No One Saw It Coming 🤯
In today’s edition: 📈 Ether ETF approval odds, 📉 Bitcoin’s post-halving price, 🪙 Runes’ share of bitcoin fees drops, 🔓 Pyth and Avalanche token unlocks, and more!
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What’s Poppin’?
by Sam Sriram, Frederick Munawa and Sage Young
Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security
Industry watchers labeled Prometheums’s controversial treatment of ether as a security a bad sign for the spot ETF outlook, but that all changed after a move from the SEC on Monday.
Bitcoin Has Traded Mostly Sideways Since the Halving. What Could Boost Its Price?
The dominant cryptocurrency’s price typically begins its ascent about a month after the event.
Runes’ Share of Bitcoin Fees Has Dropped Sharply One Month After Launch
Runes cooling down after their much-hyped debut also coincides with a big drop in the average transaction fee on Bitcoin.
Pyth and Avalanche To Unlock Over $1 Billion in Tokens This Week
Oracle service network Pyth saw its circulating token supply grow by over 105% on Monday, while layer 1 blockchain network Avalanche will unlock $369 million worth of AVAX tokens on Wednesday.
Daily Bits… ✍️✍️✍️
⚖️ The SEC requested exchanges to expedite updates to their 19b-4 filings for ether ETFs, indicating possible progress toward approval, although final authorization remains uncertain due to pending S-1 application reviews.
📄 Fidelity updated its S-1 registration statement for its proposed Ethereum ETF, removing any mention of staking rewards, likely in response to the SEC's concerns about staking activities and their compliance with securities laws.
📝 Grayscale CEO Michael Sonnenshein stepped down and will be replaced by Peter Mintzberg, a former Goldman Sachs executive, in August.
🏛️ The House of Representatives is set to vote on the bipartisan FIT21 Act on May 22, aiming to establish a regulatory framework for cryptocurrency market structures with joint oversight by the SEC and CFTC.
💼 New York Attorney General Letitia James announced a settlement with bankrupt lender Genesis to create a "Victims Fund" of up to $2 billion to compensate creditors, marking the largest settlement against a cryptocurrency company in the state's history.
🕹️ Gala Games, a web3 gaming platform, suffered an exploit on Monday, with an attacker minting 5 billion GALA tokens worth over $200 million, causing the token's price to drop nearly 15%.
💻 Blockless, a decentralized physical infrastructure network (DePIN) project providing computing power support, raised $8 million in pre-seed and seed funding rounds, with plans to launch its testnet soon and its mainnet and native BLESS token by Q3.
⚖️ A UK High Court judge declared that Craig Wright lied extensively in his claims to be Bitcoin's creator, Satoshi Nakamoto, and also presented fabricated evidence, which may lead to perjury charges.
👥 Ethereum Foundation researcher Dankrad Feist became an advisor to EigenLayer, mirroring fellow researcher Justin Drake, and emphasizing his focus on risks and decentralization despite receiving a significant amount of EIGEN tokens.
🔄 The Sei Foundation proposed an upgrade to the Sei blockchain to introduce a high-performance, parallelized Ethereum Virtual Machine (EVM) for enhanced compatibility and transaction speed, pending governance approval.
📜 Uniswap Labs and Across Protocol unveiled the ERC-7683 token standard, which aims to improve cross-chain interoperability by standardizing order structures and reducing costs for fillers and users.
Today in Crypto Adoption...
🇧🇷 Brazil's central bank announced plans to finalize a regulatory framework for cryptocurrencies by the end of the year, aiming to roll out regulations in phases to provide clarity for digital asset creators and service providers.
What Do You Meme?
📈 Your Market Update 📉
BTC is up 5.9%, trading at $71,103
ETH is up 19.8%, trading at $3,719
BTC dominance: 50.91%
Crypto market cap: $2.75T
*All data as of today, 06:45 am ET. Source: CoinGecko
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