Cryptocurrency

The world’s largest cryptocurrency rose 6.6% in the past 24 hours to $71,349 by 08:47 ET (12:47 GMT).But world no.2 token Ether was the star performer on Tuesday, surging 22.5% to a 1-½ month high of $3,776.1.A report from Coindesk showed that the U.S. Securities and Exchange Commission asked applicants for spot Ether ETFs to update some key filings, ahead of a key deadline for the approval of the funds later this Thursday. While the report said that there was still no guarantee that the regulator will approve the ETFs, it did mark some progress towards an eventual approval.Bloomberg analysts Eric Balchunas and James Seyffart updated their expectations for a spot Ether ETF approval to a 75% probability from 25%, citing the Coindesk report and stating that the SEC could be “doing a 180” on a potential approval.The SEC was seen largely averse towards a spot Ether ETF, especially as recent reports said the regulator was also pursuing action against the Ethereum Foundation over Ether’s potential nature as a security. But a spot ETF approval could trigger a similar rally in Ether as it did for Bitcoin earlier in 2024, where the token surged to a record high on increased capital inflows as institutional investors piled into the ETFs.Data from digital assets manager CoinShares showed on Monday that crypto investment products saw a second straight week of capital inflows, as some soft readings on U.S. inflation ramped up bets that the Federal Reserve will cut interest rates this year. Total capital inflows were at $932 million in the week to May 20, with Bitcoin continuing to dominate capital flows. Still, overall trading volumes remained well below peaks seen in the aftermath of the spot-Bitcoin ETF approvals in February and March. Altcoins drifted higher, tracking gains in Ether. Solana rose 1.2%, while XRP added 6%.Meme tokens Dogecoin and SHIB climbed 10.5% and 8%, respectively.House Democrats Maxine Waters (NYSE:WAT) (D-Calif.) and David Scott (D-Ga.) have voiced to their colleagues their strong opposition to the Financial Innovation and Technology for the 21st Century Act, also referred to as the crypto bill.However, despite this stance, the pair is not actively urging members to vote against the bill, as reported by Politico.Waters and Scott argue that the bill undermines established legal precedents and creates uncertainty in the traditional securities market.They claim the bill’s safe harbor provision, allowing entities to file an “intent to register” if they meet certain requirements, effectively shields these entities from existing securities laws until the SEC and CFTC finalize new regulations.This, they argue, “weakens investor protections and opens the door to fraud and market manipulation,” the email said.The letter also states that if the bill becomes law, it would prevent shareholders from suing publicly traded companies, override state regulations regarding digital assets, weaken fiduciary requirements, and undermine capital markets. More

Ether, which underpins the ethereum blockchain network, was 8% higher on the day at $3,775, its highest in two months, after jumping 13.8% on Tuesday. Top cryptocurrency bitcoin was last up 2.2% at $71,000, around 4% shy of its March peak of $73,803.25. The U.S. markets watchdog will give its ruling on some spot ether ETF applications this week. Analysts and investors said Tuesday’s jump was a result of unconfirmed talk that the Securities and Futures Commission might approve these products, after investors had previously thought they would be rejected. Bitcoin rallied sharply earlier this year after the SEC gave approval to several spot bitcoin ETFs, which have seen billions of dollars in inflows.So far in 2024, bitcoin has gained 67%, but ether is now close behind, with a gain of 60%. “Ethereum has taken pole position in the latest crypto rally ahead of Thursday’s first final SEC deadline to decide on an ETH ETF,” said Ben Laidler, global markets strategist at eToro, using ether’s market ticker. “Outright approval is a long shot, but any guidance on a pathway to eventual acceptance would be a big step forward.”VanEck, ARK Investment Management and seven other issuers have filed with the SEC to list spot ether ETFs. The SEC must decide on VanEck’s and ARK’s filings, which are first in line, by May 23 and May 24 respectively Joseph Edwards, head of research at Enigma Securities, cited reports saying the SEC had asked exchanges that would list the ether ETF to update their filings and separate Bloomberg ETF research that showed analysts have raised their informal probabilities of approval. An SEC spokesperson said they did not comment on individual filings. “Opposing the ETH ETF after the BTC one was approved always seemed like an odd case for the SEC to try to push, unless they were willing to open up questions on Ethereum’s securities status more broadly, and it’s likely that the call has come in somewhere to not take that fight,” Edwards said. Crypto markets took another leg higher last week, after data showing a slowdown in U.S. inflation drove a rally in risk assets. More

Bybit, one of the world’s top three crypto exchanges by volume, experienced a surge in trading volume on the popular ETH/BTC pair on the back of news that US regulators may approve an Ethereum ETF soon. Following the news, traders potentially profited from ETH’s impressive 15% move against BTC.The news that caused the surge was that US regulators asked ETH ETF applicants to update their filings, causing speculation that the updates pointed to a higher likelihood of approval — though nothing is guaranteed. Even so, traders were quick to pay double the funding rate to long ETH against BTC in the wake of the news.For some traders, ETH/BTC is a key ratio in crypto markets because the top two crypto assets account for roughly 74% of the crypto market cap. Recently, it’s been “down only” for ETH as it lost momentum and struggled to fend off competitors; just last week, it made a new low against BTC falling to the lowest level in three years. Traders on Bybit can capitalize on the volatility surrounding this narrative by trading BTC/ETH perpetual contracts themselves or via an array of simple bots that do all the calculations for you. Furthermore, Bybit, which just hit 30 million users globally, is running its Ethereum Euphoria event, offering users the chance to win USDT and a Tesla (NASDAQ:TSLA) Cybertruck while learning about the impact of this kind of market event.About BybitBybit is one of the top three cryptocurrency exchanges by trading volume with 30 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, users can visit Bybit Press. For media inquiries, users can contact: media@bybit.comFor more information, users can visit: https://www.bybit.comFor updates, users can follow: Bybit’s Communities and Social MediaContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More

H.C. Wainwright estimates that Morgan Stanley owned $270 million of Grayscale Bitcoin Trust (BTC) (NYSE:GBTC) as of March 31, according to a 13F filing. Other banking giants, including JPMorgan, Wells Fargo, and UBS, also disclosed holdings in spot bitcoin exchange-traded funds during the first quarter. The investment bank speculates that these 13-F filings drove nearly $1 billion in net inflows into spot BTC ETFs last week, reversing nearly $500 million of net outflows from the prior eight weeks. Year-to-date net flows have now surpassed $12 billion.Other highlights show that 563 professional investment firms reported owning $3.5 billion worth of BTC ETFs based on filings released through May 9. The memo notes that 60% of these holders were investment advisors, with 25% being hedge funds.Data from Bitcoin brokerage firm River Financial also revealed that 13 out of the top 25 U.S. hedge funds, including Citadel, Millennium, and Point72, established positions in the ETFs during the January-March quarter. Moreover, the State of Wisconsin Investment Board became the first U.S. state pension fund to allocate to the spot BTC ETFs, acquiring $163 million worth of IBIT and GBTC in Q1.In the latest update on Bitcoin mining and market trends, H.C. Wainwright noted that for the week ending May 19, Bitcoin rose 7.9% to finish just above the $66,200 mark. This surge outpaced broader equity indexes, with the S&P 500 and Nasdaq rising by 1.5% and 2.1%, respectively. Bitcoin mining stocks also climbed 3.1% following slightly better-than-expected April CPI data and growing institutional adoption.Meanwhile, the network hash rate increased by 2.6% on a weekly basis to 592 EH/s after two consecutive weeks of decline, while network difficulty remained steady at 83.1T following a 5.6% adjustment on May 9. On the regulatory front, Oklahoma passed a landmark bill protecting Bitcoin rights within the state. Effective November 1, 2024, the bill ensures fundamental rights for individuals and corporations engaged in digital asset activities. Key protections include the right to self-custody and use BTC for transactions without additional taxes or penalties. The bill also offers specific protections for Bitcoin miners that safeguard them from local government impediments and remove the requirement for a money transmitter license. This legislative move follows similar favorable actions from other Bitcoin-friendly states, including Montana, Arkansas, and Wyoming. More

Backed 1:1 by the U.S. dollar, USDX serves as a DeFi primitive on Flare, with reserves primarily held in 1-3 month Treasury Bills by regulated tier-1 financial institutions.Developed by HT Digital Assets, Hex Trust’s tokenization ecosystem, USDX serves as a building block for DeFi and bridging applications on Flare. These include lending and borrowing protocols, perpetual futures exchanges, and staking opportunities. USDX holders can earn real-world yields by staking their tokens in a dedicated T-Pool created by DeFi credit marketplace Clearpool.”Stablecoins are fundamental for the development of a vibrant DeFi ecosystem. The collaboration between USDX and Clearpool on Flare delivers a 1:1 backed stable asset with immediate access to real-world yield,” said Flare Co-Founder Hugo Philion.Alessio Quaglini, CEO & Co-Founder of Hex Trust, added: “The launch of Hex Trust’s first native stablecoin, USDX, on the Flare network, in collaboration with Clearpool, marks a pivotal evolution in stablecoins. Powered by Hex Trust’s tokenization ecosystem, HT Digital Assets, USDX bridges the gap between traditional financial security and blockchain innovation.”USDX’s introduction is said to mitigate crypto market volatility, streamline transactions, and enhance security and trust within the digital asset ecosystem. As adoption by Flare-native projects grows, USDX will offer new opportunities for users to generate returns on their digital assets.Unlike centralized stablecoins like USDC and USDT, which are backed by real-world cash or cash equivalents, decentralized stablecoins are collateralized by cryptocurrencies and often operate using algorithmic mechanisms.Established in 2018, Hex Trust is a licensed digital asset custodian that caters to protocols, foundations, financial institutions, and the web3 ecosystem. It offers custody, DeFi, brokerage, and other services built on regulated infrastructure. Clearpool CEO & Co-founder Jakob Kronbichler noted: “Launching a custom T-Pool for USDX on Flare is great for both everyday users who want to earn a real-world yield from their stable holdings, and for FAssets agents who can earn additional yield for their USDX while it’s collateralized in the system.” More

ELFi Protocol, a decentralized derivatives trading platform, has successfully completed two rounds of strategic financing, raising a total of $5 million. The latest round with leading investment from IDG Capital and KuCoin Ventures. ELFi Protocol has been launched on the Arbitrum testnet and is conducting an open beta test of the Genesis NFTs.About ELFiELFi is a decentralized derivatives trading platform that focuses on delivering top-notch trading functionalities. It’s the pioneer in supporting Portfolio Margin within the P2Pool model, and boasts a sophisticated risk management system for listing contracts of various risk levels. Additionally, ELFi introduces innovative liquidity pool designs, offering industry-first low-risk stablecoin liquidity pools and LSD re-collateralized liquidity pools. It strives to better meet market and user demands through features like risk isolation, asset pricing, and LST asset support.ContactTonyELFi Protocolbusiness2@elfi.xyzThis article was originally published on Chainwire More

LAKE (LAK3), a pioneering Web3 ecosystem dedicated to transforming the global water economy through blockchain technology, Real World Assets (RWA) and the LAK3 token, is excited to announce its participation and sponsorship of the London Blockchain Conference, taking place from May 21 to 23. Ahad Ali, LAKE’s Director of Communications, will be a featured speaker at the event, highlighting the role of blockchain and RWA in the future of water.The London Blockchain Conference is renowned for gathering the brightest minds in blockchain, cryptocurrencies, and technological developments to explore the future of these transformative technologies. LAKE’s participation underscores its commitment to integrating blockchain and RWA solutions for water accessibility on a global scale.Ahad Ali to Address Global Water ChallengesDuring the conference, Ahad Ali will deliver a keynote presentation on the innovative use of blockchain and RWA to address global water challenges on May 21 at 1:35pm on the Spotlight Stage. His talk will focus on how LAKE (LAK3) leverages blockchain and RWA to turn people into active participants in the water economy, ensuring transparency, efficiency, and equity in water management.Experience LAKE’s Water of Web3 FirsthandThe LAKE team is thrilled to meet attendees and share insights about their groundbreaking project. Conference participants are invited to visit LAKE’s booth to experience the water directly sourced from our partner, Sembrancher, exemplifying the quality and sustainability of our resources. This unique tasting experience will highlight the tangible benefits of LAKE’s blockchain and RWA-based water solutions.Engage with LAKE at the ConferenceAttendees of the London Blockchain Conference are encouraged to visit LAKE’s booth located at E12, where they can meet the team, learn more about the project, and discover how LAKE is paving the way for the future of water. The team will also be available to discuss potential partnerships and collaborations.LAKE is an innovative Web3 ecosystem facilitating a fair and decentralized access to water worldwide. This is the first project to bring a clear, transparent and decentralized ecosystem changing the way we interact with water, from purchasing, warehousing, to distributing, consuming and even donating it. With a mission to connect millions to Web3, LAKE sparks transformative change in how we perceive and manage this increasingly scarce vital resource.Users can learn more about LAKE (LAK3) at https://lak3.io and of their participation in London Blockchain Conference at https://londonblockchain.net/en/partners/sponsors.ContactMedia and Event ManagerCherence de BeneyLAK3 Companycherence@lak3.ioThis article was originally published on Chainwire More

The world’s biggest and best-known cryptocurrency is up 82.3% from the year’s low of $38,505 on Jan. 23. Ether, the coin linked to the ethereum blockchain network, rose 13.3% on Monday to $3500. The approval and launch of spot bitcoin exchange-traded funds in the U.S. this year has opened the asset class to new investors and reignited the excitement that evaporated when prices collapsed in the “crypto winter” of 2022. More