Cryptocurrency

While Bitcoin was still sitting on some gains for the week, it was back within a $60,000 to $70,000 trading range seen for over two months. It also trimmed a bulk of its weekly gains on Thursday and Friday.Bitcoin fell 3.6% in the past 24 hours to $67,486.0 by 08:12 ET (12:12 GMT).World no.2 token Ether dipped 5.1% to $3,718.70 amid some profit-taking.But the token was trading up 22% over the past seven days, buoyed chiefly by the Securities and Exchange Commission’s approval of applications from several major exchanges to list a spot Ether ETF.The SEC approval applications from the Nasdaq, CBOE and the NYSE to list ETFs that will directly track the price of Ether. The step marked some progress towards the eventual approval of a spot ETF for trade, although the SEC has to now engage with applications from fund managers to list a spot ETF. Applicants include VanEck, ARK Investment Management and seven other issuers. Rumblings of the SEC’s approval had boosted Ether prices through the week, with the actual event sparking fleeting gains in the token.But fears of high for longer U.S. interest rates were a key point of pressure on crypto markets, especially as hawkish signals from the Federal Reserve showed increasing anxiety amid policymakers over sticky inflation.A slew of Fed members said that inflation was likely to take longer to reach the central bank’s 2% annual target, while the minutes of the bank’s late-April meeting showed some policymakers were even open to raising interest rates further. This saw traders largely price out expectations for any rate cuts this year. Traders were seen pricing in a nearly equal probability of rate cut or a hold in September, at around 46%, according to the CME Fedwatch tool. High for longer rates bode poorly for crypto, given that the sector usually thrives in low-rate, high-liquidity markets. Most token prices fell on this notion, with a rebound in the dollar also pressuring markets.Solana fell 4.7% while XRP rose 0.9%. Meme tokens Investing.com Shiba Inu Index and DOGE/USD dropped 5.7% and 3.7%, respectively.The approval of ether spot ETFs likely opens the door for the next chapter of crypto ETFs, Standard Chartered (OTC:SCBFF) analysts said.”For other coins markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story not a 2024 one,” Standard Chartered told The Block.The bank’s analysts believe the green light for ether ETFs points to a notable shift in US regulators’ stance. Specifically, it suggests that ETH is not classified as a security by the SEC, thereby implying that other ETH-like coins, which were previously under scrutiny in cases such as the 2023 XRP case, may also not be considered securities.”In several cases the core technology is so similar to ETH it would be difficult for the SEC to claim they were securities given the ETH position,” analysts said. “The crypto industry now seems to have political backing on both sides of the aisle.”They view the latest support for crypto in the US as a “true watershed moment.” As such, analysts think that the next question is not whether but when the market will witness more regulatory changes. More

In a major development for the cryptocurrency industry, the SEC approved the first-ever Ethereum ETF today. This decision is seen by many as a potential turning point, ushering in a new bull cycle for crypto. With Ethereum paving the way for regulatory acceptance, all eyes are now on other leading projects like Solana.SolanaVM created L2’s innovative solution that allows Ethereum dApps to leverage Solana’s lightning-fast speed and minimal fees. This can play a huge role in the coming bull run, as it might significantly boost the whole Solana ecosystem and the activity of developers in Web3.SolanaVM recently commenced the presale of its native token, $SVM, raising over $400,000 within the first day. The presale is structured in multiple rounds with progressively increasing prices. The token launch is scheduled for Q3, with 15% of the total token supply allocated for the presale.SolanaVM acts as a bridge, allowing developers to seamlessly move their existing Ethereum applications to Solana. This unlocks the immense potential of Solana’s architecture, which boasts:SolanaVM isn’t just about speed and cost savings. It’s a win-win situation for both developers and users:SolanaVM is more than just a bridge – it’s a leap forward in DeFi technology. By leveraging the power of Solana, it has the potential to revolutionize interactions with decentralized applications. Further updates can be tracked on SolanaVM official Twitter: https://twitter.com/solanaVM To join the DeFi revolution, SolanaVM’s team invites users to visit SolanaVM’s website at solanavm.xyz to become part of the future.ContactMark [email protected] article was originally published on Chainwire More

The move potentially allows these products to start trading later this year. While the ETF issuers still need final approval before launching, Thursday’s decision marked an unexpected victory for these firms and the cryptocurrency industry, which, until Monday, had anticipated the SEC would reject the filings.In their comments on the development, TD Cowen analysts said they were “surprised at the timing, but not the outcome.”“Approval has been inevitable for a few years. We do see this as clearing the way for more crypto ETFs though it does not represent a change in the SEC’s approach to crypto. We still expect it will pursue litigation against tokens and trading platforms,” they added.TD Cowen notes that the SEC’s approval came about six months earlier than expected. The broker had anticipated the agency would wait a full year after the Bitcoin ETF launch before considering Ether ETF applications and could delay any litigation until early 2025.However, the approval became inevitable after the SEC sanctioned crypto futures ETFs and subsequently the Bitcoin (BitfinexUSD) ETF earlier this year, making a legal challenge unlikely.VanEck, BlackRock (NYSE:BLK), Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise are among the first batch of firms that secured the approval. They had to agree that Ether held in the ETFs would not be used for staking.The next step is for the S-1 filings to be approved, which may take several weeks or longer, said TD Cowen’s team.“That said, we do not see this as an insurmountable obstacle,” analysts wrote.“Our view is that ETFs which reflect a basket of tokens will also be approved within a year though we will be watching if the initial baskets are just Ether and Bitcoin or if they include other tokens,” they added. More

PlayFi, an AI-powered data network and blockchain tailored for the gaming industry, today announced its plan to conduct an exclusive node license presale on Polygon PoS Network. This sale deployment on the Polygon network marks PlayFi’s entrance into the market, showcasing its commitment to integrating blockchain technology into the traditional gaming world. As part of the presale, users on the Polygon PoS network will gain exclusive access to tier one pricing of PlayFi’s innovative modular nodes license, ahead of the tiered public sale coming later this summer. Node license holders will be eligible for rewards for helping run the PlayFi network by ingesting, validating and storing data from AAA and indie games in web2 and web3.PlayFi will continue its synergy with the Polygon community by becoming the first zkSync hyperchain to join the AggLayer, creating innovation with cross-chain interactions for game builders and players.The Technology Powering the Vision of PlayFiPlayFi aims to revolutionize the gaming landscape by seamlessly integrating blockchain into gaming. Aimed at gaming enthusiasts, node runners, developers, and game studios, PlayFi facilitates a rich, web3-enhanced gaming experience without compromising the core gameplay of the world’s most popular games. PlayFi enables features such as amateur esports, peer-to-peer competitions, and advanced marketplaces, scaling to meet the demands of over three billion gamers globally. It does this through two core components:Additional information on PlayFi and the node license presale can be found here. Users can follow PlayFi on X or visit PlayFi.ai for future updates.About PlayFiPlayFi is redefining gaming by integrating blockchain technology to enhance gameplay and community engagement. Through its cutting-edge PlayChain technology and AI-powered PlayBase network, PlayFi ensures a fast, secure, and scalable zkEVM blockchain solution, as well as optimal data processing and analysis tailored for the gaming industry. With a commitment to enhancing the gaming experience with web3, PlayFi is empowering developers, players, and studios across the globe to push the boundaries of innovation in an ever-evolving digital landscape and setting new standards in how games are played, developed, and monetized. For more information, visit playfi.ai.ContactSenior PR ManagerLeslie [email protected] article was originally published on Chainwire More

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Multipool, a leading innovator in the blockchain and cryptocurrency industry announces a corporate partnership with Mobilum. The partnership between Multipool and Mobilum will enable users to onboard onto cryptocurrencies without involving a centralized exchange.The world of crypto is heavily focused on DeFi (decentralized finance), but the only access point for the majority of people is via a centralized exchange. Multipool & Mobilum aim to change that, by offering users a simple and easy way into the world of crypto. With Mobilum, people can come to Multipool, directly into the DeFi world without having to touch a centralized exchange.To learn more about Multipool and its features, users can visit:Website – www.multipool.financeTelegram – t.me/multipoolfiX – www.x.com/multipoolfiUsers can learn more about Multipool’s LBP live on Fjord Foundry now – Fjord Foundry $MUL LBPAbout MultipoolMultipool is a cutting-edge decentralized exchange (DEX) transforming the trading landscape for real-world assets (RWAs) and cryptocurrencies. Multipool is designed for fairness and equality, featuring a fully decentralized on-chain order book, deep liquidity through dynamic bracket pools, and seamless trading of RWAs and cryptocurrencies. Utilizing world-class innovations including industry-first FIX APIs, low latency networks, zero price impact auctions, trustless RFQs, peer-to-peer repo lending, and MEV bot protection, Multipool sets a new standard in DeFi trading. Experience unparalleled efficiency and security in your trading journey with Multipool – The DEX with CEX appeal.www.multipool.financeAbout Mobilum Technologies Inc.Mobilum is a financial technology company providing various payments and banking solutions to bridge the gap between traditional finance and Web 3 economy. Building all-in-one infrastructure to meet global payment needs in both Web 2 and Web 3. Mobilum develops innovative products for retail and institutional clients enabling them to transfer, manage and spend fiat currencies and as digital assets alike in a safe, convenient and compliant manner. Poland, Lithuania, Canada and the United States. For further information, users can visit www.mobilum.com.ContactPublic Relations ManagerAngie [email protected] article was originally published on Chainwire More

Factoring in additional institutional investors not required to file, such as smaller managers and some investment advisors, the estimate for institutional ownership rises to roughly 20%. This leaves retail investor ownership at around 80%, indicating that most of the new spot bitcoin ETFs have been purchased by retail investors since their inception.Hedge funds represent the largest portion of institutional ownership, nearing 8%. Among the new spot bitcoin ETFs, Blackrock (NYSE:BLK)’s IBIT has distinguished itself for several reasons. Firstly, it has garnered the majority of inflows since its launch, becoming the main recipient of capital shifting away from the Grayscale bitcoin trust, which is known for its high fees. Secondly, IBIT is on the verge of overtaking the Grayscale bitcoin trust as the world’s largest bitcoin fund. Thirdly, it has become the most liquid spot bitcoin ETF in the market.Liquidity assessments of IBIT use two key metrics. The first is the Hui-Heubel ratio, which measures market breadth or the sensitivity of prices to volumes. A lower Hui-Heubel ratio indicates greater market breadth, and Blackrock’s ETF has a significantly lower ratio compared to Grayscale’s GBTC, by about three to four times, suggesting it exhibits substantially more market breadth. The second metric looks at the average deviation of ETF closing prices from the Net Asset Value (NAV). A low deviation implies high liquidity, and the Blackrock spot bitcoin ETF has shown a significantly lower ETF price deviation from NAV than both Grayscale’s GBTC and Fidelity’s FBTC in the most recent week, indicating higher liquidity.In conclusion, JPMorgan’s analysis suggests that Blackrock’s IBIT has already established itself as the most liquid spot bitcoin ETF, outshining Grayscale. This could potentially increase its appeal to both institutional and retail investors in the future.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

With the addition of the Mesh platform, Sui Wallet will achieve product parity with the world’s largest self-custody wallets, while Mesh now natively supports the SUI tokenSui, the pioneering Layer 1 blockchain that offers industry-leading performance and nearly infinite horizontal scaling, and Mesh, the leading embedded finance solution for crypto, today announced the integration of Mesh’s seamless digital asset transfer and account aggregation technology with Sui Wallet and all other wallets within the Sui ecosystem that adopt the tooling.With the integration of Mesh, Sui Wallet users can see their aggregated asset balances across hundreds of exchanges and wallet platforms, and transfer those assets with a one-click experience, all without ever needing to leave the Sui Wallet interface. This unique integration adds a new layer of interoperability, on-ramping, asset management, and token swapping directly within wallets native to the Sui Network as Sui’s tech stack continues to separate itself from other blockchains. The wallet tooling is expected to go live this year. In the build-up to the wallet integration, Mesh now supports the SUI token across all of its products, facilitating seamless digital asset transfers, payments, account aggregation, and trading of the token across more than 300 leading crypto wallets and exchanges. Founded in 2020, Mesh has rapidly established itself as a leader in embedded finance. The company recently partnered with major platforms like CoinDCX and MetaMask, and is trusted by PayPal (NASDAQ:PYPL) Ventures, who made a strategic investment in the start-up using their PYUSD stablecoin. “Mesh’s tooling gives wallet providers across the Sui ecosystem a massive technological advantage and it gives the Sui community a native wallet experience that’s unmatched on other blockchains,” said Greg Siourounis, Managing Director of the Sui Foundation. “Native wallets are fundamental to increasing access and driving the growth and adoption of any network, and Sui now has a clear edge in this regard.”This latest collaboration with Mesh continues a trend of Sui offering developers and users unique implementations of technologies that make adoption easier and make the blockchain accessible to mainstream users, both at the enterprise and retail levels. For example, zkLogin is on-chain authorization, unique to Sui, that enables users to authenticate with decentralized applications using the traditional OAuth providers like Google (NASDAQ:GOOGL) and Twitter that they have become accustomed to and removing the hurdle of managing wallet addresses and seed phrases. zkSend is an application exclusive to Sui that utilizes zkLogin to enable users to send and claim tokens by sharing or clicking a link. As with these innovations, with the Mesh integration, Sui is now able to offer one of the most advanced and seamless user experiences in the industry. “Our collaboration with Sui unlocks powerful tooling and interoperability for the millions of wallets on the Sui Network and represents a pivotal development in our mission to build a more connected and secure financial ecosystem,” said Bam Azizi, Co-Founder and CEO of Mesh. “This is our first direct integration with a Layer 1 blockchain’s flagship native wallet, and soon, wallets across the Sui ecosystem will be able to integrate with the Mesh platform, creating a much better experience for users across the globe.”ContactSui [email protected] article was originally published on Chainwire More