On the final decision date for the VanEck ETF, the SEC granted approval to all eight pending Ethereum spot ETFs. 🚀
These investment vehicles enable investors to gain exposure to Ethereum’s price movements without directly purchasing the tokens.💸🔥
ETFs are a well-known financial instrument in traditional markets, allowing investors to bypass the complexities of crypto exchanges and wallets. 🚨🚨 The approval of Ethereum ETFs was anticipated, mirroring the process seen with Bitcoin spot ETFs earlier this year.🔥🔥
Historically, despite initial declines following approval, ETFs have driven substantial price increases for Bitcoin, reaching all-time highs (ATH). However, the Ethereum market reacted with a nearly 3% price drop, accompanied by broader market negativity.🔥🔥
Ethereum ETF Launch Next Month Becomes ‘Certainly Possible’ with S-1 Submissions.
Excitement builds in the crypto space as the newly approved spot Ether (ETH) exchange-traded funds (ETFs) are possibly launching as early as mid-June. However, this development is still dependent on the promptness with which the approved clients amend their S-1 registration statements and the following feedback rounds they’ll receive from the Securities and Exchange Commission (SEC).
Bloomberg ETF analyst James Seyffart suggests that the approvals of S-1 might be seen within a few weeks, but he also acknowledges that the process is supposed to take up to months. However, fellow analyst Eric Bachunas continues to be optimistic, expecting a mid-June launch. He states that the SEC’s feedback process required around two weeks to spot Bitcoin ETFs.
SEC Eth ETF Discussions Underway, S-1 Approval Expected in Hours
The U.S. Securities and Exchange Commission (SEC) began discussions with potential issuers of Eth (ETFs) on May 22, leading some to anticipate an imminent approval.
Journalist Eleanor Terrett noted that discussions between SEC staff and Ether ETF issuers about the S-1 forms concluded with the understanding that there was still “work to do.”
Source: Eleanor Terrett
S-1 forms are registration statements that companies have to file with the SEC, including detailed information about the company and the securities they intend to offer/issue.
Whereas 19b-4 forms are regulatory filings issued to the SEC for approval, used by self-regulatory organizations (SROs) like stock exch or trading platforms to propose new rules or change existing ones.
In a subsequent post, Terrett deferred to “the ETF experts” in a separate post. Assuming that the SEC approves the 19b-4 forms on May 23, Terrett speculated that the SEC might work with Eth ETF issuers “on S-1’s over the next few weeks/months.”
Eric Balchunas, a Senior ETF Analyst at Bloomberg, expects the SEC to issue an announcement on May 23, around the same time they did for the spot Bitcoin ETF.
“My best guess is we hear from the SEC around 4pm tomorrow. For spot btc they dropped it at 3:45pm, some others in past were slightly after 4pm. Anything poss tho.”
Related: Ethereum ETF decision due in hours as BTC price gets $80K May target This development follows the approval of the FIT21 crypto bill in the U.S. House of Representatives, which passed on May 22 with 208 Republicans and 71 Democrats in favor to 136 against.
Consensys CEO Joseph Lubin recently weighed in on the discussion in anticipation of the potential looming Eth ETF approvals.
Speaking exclusively to Cointelegraph at DappCon in Berlin, Lubin stated that Eth ETFs in the U.S. were “as good as done.”
According to Lubin, the 19b-4 applications filed by high-profile firms like BlackRock would be approved, but the process behind the S-1s “could drag on for a while.”
Gala Games Announces Destruction of Nearly 1 Billion GALA Tokens. 🔈 $GALA Gala Games has announced the destruction of nearly 1 billion GALA tokens. 📶
The news comes after a governance proposal initiated by the Gala community regarding temporary GALA token contract upgrades and token destruction. 🌈
This proposal was made in response to a recent security incident that led to the unauthorized minting and sale of approximately 600 million GALA tokens, as well as the permanent locking of approximately 44 billion tokens. 🐋⬆️
The goal of this proposal is to officially destroy approximately 44 billion of these GALA tokens, along with approximately 600 million GALA tokens from the GALA treasury, to ensure the stability and sustainability of the ecosystem. ⬆️🐋
This move by Gala Games is seen as an important step to maintain the integrity of the GALA token ecosystem following the security breach.🌈😃
Binance announced the launch of the second project on its token issuance platform, Binance Megadrop.🌈
The Lista Protocol (LISTA) is a liquid staking and decentralized stablecoin.🌈
Users who subscribe to locked BNB products or complete tasks in the Binance Web3 wallet can get early access to rewards from Lista.🌈
The total supply of LISTA tokens is 1 billion, of which 230 million are in circulation. 📶
Megadrop incentives amount to 100 million tokens, which is 10% of the total supply. 📶
Binance plans to add LISTA to its exchange after the completion of the Megadrop.📶
To participate, users can use their active Binance Web3 wallet to subscribe to locked BNB products on Binance Simple Earn or complete Web3 Quests to earn points. 🔈
Lista DAO operates as an open liquidity protocol, allowing users to earn from collateral cryptocurrencies. 🔈
The LISTA token is used to govern and incentivize participation in the Lista DAO ecosystem.🔈
1.Token Airdrops: Binance occasionally holds airdrop events where they distribute tokens to users for free or as part of promotional campaigns.
2.Listing Announcements: Binance frequently announces new token listings.
3.Promotional Campaigns: Binance runs various promotional campaigns that might be termed "megadrops," involving significant rewards or large-scale events.
For precise information, it's best to check Binance's official announcements on their website or social media channels.
Avalanche (AVAX) token, despite encountering severe price fluctuation all month long, has caught the attention of crypto enthusiasts and market analysts.
However, the challenges faced by the Avalanche network are beyond sluggish price momentum, as it is also related to tightening regulations imposed by governments worldwide and occasional downgrades in crypto ratings.
These regulatory pressures have necessitated adjustments and compliance efforts from Avalanche. This news has also impacted its defi market and it may also potentially affect the long-term prospects of Avalanche.
Regardless, it is also almost impossible to not acknowledge Avalanche’s technological advancements. Moreso, ranking among the top cryptocurrencies in the market, AVAX Token boasts a market cap of over $13b, signifying its dominance and resilience in the crypto industry.
SEC Indicates to Exchanges a Likely Approval for Spot Ethereum ETFs, Listings Expected This Week: Sources🏀🏀
The U.S. Securities and Exchange Commission (SEC) is reportedly leaning towards approving exchanges for listing Ethereum spot ETFs (Exchange-Traded Funds).
According to sources familiar with the matter and a report by Barron’s, the regulatory body made comments that suggest the approval process is moving forward and could be finalized as early as this week.
According to a May 21 Reuters report, SEC officials contacted Nasdaq, the Chicago Board Options Exchange (CBOE), and the New York Stock Exchange (NYSE) to request updates and changes to existing spot Ether ETF applications ahead of a regulatory deadline.
The commission must decide by May 23 whether to approve or deny VanEck’s spot Ether ETF after having delayed the process for 240 days.
Let’s take a look at $NEAR & $ALGO (just an example) 😃😄
$NEAR is obviously a very strong coin that’s currently trading above the 0.0.618 Fib📶 $ALGO is a weak one because it hasn’t broken above the 0.382 Fib (currently trading even below the 0.236)
If you’re holding some ‘weak’ coins, don’t rush to sell them to buy strong coins like $NEAR at the current price. However, holding weak coins might be depressing for quite some time until they start catching up 📈
The highest I can see $ALGO go is 0.786 Fib ($1.40) - 660% profit from here The highest I can see $NEAR go is ($44) - 450% profit from current price. 🌈
As we can see $ALGO can bring you more profit even though it’s a weak coin and $NEAR is a strong one.
⚠️ This is not a call to go sell $NEAR and buy $ALGO .
I keep holding my $NEAR bag and not planning to sell it anytime soon. I think $NEAR will be a much better hold at least from the psychological perspective and maybe it tops out first.