-favorite PEPE gained as much as 7.7% in its price over the last 24 hours to reach an all-time high of $0.00001717, according to CoinGecko data.

Monday’s gains pushed the frog-themed meme coin to a market capitalization north of $7 billion — $7.139 billion, to be precise. This marks an outstanding 89% appreciation since the U.S. Securities and Exchange Commission (SEC) greenlighted the spot Ethereum ETF applications on May 20.

PEPE’s price jump was bolstered by the meme coin craze that stole the spotlight, as tokens based on memes were the most lucrative in Q1, 2024. However, Ethereum-based meme coins enjoyed an additional boost after regulators changed their tune regarding the approval of ETH ETFs. Traders are expressing their bullishness in Ethereum rather than Bitcoin, especially with the potential institutional demand once the spot ETH ETFs commence trading on U.S. exchanges.  

Other Ethereum-standard memecoins, including cat-themed token Mog Coin (MOG), also registered substantial price growth after the approval of the ETH ETF filings. Dogecoin (DOGE), the godfather of all meme coins, saw a solid — albeit unspectacular — gain on Monday. The token is up 1.7% today, to trade around $0.1715 at press time.

That said, the meme coin sector is the 11th biggest crypto niche by market value, accounting for over $67 billion as of publication time. This is as good a time as any for a reminder that meme coin values are greatly dependent on unpredictable trader sentiment. That indicates that they’re extremely volatile and risky bets, despite turning early investors into multi-millionaires overnight.

MicroStrategy founder and executive chairman Michael Saylor has notably changed his tune on spot Ethereum exchange-traded funds (ETFs), arguing that the recent approvals from the United States Securities and Exchange Commission are only good news for Bitcoin (BTC) as well.

Ether ETF Is Good For Bitcoin

Bitcoin bull Michael Saylor has suddenly made a bullish statement regarding spot Ethereum exchange-traded funds.

In a recent interview with Bitcoin podcaster Peter McCormack of the What Bitcoin Did podcast, Saylor shared his thoughts on the recent approval of eight ETH ETFs by the Securities and Exchange Commission and how these new investment vehicles would impact the crypto industry. The MicroStrategy founder believes the SEC’s nod to Ethereum is a bullish development for Bitcoin as it improves the political power of the alpha cryptocurrency. 

“Is this good for Bitcoin or not? Yeah, I think it’s good for Bitcoin, in fact, I think it may be better for Bitcoin because I think that we are politically much more powerful supported by the entire crypto industry,” Saylor opined.

In his belief, a spot ETH ETF serves as an additional “line of defense” for Bitcoin, thanks to Ethereum’s huge user base. Saylor noted that the new Ethereum-based products would “accelerate institutional adoption,” as traditional investors previously on the sidelines will now recognize cryptocurrency as a legitimate asset class. 

Moreover, the MicroStrategy exec noted that investors will distribute capital across the various cryptocurrencies, but Bitcoin will still receive the lion’s share of allocated funds as the market leader.

“I think mainstream investors will say oh there is a crypto asset class now, maybe we’ll allocate 5% or 10% to the crypto asset class, but Bitcoin will be 60% or 70% of that,” Saylor proclaimed.

From Critic To Buyer?

Saylor admitted his view on Spot Ethereum ETFs has changed, given he previously thought the chance of SEC giving the products the regulatory blessing was quite slim.

“Two weeks before, the world looked like Bitcoin was going to be the only asset securitized and offered as a spot ETF by the Wall Street establishment and it was going to spread as the one legitimate crypto asset,” he posited.

Saylor had previously predicted that Wall Street would never accept Ethereum since it is very “clear” that the second-largest crypto is an illegal, unregistered security. He claimed that Bitcoin was the only “institutional grade crypto asset.”

Saylor’s U-turn on Ethereum has not gone unnoticed by crypto community members, with some questioning whether the serial Bitcoin investor could soon start scooping up Ether also.