#CryptoNews #Update Why crypto traders are bullish on the delay before Ethereum ETFs go live

by Tim Copeland

Quick Take

While Bitcoin ETFs went live a day after approval, Ethereum ETFs face a wait of weeks or months before they will start trading.

Traders say this might allow the market to build momentum ahead of potential inflows

Ethereum  ETH +0.37%

ETFs have now been approved and unlike the Bitcoin ETFs, which started trading the day after approval, these will likely go live in a few weeks or months.

The delay is because even though the U.S. Securities and Exchange Commission has approved the 19b-4 forms, the ETFs need to see their S-1 registration statements go effective before trading can begin. This is in the early stages and the timings will depend on how quickly the agency can provide feedback to issuers. But even though this feels anticlimactic after the last-minute turn of events, traders argue that it’s a good thing.

“Everyone was anticipating the ETF would not get approved,” said Split Capital co-founder Zaheer Ebtikar. “Then very quickly we went back into a market where everyone was caught offside.”
Ebtikar explained that if the products started trading immediately, there would have been much more violent price action. Instead, the delay allows market participants time to front-run potential inflows to the ETFs. He noted that even if they see conservative estimates of 15% of the size of the Bitcoin ETF inflows, this would still be a substantial amount of value.

This matched the view by eToro analyst Simon Peters, who said, “With the 19b-4s out of the way, it could be an opportunity now for savvy crypto investors to buy Ethereum in anticipation of the S-1s being approved, front-running the ETFs going live and the billions of dollars potentially flowing into these.”

Peters added that the price of bitcoin reached an all-time high after its ETFs went live, begging the question of whether that would happen to ether. He noted that ether is currently around 35% away from its all-time high.

#Trading #TokenUpdate

What is Open Campus? Information about EDU Token

Open Campus is an education platform invested in by Binance Labs. So, what is Open Campus? Is the EDU Token worth investing in? Let's find out together!

What is Open Campus?

Open Campus is a community-driven education protocol aimed at providing decentralized solutions in the education sector. This platform focuses on information dissemination and content creation, connecting educational content creators with those seeking knowledge.

The main objective of the project is to build a fairer and more decentralized educational system by empowering learners with access to educational content and offering educational institutions and instructors opportunities to earn additional income from their educational materials.

What are the Products of Open Campus?

Publisher NFT: You can buy, sell, or stake your NFTs to receive EDU Tokens.

Open Campus ID: Open Campus’s blockchain protocol issues decentralized identifiers (DIDs) in the form of Soulbound Tokens (SBT), non-transferable NFTs. Learners can control the information linked to their ID and decide when and with whom to share it.

Open Campus 100: Competitions designed to recognize and empower influential educators and creators in the Web3 space.

What is EDU Chain?

EDU Chain is a blockchain and Web3 educational platform created by Open Campus to address current challenges in the education sector. With the blockchain technology market in education projected to grow from $120 million today to $3 billion by 2030, EDU Chain is uniquely positioned to capitalize on this change, with a network of over 50 partners and educational companies, reaching more than 15 million learners and over 100,000 learners using Open Campus ID.

#Trading #News #ScamAlert South Korean authorities have arrested 19 members of a fraudulent social media chat group that scammed 308 investors out of nearly $19 million. 
Those arrested had operated an open chat room and scammed hundreds of investors out of $18.8 million by promising quick profits if victims invested in unlisted coins. The chat room pretended to offer legitimate cryptocurrency trading tips and even delivered some profits before encouraging members to invest in unlisted coins, according to Seungwon Lee. 

Unlisted Coins

The fraudulent unlisted coins never delivered any profits, and those arrested severed ties with investors when the investors started demanding their money back or profits. When victims attempted to withdraw their funds, the gang would demand withdrawal fees. If the victim refused, the gang would cut off contact.
The Daegu Police Agency’s criminal task force made the arrests on May 21. However, they believe that at least six other suspects are still at large and are currently overseas. Interpol has been requested to issue red notices for these individuals. 

Pig-butchering tactics

The gang leader used pig-butchering tactics to recruit new members. Per the police report, the leader of the chat room would promise individuals employment in Myanmar, encourage them to illegally enter the country, and force them to join the criminal organization. 
The leaders confiscated passports and cell phones and confined individuals to coerce them into committing fraud. 
Pig butcher scams typically start when bad actors gain the trust of an unsuspecting victim and then ask them to make large investments in lucrative schemes. After the victim transfers the funds, the fraudsters disappear with the money.
Nithin Kamath, the founder of Zerodha, posted on X, “As the name implies, a pig butchering scam involves fattening the victim before butchering. Scammers gain the trust of users by using fake profiles. They use the pretense of friendship to gain the trust of users and then induce them to send money for high-return investments.

#EarnFreeCrypto2024 #Airdrop
Nyan Heroes Announces Airdrop and Token Launch on Bybit

Nyan Heroes - a shooting game developed on Solana has officially opened the airdrop claim gate and listed on the ByBit cryptocurrency exchange.

Nyan Heroes, a PC-based hero shooter game, has launched its digital currency NYAN on the Solana platform and opened the airdrop token claim portal for players who participated in recent play-to-airdrop campaigns.

Claim NYAN here: https://missions.nyanheroes.com/claim

Nyan Heroes Lists on Bybit and Organizes Reward Campaign

NYAN has been launched on the cryptocurrency exchange Bybit as the official launch partner of the game following the token generation event (TGE). The token surged to a high of $0.45 with an initial trading volume of $22 million and is currently priced at $0.28.

Bybit is also running a reward campaign offering 2.76 million NYAN tokens—worth approximately $828,000 at current prices—lasting until May 28 for customers who stake NYAN, MNT, or USDT on the exchange.

#Bitcoin $BTC Corrects to $67,000 Despite Ethereum ETF Approval

A bearish trend in the crypto markets triggered a $120 billion liquidation. Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) prices fell amid growing regulatory and inflation concerns.

The cryptocurrency market saw a sharp correction during early US trading hours, with Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all experiencing significant drops. This bearish trend wiped out $120 billion, leading to a 2.5% decline in overall market capitalization, now standing at $2.52 trillion.

BTC, ETH, and XRP Lead the Crypto Market Downturn

Bitcoin’s price fell by over 3%, now trading at $67,679. Ethereum and Ripple also saw declines, with XRP dropping by 1.73% to $0.53. This broad sell-off has increased volatility across the cryptocurrency market.

On-chain data shows a substantial inflow of cryptocurrencies to exchanges, suggesting that many investors are preparing to sell their holdings. This influx often precedes market corrections, as increased supply on exchanges can drive prices down, amplifying the bearish sentiment.
Decreasing engagement and activity further reflect the market’s health. Metrics such as active addresses, transaction volumes, and network activity are all declining, indicating reduced investor interest and participation in the crypto ecosystem.

Regulatory News and Inflation Concerns Impact the Crypto Market

Additionally, the release of the Federal Open Market Committee (FOMC) Minutes has made traders more cautious. Many Fed officials expressed concerns about inflation, hinting that this might delay or reduce the number of anticipated rate cuts this year. This cautious outlook has added to the negative sentiment in the crypto market.

$ETH ETH Price Drops Despite Ethereum ETF Approval

During the turbulent period of ETH price swings before the ETF approval, an Ethereum whale hurriedly sold 7,900 ETH from their reserves. Additionally, Ethereum saw over $130 million in long positions liquidated.

Following the approval of eight spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) on Thursday, May 23, the price of Ether (ETH) has held steady at $3,800, showing no significant signs of an upward trend.
Despite this, ETH has seen a substantial rally of over 30% in the past week. Investors are currently adopting a cautious stance, watching closely to see if this development will result in a “sell-the-news” event.

ETH Price Action Ahead

The approval of the spot Ethereum ETFs could drive more than $500 million in inflows, as predicted by analysts. However, this might take some time to materialize and initiate an uptrend.
Several on-chain indicators suggest that Ethereum could easily establish a base above $4,000 and continue rallying to $5,000-$6,000 by August this year.
While the approval of Bitcoin ETFs led to strong institutional inflows, it will be interesting to see if the launch of Ether ETFs will lead to greater institutional adoption.