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📣 Ethereum ETFs Inch Closer Toward Launch as BlackRock Updates Filing Financial giant BlackRock late Wednesday amended its filing with the SEC for its proposed spot Ethereum exchange traded fund (ETF). The May 29 update for the iShares Ethereum Trust is the first tangible sign of progress toward the market availability of an ETH-based ETF since the bombshell approval of the new financial vehicle last week. “This is almost certainly the engagement we were looking for,” observed Bloomberg ETF analyst James Seyffart on Twitter. “Issuers and SEC are working towards spot Ethereum ETF launches.” His colleague Eric Balchunas concurred that it was a “good sign,” noting that the other applicants will likely follow suit. If the SEC promptly provides them with “one more round of fine-tune comments,” he said that there's a possibility spot Ethereum ETFs could debut next month. “End of June launch a legit possibility, [although] keeping my over/under date as July 4,” Balchunas tweeted. 💬 Good sign. Prob see rest roll in soon. Then prob one more round of fine-tune comments from Staff. End of June launch a legit possibility altho keeping my o/u date as July 4th — Eric Balchunas May 29, 2024 BlackRock first filed an S-1 form with the SEC for its product in November, following similar proposals from ARK Invest, Fidelity, and VanEck. Crypto custodian Grayscale is also in the mix, seeking to convert its Grayscale Ethereum Trust (ETHE) into a spot Ethereum ETF. A similar conversion is credited with paving the way for spot Bitcoin ETFs, which were approved in January and led to a surge in the price of BTC and bullish sentiment across the crypto sector. With spot Bitcoin ETFs now holding over one million Bitcoin, hopes are high that funds based on the second-largest cryptocurrency by market cap will similarly move markets upward. While attention turned immediately toward Ethereum in the wake of Bitcoin ETF approvals, prospects of ETH-based equivalents seemed to dim over the next few months. $ETH #ETH #ETF #BlackRock⁩

⭕️ Terra Luna Classic Community Rejects Burn Tax Increase Proposal The Terra Luna Classic community made a significant decision. This decision involved increasing the burn tax to 1.5% and was rejected. Community members expressed disapproval of repetitive proposals to change the burn tax, especially increasing it. 🔸 Terra Luna Classic Burn Proposal Rejected According to the information, proposal number 12105 to increase the burn tax was rejected by the Terra Luna Classic community. The proposal was criticized by most voters for lacking logic and being a “lazy effort.” It was noted that this was a text proposal and not a parameter change. Therefore, even if accepted, it would not have changed the tax. The proposal received only 21.35% “yes” votes. The Terra Luna Classic community cast 32% “no” votes and 38% “no with veto” votes, rejecting the vote to revise the burn tax. Validators also voted against the proposal due to the lack of data, complementary strategies, and volume projections to support the tax increase. Recently, the community decided to change the distribution of the LUNC burn tax to the oracle pool instead of rewards. This proposal reached 70% “yes” votes with the support of 37 validators. Following this, the Terra Classic burn tax was set at 0.5%. It was stated that 80% of this would be used for burning, while the remaining 20% would be split into 10% for the Community Pool and 10% for the Oracle Pool. 🔸 LUNC Price Movement The LUNC price continues to trade at $0.0001150 at the time of writing, following a 2% drop in the last 24 hours. The lowest and highest price values in the last 24 hours were $0.0001143 and $0.0001207, respectively. Additionally, there was a 31% increase in trading volume in the last 24 hours, indicating increased interest among traders. Meanwhile, the price of one of the former stablecoins, USTC, continues to move horizontally at $0.02269 following a 1% drop. The lowest and highest price levels for USTC in the last 24 hours were $0.02246 and $0.02377, respectively. $LUNC #LUNC

🤔 XRP Price Steadies Above Support: Gearing Up for a Breakout? ● XRP is struggling to start a fresh increase above the $0.5350 resistance zone. ● The price is now trading below $0.5320 and the 100-hourly Simple Moving Average. ● There is a key bearish trend line forming with resistance near $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken). ● The pair could start a fresh increase unless the bears push the price below $0.5220. 🔸 XRP Price Holds Support XRP price again saw a bearish move and retested the $0.5220 support zone like Bitcoin and Ethereum. There was also a spike below the $0.5220 support zone, but the bulls were active. A low was formed at $0.5192 and the price is back above $0.5220. The price is now trading near the 23.6% Fib retracement level of the downward wave from the $0.5405 swing high to the $0.5192 low. It is now trading below $0.5320 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.5280 level. There is also a key bearish trend line forming with resistance near $0.5280 on the hourly chart of the XRP/USD pair. The first key resistance is near $0.5300 or the 61.8% Fib retracement level of the downward wave from the $0.5405 swing high to the $0.5192 low. A close above the $0.5300 resistance zone could send the price higher. The next key resistance is near $0.540.If there is a close above the $0.540 resistance level, there could be a steady increase toward the $0.5450 resistance. Any more gains might send the price toward the $0.5650 resistance. 🔸 More Downsides? If XRP fails to clear the $0.5280 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5220 level. The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.50 support in the near term. $XRP #XRP

⚡️ Altcoin Season Looms: Ethereum’s Development Paves The Way, Here’s How With the cryptocurrency market continuing to captivate investors around the globe, it is becoming important to comprehend the dynamics of the Altcoin season. Our Crypto Talk, a cryptocurrency channel, has offered in-depth insights on the subject based on the latest developments and price actions surrounding Ethereum, the second-largest digital asset. 🔸 Is The Altcoin Season In Or Very Close? Ethereum’s has displayed a strong momentum on the upside, attracting about 25% gains over the past 3 weeks, prior to the announcement of the ETH Spot Exchange-Traded Funds (ETFs). Historically, as the crypto asset’s price shows promising movements, it is regarded as a precursor for larger trends in the altcoin market.Following the recent price movements and development around ETH, Our Crypto Talk believes that the market could be on the brink of an altcoin season. According to the channel, should Ethereum maintain its current trend and remain stable above the $3,800 level, the season may begin earlier than expected. Also, anticipation is high for a possible season following the approval of the Ethereum spot ETFs. Last week, the United States Securities and Exchange Commission (SEC) approved all 8 ETH spot ETF applications submitted by the world’s largest digital asset managers. Considering the impact of the products on Bitcoin after approval, the channel might be anticipating a similar scenario for ETH, which could attract investors’ attention to altcoins, thereby triggering the alt season. However, due to the complexities of the listing process, it can take months for the entire effect to develop. So far, Our Crypto Talk noted that the market appears to be more optimistic than ever about ETF adoption, which suggests a bright future for the crypto market. In addition, following ETH spot ETF acceptance, many other alts, like Solana (SOL), are set to join the train. #altsesaon #Altcoin

⭐️cEthereum ETF Approval Could Surprise Us All, Says Cathie Wood ● Cathie Wood discussed unexpected Ethereum ETF approvals and FIT21’s impact. ● Trump’s acceptance of cryptocurrency donations has made headlines. ● Wood predicts Bitcoin could reach $1.5 million by 2030. ARK Invest CEO Cathie Wood has shed light on the unexpected approval of key documents regarding the proposed Ethereum exchange-traded funds (ETF). Speaking at Consensus 2024, Wood revealed that cryptocurrency has become a hot topic in U.S. politics. 🔸 Cathie Wood Discusses Unexpected Approval of Ethereum ETF Documents Initially, the Ethereum ETF seemed unlikely to gain approval. However, the sudden shift in sentiment around the Financial Innovation and Technology for the 21st Century Act (FIT21) hinted at potential changes. FIT21, which recently gained bipartisan support in the House, has made cryptocurrency a possible election issue. Furthermore, former President Trump’s newfound comfort with Bitcoin and other cryptocurrencies also played a role. In fact, Trump recently announced the acceptance of campaign donations in cryptocurrency, a move that received significant attention. 🔸 ARK Invest’s Predictions for Bitcoin and Potential Solana ETF Aside from speaking about the Ethereum ETF, Wood also said that the possible approval of a Solana ETF would be a big surprise to people. However, she did not comment on the likelihood of meme coin-focused funds getting approved, only stating that large brokerage firms and investment advisory companies always stick with the major cryptocurrencies. Wood reiterated ARK’s belief that Bitcoin is a public good and said that ARK would donate a portion of its private fund revenues to support Bitcoin developers. While Ethereum has gained popularity in recent months, Wood stays strong in her prediction for Bitcoin, believing the latter could reach $1.5 million by 2030. $ETH #ETH #Ethereum

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