Top news this week
Ethereum ETF launch in June ‘legitimate possibility’ as BlackRock files S-1
The US spot Ethereum exchange-traded fund (ETF) is likely to be launched by the end of June, with recent positive progress in the approval process. BlackRock updated the Form S-1 filing required for the iShares Ethereum Trust (ETHA) with the U.S. Securities and Exchange Commission (SEC) on May 29, a week after the SEC approved the 19b-4 filing. According to Bloomberg ETF analyst Eric Balchunas, this is a good sign that other applications could soon follow. According to Balchunas, launch is possible at the end of June, but approval is likely around July 4.
Binance France Changes Ownership Following Regulators’ Warning
Binance France has undergone a complete ownership change following a warning from the French Financial Markets Authority and is now fully owned by new shareholders. The move was intended to remove former Binance CEO Changpeng Zhao from control of the company due to issues with U.S. regulators, including the Justice Department and the Financial Crimes Enforcement Network. Zhao pleaded guilty to U.S. charges last November and was sentenced to four months in prison.
memecoin, coded as ChatGPT, has reached a market capitalization of $638 million.
A memecoin called Turbo, created with an initial investment of $69 using ChatGPT, an OpenAI chatbot, achieved a market capitalization of $638 million just one year after its launch. The price of the coin reached a new all-time high, peaking at $0.009302 on May 28, and is a significant increase in value from $27 million three months ago, up 2,262%. At its peak, memecoin was up 13,192.3% from September 2023. The token’s creator, digital artist Rhett Mankind, claims that its lack of involvement in governance has caused its “popularity to explode”.
Bitcoin falls 2% as the Mt.Gox wallet moves more than $7 billion to unknown wallets.
Bitcoin fell 2% on May 28 and fell further by the hour after a wallet classified as belonging to collapsed cryptocurrency exchange Mt. Gox moved 107,547 BTC worth about $7.3 billion to an unknown wallet. There are a lot of deals coming in. The move comes ahead of the defunct cryptocurrency exchange’s plan to return its BTC holdings to creditors before October. All transactions pointed to a single, unlabeled address holding 107,547 BTC worth approximately $7.29 billion at the time of this writing.
Grayscale’s Ethereum ETF Could Hemorrhage $110 Million Daily in First Month: Kaiko
Grayscale’s proposed spot Ether exchange-traded fund (ETF) could face significant outflows, averaging $110 million per day, if it experiences the same initial pattern as the Bitcoin ETF. Grayscale Bitcoin Trust converted to an ETF on January 11 and saw outflows of 23% of its assets under management in the first month, for a total of $6.5 billion. Likewise, if Grayscale’s Ethereum Trust, which has $11 billion in assets, experiences a similar outflow, that would be equivalent to about $110 million per day, or 30% of Ether’s average daily trading volume on Coinbase, Kaiko analysts reported.
winners and losers
Bitcoin this weekend (BTC) It’s in $67,004ether (ETH) In ~ $3,749 and XRP In ~ $0.51. The total market capitalization is $2.5 $1 trillion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers this week are Notcoin. (no) 141.82%, JasmyCoin (Jasmi) 46.40% and ORDI (Ordi) 28.46%.
The top three altcoin losers of the week are Akash Network. (AKT) -12.94%, Bittensor (Tao) -9.82%, Ronin (theory) -9.69%.
For more information on cryptocurrency prices, read Cointelegraph’s market analysis.
most memorable quotes
“ZK Cryptography was developed for the benefit of everyone. “It is shameful to witness IP land theft by companies seeking to seize ‘ZK’ as personal intellectual property rights.”
Eli Ben-SassonStarkware CEO
“I truly believe that the next trillion-dollar company is most likely to be independent and in the wireless connectivity sector. “This is a growing part of the market.”
Carlos Rey SantosCo-founder and CEO of Uplink
“Once a blockchain is publicly understood to be a ‘casino chain’ and nothing else, it becomes difficult to mount applications other than casinos.”
Vitalik ButerinEthereum co-founder
“Jerome Powell (…) is from the past. He only looks ahead and doesn’t see the digital asset space.”
Tom Emmarepresentative of the united states
“If you vote for me, I will commute the sentence of Ross Ulbricht (founder of the Silk Road) from day one.”
donald trumpformer US president
“They (spot Ether ETFs) serve as another line of defense for Bitcoin.”
michael sailorMicroStrategy Founder
This week’s predictions
There are ‘3 reasons to be bullish’ for Bitcoin to rise after falling $68,000 — Analysis
QCP Capital argues that Bitcoin bulls have little to worry about with the rising BTC price trend. Mt. defunct exchange sparked a 2% drop in BTC price overnight. The movement of coins from wallets belonging to Gox does not guarantee stock on the market trajectory.
“BTC triggered selling below 68,000 in Mt. Gox cold wallets this morning,” QCP analysts wrote. “However, this supply instability is likely to turn into a larger trend towards the end of the year.”
QCP highlighted “three reasons for optimism” to maintain faith in Bitcoin’s robustness going forward.
This focused on the strong performance of U.S. stocks spreading into cryptocurrencies, the political support of U.S. presidential candidates, and the use of the soon-to-launch Ethereum exchange-traded fund.
FUD of the week
US DOJ arrests botnet boss who orchestrated $130 million cyber fraud
Yune Wang, a 35-year-old Chinese national and citizen of St. Kitts and Nevis, was arrested by the U.S. Department of Justice for his alleged involvement in operating the 911 S5 botnet. Active from 2014 to 2022, the botnet reportedly compromised millions of home Windows computers around the world, affecting more than 19 million IP addresses. Blockchain analytics firm Chainalytic confirmed that wallet addresses linked to Wang held more than $130 million in cryptocurrency derived from illicit activities.
Terraform, Dokwon, reach fraud settlement agreement with SEC
Terraform Labs and former CEO Do Kwon have reached an agreement in principle to settle the fraud case with the U.S. Securities and Exchange Commission, as revealed in court filings. The preliminary agreement was made public in a phone call with Judge Jed Rakoff on May 29. Final terms of the agreement are expected to be completed and submitted for court approval by June 12, 2024. Kwon and Terraform were indicted on charges of investor fraud. February ruling.
Matter Labs applies for ‘ZK’ trademark, industry demands withdrawal
Matter Labs sparked controversy by attempting to trademark the term ‘zero knowledge’ in nine countries in a bid to make it its exclusive intellectual property. The company known for developing zkSync has previously attempted to list its ticker symbol “ZK” on cryptocurrency exchanges. StarkWare CEO Eli Ben-Sasson criticized Matter Labs’ actions as an “egregious IP theft,” arguing that zero-knowledge encryption was developed for the benefit of the entire community.
Also read
characteristic
Aligned Incentives: Accelerating Passive Crypto Adoption
characteristic
How to prevent the collapse of the cryptocurrency community
Best magazine articles of the week
Caitlyn Jenner meme coin ‘Mastermind’ celebrity price list leaked
Sahil Arora offered access to high-profile celebrities for up to $315,000, leaving a trail of disgruntled investors behind him.
Crypto voters have already influenced the 2024 presidential election.
Experts are no longer wondering whether cryptocurrency voters could influence the November presidential election. There are already signs of that happening.
Bots and airdrops push Ronin into the No. 2 blockchain for daily users — not a Pixels fan
Ronin returns after his near-death experience, but his recovery is not dominated by pixels, as is commonly believed.
subscribe
The most interesting read on blockchain. Delivered once a week.
editorial staff
Cointelegraph Magazine writers and reporters contributed to this article.