❌ Is the ETH Spot ETF Denial Priced In?
In today’s edition: 📊 Bitcoin challenges Ethereum in daily fees, 🚫 Lessons from Parcl's airdrop failure, 💸 Binance converts SAFU to USDC, 👁 Worldcoin launches layer 2 "World Chain," and more!
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What’s Poppin’?
by Juan Aranovich, Sam Sriram, Michael Bodley, and Sage Young
Should You Sell Ether Ahead of the SEC’s Expected Rejection of a Spot Ether ETF on May 23?
Experts say the rejection may have already been priced in and that the official announcement may turn out to be a “neutral event.”
Move Over Ethereum, Bitcoin Has Been Catching Up in Daily Fees Generated
Ethereum has typically led all blockchain networks by fees generated, but Bitcoin has recently been challenging Ethereum’s dominance due to the popularity of Ordinals and BRC-20 tokens.
Parcl’s Airdrop Fell Flat. What Can Other Tokenless Crypto Projects Learn?
The Parcl airdrop could serve as a cautionary tale for crypto projects planning token launches in unstable markets.
Binance Converts Secure Asset Fund (SAFU) for Users to USDC
Binance has converted the entirety of its emergency insurance fund for users into USDC to “enhance its reliability.”
Worldcoin Announces Layer 2 Network ‘World Chain’
The World Chain network will prioritize transactions generated by verified humans over those created by automated bots and also give these addresses an allowance of some free gas.
Bitcoin ETF Trading Volumes Rivaling Spot Transactions on Coinbase
Though inflows have cooled, volumes across bitcoin ETFs have continued to rise.
Digital Asset Lender Abra, Once Under Fire, Pivots to Institutional Crypto Asset Management
Digital asset lender Abra on Wednesday disclosed it was launching its first SEC-registered RIA, designed to cater to accredited investors, moving away from its retail roots.
Opinion: Comparing Apples to MNGOs: Government Actions Against Avi Eisenberg Show How Poorly Digital Assets Are Classified in US
by Amanda Tuminelli and Jane Khodarkovsky
The vastly different—and mutually exclusive—conclusions that the SEC, CFTC, and DOJ have come to about MNGO have exacted a real cost on the growth of the US crypto industry.
Daily Bits…✍️✍️✍️
🇮🇳 Binance is negotiating a $2 million penalty payment to re-enter the Indian market, aiming to comply with local anti-money laundering and tax regulations, following a January ban by Indian authorities.
🔍 The jury started deliberations in the Mango Markets fraud trial where Avi Eisenberg is facing severe penalties for his trading actions.
🇭🇰 Despite anticipation, Hong Kong's newly approved bitcoin ETFs are unlikely to be available to mainland Chinese investors, tempering expectations of significant market inflows.
📱 Kraken introduced a self-custodial mobile wallet, Kraken Wallet, supporting multiple blockchain networks and has open-sourced its code on GitHub for enhanced security.
Today in Crypto Adoption...
📊 “Big four” accounting firm EY is implementing its enterprise contract management service on the Polygon PoS blockchain, planning future transitions for the service to Ethereum mainnet and a layer 3 platform.
The $$$ Corner…
🏦 Centrifuge announced plans to establish an institutional lending protocol for real-world assets on Coinbase's Base, raising $15 million in venture capital to facilitate the initiative.
💼 Citadel-backed Hidden Road Partners is poised to raise $120 million in a funding round that would value the prime brokerage firm at approximately $1 billion.
💰 The DeFi firm Usual Labs secured $7 million to launch its USD0 stablecoin, aiming to bring transparency and real-world asset backing to the stablecoin market.
🌐 Bitcoin Ordinals explorer Ord.io garnered $2 million in pre-seed funding to support the integration of the new Runes token standard ahead of Bitcoin's halving event.
💸 P2 Ventures has committed to investing $50 million to support startup founders in the Polygon ecosystem, emphasizing capital infusion and strategic guidance to foster innovation.
🌍 Zignaly launched its Cosmos-based ZIGChain and announced a $100 million fund to boost its ecosystem, signaling growth ambitions in decentralized finance.
What Do You Meme?
Recommended Reads
Unchained: What Are Runes? A Guide to the New Fungible Token Protocol on Bitcoin
The Defiant: Bitcoin, Ethereum, Dogecoin Take A Plunge Amid Strengthening US Dollar— Could Bitcoin Halving Turn the Tables?
📈 Your Market Update 📉
BTC is down 0.6%, trading at $62,685
ETH is down 0.7%, trading at $3,050
BTC dominance: 51.41%
Crypto market cap: $2.39T
*All data as of today, 07:24 am ET. Source: CoinGecko
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