The post "Vitalik Buterin has donated 30 ETH to Tornado Cash developers" first appeared on 36crypto.com News.
Vitalik Buterin, the co-founder of Ethereum, contributed 30 ETH or $111,000 to a legal fund for the Tornado Cash developers Alexey Pertsev and Roman Storm using the decentralized fundraising platform Juicebox. The above on-chain analysis reveals a transaction from an address connected to Buterin and the name vitalik. eth, made at 1:58 am EST to the “Free Alexey & Roman” legal fund.
The fund has collected 591 ETH ($2. 2 million) to support the developers of the Ethereum-based crypto mixer Tornado Cash, who were arrested for money laundering. This particular contribution shows Buterin’s commitment to the developers during the ongoing legal battle.
Vitalik Buterin Supports Tornado Cash Developers Legally
This month, the Dutch courts convicted Alexey Pertsev to 64 months in prison for his part in the $1. 2 billion through the mixer from July 2019 to August 2022 through the use of the mixer. It held that Pertsev played a role in facilitating money laundering activities. Pertsev has also attempted to contest his conviction, filing an appeal with the ‘s-Hertogenbosch Court of Appeal in the Netherlands.
Roman Storm, another developer associated with the Tornado Cash project, is also in custody in the US after being apprehended in 2023. His trial is set for September. The legal fund is meant to help them gather the funds needed to support their case, and the crypto community stands in solidarity with them.
In 2022, Buterin sent 10 #ETH to AssangeDAO, a legal fund on Juicebox for Julian Assange, the WikiLeaks founder. This pattern of contributions reflects Buterin's focus on helping those who face legal problems in the blockchain and cryptocurrency sphere.
Vitalik Buterin's contribution to the legal defense of Tornado Cash developers shows that he remains a supporter of the cryptographic community even in the face of legal challenges. The large amounts of funds received through a fundraising campaign on the Juicebox platform show a significant effort to support Pertsev and Storm, bringing attention to the existing controversy surrounding the use and regulation of cryptocurrencies. As we look at the cases, it will be essential to have the community's support as we try to maneuver through these legal terrains.

The post "Fidelity Spot Ether ETF is on the DTCC under the ticker FETH" first appeared on 36crypto.com News.
The U.S. spot #Ethereum exchange-traded fund of Fidelity Investment has been added to the Depository Trust and Clearing Corporation list of ETFs. The Fidelity Ethereum FD Beneficial INT fund can be identified under the number FETH. DTCC classified the ETF as a domestic fund, and in the create/redeem column of the FETH, the first letter “N” seemed to imply that the fund is not yet open for creation and redemption.
It has two lists of ETFs: The Active ETFs List that can be traded and The Pre-Trade Approval ETFs List that cannot be traded until after they have gotten the approval of all relevant authorities. This inclusion means that Fidelity’s spot ether ETF is still yet to be launched since it is waiting for clearances before trading.
Fidelity Submits Amended S-1 for ETF
Last week, eight 19b-4 forms for spot ether ETFs from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark Invest, Invesco Galaxy, and Franklin Templeton. This preliminary approval is still a big boost to the created firms. However, they still require their S-1 registration statements to receive approval from the regulator for any funds to be formed.
In the recent week, Fidelity’s amended S-1 form has been submitted, which can be taken as a significant step forward in regulation. Furthermore, the asset manager BlackRock, which saw its bitcoin spot ETF become the largest, disclosed its amendment S-1 on Wednesday. As for the three firms' ETFs, namely Fidelity and others listed on DTCC, the increasing popularity of the crypto goods could be deemed invigorating.
One can claim that the change made by Fidelity regarding its spot ether #ETF inclusion in the list of the DTCС under the symbol FETH is a significant event in the ETF industry. The requirements were initially obtained, the progression of the regulation was established, and the industry’s growth appeared to be in a state of further development. Such inclusion means that the ETFs are broader in acceptance and can expand more into cryptocurrency investments.

The post "BlackRock’s latest S-1 filing adds more details about Ethereum ETF and its business prospects" first appeared on 36crypto.com News.
BlackRock then submitted an amended registration statement for its would-be Ethereum-focused fund, the next step as firms seek to list and trade their products. It submitted its Amendment S-1 document a week following the approval of the U. S. Securities and Exchange Commission to 19b-4 forms of eight Ethereum ETFs, including BlackRock’s proposed iShares #Ethereum Trust. Issuers still require filing their S-1 statements before trading is likely to commence.
Under the new format, BlackRock provided details of seed capital investors to the public. BlackRock, in its revised filing, said, “On May 21, 2024, subject to conditions, the Seed Capital Investor, which is an affiliate of the Sponsor, acquired the Seed Creation Baskets consisting of 400,000 Shares for a per-share consideration of $25. 00”. The asset manager also revealed that the shares will be listed and begin trading under ‘ET Health Sciences & Technology Acquisition Corp’ with the ticker ‘ETHA.’
End of June Launch Possible for BlackRock
The SEC has recently begun discussions with issuers concerning their S-1 filings. The exact time it may take for this process to happen is still unknown, although some people believe that it may take weeks. BlackRock’s amended S-1 elicited a positive response from Bloomberg ETF analyst Eric Balchunas, who said that it is a “good sign” in a blog post on X on Wednesday. ‘Probably see rest roll in soon,’ Then, ‘probably one more round of fine-tune comments from Staff. ’ End of June launch is a legit possibility, although my o/u date is July 4,’ Balchunas said.
This development indicates enduring regulatory proceedings and more clarity from issuers such as BlackRock. These adjustments give more company exposure and strengthen BlackRock's statement to follow regulatory guidelines and rules.

The post "Sam Altman and Argentinian President Javier Milei Discuss Worldcoin Investment" first appeared on 36crypto.com News.
The #Worldcoin team has had a challenging ride wooing world leaders. Still, the team was closer to achieving its goal on Wednesday when Tools for Humanity co-founders Sam Altman and Alex Blania met with Argentinian President Javier Milei to discuss investing in the South American nation.
The leading company behind the Worldcoin project is Tools for Humanity, co-founded by Blania and OpenAI CEO Altman. The statement added that specific points discussed included the progress in AI, what is in store for human society concerning AI, and possible investment in Argentina.
Worldcoin's Global Outreach and AI Preparedness
As in many other similar projects, governments worldwide have turned their attention to Worldcoin as well. However, in an attempt to change the perception related to the protection of personal data, the organization has taken several necessary steps lately. Two weeks ago, both Altman and Blania met with the government of Malaysia. This action showed that the company is reaching out and wants to be as open internationally as possible.
Anticipation of higher cryptocurrency adoption in Argentina rose when the seemingly supportive Bitcoin Argentine President, led by late last year, was declared the newly elected president of the nation, namely Sergio Miguel Fiorillo, also familiarly called 'Milei.' Still, some appeared in April, which cast doubt on Milei's administration's intentions of moving forward with crypto.
Woldcoin distributes its native token, WLD, to everyone who lets the company scan their eyeballs to confirm that they are human. This project belongs to a limited number of initiatives and startups related to developing PoH instruments as AI becomes increasingly invasive in our lives. Many people are convinced that the Internet will soon be built primarily by AI agents.
Nevertheless, Tools for Humanity is not resting on the sidelines but actively pursuing its goals. The meeting with President Milei is a significant achievement that will see Worldcoin reach out more and help Argentina prepare for the Artificial Intelligence revolution.
Therefore, by analyzing the conversation between Sam Altman, Alex Blania, and the President of Argentina, Javier Milei, it is possible to understand the continuous development of top-notch AI technologies and cryptocurrencies in the global economy. However, the Worldcoin project continues to act as an active participant in this emerging context, promising to work on the development of blockchain gaming while simultaneously focusing on preserving fair data protection practices.

The post "Michael Saylor's Bitcoin Message Resonates Amid BTC Price Uncertainty" first appeared on 36crypto.com News.
This cryptocurrency recently dipped to $67,437 after marking a major high of $70,613 on Monday. Michael Saylor, chairman of MicroStrategy and a well-known supporter of Bitcoins, has sent a statement that shares the sentiment of the community. Saylor suggested this in a tweet where he used the hashtag message in the word 'shockwaves of change' accompanied by the symbol of Bitcoin. That is why he says that Bitcoin needs to be viewed as a vehicle for revolution at a time when the market is unsure how to act after a giant transfer of Mt. Gox-era Bitcoins.
Mt. Gox's Impact on the Bitcoin Market
Unveiled by Whale Alert, 143 thousand BTC, approximately equaling $9 billion, was transferred from the Mt. Gox wallets to an unknown address through thirteen transactions. They may do this as part of repaying the creditors through a structured plan of meeting their dues. These large BTC transfers were a trigger that led to the market's discomfort, and Bitcoin fell to $ 67537 after it hit $ 70613. At the moment, Bitcoin has regained a bit of this loss and is currently trading at $68,280, which has plummeted to 0. According to the data from this stock, it has increased by 45% within the last 24 hours.
The now-defunct MT Gox, which was formerly the biggest trade for virtual currency, closed in 2014 due to a loss of around 300,000 bitcoins due to theft. Lenders have since expected a return of their funds within the #Bitcoin market, which is expected to exert even more selling pressure. Over $9. There is $4 billion in Bitcoin owed to some 127 thousand creditors of Mt. Gox, with the deepest repayment set for October 31, 2024. In January 2009, the trustee commenced reaching out to the creditors to determine their identities and to exchange repayment accounts.
All these changes are unfolding within the Bitcoin community, and the dominating idea of these processes is the concept of change, where change means disruption and shift for the better. In this respect, Saylor's message embodies extraordinary perseverance in the face of threats and the yet-unfolded Mt. Gox scandal. This statement emphasizes that while various aspects of the market evolution may be controversial, the fundamental philosophy of Bitcoin as a tool for change and evolution remains a guiding light to some.
Those who have read Michael Saylor's recent message could understand the important appeal of considering Bitcoin as a revolutionary technology during the existing market turmoil. There is much manipulation of the BTC due to concentrated transactions with Mt. Gox, but faith is still alive. By reading this message from Saylor, we can tell that much has not changed, and people continue to believe in the power of Bitcoin.

The post "Hong Kong to Ensure Crypto Platforms Pass Compliance Examination Amidst the Deadline" first appeared on 36crypto.com News.
Growing a new regulatory environment paved the way for establishing Hong Kong’s cryptocurrency hub amid the critical compliance deadline. Recently, the Hong Kong Securities and Futures Commission said on Tuesday that the company would carry out physical checks of all cryptocurrency trading platforms that seek the license to operate. This move will help DF consequently meet the legal requirements and standards.
Currently, by June 1, 2024, all VATPs who are continuing trading services in Hong Kong must be licensed either with SFC or under the status of a “deem to be licensed,” by which SFC has provided specific temporary licenses to allow certain platforms to carry out these trading services in Hong Kong until getting their license. Failure to operate without a license after this period will be an offense that will breach the anti-money laundering and counter-terrorism.
Hong Kong Firms Face Strict SFC Audits
The SFC’s on-site inspection will center on applicants' commitments to regulatory requirements, such as preserving customers’ funds and other assets and effectively implementing ‘know your client’ policies and procedures. Currently, only two concerns are listed, namely OSL Digital Securities Limited and Hash Blockchain Limited, which SFC has approved. The number of applications in the system crossed 18; as of now, 11 have withdrawn or have been omitted, such as the crypto exchange OKX and Huobi Hong Kong”.
The SFC does not expect applicants to engage in their services or recruit new retail clients before they have full licenses. Angela Ang, a senior policy adviser for blockchain intelligence firm TRM Labs, and I opined that the SFC’s elevated standard and demands, including on-site assessments, are expected. This observation arises from the argument that the latest withdrawn applications could be part of the SFC’s strategic plan to standardize the process before implementing the deeming arrangement.
As a result, the number of 18 entities officially in the SFC system as “deemed to be licensed” will be decided on June 1. For Hong Kong, which wants to become a significant hub for cryptocurrencies, this can become a problem if several license applications have not met this critical date. A strict inspection procedure can be observed by the SFC, thus reflecting its determination to eliminate illicit activities and sustain the credibility of the crypto market in Hong Kong.
Hong Kong is preparing for changes regarding the regulation of cryptocurrencies since SFC is introducing compliance measures to strengthen its position as a potent crypto-friendly hub. Thus, the following months will be decisive for VATPs, or those companies will have to meet these strict requirements and get their licenses.

The post "Bitcoin Views to Influence One-Third of US Voters in Upcoming Elections" first appeared on 36crypto.com News.
A study to gauge the strength of #Bitcoin and cryptocurrency in upcoming US elections shows that 33% would likely factor in a candidate’s stance on Bitcoin and cryptocurrency before voting. This change in priorities points to the increasing use of politics to advocate for digital currencies, demonstrating their signs of growing importance in the political process.
Candidates Must Address Bitcoin, Crypto Risks
The poll results also point to an emerging trend: citizens focus on policies concerning crypto assets. Understanding a candidate's political position regarding Bitcoin, cryptocurrencies, and other related digital assets can potentially sway voters. Such a shift demonstrates more evidence of cryptocurrency’s participation in American politics.
The survey details prove that Bitcoin and all crypto are no longer a concern only to the dedicated circle of voters but problems for millions of active voters. Political leaders must address issues such as the nature, adoption, risks, and benefits of digital currencies as they become more popular. In that case, the failure of candidates to develop sound and favorable policies on cryptocurrency may result in the loss of a large population of voters.
Crypto Policies Shape U.S. Election Outcomes
With elections each coming year, candidates must consider matters affecting their cryptocurrency. According to the poll, Bitcoin and other cryptocurrencies policies will likely emerge as the major deciding factors in any election. This development may lead to more discussion and debate about the rules surrounding digital currencies and the world’s embrace of them.
The nature of how cryptocurrency may affect voters raises the question of how technological issues, in general, are leading the charge in reforms of political systems. For this purpose, it has become important for candidates to be aware of issues related to cryptocurrencies to capture the futuristic and educated voters. It also remains to be seen how this change in the general trend among voters may further lead to political parties adapting towards more concrete policies involving cryptocurrencies.
The poll recently revealed that 33% of US voters would consider a candidate’s opinions on Bitcoin and crypto necessary, indicating that crypto has become a political game-changer in America. Since conventional currencies are gaining popularity online, their influence over elections could be expected to rise. To woo the voters, they must shift their ground and integrate cryptocurrency policies into their agenda. This development is symptomatic of the large-scale integration of technology in political governance and the challenges leaders face in today’s society.

The post "Mark Karpeles Confirms: No Bitcoin Sales by Mt.Gox" first appeared on 36crypto.com News.
The current problems concerning the recent making of significant #Bitcoin transfers from the exchange's wallet have all been cleared by the former CEO of Mt. Gox, Mark Karpeles. Karpeles further explained that such movements do not mean the firm plans to sell Bitcoins shortly.
The official statement from Mt. Gox also makes it apparent no direct payment of Bitcoin or Bitcoin Cash has been made to the creditors through authorized exchanges. Also, no crimes and sales of cryptocurrencies have been executed to allow for these repayments. According to a statement picked up by Chinese crypto journalist Colin Wu, it is clear that the Rehabilitation Trustee still holds BTC and Bitcoin Cash safely.
Mt.Gox's Bitcoin Transfers: Preparation for Distribution
Specifically, Karpeles used the X platform to reassure everyone that submitting $5 billion in Bitcoin from Mt. Gox to a new pocket is a movement toward distribution. He also noted no plan to sell Bitcoin in the next few weeks or months. The Rehabilitation Trustee is simply moving the Bitcoin to another address to be distributed sometime in the future. The company anticipates this will happen in the third quarter of the year.
Bitcoin tumbled to a 4% reduction below the 70K mark earlier today following the occurrence of these massive transactions from Mt. Gox. However, BTC has since slightly bounced back, and the digital currency is at $68,467.
In conclusion, while Mark Karpeles may seem ambitious and have a negative attitude towards allowing speculation, Mt. Gox has been very clear, stating that the recent Bitcoin transfers are not from sales. These movements are before the creditors, and those assets need to remain safe and under the total control of the management.
Karpeles' response and conversation with the founder is to alleviate any concerns having to do with market manipulation by the sale of huge quantities of bitcoins. Thus, investors and creditors can look forward to protected rehabilitation where assets undergo careful and systematic administration. The Mt. Gox's rehab continues to be devoted to providing the inconvenience of Bitcoin and, more so, Bitcoin Cash to its creditors without contributing to the market instability.
Therefore, it reassures the community that the recent activities discussed above are in line with the long-term strategic plan of repaying the loans. This reflects the continued focus on open market stability while at the same time working to fulfill the obligations with the creditors of Mt. Gox.

The post "Market Weekly Recap: Bitcoin Gains Momentum as Ethereum Enters ETF-Based Rally" first appeared on 36crypto.com News.
The market has been setting off on the wrong foot for many weeks’ onset, yet ultimately radiates a silver lining. Assessing the chances of a long-term rally behind Bitcoin’s and Ethereum’s upswings
As #Ethereum could be the closest ever to getting listed on Wall Street, a positive sentiment has been hovering in the market. With Bitcoin’s May 20 upsurge, it’s time to evaluate: is it an off-tendency action, or a sigh for long-term highs?
Will Bitcoin’s $70K hold for long?
Since #Bitcoin reached its all-time high of $73,000 on March 14, it has indicated a global downward trend, which is absolutized to reaching a critical $56,792 bottom on May 1. The resistance point bounced back with a vague bullish sentiment, later rebounding and bringing BTC to the $60,796 range on May 9.
Amid fluctuating market conditions, Bitcoin recovered by over 4% on May 10, moving closer to $64,000. Upswung volatility had been in charge until BTC experienced a rapid 10% surge, which brought the cryptocurrency back to the $70,000 range.
This again brought the speculations about long-term BTC potential on the table, the boldest of ones citing the asset to overcome $220,000, as per Max Keiser – a vocal Bitcoin advocate and former financial journalist. 
The forecast is driven by what Keiser identifies as a crucial dynamic in the market: a “demand shock meet supply shock” scenario, indicating a tightening of Bitcoin’s supply at a time of increasing demand.

Bitcoin: Exchange Reverse rate. Source: X/Vivek | CryptoQuant
This supply contraction and growing demand form the basis for Keiser’s prediction of a “God candle” on Bitcoin charts – a dramatic price surge that could potentially elevate BTC to the $220,000 range.
Crucially, a closer look at Bitcoin’s daily chart reveals positive sentiment, evidenced by the relative strength index (RSI) at 57.77 rate and 50-day and 200-day exponential moving averages (EMA), marking the potential uptick.

BTC/USDT 1D chart. Source: WhiteBIT Trading View
Notably, the chart indicates that Bitcoin has finally broken its structure to the downside over recent months, leading to liquidity accumulation at each structural break. By contrast, the possible bearish outlook is reflected in the number of active Bitcoin addresses and a slowdown in new address momentum.

Bitcoin: new address momentum. Source: Glassnode[/caption]
This indicates the market’s skepticism about a short-term bullish turnaround behind the recent correction phase.

Bitcoin: number of active addresses. Source: Glassnode
Regardless, the long-term outlook for Bitcoin remains optimistic, as Santiment noted increased Bitcoin whales’ activity since May 8. This may be a silver lining for the first cryptocurrency and its holders.

1,000-10,000 BTC wallet holders. Source: Santiment
Ethereum ETF At Its Closest – $4,000 Expected
After experiencing a severe price decline on the 7th of May, Ether (ETH) saw more liquidations in long positions. As a result of the shorting activity, the price of ETH went further south, falling below the $3,000 price range in momentum. 
The fluctuation came amidst Grayscale’s abrupt withdrawal of its Ethereum futures ETF filing, which brought pessimistic signals to the market participants envisaging SEC’s potential next move. 
Still, throughout May 20-May 23, Ether managed to break out of the bearish trend and hit the local milestone of $3935.37, marking a 29.22% growth. The bullish dynamic took up amidst the rumor of Ethereum ETF likable approval.  Notably, Ether’s 4-hour chart suggests the long-term bullish perspective, as 50-, 100-, and 200-day exponential moving averages (EMA) register sharp upticks. 

ETH/USDT 4h chart. Source: WhiteBIT Trading View
Daily timeframe price trend marks a notable three-day incline with a moderate level of volatility, depicted by the Bollinger Band. The incline has further entrenched Ether into a bullish trend, with the relative strength index (RSI) standing at 73.70, signaling a strong upward sentiment.

ETH/USDT 1D chart. Source: WhiteBIT Trading View
Altcoins Seek Second Breath
The altcoin market quickly followed the moves of the stronger Bitcoin and Ethereum. Almost every of the top 10 altcoins recorded an average 8%-10% increase in price. Namely, Cardano (ADA) registered a 5.68% growth, while Avalanche (AVAX) increased almost 15%, marking a local $15 milestone at the writing time.

Altcoin market monitor. Source: COIN360
Notably, among the top performers, memecoins took the lead. After a post-GME rally consolidation, #Pepe (PEPE) indicated a staggering 65.60% growth that took it to the all-time high (ATH) of $0.0000147.

PEPE/USDT 4h chart. Source: WhiteBIT Trading View
#Dogecoin (DOGE) also closed upon the elevation, achieving the local highs of $0.16-$0.17.

DOGE/USDT 4h chart. Source: WhiteBIT Trading View
Interestingly, Solana-based memecoins #Dogwifhat (WIF) and Bonk (BONK) have also marked a price surge, by contrast to SOL, which went south due to the Ethereum ETF resonance. As the bulls took over the market, this tendency proved to be long-term – with the investment behavior set for durable optimism.

The post "Garlinghouse Applauds Biden Administration as FIT21 Crypto Bill Passes in Congress" first appeared on 36crypto.com News.
Ripple's CEO, Brad Garlinghouse, celebrated the Biden administration, yet SEC chairman Gary Gensler was noted as a political liability. Garlinghouse's comments come in the wake of the emergence of the much-anticipated FIT21 crypto bill in the U.S. Congress. This move has been widely considered to be a positive step towards enhancing the legal framework of cryptocurrencies.
Brad Garlinghouse Challenges Gensler's Crypto Opinions
Specifically, 71 Democrat legislators supported the FIT21 crypto bill, which means that a significant number of them voted for legislation that representatives of the Republican Party supported. This indicates that people are dissatisfied with Gensler's opinions regarding cryptocurrencies.
Garlinghouse used a specific segment of the bill to argue that when mentioning the sale of digital assets under an investment contract, it becomes clear that the buyer acquires security. This opines that a digital asset cannot be categorized as a security simply by being sold or transferred under a catch-all contract. This segregation is important for the classification of the cryptocurrency industry because it clearly defines the way their assets are classified.
Garlinghouse Criticizes Gensler Amid FIT21 Approval
The FIT21 bill includes clauses derived from the decision made by U.S. Judge Analisa Torres in the SEC vs Ripple case in July 2023. Judge Torres made her decision and stated that XRP is not a security that Ripple has released. This rather became a key win for Ripple in an ongoing legal war with the SEC.
The steps made by this judge did influence the legislation of digital assets, requiring lawmakers to adopt similar distinctions in the FIT21 bill. In the same way, the bill states that an asset is not transformed into a security just because it is bought under an investment contract, which corresponds to the legal decisions made by Judge Torres. This move to align with the legal precedents in the industry will give more legal certainty and backing to the crypto market.
That December, Garlinghouse penned Gensler as a 'political liability,' accusing him of prejudicially damaging consumers and the SEC's credibility while politically entwined with Wall Street. He also pointed out allegations of hypocrisy against Gensler and claimed he was even involved in various massive financial scandals.
The US House of Representatives' approval of the FIT21 crypto bill on May 22, 2024, has to be considered a major step in developing a rigorous approach to regulating cryptocurrencies. Experts describe this development as a positive step forward, pushing the industry towards a clear and stable direction.
The recent passing of the FIT21 crypto bill is a huge boost to the cryptocurrency industry since it aims to reduce loose legal loopholes. In light of Garlinghouse's arguments, Gensler remains a subject of criticism, and tensions within the regulatory environment persist. This is a step toward a more clearly outlined and enacted system of regulation as the cryptocurrency niche progresses.

The post "Serbian Government Meets SEC to Discuss Do Kwon Investigation and Extradition" first appeared on 36crypto.com News.
In this regard, the Serbian government recently opened a meeting with the SEC to address the specifics of the ongoing investigation of Terraform Labs founder Do Kwon and other concerns related to the safeguarding of investors in cryptocurrencies. I can confirm this meeting on behalf of the Justice Ministry of Montenegro, which is planned for Wednesday.
According to the ministry, the #SEC has forwarded the results of the investigation into Kwon to Montenegro’s Justice Minister, Mando Andrej Milović. They also discussed the court case in the U.S. against Kwon. Although the details of the meeting were not mentioned, this may mark the progress of Kwon’s extradition that was begun for several months. One of the major issues of controversies that arose in this case was whether Kwon should be extradited to the U.S. or his home country, South Korea.
Montenegrin Court Defers Do Kwon's Extradition Decision
At the beginning of April, the Montenegrin’s Supreme Court made a decision that, according to Montenegrin legislation, the extradition decision was not a competence of the court but of the justice minister. This decision was reached following Kwon’s extradition to Montenegro in March, which provoked South Korea’s prosecutors. Extradition is also one of the questions that is considered to remain one of the significant topics for negotiation between the states.
It was also alleged that Terraform Labs and Kwon committed civil fraud in February 2023 by a jury constituted in the U.S. Specifically, the case investigated by the SEC concerns the instability of the algorithmic stablecoin Terra USD (UST) in May 2022. This resulted in a great loss and Decisions that affected the investors financially.
Kwon, a major mediator for North Korean weapons dealers, was detained in Montenegro in March 2023 for using counterfeit documents. By March 23, 2024, Kwon was released from prison and was to be moved to the facility for immigrants known as the reception center. Together with the circumstances in which the local authorities took away his passport, the extradition process became very challenging in the end.
International Cooperation Key in Kwon Extradition
The recent conversation between Montenegro’s Justice Ministry and the SEC indicates that international cooperation is a constant process of fighting crypto wrongdoers. This aspect can be seen from the SEC’s detailed articulation of the investigation results and the present court cases in the U.S. for Kwon’s trial.
This decision expects Montenegro’s Justice Minister Andrej Milović to come across this decision, as the consequence of extradition extends to Kwon’s cases in more ways than one can imagine. In the given cooperation with the Montenegrin and U.  S.  authorities, it may thus be promising to embark on further synchronization in the need to govern and enforce laws in the field of cryptocurrencies.
Therefore, the final meeting between the Montenegrin authorities and the US SEC cannot be regarded as a positive development in the ongoing investigation of the possible extradition of Do Kwon. Thus, there may be an impact on future cooperation on or concerning cryptocurrency regulation, oversight, or enforcement depending on the general outcome of the Kwon extradition case, which still needs to be decided. At the same time, all the varied parties will carefully watch as various consequences that accompany this system appear and the impact they have on the general cryptosystem.

The post "Grayscale Submits Amendment to Ethereum Mini Trust" first appeared on 36crypto.com News.
#Cryptocurrency asset managing firm Grayscale has resubmitted the 19b-4 form on behalf of the Ethereum Mini Trust. Proposed on Tuesday, this follows rising activity on possible Ethereum ETF providers in recent weeks. In addition to Grayscale, Nasdaq also filed its latest 19b-4 form for BlackRock’s ETH ETF product earlier today.
Currently, the US Securities and Exchange Commission (SEC) has taken a U-turn on Ethereum ETFs, much to the surprise of many seasoned analysts. At the onset, Bloomberg ETF specialists thought that the SEC would reject the products due to their low interaction with possible issuers. However, approval odds rose earlier this week due to high expectations of the SEC's new direction. The SEC was said to have asked exchanges to submit new 19b-4 forms this week, and this gives some credence to these rumors.
Grayscale and Others Push for Ethereum ETFs
It is not just Grayscale and BlackRock that are making the movements. Other potential issuers, such as Fidelity, VanEck, and Franklin Templeton, have also submitted updated filings. Fox Business reporter Charles Gasparino commented that the likely approval of #Ethereum ETFs will be one of the biggest turnarounds in the SEC in the recent past. This has affected the market greatly, with Ethereum rising more than 20% in a single day because of the new stance that the SEC has taken.
Even though this, leading ETF analyst James Seyffart has noted that Ethereum ETFs may still be far from launching in the U. S. His warning entails that while the SEC’s shift is positive, it does not translate to approval or market accessibility.
On Tuesday, a famous trader, John Bollinger, mentioned that he had changed his approach to Ethereum and noted that the current price could be too high. Bollinger’s remarks focus on the market's unpredictability in conjunction with the restrained positivity of traders and analysts.
Subsequent alterations that Grayscale has made in the filing of Ethereum Mini Trust, combined with the same fate of other issuers, signifies a more distinct development that may inflict a significant shift or change in the general attitude of the SEC towards the cryptocurrency ETFs. 
The latter has led to market positivism and has brought massive price swings towards Ethereum. However, there are a few things that some of the insiders in the industry have remarked on, such as several rigmaroles that may take time to be approved and then introduced to the market.

The post "SEC Contacts Companies Behind Ethereum ETF Regarding S-1 Forms" first appeared on 36crypto.com News.
The United States of America’s Security and #Exchange Commission has started talks with potential issuing companies regarding the S-1 registration statements on Ethereum-based ETFs. These conversations mean that the SEC is in talks with Ethereum ETF providers for the first time, which is a big step towards approval.
An executive interview with one of the issuers revealed that discussions on S-1 forms have yet to start. “It seems a bit like [the Division of Investment Management] largely had the shift in its policy, well, thrown at it. So, to begin with,” the source stated. Still, there is little doubt that an Ethereum ETF will not be stopped, and the efforts will continue.
Approval Process of Ethereum ETF by SEC
This shows that for Ethereum ETFs to be permitted, the SEC has to approve the 19b-4 forms, just like in the case of Bitcoin ETFs. Next, the filed and transmitted S-1 registration statements will have to become effective before there can be trading. Generally, these forms go through numerous revisions to draft the final papers which are presented. If passed this stage, the SEC may decide to pass them.
There has been recent activity in the 19b-4 forms, with Fidelity having recently filed a new S-1 form with changes. Everyone is awaiting further amendments as the discussions go on in form S-1. This is evidenced by the fact that the firm has constantly dealt with the SEC, showing a steady course toward potential approval.
SEC in a crucial position on VanEck ETH ETF
The VanEck Ethereum ETF’s 19b-4 form will be assessed in a critical decision that the SEC will make today. Analysts postulate that the same mechanism could be applied to the approval of multiple issuers at once, as it was done with Bitcoin ETFs. This, in turn, creates hope that if approval is granted, it may happen today.
The communication with Ethereum #ETF issuers shows that the SEC has gradually changed its approach to cryptocurrency ETFs. While the discussions continue in this regard, the industry collectively maintains a guarded optimism over the approval of Ethiium ETFs. This may lead to improved adoption and assimilation of Ethereum-based investment products in the future.
Specifically, the issuers' recommendations to the SEC regarding the future of Ethereum ETFs define a new era in the regulation of cryptocurrencies. When it comes to ETFs, the potential approval of Ethereum ETFs signals a progressive evolution in the regulatory environment for digital assets. It is closely observed as the SEC makes decisions that affect the future of all Ethereum-based investment products.

The post "Ethereum Price Analysis: Road to $4,000 Or Not? Spot Ethereum ETF Approval Possible Impact" first appeared on 36crypto.com News.
Positive Ethereum ETF updates ignite ETH’s surge. Are we seeing it achieving the crucial $4k milestone? #Ethereum (ETH) has recorded a two-month high as the odds of the Ethereum Exchange Traded Fund’s (ETF) launch stepped up. 
According to Eric Balchunas, a senior Bloomberg analyst, the U.S. Security and Exchange Commission (SEC) is to do a 180 on Ethereum ETF approval. Previously, the SEC used to implicitly stand against the action, as per Reuters’ sources. 
Furthermore, Reuters claims that the U.S. securities regulator on Monday asked Nasdaq, CBOE, and NYSE to fine-tune their application to list spot Ether ETFs, signaling the agency may be poised to approve the filings.  On Tuesday, a Bloomberg analyst James Seyffart revealed that 5 of the potential Ethereum ETF issuers (VanEck, Fidelity, Invesco/Galaxy, Ark/21Shares, and Franklin) submitted their amended 19b-4 filings, which are believed to be the technical requirements for ETF approval.  
The positive developments fuelled Ether's market performance, as the asset’s price surged 18% Monday and registered another 8.6% uptick Tuesday before lately retreating to the $3,700 range. 
While a green light from the SEC would be a major win for the cryptocurrency industry, the debates on Ether hitting its significant $4,000 milestone heated up. The technical indicators and on-chain data hint at the potential uptick, but with the media impact in action, such evaluation may turn out to be an error.
Ethereum’s Seeks Record Interest
The increased potential for Ethereum ETF approval sparked an interest in the asset. According to Santiment, ETH’s daily trading volume has surged 200% in momentum and totaled $37 billion, registering a two-month high.

Ether (ETH) trading volume. Source: Santiment
The Monday uptick led to a year-to-date high of $80 million in short liquidations, as per Coinglass data. In comparison, the amount of long positions liquidated on the same day was $26 million.

Ether (ETH) total liquidations chart. Source: Coinglass
Furthermore, whales entered the rally, which can be noted by Santiment-monitored whale activity in the last 72 hours. Specifically, over May 20, 1393 transactions over $1 million were carried out, hitting a month-high since April 14.  Santiment data also revealed that the attention to Ether has resulted in an uptick in its social activity. According to the source, the coin’s social dominance on Monday broke a three-month record and totaled 2.28%. 
$4,600 As The Next Goal for Ether
Technical analysis indicates that Ethereum has a chance to keep up with the rally in the long term.  A closer look at the monthly chart reveals that Ether’s price action against TetherUS (USDT) forms a rounding bottom pattern, which marks a positive trend reversal from a long-term perspective.  As the neckline for this continuation pattern is at $4,635, the bullish comeback alongside broader market recovery signifies a high likelihood of a breakout. 

ETH/USDT 1M chart. Source: WhiteBIT TradingView
Notably, the bullish monthly candle hints at positive trend continuation, seeing that Ether’s latest recovery took place at the successful retest of 50% (0.5) Fibonacci level.  The daily chart unveils a similar trend. Ether displays a bullish breakout of a falling wedge pattern going straight up. The uptrend challenges the trend-based 50% Fibonacci level and the $3,800 price level.

ETH/USDT 1D chart. Source: WhiteBIT Trading View
Furthermore, a crossover in Moving Average Convergence Divergence (MACD) and signal lines reflect a surge in underlying demand. Crucially, Ethereum’s correlation with Bitcoin (BTC) marks a long-term upswing as well. The 4-hour chart reveals that the ETH/BTC pair broke a long-term descending trend line (red), as can also be noted by the Relative Strength Index (RSI), which stands at 70 at the writing time. 

ETH/BTC 4h chart. Source: WhiteBIT TradingView
What is more, Exponential Moving Averages (EMA) formed two golden cross patterns, which mark a strong bullish outlook. Thus, the first pattern is formed with 20-day EMA (light blue) and 50-day EMA (blue), and the second one is an intersection between 20-day EMA and 200-day EMA (red).
The chart indicates that the local high (resistance) at $0.05346 stands in the way of further price movement. However, breaking above it could strengthen Ether against Bitcoin, targeting highs above $0.06. Given the on-chain data dynamics, Ether (ETH) price action is swayed by fundamental factors, foremost of which is a fact of Ethereum ETF approval. This, if the fund is approved this Thursday, we could see Ether cross the crucial $4,600 point for a new all-time high (ATH). 
Conversely, if the crowd resonance will not be on Ethereum’s side, the asset’s price could slide below the $3,600 support to test the $3,273 level. If intense profit-booking or sell-the-news take action, there’s a strong chance Ether could retest the $3,000 price range.
Will Ethereum Repeat Bitcoin’s Scenario?
According to Quinn Thompson, a crypto analyst and founder of Lekker Capital, Ethereum (ETH) remains undervalued against #Bitcoin, despite the optimism about ETH. 
“This leads me to believe that ETH/BTC at 0.05 is still underpriced, particularly given we are in a bull market, entering the BananaZone and on-chain activity will likely make new ATHs in the coming months,” as goes in his post for X.
This puts Ethereum maxis at risk of not meeting the price surge expectations due to the ETF inflows – ones that boosted Bitcoin’s performance in March. In the meantime, the market will focus on the SEC’s decision on May 23rd, which will dot the i’s of Ether’s prospective performance.

The post "Grayscale Drops Staking Proposal from Spot Ethereum ETF Filing" first appeared on 36crypto.com News.
A spot Ethereum ETF proposed by Grayscale has been changed, and the staking factor has been removed from the application. In the latest changes common to the current preliminary proxy statement, the staking of ether through the trust is not among the proposed activities. The amendment is nicknamed Amendment No. 2) The letter specifically refers to the elimination of this staking option.
Grayscale Drops Staking to Transform ETHE ETF
This move is symbolic of actions that other issuers have witnessed. Another example is Fidelity, which acted similarly and excluded staking rewards from the S-1 registration statement earlier on the same day. The decision not to include staking in their ETF application is not unexpected from the analysts in this industry.
James Seyffart, an ETF analyst at Bloomberg, stated that Grayscale had expected such action. In pointing out on X (formerly Twitter), he explained that Grayscale is dropping the staking wording from its filing to transform the Grayscale Ethereum Trust ($ETHE) into an ETF.
In October, Grayscale filed a Form 19b-4, along with NYSE Arca, that envisages converting the Grayscale Ethereum Trust into a spot ether ETF. This move comes after Grayscale achieved its initial goal of transforming its Bitcoin trust into a Spot Bitcoin ETF with the help of a court ruling and approval from the SEC in January.
Regulatory Focus Prompts Staking Removal in ETFs
Issuers, such as Grayscale and Fidelity, have made decisions to pull staking components on ETF applications, which is consistent with a trend across the industry. Some of the factors behind these changes include increasing regulatory focus on cryptocurrency investments and the dynamics of cryptocurrency investment markets. These issuer’s strategies seek to boost the approval rates as well as investor confidence by making their proposals respond to relevant regulatory frameworks.
In essence, for investors, the absence of staking options from these #ETFs is quite a shift. However, it emphasizes the continuity of issuers’ commitment to observe the regulations, their intention, and their efforts to offer publicly compliant investment products. This change may also lead to the identification of easier and possibly safer investment products, especially as the innovation of virtual currency continues to progress.
A change in the most recent proposal of the company named Grayscale, it has deleted the staking aspect as well as the term “spot” while filing as an #Ethereum ETF; this is a smart move as it adheres to the overall regulatory expectations and trends in the market. This decision is similar to others that can be observed in other major issuers, such as Fidelity, and it shows that the market is still in the process of shifting. As these products mature, investors can expect increased efforts on the part of policymakers to police the market and enhance disclosure.

The post "Cboe BZX Changes Its Sight on Spot Ethereum ETF Application, and Approval is Imminent" first appeared on 36crypto.com News.
Cboe BZX filed new drafts of the 19b-4 result for five #Ethereum spot ETFs. Thus, this trend indicates improvement regarding the possible approval of such assets. To enhance their qualifications, the new filings include Franklin Ethereum Trust, Fidelity Ethereum Fund, VanEck Ethereum Trust, Invesco Galaxy Ethereum ETF, and 21Shares ARK Ethereum ETF. 
SEC Requires Resubmission of 19b-4 Forms
These changes are in response to the SEC's new requirement that exchanges resubmit their 19b-4 forms this week. The 19b-4 form is essential because it notifies the SEC of likely amendments to the rules governing a particular market.
It is one of the key papers that requires approval of the company before the spot Ether ETFs can be effective. Similarly, any funds that invest in S-1 registration statements must also be approved before they can begin trading. Bloomberg ETF analyst James Seyffart stressed that while this is a big step, these regulator-approved ETFs could still be years away from launch. "Still a way yet potentially from a launch was the posts from Seyffart in X.
But these filings confirm that all of the rumors and speculations, everything that has been said and chatted about, have been true. To get to this, one needs to open up Commission orders on all the filed/released 19b-4s AND THEN S-1 approvals. It could take weeks or more before ETFs launch," the executive said.
ETH Price Rises on Ethereum ETF Application Progress
In the respective amended documents, Fidelity reiterated its words that it does not use any of the Ethereum for staking. The filing states, "The Trust's ETH, the Sponsor's ETH, the Custodian's ETH, and the ETH of any other person affiliated with the Trust will not directly or indirectly participate in action where any portion of the Trust's ETH is utilized for participation in the Ethereum proof-of-stake validation or for the acquisition of additional ETH, inclusion in the generation of income or other earnings." The firm filed an updated S3 with a similar
As of publication time, Ether traded around $3,797.42, reflecting a 4.16% increase in the past 24 hours. This price movement underscores the market's anticipation and reaction to the ongoing regulatory developments and potential ETF approvals.
The attempts to modify the applications submitted by Cboe BZX for spot Ethereum ETFs have made significant progress toward potential approval. Despite having a long way to a few major milestones to go with the SEC approvals on the 19b-4 and S-1 forms, the current updates reveal the progressive actions taken. This is well observed by the market, so much so that Ether prices have surged in the recent past as opposed to before the development was made.

The post "Meta, Coinbase, Ripple, and More Companies Join Forces to Fight Technology Fraud" first appeared on 36crypto.com News.
Now, Coinbase has unveiled a new platform to fight online fraud and financial scams called the Tech Against Scams coalition. Key participants include Meta (formerly Facebook), Ripple, Kraken, Gemini, GASO, and Match Group, which owns several online dating platforms, including Tinder and Hinge.
The coalition is designed to fight against scams as its members share knowledge and best practices of the member industries. The article notes that everyone and everything is involved in Internet scams, not only social media, cryptocurrencies, finance, and dating applications. It is our great pleasure to introduce the Tech Against Scams coalition. Phishing is a problem in the technology sector and, consequently, needs a collaborative effort from the entire sector. In response to X, Coinbase said, “We are proud to work with industry leaders to safeguard and inform users.
Coinbase Joins Tech Against Scams Coalition to Fight Online Fraud
One key objective of the Tech Against Scams coalition is to raise public awareness concerning various scams and ways to protect against them. By raising awareness, the group aims to ensure that the general public can prevent themselves from falling prey to such scams. The coalition also intends to increase cooperation between its members and share knowledge and information to improve consumer protection and counteract fraudulent actors online.
The FBI’s Internet crimes report for 2023 emphasizes the importance of this case. According to this report, the American people lost more than $12 billion. Five billion as a result of confraternity on the internet. Of these losses, $3. Ninety-four billion were linked to cryptocurrency investment fraud, and this clearly shows the effect on the finance industry.
The top public-private partnership with the establishment of the Tech Against Scams coalition is a major achievement in combating online scams. The formation of the coalition will ensure that there is a collective voice that will represent the leaders in the various sectors of technology and that users are protected. The industry can make progress in protecting its users from scams. Although the realization of the initiative is still in its preliminary phase, the proposal will have significant roles in preventing financial fraud over digital platforms and creating a secure digital space for all users.

The post "VanEck Spot Ethereum ETF Listed on DTCC, Awaits SEC Approval" first appeared on 36crypto.com News.
The VanEck U. S. spot #Ethereum exchange-traded fund (ETF) proposed by the global investment manager has been added to the Depository Trust and Clearing Corporation’s (DTCC) website. The DTCC, which is involved in post-trade activities such as clearance, settlement, custody, and information, added VanEck’s spot ether ETF to its list of ETFs.
VanEck Spot Ethereum ETF Awaits SEC Nod
Nevertheless, this listing is not the final step of the ETF’s launch, as its official promotion still requires the approval of the U.S. Securities and Exchange Commission (SEC). From the DTCC list, in the create/redeem column, VanEck’s spot ether ETF appears as “N,” implying that it is inactive. Importantly, the list includes both live ETFs and those that are still waiting for formal regulatory approval and other approvals necessary for them to be processed by the DTCC.
VanEck’s existing Ethereum spot fund is listed under the symbol “ETHV. ”Franklin Templeton’s Ethereum ETF also finds a place on the DTCC list after it was included last month. VanEck responded to the participation of The Block, whereas DTCC did not reply to an immediate comment.
This week, the US SEC asked US firms to resubmit and amend their 19b-4 applications regarding spot ether ETFs, which appears positive for the possibility of approval. The 19b-4 forms are the submission of a proposed rule change and, therefore, part of the important documents that need the approval of the SEC before spot ether ETFs can take effect.
Cboe BZX Updates Spot Ether ETF Forms
Cboe BZX Exchange published amended 19b-4 forms on Tuesday for spot ether ETFs from Franklin Templeton, Fidelity, VanEck, Invesco Galaxy, and ARK 21Shares. This update came in light of evidence that while both CoinShares and Valkyrie had expressed interest in creating an ether ETF, neither intends to apply for the same, as stated by Fox News reporter Eleanor Terrett.
This is a list of the current actions, illustrating how matters remain in motion towards the possible approval of spot ether ETFs. However, the process is not entirely smooth for the ETFs as they continue to go through ‘regulation’ that plays a key role in approving the instrument through decisions of the SEC. The listing of these ETFs on the DTCC website also represents a step in this direction, as it shows that the issuers are ready to start marketing their products in future markets at some point.
The fact that VanEck’s proposed new spot ether #ETF appears on the DTCC website is a significant sign of the regulation's progression. Holding a fund pending approval from the SEC means that this announcement shows a continued progression in cryptocurrency ETFs. Market participants are observing these advancements, and their effects on the markets are awaited after approval.

The post "Prosecutors Seek 5-7 Years for Former FTX Exec Ryan Salame" first appeared on 36crypto.com News.
U.S. prosecutors have suggested that former FTX executive Ryan Salame be prosecuted to a term of five to seven years in prison after he pleaded guilty to criminal charges in September last year. Salame's defense counsel pleaded with the judges for a non-suspensive sentence of no more than 18 months, but the prose was most insistent on the need for a long-term imprisonment that was far greater than 18 months.
Salame's Crimes Self-Serving, Not Just for FTX
It is also pointed out in the prosecution memo unsealed on Tuesday that Salame's crimes were self-serving and not solely aimed at helping #FTX and the cryptocurrency sphere. "The defendant's excuse for perpetrating these offenses to assist FTX and the cryptocurrency sector as a whole does not justify his actions in any way and is contradicted by the available evidence that demonstrates the defendant accruing significant individual gains from his criminal conduct," they added.
"Only a substantial incarceration sentence could appropriately reflect the nature and seriousness of his conduct and afford adequate deterrence," the memo continued. Even so, his attorneys made much of the fact that Salame did not mastermind these frauds and that he lost the lion's share of his fortune when FTX went belly-up. Ex-FT exchange head Sam Bankman-Fried, charged with fraud, embezzling clients' money, will taste the bitter fruit for nearly a quarter-century.
Ryan Salame Awaits Sentence Amidst Fraud Scandal
Ryan Salame served as a director or executive at Alameda Research before joining FTX as its CEO, and he later became responsible for several projects at the fallen exchange. Com by the end of year 2022 from the financial year 2019/2022. He faces sentencing on May 28 at a New York state courtroom.
Prosecutors insisted that Salame plotted to commit very severe crimes to help expand FTX and improve Bankman-Fried's image. The prosecutors also pointed out that Salame was engaged in some of the biggest crimes in conjunction with this scheme, stating, "The campaign finance offense is one of the largest-ever in American history, and the unlicensed money transmitting business exchanged over $1 billion without a license.
The call for longer sentencing implies the extent of Salame's participation in the fraudulent schemes incurred in FTX. The Recommended Sentence is to ensure that his conduct is considered horrible and also to warn future persons within the industry not to carry out such actions.
Ryan Salame's sentencing is one of the significant incidences that continue to unfold with legal consequences following the FTXsqueeze. The unlikely outcome of the trial followed calls for a long jail term by the prosecuting authorities, thus revealing the significance of the case in terms of responsibility and governance in cryptocurrencies. The legal professions and the players in the industry, especially in Lebanon and around the world, are awaiting the verdict in the court as Salame counts the days for the trial to be issued or completed.

The post "Bitcoin Surges Past $70K Mark with 6% Increase Amid Market Optimism" first appeared on 36crypto.com News.
#Bitcoin (BTC) has surged past the critical $70,973.60 level, marking a more than 6% increase in the last 24 hours, according to Coinstats. This remarkable rise comes as the broader cryptocurrency market shows positive momentum ahead of Memorial Day weekend.
Bitcoin Surpasses $70,000 Amid Institutional Interest
Bitcoin's ascent can be attributed to a variety of factors, most notably the recent approval of spot exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). This approval has significantly boosted investor confidence and attracted substantial institutional interest. Notably, high-profile financial institutions have disclosed their exposure to these ETFs, with Morgan Stanley revealing a $270 million stake in Grayscale’s Bitcoin Trust as of March. This places Morgan Stanley alongside other major financial players such as JPMorgan, Wells Fargo, and UBS, all of which have disclosed significant holdings in Bitcoin-related assets.
The impact of these disclosures must be considered. The involvement of major financial institutions not only validates Bitcoin's credibility but also enhances its appeal as a mainstream investment asset. This institutional backing has provided a strong foundation for Bitcoin's recent price surge, encouraging more investors to enter the market and driving demand higher.
In addition to institutional interest, Bitcoin's recent rally is supported by positive market sentiment and adoption trends. Data from Santiment indicates a decline in the number of total Bitcoin holders, which might seem negative at first glance. However, this trend is accompanied by smallholders liquidating their BTC holdings, resulting in larger holders accumulating more Bitcoin. Historically, this redistribution pattern has been a bullish indicator of Bitcoin's price, suggesting that larger investors are confident in its long-term potential.
Moreover, the broader cryptocurrency market is also experiencing a rally, with assets like Ethereum (ETH), Solana (SOL), and Cardano (ADA) showing notable gains over the past week. Ethereum, for instance, has crossed the $3,100 mark for the first time in more than 20 days, while Solana is approaching the $200 mark. This overall market optimism is likely contributing to Bitcoin's upward momentum as investors seek opportunities in a rising market.
Regulatory Clarity Boosts Bitcoin Price Growth
Regulatory developments continue to play a crucial role in Bitcoin's price movements. The SEC's approval of spot ETFs is a landmark event, paving the way for increased participation from both retail and institutional investors. This regulatory clarity provides a sense of security and stability, which is essential for the long-term growth of the cryptocurrency market.
Additionally, the involvement of reputable financial institutions in Bitcoin-related assets further underscores the positive regulatory environment. These institutions are subject to stringent regulatory requirements, and their participation signals confidence in the regulatory framework governing Bitcoin. This, in turn, attracts more investors, driving demand and pushing prices higher.