On 29 May 2024, Mastercard, the global payment processing giant, announced the launch of its Crypto Credential pilot program, which aims to streamline peer-to-peer (P2P) transactions in the cryptocurrency space. Mastercard says the first real-world application of this technology has gone live, allowing users to send and receive crypto using simplified aliases instead of the often lengthy and complex blockchain addresses.

Mastercard has partnered with several crypto exchanges, including Bit2Me, Lirium, and Mercado Bitcoin, to enable secure blockchain transactions between Latin American and European corridors. Users in 13 countries, including Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay, can now reportedly conduct cross-border and domestic transfers across multiple currencies and blockchains.

Mastercard claims that its Crypto Credential serves as a verification tool for interactions between consumers and businesses on blockchain networks. By ensuring that users meet a set of verification standards and confirming that the recipient’s wallet supports the transferred asset, Mastercard says its Crypto Credential aims to build trust and certainty in these transactions. The company also states that the exchange of metadata eliminates the complexity of determining which assets or chains are supported by the recipient, streamlining the process and reducing the risk of lost funds.

Furthermore, Crypto Credential supports the exchange of Travel Rule information for cross-border transactions, ensuring compliance with regulatory requirements designed to prevent illegal and illicit activities. This feature, according to Mastercard, is crucial in building confidence among users and regulators alike.

While the current focus is on P2P transactions, Mastercard suggests that its Crypto Credential has the potential to support a wide range of use cases, including NFTs, ticketing, and other payment solutions, depending on market demands and compliance requirements.

According to the press release, the process involves exchanges first verifying users under Mastercard Crypto Credential standards, granting them an alias for sending and receiving funds across all supported exchanges. When initiating a transfer, Crypto Credential verifies the validity of the recipient’s alias and confirms that their wallet supports the digital asset and associated blockchain. If the receiving wallet is incompatible, the sender is notified, and the transaction is halted, protecting all parties from potential losses.

Industry experts quoted in the press release have praised the initiative, with Walter Pimenta, executive vice president of Product and Engineering for Latin America and the Caribbean at Mastercard, emphasizing the company’s dedication to bringing safe, simple, and secure payments to the forefront:

“Mastercard continues to invest in its technology, standards and partnerships to bring safe, simple and secure payments to the forefront. As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks. We’re thrilled to work with this dynamic set of partners to bring Mastercard Crypto Credential closer to realizing its full potential.”  

Partners such as Bit2Me, Foxbit Group, Lirium, and Mercado Bitcoin have expressed their enthusiasm for collaborating with Mastercard to drive payment alternatives and enhance the user experience in the dynamic world of cryptocurrencies.

Featured Image via Pixabay

The recent memecoin mania seen across the cryptocurrency space, which saw newly launched memecoins including $PEPE surge exponentially, has also seen established digital assets move downward in market capitalization rankings, with Cardano ($ADA ) briefly booted off of the top 10.

According to available market data the meme-inspired cryptocurrency Shiba Inu ($SHIB ) briefly overtook Cardano’s ADA in terms of market capitalization before enduring a sell-off that saw drop back down below the top 10 cryptocurrencies by market capitalization.

At the time of writing SHIB has a $16 billion market capitalization after losing over 2% of its value in a short period of time, while Cardano’s ADA rose significantly to now have a total market capitalization of $16.4 billion.

SHIB briefly overtook Cardano amid a broader memecoin trend that has seen tokens that also include Dogwifht (WIF) and Floki Inu experience significant price increases over the last few weeks.

Cardano, once a top-three contender during the 2020-2021 bull run, has seen its price performance lag behind other cryptocurrency giants over the current market cycle, moving up just 21.4% over the past year, compared to Bitcoin’s 144% rise over the same period, and Ethereum’s 101% rally.

While Bitcoin and Ethereum have been surging over the last few months other major altcoins that have seemingly fallen from grace maintain sluggish price performance, with XRP, XLM, MATIC, and TRX being other notable examples.

Dogecoin ($DOGE ) remains the lading memecoin with a total market capitalization of $23.7 billion, above Toncoin’s $22.5 billion market capitalization, but behind XRP’s $29.3 billion.

It’s worth noting that the 2021 bull run also saw a memecoin phase that saw several newly launched cryptocurrencies explode amid a retail trading frenzy. Some of those memecoins are still actively traded.

Featured image via Unsplash.

A long-term Shiba Inu (SHIB) holder has made headlines by transforming a modest investment of $2,625 into more than $1.1 million after holding the cryptocurrency for over three years.

Shiba Inu (SHIB), a decentralized cryptocurrency launched in August 2020 by an anonymous creator known as Ryoshi, is built on the Ethereum blockchain. Often referred to as a “meme coin” or parody cryptocurrency, SHIB features the Shiba Inu dog breed as its mascot and aims to compete with or surpass Dogecoin, branding itself as the “Dogecoin killer.”

The investor, identified by the blockchain analysis service Lookonchain, saw an extraordinary 419-fold increase on their initial investment. On 1 February 2021, the investor used 2 Ether (ETH), valued at $2,625, to purchase 48.09 billion SHIB. Recently, they sold these holdings for 278.7 ETH, equivalent to $1.1 million. The discovery of this lucrative trade was shared by Lookonchain on the social media platform X on May 27. Following this profitable sale, the trader’s wallet now holds over $1.1 million in Ether.

After being dormant for 3.5 years, the super diamond trader finally sold $SHIB at a profit.He spent 2 $ETH($2,625) to buy 48.09B $SHIB on Feb 1, 2021, and sold it for 278.7 $ETH($1.1M) just now, a gain of 419x!https://t.co/Pw9i9wbKcn pic.twitter.com/Qvp9wKpWCc

— Lookonchain (@lookonchain) May 27, 2024

This significant profit-taking occurred during a surge in interest in memecoins, with the cumulative trading volume of these coins increasing by over 40% to surpass $13 billion on May 28.

In other news, the Shiba Inu team announced a major update to their decentralized finance (DeFi) platform, ShibaSwap, on May 16. This update includes porting ShibaSwap to the Shibarium blockchain, enhancing its functionality and utility. The upgrade allows ShibaSwap to operate on both the Ethereum and Shibarium networks, providing better support for creators, fostering connections, and driving innovation within the ecosystem.

The transition to Shibarium introduces several new features to ShibaSwap, improving its role as a decentralized exchange (DEX) and decentralized application (DApp) platform. Enhancements include a revamped dashboard, streamlined processes for adding and withdrawing liquidity, simplified staking, and improved tools for trend analysis. The platform now also features discovery charts for new and trending tokens, helping traders navigate market fluctuations. Additionally, the onboarding process for new tokens has been made more user-friendly.

The Shiba Inu community is encouraged to use ShibaSwap on the Shibarium blockchain, with a portion of transaction fees allocated to increasing the value of liquidity provider (LP) tokens used in swap transactions. This is expected to benefit yield farmers within the community.

Shytoshi Kusama, the lead developer of Shiba Inu, emphasized that the updated ShibaSwap offers a transformative experience for DeFi innovators on Shibarium. The redesigned platform supports community tokens and facilitates the easy porting of existing Shibarium tokens. Kusama noted that this is an early version of ShibaSwap, with further updates planned.

Shibarium is designed to enable high-speed transactions with minimal gas fees, enhancing the user experience in the blockchain space. Built on a community-first and environmentally friendly consensus mechanism, it supports the development of cost-effective protocols. This expansion enriches the Shiba Inu ecosystem, which includes the $SHIB and $LEASH tokens, SHEboshis DN-404 tokens, SHIB The Metaverse, the ShibaSwap DEX, and the Shiba Eternity game.

Featured Image via Pixabay

BlackRock’s iShares Bitcoin Trust (IBIT) has seen its BTC holdings surpass those of the Grayscale Bitcoin Trust (GBTC), making it the world’s largest exchange-traded fund offering investors exposure to the price of Bitcoin.

Data from HODL15Capital shows that IBIT recorded net inflows of $102.5 million on May 28, while GBTC experienced outflows of $105 million, leading to the flippening. This surge in investment for IBIT has propelled its total Bitcoin holdings to 288,670, compared to GBTC’s current holdings of 287,450. Notably, GBTC had a significantly higher position of 620,000 Bitcoin when it converted into a spot Bitcoin ETF.

✅ Ladies & Gentlemen!! The Bitcoin ETF flippening 👇@BlackRock 's Bitcoin ETF, $IBIT overtook @Grayscale 's $GBTC pic.twitter.com/EJI0aAPim9

— HODL15Capital 🇺🇸 (@HODL15Capital) May 29, 2024

Analysts attribute this shift to Grayscale’s higher fees, which have driven investors towards BlackRock’s lower-cost alternative after GBTC was converted into a spot Bitcoin ETF at the same time several of these ETFs started trading in the United States.

Notably, BlackRock’s income and bond-focused funds have recently added exposure to its own spot Bitcoin ETF, with regulatory filings showing that BlackRock’s Strategic Income Opportunities Fund and Strategic Global Bond Fund purchased shares of iShares Bitcoin Trust.

The Strategic Income Opportunities Fund (BSIIX) has invested $3.56 million in IBIT shares, and the Strategic Global Bond Fund (MAWIX) has purchased $485,000 worth of shares. These investments are a tiny fraction of the total portfolios of these funds, with the IBIT shares constituting an insignificant part of the $37.4 billion and $776.4 million managed by the Income Opportunities and Global Bond Funds, respectively.

Earlier this week, the total Bitcoin holdings of spot Bitcoin exchange-traded products (ETPs) exceeded 1 million BTC. The majority of these coins are held by spot Bitcoin ETFs based in the United States.

Bitcoin, it’s worth noting, is currently trading at $67,800 after dropping more than 3.2% over the past week over a series of movements from the cryptocurrency wallets of the defunct cryptocurrency exchange Mt. Gox.

The recent transactions reignited anxieties surrounding a potential sell-off by creditors who are in line to receive a portion of the $9 billion Bitcoin hoard Mt. Gox has held since its 2014 bankruptcy.

Featured image via Unsplash.

Michael Nadeau, a prominent crypto analyst, recently provided an in-depth analysis of the current and future state of the cryptocurrency market, with a particular focus on Bitcoin (BTC) and Ethereum (ETH).

Michael Nadeau is a well-regarded crypto analyst known for his work at The DeFi Report, where he provides in-depth research and analysis on decentralized finance (DeFi) and blockchain technology. Nadeau is particularly noted for his insights into the performance and valuation of blockchain networks like Ethereum.

According to ETF experts at Bloomberg, ETH ETF flows are expected to represent about 10-20% of BTC ETF flows. This prediction is based on several factors:

Lower institutional interest in ETH compared to BTC.

Greater complexity in understanding ETH.

Lower trading volumes in ETH futures compared to BTC (10-20%).

Lower spot trading volumes of ETH relative to BTC (about 50%).

ETH’s market cap being approximately one-third of BTC’s.

Given that BTC ETFs have seen about $13 billion in net flows since their launch, Nadeau suggests that if ETH achieves 10-20% of this figure, it would result in $1.3-$2.6 billion in net inflows for ETH ETFs.

Nadeau draws a parallel between BTC’s price surge after the US-listed spot Bitcoin ETFs launched and potential movements in ETH. BTC saw a 75% gain from $40,000 to $70,000 shortly after its spot ETFs started trading, leading Nadeau to expect a similar performance from ETH, potentially pushing it past its previous all-time high of $4,800.

Several factors could contribute to ETH’s outperformance:

ETH validators do not have the same “structural sell pressure” as BTC miners, who need to sell a portion of their mined coins to cover operating expenses.

A significant portion (38%) of ETH supply is “soft locked” on-chain, earning yield in staking contracts, DeFi applications, or as collateral.

ETH balances on exchanges are at their lowest since 2016, suggesting less sell pressure.

ETH’s reflexivity could amplify price movements, with price action leading to more on-chain activity, more ETH burned, and further narrative-driven price increases.

Nadeau envisions ETH not just as a cryptocurrency but as a technology play on the growth of Web3, offering a larger addressable market than BTC, which is viewed as “digital gold.”

Nadeau extends his analysis to the broader crypto market, expressing a highly bullish outlook. He anticipates favorable conditions driven by several cycles:

Innovation Cycle: Continued advancements in blockchain technology and DeFi.

Macro/Liquidity Cycle: Favorable economic conditions and increased liquidity.

Election Cycle: Political developments influencing market sentiment.

Bitcoin Halving Cycle: Historical patterns showing price increases post-halving.

ETF Approvals: Increased accessibility and interest through BTC and ETH ETFs.

He points out that regulatory concerns have lessened, particularly with the market no longer fearing aggressive actions from regulators like Gary Gensler.

Using a hypothetical $10 trillion market cap for crypto, he makes the following predictions:

BTC at 40% of the market cap would reach $4 trillion, translating to a price of $202,000 per BTC.

ETH at 45% of BTC’s market cap would reach a $1.8 trillion market cap, implying a price of $14,984 per ETH.

He points out that this assumes no change in supply from current levels. He also mentions that even more conservative estimates suggest significant price increases for both BTC and ETH.

Wall Street giant JPMorgan Chase has expressed skepticism about the potential approval by the U.S. Securities and Exchange Commission (SEC) of a spot Solana ($SOL ) exchange-traded fund (ETF), or on the approval of such a fund offering exposure to other altcoins.

JPMorgan’s managing director and global marketing strategist Nikolaos Panigirtzoglou noted that the SEC’s historical stance is that most cryptocurrencies qualify as securities, and was quoted as saying that the “decision by the SEC to approve ETH ETFs is already stretched given the ambiguity about whether Ethereum should be classified as security or not. “

Panigirtzoglou added that JPMorgan doesn’t believe the regulator would “ go even further by approving Solana or other token ETFs given the SEC has stronger (relative to Ethereum) opinion that tokens outside bitcoin and Ethereum should be classified as securities,” according to The Block.

Panigirtzoglou suggested that a potential shift in regulatory landscape, with U.S. policymakers classifying most cryptocurrencies as non-securities, could pave the way for the SEC to approve a wider range of crypto ETFs.

The comments come shortly after the SEC approved applications from major stock exchanges to list spot Ether exchange-traded funds (ETFs) clearing the path for these products to start trading later this year.

The approval marks a significant shift for the SEC, which has historically been cautious about cryptocurrency and had been investigating whether to deem the second-largest cryptocurrency a commodity or a security.

While the exchange applications were approved, individual ETF issuers including VanEck, ARK Investments, and BlackRock still need the SEC to greenlight their registration statements before trading can begin.

As reported, the potential approval of spot Ether ETFs has helped boost the cryptocurrency market significantly and is a significant step forward in cryptocurrency regulation, according to brokerage firm Bernstein, which suggested that Solana ($SOL ) exchange-traded funds could follow.

According to a recent research report from the brokerage firm, which comes ahead of an expected spot Ether ETF application from the U.S. Securities and Exchange Commission (SEC), similar treatment could come to other cryptocurrencies.

In the report, Bernstein analysts Gautam Chhugani and Mahika Sapra noted the see the potential approval as a sign of softening regulatory stance, possibly influenced by the upcoming November elections, adding bey believe that if Donal Trump is elected “crypto could see significant legislative and agency support” with a shift to the SEC’s leadership.

More immediately, the report highlights the potential precedent set by a spot Ether ETF as it would mark the first time a non-Bitcoin blockchain asset is classified as a commodity, potentially opening the door for similar treatment of Ethereum’s rivals, particularly Solana.

Featured image via Pixabay

Cryptocurrency investment products saw over $1.05 billion in inflows over the past week with Bitcoin (BTC) products seeing $1.012 billion and Ethereum focused products seeing $35.5 million of inflows.

According to CoinShares’ latest Digital Asset Fund Flows report, other altcoin investment products saw inflows with Solana (SOL) products standing out after seeing $8 million of inflows, bringing total year-to-date flows to $29 million as investors keep betting on the smart contract platform.

Litecoin, XRP, and Chainlink also saw inflows, while investment products focusing on Binance’s BNB. Cardano’s ADA, and on multiple cryptocurrencies all saw small outflows, with Cardano’s standing out s $1.2 million were withdrawn from these products, ringing year-to-date flows down to just $8 million.

Meanwhile, products shorting the flagship cryptocurrency Bitcoin saw outflows of $4.3 million. These flows occurred shortly after the SEC approved applications from major stock exchanges to list spot Ether exchange-traded funds (ETFs) clearing the path for these products to start trading later this year.

The SEC’s approval was met with optimism in the cryptocurrency space, with the price of ETH surging around 20% in a day after the decision was revealed, while the cryptocurrency market as a whole added over $200 billion to its market capitalization.

The approval marks a significant shift for the SEC, which has historically been cautious about cryptocurrency and had been investigating whether to deem the second-largest cryptocurrency a commodity or a security.

While the exchange applications were approved, individual ETF issuers including VanEck, ARK Investments, and BlackRock still need the SEC to greenlight their registration statements before trading can begin.

After a recent correction, Ethereum’s price is now up around 1.8% over the last week to now trade at $3,855, while BTC is down over 2.3% over the same period as it’s now trading at around $68.200 at the time of writing.

Featured image via Unsplash.

A cryptocurrency whale has spent nearly $25 million buying up altcoins within the Ethereum ($ETH) ecosystem shortly after the U.S. Securities and Exchange Commission approved applications from major stock exchanges to list spot Ether exchange-traded funds (ETFs).

The whale’s accumulation was first spotted by on chain analysis service Lookonchain, who pointed out the whale used 26.67 million USDT tokens to acquire 8.733 ETH at $3.050 before the news came out.

The whale, upon hearing the SEC cleared the path for the listing of spot Ether ETFs in the United States, bought nearly $25 million worth of altcoins within the Ethereum ecosystem and is now sitting at an unrealized gain of over $1 million.

The whale deposited nearly 20 million USDt on leading cryptocurrency exchange Binance to then withdraw over 4 million LDO worth $9.3 million, over 680,000 UNI worth over $6.7 million, over 50,000 AAVE worth $5.4 million, and other altcoins.

Before the $ETH ETFs news, a whale spent 26.67M $USDT to buy 8,733 $ETH at $3,054.56 and has an unrealized profit of ~$6M.After the #SEC approved form 19b-4 for $ETH ETFs, the whale bought $24.7M worth of #Ethereum ecosystem tokens and has an unrealized profit of ~$1.1M.He… pic.twitter.com/NYg2sYUpAi

— Lookonchain (@lookonchain) May 25, 2024

As CryptoGlobe reported, however, former SEC Chairman Jay Clayton has said that the regulator’s approval of 19b-4 filings for several spot Ether ETFs is just an initial stage in the approval process.

Per his words the second stage involves the approval of the ETF issuer’s registration statement (e.g., Form S-1 or Form N-1A). The registration statement is a disclosure document that provides detailed information about the ETF, including its investment objectives, strategies, risks, and fees.

The SEC reviews the registration statement to ensure that it complies with the Securities Act of 1933 and the Investment Company Act of 1940, and that it provides adequate disclosure to investors. If the SEC approves the registration statement, the ETF issuer can proceed with launching the product and making it available for trading on the approved exchange.

It’s important to note that the approval of the 19b-4 filing does not guarantee the approval of the registration statement, and vice versa. The ETF issuer must successfully navigate both stages of the approval process before the ETF can be launched and traded in the market.

Featured image via Pixabay.

Semler Scientific, Inc. (NASDAQ: SMLR), known for its innovative solutions to combat chronic diseases, has announced a strategic shift in its treasury management by adopting Bitcoin as its primary reserve asset. The decision, revealed on 28 May 2024, marks a significant move in the company’s financial strategy.

Semler Scientific, a leader in developing and marketing medical products and services, primarily focuses on its flagship product, QuantaFlo®. This FDA-cleared rapid point-of-care test measures arterial blood flow in the extremities, aiding in the diagnosis of cardiovascular diseases such as peripheral arterial disease (PAD). The company is currently seeking new 510(k) clearance for expanded indications of QuantaFlo, which is utilized by healthcare providers to assess patients’ risks of mortality and major adverse cardiovascular events (MACE).

In a press release issued from Santa Clara, California, Semler Scientific disclosed the purchase of 581 bitcoins at an aggregate cost of $40 million, inclusive of fees and expenses. This acquisition underscores the company’s belief in Bitcoin’s potential as a reliable store of value and an attractive investment opportunity. Eric Semler, the company’s chairman, emphasized Bitcoin’s status as a major asset class, now boasting over $1 trillion in market value. He highlighted Bitcoin’s unique characteristics as a scarce and finite asset, positioning it as a reasonable hedge against inflation and a safe haven amid global economic instability. Semler further argued that Bitcoin’s digital and architectural resilience offers advantages over gold, which has a market value approximately ten times that of Bitcoin. Given this disparity, he suggested that Bitcoin could potentially yield significant returns as it gains acceptance as digital gold.

The growing global acceptance and institutionalization of Bitcoin were also noted by Semler, particularly the U.S. Securities and Exchange Commission’s approval of 11 Bitcoin exchange-traded funds (ETFs) in January 2024. These ETFs have reported over $13 billion in net inflows, attracting investments from nearly 1,000 institutions, including global banks, pensions, endowments, and registered investment advisors. It is estimated that institutions now hold more than 10% of all bitcoins.

Semler Scientific’s board and senior management conducted a thorough examination of potential uses for their cash reserves, including acquisitions, before deciding on Bitcoin. Eric Semler explained that after evaluating various alternatives, the company concluded that holding Bitcoin was the best use of its excess cash.

Despite this new treasury strategy, Semler Scientific remains committed to its core business of medical products and services. CEO Doug Murphy-Chutorian reaffirmed the company’s dedication to its customers and its goal of operating a growing and profitable healthcare business. The company will continue to focus on maintaining sales of QuantaFlo® for PAD testing and seek expanded FDA clearance for its use in diagnosing other cardiovascular diseases.

As Semler Scientific continues to generate revenue and free cash flow from QuantaFlo sales, the company will actively evaluate the use of its excess cash. Bitcoin will serve as the principal treasury holding, subject to market conditions and the company’s anticipated cash needs.

As of 11:39 a.m. EDT, Semler Scientific shares are trading at around $31.23, up nearly 34% on the day.

Source: Google Finance

Featured Image via Pixabay

On May 26, crypto entrepreneur Arthur Cheong made an interesting prediction about the price of Ethereum (ETH), and his justification for this prediction was even more interesting.

Cheong is a prominent figure in the cryptocurrency industry, known primarily for founding DeFiance Capital, a leading investment firm focusing on decentralized finance (DeFi) and crypto gaming sectors. Established in 2020, DeFiance Capital quickly gained recognition for its strategic investments and active involvement in the DeFi space.

Cheong’s background includes significant experience in crypto investing, startups, and oil trading. Under his leadership, DeFiance Capital has managed to navigate various market challenges, including the collapse of Three Arrows Capital (3AC), with which it was previously associated. Despite these hurdles, DeFiance Capital successfully raised significant funds, such as the first close of a $100 million liquid token fund in early 2024, indicating investor confidence in Cheong’s vision and strategy.

Cheong said in a post on the social media platform X (formerly known as Twitter) that he expects the ETH price to reach $4,500 before trading in US-based spot Ethereum ETFs starts. The reason for Cheong’s bullishness seems to be how few people on CT (which stands for Crypto Twitter, or the crypto community on Twitter) have ETH as part of their crypto portfolio.

Just look at how much CT is underallocated to ETH, nuff said.https://t.co/eM5bCoSRUL

— Arthur (@Arthur_0x) May 26, 2024

As Bloomberg analyst James Seyffart reported, on May 23, the U.S. Securities and Exchange Commission (SEC) approved 19B-4 filings for multiple spot Ethereum ETFs from sponsor exchanges NYSE Arca, Inc, the Nasdaq Stock Market LLC, and Cboe BZX Exchange Inc.

BOOM!! APPROVED! There it is. The SEC just approved spot #Ethereum ETFs. What a turn of events. It's really happening.h/t @PhoenixTrades_ pic.twitter.com/KQ39mDyCbT

— James Seyffart (@JSeyff) May 23, 2024

However, as former SEC Chair Jay Clayton explained during an appearance on CNBC’s “Squawk Box” on May 24, there are two steps in the approval process for such products. The first step, which was achieved, is the listing approval. The second step, which is pending, is the approval of the product itself, involving the registration statement. The approval of the listing does not mean that trading can begin immediately. It signifies a step towards inevitability, similar to the process with Bitcoin ETFs.

The approval process is not yet complete, as the ETF issuers still need the SEC to approve their registration statements detailing investor disclosures. While there is no set timeline for this, industry participants believe that many issuers are ready to launch once they receive the green light. However, the SEC’s corporate finance division is expected to request changes and updates in the coming days and weeks.

Going to add here. Typically this process takes months. Like up to 5 months in some examples but @EricBalchunas and I think this will be at least somewhat accelerated. #Bitcoin ETFs were at least 90 days. Will know more soon.

— James Seyffart (@JSeyff) May 23, 2024

Featured Image via Pixabay

The price of the flagship cryptocurrency Bitcoin fell sharply to low of around $67.500 from around $72,000 before it started to recover. after wallets belonging with the defunct cryptocurrency exchange Mt ox started moving the $9 billion under its control ahead of creditor repayments.

The cryptocurrency exchange, which was at one point the largest Bitcoin trading platform, was hacked in 2011 and ultimately filed for bankruptcy in 2014. The recent transactions reignited anxieties surrounding a potential sell-off by creditors who are in line to receive a portion of the $9 billion Bitcoin hoard Mt. Gox has held since its 2014 bankruptcy.

According to data compiled by CryptoQuant and Arkham Intelligence, nearly all of the 137,000-plus Bitcoin, valued at over $9.3 billion, held in Mt. Gox wallets were recently transferred to unknown wallets.

🚨🚨Billions worth of #Bitcoin have moved from MTGox wallets https://t.co/TqW3ZvEfa0

— CryptoGlobe (@CryptoGlobeInfo) May 28, 2024

As the Mt. Gox bankruptcy process nears its conclusion, the court-appointed trustee has indicated that creditors can expect initial lump-sum payouts by the end of October. It’s currently unclear whether these creditors will hold onto their tokens, or sell them on the market.

These are the first movements from Mt. Gox wallets since May 2018, according to CryptoQuant data. Despite fears these creditors will dump over $9 billion worth of BTC on the market, macro strategist Henrik Zeberg anticipates a substantial increase in Bitcoin’s value, forecasting a surge of over 64% by the third quarter of 2024.

Arthur Hayes, co-founder of popular cryptocurrency derivatives trading platform BitMEX, has recently revealed a theory on the exchange rate between the U.S. dollar and the Japanese yen, and how a weakening yen could see Bitcoin’s price top the $1 million mark.

Hayes suggested a scenario in which the Federal Reserve intervenes by printing U.S. dollars and exchanging them for yen, to provide the Bank of Japan with resources to stabilize the currency market while allowing China to continue its monetary expansion.

Such a strategy, he said, could lead to the devaluation of the US dollar and that, coupled with Bitcoin’s rise, could threaten the dollar’s status as the world’s reserve currency. If the theory holds, then institutional investors will move to spot Bitcoin exchange-traded funds (ETFs) as a hedge against the decline of traditional fiat currencies.

Featured image via Unsplash.

Turin, Italy, May 24th, 2024, Chainwire

Iconic Italian football club Juventus has announced a partnership with Instant Casino, a crypto online casino, will be its new regional betting partner in Europe. 

The agreement has been described as a major win for both Juventus fans and Instant Casino players, promising a wide range of entertainment opportunities and exclusive rewards. 

Chief Commercial Officer of Juventus Tiziana Di Gioia echoed this optimism while speaking on the new partnership: 

“We are delighted to welcome Instant Casino to the Juventus family. This partnership represents an exciting chapter for both our club and our fans. Instant Casino shares our commitment to excellence and innovation, and we are confident that together, we will create unforgettable experiences for our supporters.” 

Juventus & Instant Casino Sign Landmark Partnership 

The partnership between Juventus and Instant Casino aims to deliver an unforgettable chapter in sports entertainment.

Despite being a relatively new brand, Instant Casino has quickly made a name for itself in the online gambling market thanks to its instant payouts. 

The partnership with Juventus aims to increase Instant Casino’s brand visibility to a whole new level, making It one of the most discussed new players in the iGaming industry. 

As per the deal, the Instant Casino brand will become an integral part of the Juventus ecosystem. For instance, the LED system at Allianz Stadium will prominently feature the Instant Casino logo, accompanied by a range of exciting promotions. 

“We are honoured and excited to partner with the iconic Italian club Juventus”, said Greg Turner, the head of PR at Instant Casino. 

“We are looking forward to starting to work with Juventus, which has a rich history and has won countless trophies both domestically and in Europe. At Instant Casino, we will continue to disrupt the market with our simplified casino and sportsbook products while also offering our players the fastest experience in the business”

On the Juventus side, in addition to the sponsorship involved, the football club is set to receive a massive boost in fan engagement. Instant Casino will offer special odds and contests for betting enthusiasts during Juventus games. 

Moreover, the platform will offer opportunities for fans to win official jerseys and tickets to Juventus games. 

A recent Variety Intelligence report found that betting on a sport made a considerable difference in consumer engagement and viewership. The same report revealed that an increasingly high number of football fans are becoming interested in sports wagering, with this percentage being 37% in 2022. 

The report highlights that teams saw a significant increase in the number of fans as a result of sports betting.

Instant Casino Ranked Among Top Online Gambling Sites

Instant Casino’s emergence as a major player in the iGaming industry has been quick, driven by unparalleled customer experience as well as strategic partnerships – like the latest one with Juventus. 

Tech blog Techopedia ranks it one of the best online casinos in Norway (source).

As an instant withdrawal casino, Instant Casino continues to attract new players while boasting impressive customer retention. Thanks to attractive cashback bonuses, fast cashouts, and higher bet limits, Instant Casino is quickly separating itself from its competitors. 

The top casino takes pride in providing a tailor-made experience for all players. It accepts both fiat and crypto payments. Being a global brand, it has also made provisions for localized payments. 

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Macro strategist Henrik Zeberg anticipates a substantial increase in Bitcoin’s value, forecasting a surge of over 64% by the third quarter of 2024. According to a report by The Daily Hodl, in a recent interview with Bloor Street Capital, Zeberg expressed confidence in Bitcoin reaching between $110,000 and $115,000 within the year. He emphasized that the recent consolidation period indicates an imminent upward movement.

Zeberg highlighted that Bitcoin’s current consolidation phase follows a significant move on 20 May. He expects another major upswing around mid-June, projecting continuous uptrends interspersed with pullbacks. By August to October, Zeberg aims to see Bitcoin surpassing $105,000, with a target range of $110,000. Concurrently, he anticipates the S&P 500 reaching around 6,000, marking a critical level for potential market concern.

As of the time of writing, Bitcoin trades at $68,027, down 0.8% in the last 24 hours.

He also forecasts a US economic recession by the end of 2024, likely starting in Q4. Zeberg suggests the stock market will peak roughly two months prior, possibly in August or September. His projections are based on observable weaknesses in various global markets, including Europe and Asia.

Zeberg anticipates that the US market will remain bullish in the near term, driven by capital rotation from weaker markets in Europe and Asia. Additionally, he expects a shift from large-cap to small-cap stocks as the business cycle reaches its final phase.

As of 27 May 2024, Ripple’s XRP is trading against the US Dollar (USD) on Bitstamp at approximately $0.539, reflecting a daily increase of $0.01108 (+2.10%). This detailed technical analysis explores XRP’s price movements, identifies critical support and resistance levels, and evaluates potential future scenarios.

Overview of Current Market Conditions

The TradingView chart below offers a daily (1D) timeframe analysis, capturing XRP’s price journey from early 2024 to the present date. The chart highlights a period of significant volatility with notable price swings, reflecting both bullish and bearish sentiments.

Source: TradingView Key Observations

Trend Analysis:

Volatile Movement: Since the start of 2024, XRP has exhibited considerable volatility. The price fluctuated between $0.42 and $0.74, indicating mixed market sentiment.

Correction Phases: Several correction phases are visible on the chart, with the price experiencing sharp declines followed by partial recoveries.

Support and Resistance Levels:

Support Levels: Key support levels are identified around $0.52 and $0.48. These levels have served as crucial buy zones where the price found support during downturns.

Resistance Levels: The primary resistance level is at $0.54. A break above this level could signal the beginning of a more sustained upward movement.

Candlestick Patterns:

Bullish Candles: The chart shows several bullish candles, particularly during recovery phases after significant drops, suggesting strong buying interest at lower levels.

Bearish Candles: The presence of multiple bearish candles indicates periods of intense selling pressure, particularly during the correction phases.

Moving Averages:

Short-Term Moving Averages: While not explicitly shown, short-term moving averages are likely to be close to the current price, reflecting the recent volatile trading environment.

Long-Term Moving Averages: Long-term moving averages may be positioned below the current price, suggesting that the overall trend may still have a bullish undertone despite recent volatility.

Volume Analysis:

Volume Spikes: Although volume data is not visible on the chart, volume spikes typically align with significant price movements, confirming the strength of these movements.

Potential Scenarios

Bullish Scenario:

Breakout Above $0.54: If XRP breaks and sustains above the $0.54 resistance level, it could signal further upward movement. The next target might be around $0.60 or higher, based on previous patterns of price behavior after breaking significant resistance levels. This scenario would indicate renewed buying interest and could lead to a more stable uptrend.

Bearish Scenario:

Failure to Break $0.54: If XRP fails to break above $0.54, it could result in a pullback to the nearest support levels around $0.52 or $0.48.

Extended Correction: A more significant correction could drive the price back to around $0.42, the next major support level.

Conclusion

The overall sentiment derived from the chart is cautiously optimistic, with XRP currently testing the $0.54 resistance level. The observed trend demonstrates a mix of bullish and bearish phases, with multiple support levels cushioning potential downward movements. Traders and investors should closely monitor XRP’s behavior around the $0.54 mark to anticipate future price action.

If XRP manages to break and sustain above this key resistance level, it could pave the way for further upward movement, potentially targeting $0.60 or higher. Conversely, a failure to break $0.54 might lead to a pullback, with $0.52 and $0.48 serving as crucial support levels to watch.

Featured Image via Unsplash

As of 27 May 2024, Bitcoin (BTC) is trading against the US Dollar (USD) on Bitstamp at approximately $70,159, marking a daily increase of $1,670 (+2.44%). This comprehensive technical analysis explores Bitcoin’s price movement, identifies key support and resistance levels, and examines potential future scenarios.

Overview of Current Market Conditions

The provided TradingView chart offers a daily (1D) timeframe analysis, revealing Bitcoin’s price journey from early 2024 to the present date. The chart illustrates a robust uptrend with occasional corrections, suggesting strong bullish momentum in the market.

Source: TradingView Key Observations

Trend Analysis:

Uptrend: Since the start of 2024, Bitcoin has shown a significant uptrend. The price surged from around $40,000 to over $70,000, highlighting persistent buying interest and strong bullish momentum.

Corrections: Several corrections are visible on the chart, characterized by sharp declines. However, these corrections were followed by swift recoveries, indicating the resilience of the uptrend.

Support and Resistance Levels:

Support Levels: The chart identifies key support levels around $60,000 and $52,000. These levels have acted as strong buy zones, where the price rebounded after facing corrections.

Resistance Levels: The primary resistance level is currently at $70,000. Bitcoin’s ability to break and sustain above this level will be crucial for continued bullish momentum.

Candlestick Patterns:

Bullish Candles: The chart displays several large bullish candles, signifying strong buying interest, especially during phases of the uptrend.

Bearish Candles: Bearish candles appear during corrections but are relatively smaller compared to bullish ones, suggesting that sell-offs were not as intense.

Moving Averages:

Short-Term Moving Averages: While not explicitly shown on the chart, it is likely that short-term moving averages are below the current price, indicating a strong uptrend.

Long-Term Moving Averages: Similarly, long-term moving averages are expected to be below the current price, reinforcing the bullish trend.

Volume Analysis:

Volume Spikes: Although volume data is not visible on the chart, significant price movements usually align with volume spikes, confirming the strength of those moves.

Potential Scenarios

Bullish Scenario:

Breakout Above $70,000: If Bitcoin breaks and sustains above the $70,000 resistance level, it could signal further upward movement. The next target might be around $75,000 or higher, based on previous patterns of price behavior after breaking significant resistance levels. This scenario would indicate strong continued interest from buyers and could set the stage for new all-time highs.

Bearish Scenario:

Failure to Break $70,000: If Bitcoin fails to break above $70,000, it could result in a pullback to the nearest support levels around $68,000 or $60,000.

Extended Correction: A more significant correction could drive the price back to around $52,000, the next major support level.

Conclusion

The overall sentiment derived from the chart is bullish, with Bitcoin currently testing the $70,000 resistance level. The observed trend demonstrates strong bullish momentum, reinforced by multiple support levels that provide a cushion against potential downward movements. Traders and investors should closely monitor Bitcoin’s behavior around the $70,000 mark to anticipate future price action.

If Bitcoin manages to break and sustain above this key resistance level, it could pave the way for further upward movement, potentially targeting $75,000 or higher. Conversely, a failure to break $70,000 might lead to a pullback, with $68,000 and $60,000 serving as crucial support levels to watch.

Featured Image via Pixabay

In the wild world of memecoins, fortunes can be made and lost in the blink of an eye. One savvy trader, known only by their wallet address “0x303,” recently demonstrated the potential for massive gains in this volatile market by turning a $535,000 investment in the Donald Trump-themed MAGA (TRUMP) memecoin into a staggering $2.7 million profit in just three days.

According to a post on X (formerly Twitter) by blockchain analytics service Lookonchain, the trader purchased six billion MAGA tokens on May 25, spending a total of $537,500. Just ten minutes after the initial investment, the trader sold 1.5 billion MAGA tokens for $744,000 in USDT, realizing a significant profit. As of the time of the post, the trader held 4.5 billion MAGA tokens, worth an estimated $2.51 million.

In just 3 days, this trader made $2.7M by trading $MAGA, with an ROI of 505%!He spent $537.5K to buy 6B $MAGA on May 24 and May 25, then sold 1.5B $MAGA for 744K $USDT to take profits 10 minutes ago.He currently holds 4.5B $MAGA, worth $2.51M.https://t.co/KaRYLuELKN pic.twitter.com/Pgd5hKVpc5

— Lookonchain (@lookonchain) May 27, 2024

The MAGA token, which has seen significant price surges following comments by Republican presidential candidate Donald Trump, has been a topic of much discussion in the crypto community. On May 9, the token experienced a 78% intraday surge, with trading volume rising over 62% to $281 million, after Trump expressed his support for cryptocurrencies during a special event for Trump NFT holders at his Mar-a-Lago resort in Florida.

i asked donald trump how he’s going to keep crypto businesses in america.sounds bullish 🇺🇸 pic.twitter.com/rvuztPmQ8P

— Malcolm (33.3%) (@macdegods) May 9, 2024

During the event, Trump took questions from the crypto-savvy crowd and expressed his willingness to accept campaign donations in Bitcoin and other tokens. He also criticized the current administration, claiming President Biden and U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler are ignorant and hostile towards crypto.

BREAKING: DONALD TRUMP IS FINE WITH CRYPTO pic.twitter.com/SCJDKdHQUB

— Frank (@frankdegods) May 9, 2024

While the MAGA trader’s impressive gains have generated excitement, they have also raised suspicions of insider trading. Many users on X have questioned how someone could confidently invest such a large sum in a memecoin without possessing “extra” knowledge. Lookonchain itself noted last week that “an insider is selling” MAGA memecoins, with the insider having previously spent 5.35 Ether to purchase 33% of the MAGA supply using 22 different wallets.

However, some users have suggested that the transactions may be the result of maximal extractable value (MEV) bot activity rather than insider trading. MEV bots exploit arbitrage opportunities to generate significant profits, and their activity could explain the seemingly prescient trades.

Disclaimer: This article is sponsored content and should not be considered as financial or investment advice. Always do your own research before making any financial decisions. The opinions expressed in this article are those of the author and do not necessarily reflect the views of CryptoGlobe.

The only way is forward – having entered the iGaming industry, cryptocurrencies have changed it for good. Gambling entities are still ‘exploring the terrain’; however, the number of businesses integrating crypto or even transforming their platforms into blockchain-based ones is booming.

As with every domain it enters, crypto has not just changed the very core of how casino platforms function but also empowered players. The introduction of decentralization has bolstered their trust in virtual transactions. Moreover, adopting blockchain technologies has opened up immense opportunities, streamlining processes and shaping a new, enhanced player experience.

Uncovering the Benefits

The benefits of cryptocurrencies in the iGaming industry are not just theoretical; they’re tangible and can be harnessed by businesses and players alike. The extent to which these benefits can be realized depends on the platform’s degree of integrating blockchain technologies. Let’s delve into the key advantages that await those who choose a crypto-centered casino.

Enhanced Security

Blockchain technology has ushered in an era of unparalleled security. Payment processing occurs on a peer-to-peer decentralized network, with all transactions stored on an immutable record holder and secured with cryptographic methods. This robust system ensures the integrity of transaction history, making crypto transactions tamper-proof and providing a sense of safety unmatched by traditional gaming platforms. 

Level Playing Field

In blockchain-based casinos, all transactions and game actions are open for scrutiny at any time. This transparency ensures players that the gaming outcomes are trustworthy and guarantees they will receive their winnings. Moreover, blockchain casinos like Fairspin allow players to withdraw even huge wins that very day. 

Ensuring a level playing field is a game-changer for online casinos hosting tournaments, as blockchain technology eliminates the possibility of altered results, fostering a sense of trust and ensuring fair competition.

Fast and Cheap Transactions

As decentralization has removed the need for middlemen, crypto owners can enjoy quicker settlement and reduced transaction fees compared to conventional payment methods. Cheaper transactions also benefit casinos, allowing them to optimize processes and use resources efficiently.

Extra Earning Opportunities

Blockchain casino players can benefit from more than just game winnings. They are encouraged to multiply their income through staking – digital assets are frozen for a specific period, after which holders are rewarded with more crypto. For example, the Fairspin casino has a Hold to Earn program with an average annual APR of up to 500%.

However, along with undeniable advantages, cryptocurrencies have brought a set of pitfalls to consider. Read on to find out what challenges crypto presents.

About the Pitfalls

Forewarned is forearmed – most crypto challenges can be overcome if you know what to prepare for. Others present an inherent part of every new beginning, and the crypto industry is still young and yet to develop efficient ways to integrate into the existing gambling framework.

Volatile Nature

Cryptocurrencies are subject to price fluctuations, creating uncertainty for investors. Nevertheless, the risk can be mitigated using stablecoins, or cryptos whose value is pegged to another currency, commodity, or financial instrument.

Concern of Illicit Activities

The anonymity of transactions can attract fraudsters pursuing money laundering and other illegal activities. However, enabling KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures is one way to avoid such cases. A casino can make it obligatory to pass identity verification before allowing a player to transact on the platform.

Regulatory Challenges

The rapid development of crypto and blockchain technologies forces regulators to keep pace, quickly adapting the guidelines with which crypto casinos must comply. A clear regulatory network for crypto within the iGaming sphere is yet to be developed, although certain jurisdictions have taken decisive steps in this direction.

With the key crypto benefits and challenges figured out, it’s time to delve into the exciting world of crypto gambling! Let’s see how crypto integration works for a real blockchain casino and learn what advantages its players get.

Fairspin Leading the Way

Although most crypto casinos don’t advance beyond integrating crypto payments, the real game changers revolutionize their platforms into blockchain-based ones to leverage all competitive advantages the technology brings.

Fairspin is a leading casino that prioritizes transparency and security along with an immersive entertainment experience. With a staggering 8,800+ games on offer, the platform enables players to review all game actions to ensure fair play. 

Such transparency is achieved through blockchain – the casino uses the Trueplay solution to transfer data to a tamper-proof digital ledger. Once recorded, all transactions can be easily accessed and verified via Trueplay Explorer.

Security aside, Fairspin users can enjoy broad crypto-related benefits revolving around its native TFS Token. This ERC20/BEP20 digital asset is the backbone of every casino incentive, from a sign-up bonus to staking rewards. Let’s consider each of them in more detail.

Bonus System

Fairspin boasts an extensive bonus system designed to elevate players’ gaming experience and boost their winnings. From a generous welcome pack to regular cashback rewards, the casino ensures that every player feels valued and rewarded.

Welcome Pack

Once registered, users immediately receive a 200 TFS bonus with no wager to kick-start their gaming journey. 

The next bonus awaits after making a deposit. Moreover, there is a whole welcome pack for the first four deposits on the platform:

up to 100% and 30 free spins for the 1st deposit

up to 75% and 30 free spins for the 2nd deposit

up to 75% and 30 free spins for the 3rd deposit

up to 200% and 50 free spins for the 4th deposit

The offer is time-limited, adding a thrilling element of urgency. Besides, the deposit sums and wagering requirements vary depending on the sum you wish to receive. For instance, the maximum bonus of 200 TFS + 50 FS has a 3-day lifetime, and to unlock it, you will need to deposit at least 500 USDT and complete a 60x wagering requirement.

Rakeback

Whether winning or losing, every bet still earns you rakeback in the best Play to Earn games. Everyone is sure to return a certain percentage of what they deposited. The percentage varies depending on the game type. For example, it is 0.2% for slot games and 0.075% for traditional and live roulette.

Loyalty Program

A 10-level loyalty program adds to the excitement. As a new user, you start from the initial “Player” level, but with each game you play and each rakeback you earn, you climb higher, unlocking more thrilling benefits along the way. 

The newbie will receive 5% weekly cashback with no wager, 5% weekly cashback with a 60x wager, and a staking limit of Play to Earn × 5,000. Let’s compare the advantages provided to the players who have reached the highest levels:

Play, rakeback, and get to the very top! However, the fun does not stop there – users can multiply their funds by joining Fairspin’s staking program, which promises risk-free passive income.

Hold to Earn

According to Fairspin’s Community Manager, Poly, “the Hold to Earn program provides an average annual APR of up to 500%, with daily returns reaching 21%”. Whether you choose an 8-hour, 1-day, or 3-day plan, you can freeze your tokens and watch your earnings grow as you receive a share of the casino’s profits.

Such staking is risk-free, as players will get their deposit back even if the platform does not gain any profit during their holding period. This happens when someone shakes the casino with a huge win. However, given the impressive APR figures, Fairspin holders can still get lucrative rewards with no effort.

Summary

The integration of crypto and blockchain technologies has revolutionized the gambling industry. Unprecedented transparency, enhanced transactions, and new exciting earning opportunities are just some benefits that blockchain casino players access.Fairspin stands out as a leading blockchain-based iGaming platform. It offers all the advantages mentioned, coupled with abundant games and generous bonuses. Sign up on the platform to find out what the state-of-art gaming experience feels like!

Argentina has turned to El Salvador, a pioneer in Bitcoin adoption, to learn from its experiences and insights in navigating the complex world of digital assets.

According to a report by Argentina’s National Securities Commission (CNV), which is part of the country’s Ministry of Economy, in a significant step towards enhancing international cooperation in the realm of digital assets, top officials from Argentina and El Salvador recently exchanged insights on the growth and regulation of cryptocurrencies. This dialogue underscores the pivotal role of El Salvador, which became the first country in the world to adopt Bitcoin as legal tender alongside the U.S. dollar in 2021.

Dr. Silva of CNV emphasized El Salvador’s leadership in the crypto space, noting the establishment of the National Commission for Digital Assets (CNAD). He pointed out, “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.” He further expressed the desire to strengthen ties with El Salvador and explore collaboration agreements.

Dr. Boedo of CNV, who recently visited El Salvador for technical meetings on the development of securities markets and regulatory elements, praised El Salvador’s experience with crypto assets. He stated, “I want to highlight the experience of El Salvador when it comes to the world of crypto assets.” He emphasized the importance of continuing to strengthen ties with El Salvador, a pioneer in this field.

Mr. Juan Carlos Reyes of CNV noted Argentina’s pioneering role in technology and the National Securities Commission’s commitment to efficient regulation of the industry. He said, “We appreciate the approach with the National Digital Assets Commission of El Salvador, being an innovative supervisory authority with experience in the digital assets industry.”

The CNAD in El Salvador regulates all digital assets and financial instruments, with the Financial Superintendency and the Central Reserve Bank of El Salvador also overseeing Bitcoin as an official currency. This comprehensive regulatory framework highlights El Salvador’s advanced position in the digital asset landscape.

Per a report by Cointelegraph, this collaboration between Argentina and El Salvador comes at a crucial time for the South American nation. In April, Argentina took significant steps towards regulating its domestic cryptocurrency market, introducing registration requirements for crypto firms operating within its borders. Argentina’s move towards embracing digital assets has been further bolstered by the election of Bitcoin-friendly politician Javier Milei as president in late 2023.

In a related development, Argentina’s foreign affairs minister, Diana Mondino, revealed in late 2023 that the government was preparing a decree to legalize the use of Bitcoin and other cryptocurrencies for payments under certain conditions.

Featured Image via Unsplash

Speculative interest in Ether is intensifying after the US Securities and Exchange Commission (SEC) unexpectedly permitted exchange-traded funds (ETFs) for the digital asset.

BOOM!! APPROVED! There it is. The SEC just approved spot #Ethereum ETFs. What a turn of events. It's really happening.h/t @PhoenixTrades_ pic.twitter.com/KQ39mDyCbT

— James Seyffart (@JSeyff) May 23, 2024

This regulatory pivot catalyzed a significant 26% increase in the value of Ether over the past week, marking the largest weekly gain since the 2021 crypto bull market, according to data compiled by Bloomberg.

Source: TradingView

Investors might be encouraged by the successful debut of US-listed spot Bitcoin ETFs in January, which have accumulated $59 billion in assets. However, Ether’s lesser-known status compared to Bitcoin makes predicting investor demand more challenging.

Unlike holding the tokens directly, spot Ether ETFs will not involve staking, a process that rewards participants for pledging tokens to support the Ethereum blockchain. This exclusion could dampen interest in the funds.

Further approvals from the SEC are required before firms like BlackRock Inc. and Fidelity Investments can launch these products, and the timeline for these approvals remains unclear.

The approval process is not yet complete, as the ETF issuers still need the SEC to approve their registration statements detailing investor disclosures. While there is no set timeline for this, industry participants believe that many issuers are ready to launch once they receive the green light. However, the SEC’s corporate finance division is expected to request changes and updates in the coming days and weeks.

Going to add here. Typically this process takes months. Like up to 5 months in some examples but @EricBalchunas and I think this will be at least somewhat accelerated. #Bitcoin ETFs were at least 90 days. Will know more soon.

— James Seyffart (@JSeyff) May 23, 2024

As of 10:10 a.m. UTC on May 27, Bitcoin is trading at around $68,496, down 0.9% in the past 24 hours, while Ether is trading at roughly $3,902, up 2.6% in the past 24-hour period.

According to a report by Bloomberg News, Chris Weston, Head of Research at Pepperstone Group, noted in a statement that the risk for Ether remains on the upside, suggesting that pullbacks should be seen as buying opportunities. The report also mentions that data from the Deribit trading platform indicates that the highest concentrations of bullish options bets anticipate Ether reaching $5,000 or higher. Ether’s current all-time high is $4,878, achieved on 10 November 2021.

The Bloomberg report went on to say that the gap between the T3 Ether Volatility Index, which reflects expected 30-day price swings based on options prices, and a similar index for Bitcoin is at its widest since at least the beginning of 2023. This suggests that speculators anticipate more significant price fluctuations for Ether than for Bitcoin.

Featured Image via Pixabay

On Saturday, former U.S. president Donald J. Trump made several pro-crypto comments on his social media platform Truth Social — which is part of the Trump Media & Technology Group (TMTG) and aims to provide an alternative to established social media networks such as Twitter and Facebook — and at a convention.

In this post, Trump Trump expressed strong support for the cryptocurrency industry, declaring himself open-minded and enthusiastic about its potential. He emphasized the importance of the United States leading in this emerging field, dismissing any notion of a secondary position. Contrasting his stance with that of President Joe Biden, whom he harshly criticized as the worst president in the country’s history, Trump accused Biden of attempting to stifle the industry. Trump assured his followers that under his leadership, the crypto sector would thrive and not face the slow demise he attributes to Biden’s policies.

Source: Truth Social

Also, according to a report by CoinDesk, at the Libertarian National Convention in Washington, D.C., Trump criticized Biden’s approach to cryptocurrency and promised to protect the future of crypto and Bitcoin in the U.S. He assured the audience that he would oppose the establishment of a central bank digital currency and support the right to self-custody of digital assets:

“I will ensure that the future of crypto and the future of bitcoin will be made in the USA, not driven overseas. I will support the right to self custody … To the nation’s fifty million crypto holders, I say this: I will keep Elizabeth Warren and her goons away from your bitcoin, and I will never allow the creation of a central bank digital currency.“

Trump’s recent comments indicate a shift towards a more pro-crypto stance.

Earlier this week, Donald Trump’s campaign introduced a fundraising page allowing donors to contribute using cryptocurrency through the Coinbase Commerce platform. This initiative marks a significant milestone as the first instance of a major party presidential nominee accepting cryptocurrency donations, thereby broadening the campaign’s digital fundraising strategies.

The campaign assures that all contributions will adhere to Federal Election Commission regulations, including limits and disclosure requirements. Supporters can now make compliant cryptocurrency donations at Trump Campaign Crypto Donations. Accepted cryptocurrencies include Bitcoin, Ethereum, XRP, Dogecoin, Shiba Inu, USD Coin, Solana, and 0x.

In a blog post, the campaign highlighted Trump’s efforts to reduce regulations and promote innovation in financial technology during his presidency, contrasting these policies with those of Democratic leaders like Joe Biden and Senator Elizabeth Warren, who are depicted as favoring increased government control over financial systems.

The campaign positions this move as part of a broader effort to enhance individual financial freedom and reduce governmental oversight. They assert that this announcement demonstrates Trump’s commitment to prioritizing personal liberty over “government control.”

Elizabeth Warren has been vocal about her concerns regarding cryptocurrency, reportedly aiming to build an “anti-crypto army” to impose stricter regulations. In contrast, Trump’s campaign is rallying supporters to form a “crypto army” to support the campaign leading up to the election on 5 November 2024.

According to CNBC, this strategy could provide a new stream of funds for Trump’s campaign, which, despite raising more money than Biden’s in April, still has less cash on hand. The report notes that Biden’s campaign remains skeptical of cryptocurrency, reflecting the administration’s cautious stance. Just before Trump’s campaign started appealing to crypto donors, Biden’s team issued a fundraising message warning that “cryptocurrency executives and oil barons are coming out of the woodwork for Trump.”

While Trump’s campaign claims he is the first major party nominee to embrace crypto donations, CNBC points out that he is not yet the official nominee. Additionally, Trump is not the first presidential candidate to accept cryptocurrency; Robert F. Kennedy Jr., running as an independent, began accepting bitcoin donations in May 2023, and Senator Rand Paul accepted bitcoin during his 2015 presidential bid.

Featured Image via Pixabay