Headlines
▌Skybridge Capital founder: Institutions will accelerate Bitcoin adoption in the coming quarters
Anthony Scaramucci, founder of SkyBridge Capital, believes that institutions have begun to fully adopt Bitcoin and will accelerate rapidly in the coming quarters, with major financial institutions and pension funds becoming increasingly accepting of Bitcoin. He pointed out that Wisconsin recently announced an investment in Bitcoin and hinted that other pension funds may follow suit. He attributed the growing institutional interest in Bitcoin to regulatory approval, which solves a key obstacle facing large institutional investors.
▌Bloomberg: Several fund companies are ready for the US SEC to reject the Ethereum ETF
According to Bloomberg, the U.S. Securities and Exchange Commission is expected to decide whether to approve the first batch of Ethereum-based exchange-traded funds (ETFs) on May 23rd local time. Most market participants and fund managers expect that the regulator will not approve it and are ready for the SEC to reject the Ethereum ETF. These fund companies revealed that they have had private dialogues with the SEC and feel that the regulator's attitude is quite different from the approval of the spot Bitcoin ETF in January.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $66,958.72, with a daily change of +0.16%;
ETH's latest transaction price is $3120.33, with a daily change of +0.9%;
BNB's latest transaction price is $580.74, with a daily change of +0.5%;
SOL's latest trading price is $173.54, with a daily change of +1.90%;
DOGE’s latest trading price is $0.1527, with a daily change of -0.5%;
XPR’s most recent trading price is $0.5216, with a daily change of -0.16%.
policy
▌Hong Kong Legislative Council member Chan Chun-ying: Digital RMB will help Hong Kong accumulate experience in managing cryptocurrencies
Chen Zhenying, a member of the Legislative Council of the Hong Kong Financial Sector, said that Hong Kong has launched digital RMB services and has become the first offshore market to participate in actual applications. After stable operation, it can be gradually extended to other offshore markets. It is believed that this will help Hong Kong accumulate experience in the management of cryptocurrencies and be more confident in launching digital Hong Kong dollars in the future. The Hong Kong Monetary Authority stated that Hong Kong is the first region outside the Mainland where local residents can open digital RMB wallets.
Venezuela plans to disconnect Bitcoin mining farms to prevent power outages
According to Bitcoin News, the Venezuelan government claims that they plan to disconnect all Bitcoin mining farms because of their high electricity consumption, which leads to frequent power outages in surrounding areas. The Ministry of Electricity and Energy said that this action will prevent power supply interruptions and ensure reliable service for all Venezuelans.
Blockchain Applications
▌Shanghai launches the first batch of innovative application scenarios of blockchain for state-owned enterprises
Shanghai is accelerating the pace of promoting the deep digital transformation of state-owned assets and state-owned enterprises with data as the core element. Recently, the Shanghai State-owned Assets Supervision and Administration Commission and the Shanghai Municipal Data Bureau held the 2024 Shanghai State-owned Assets Supervision and Administration Commission System Enterprise Digital Transformation Work Conference. At the meeting, Shanghai Data Group, Shanghai Trading Group, China Pacific Insurance, Shanghai Pudong Development Bank, Guotai Junan, Shanghai Construction Group, Bright Food Group, and Tunnel Group officially launched the construction of the first batch of blockchain innovative application scenarios.
▌Memeland: Officially Launched Web3 Game Protocol MON Protocol
On May 18, Memeland posted on the X platform that the MON Protocol on Stakeland is building the Nintendo of Web3, publishing and developing blockchain native IPs and games. It was launched at the same time as the internally developed monster collection IP game Pixelmon, and is the preferred game publisher for ecosystems such as @Solana, @Aptos, and @Immutable. Subsequent MEME token staking will begin on Monday, May 20, 2024.
▌Vitalik: Ethereum does not have any culture of trying to stop people from speaking their minds
Ethereum founder Vitalik Buterin said that Ethereum does not have any culture of trying to stop people from speaking their minds, even if they have very negative feelings about the protocol or major things in the ecosystem, and I am very proud of this. Some people take the ideal of "open discussion" as a banner, and some people take it seriously.
Cryptocurrency
▌The Hong Kong Monetary Authority is working with the mainland to study the technical arrangements for P2P transfers of digital RMB
The Hong Kong Monetary Authority yesterday expanded the cross-border pilot of the digital RMB in Hong Kong. The deputy chief executive of the HKMA, David Lee, pointed out that the digital RMB wallet is not an ordinary electronic wallet. It is equivalent to holding RMB cash. It can only be used for retail payment purposes and cannot be used for personal (i.e. P2P) transfers. Bao Keyun, assistant director (financial infrastructure) of the HKMA, said that if P2P transfers are to be implemented in the future, the prerequisite is to implement real-name authentication arrangements. In addition, there are other regulatory considerations. The HKMA and the mainland are working on relevant technical arrangements.
▌Skybridge Capital founder: Institutions will accelerate Bitcoin adoption in the coming quarters
Anthony Scaramucci, founder of SkyBridge Capital, believes that institutions have begun to fully adopt Bitcoin and will accelerate rapidly in the coming quarters, with major financial institutions and pension funds becoming increasingly accepting of Bitcoin. He pointed out that Wisconsin recently announced an investment in Bitcoin and hinted that other pension funds may follow suit. He attributed the growing institutional interest in Bitcoin to regulatory approval, which solves a key obstacle facing large institutional investors.
SEC policy director resigns, SEC expected to remain skeptical of cryptocurrencies
On May 18, the U.S. SEC announced in a statement that Heather Slavkin Corzo, a well-known critic of cryptocurrency, will resign from her position as policy director. SEC Chairman Gary Gensler appointed Corzo in April 2021. During his tenure, Corzo played a key role in implementing market fund reforms, accelerating securities settlement cycles, and strengthening corporate disclosures of cybersecurity incidents. These measures have been praised for strengthening investor protection and simplifying the capital formation process. SEC financial advisor Corey Klemmer will replace Corzo, and the SEC is expected to maintain a skeptical attitude toward cryptocurrencies.
Important economic developments
▌BlackRock: Raising interest rates may make it more difficult for the Fed to achieve its 2% inflation target
Golden Finance reported that Rick Rieder, who is responsible for global fixed income and global asset allocation at BlackRock, pointed out that although the CPI index performed well this week and inflation may be falling, he believes that this is the golden age of fixed income, not because interest rates will fall, but because you can get a lot of returns in your portfolio. At the same time, ironically, he wondered whether continued high interest rates would make it more difficult for the Federal Reserve to achieve its 2% inflation target because the Federal Reserve put a lot of money into the hands of high-income households.
Golden Encyclopedia
▌What is Ethereum Futures ETF
Ethereum futures ETFs are investment funds that track Ethereum futures contracts rather than Ethereum itself. Investors can use Ethereum futures ETFs to speculate on the future price of Ethereum without actually holding the cryptocurrency. Instead of holding a tangible asset, Ethereum futures ETFs invest in futures contracts. These contracts are a promise to buy or sell Ethereum at a predetermined price on a predetermined date in the future. Without having to deal with wallets or cryptocurrency exchanges, investors can buy these contracts through ETFs, gaining exposure to Ethereum's price fluctuations, while the ETFs simply raise investors' funds to buy them.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
