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Bitcoin Runes hype fades, transactions plummet 84%
Bitcoin Runes protocol caused an initial surge in Bitcoin transactions, exceeding 50% at its peak. Did the hype clog clear out?
The Bitcoin Runes protocol is struggling to maintain its share of Bitcoin transactions. Since its launch on April 20, Runes transactions have dominated Bitcoin blockchain traffic on eight different days, mostly during the weekends.
The Bitcoin Runes launch coincided with the fourth Bitcoin halving. The resultant hype saw transaction volume shoot up on the Bitcoin blockchain. Revenue from Bitcoin
BTC
tickers down
$68,716
mining exceeded the $100 million mark for the first time, recording an all-time high daily earnings of $107.7 million.
#BTC #BlackRock
Bitcoin Runes protocol caused an initial surge in Bitcoin transactions, exceeding 50% at its peak. Did the hype clog clear out?
The Bitcoin Runes protocol is struggling to maintain its share of Bitcoin transactions. Since its launch on April 20, Runes transactions have dominated Bitcoin blockchain traffic on eight different days, mostly during the weekends.
The Bitcoin Runes launch coincided with the fourth Bitcoin halving. The resultant hype saw transaction volume shoot up on the Bitcoin blockchain. Revenue from Bitcoin
BTC
tickers down
$68,716
mining exceeded the $100 million mark for the first time, recording an all-time high daily earnings of $107.7 million.
#BTC #BlackRock
$ETH
Polymarket gets backlash over ‘approved’ outcome on $13M Ethereum ETF bet
A multi-million bet on “Ethereum ETF approved by May 31” resolved to a “Yes” on Polymarket as news from the SEC broke, but the losing side argues it's not over yet.
Polymarket users who lost money by betting against the approval of spot Ether
ETH
tickers down
$3,701
exchange-traded funds (ETFs) are crying foul toward the decentralized betting platform, arguing the bet is still on.
One betting market on the blockchain platform saw over $13.2 million worth of bets placed on whether an Ether ETF would be approved by May 31 — but it didn’t exactly detail what “approved” meant.
The market closed at a “Yes” result on May 23, after the Securities and Exchange Commission greenlit the 19b-4 filings for multiple Ether ETFs. Polymarket's logs show the result was briefly disputed but ultimately resolved with the same “Yes" outcome.
But “No” voters argue the call is incorrect, saying a United States ETF needs an approved 19b-4 filing and Form S-1 to start trading on an exchange, and without the S-1 filing, there can’t be a “Yes” result.
Analysts say it could be months before the SEC approves the S-1s, which some “No” voters may have banked their money on.
Prominent “No” bidder “JustKen” — who changed their name to “RevengeTour19B4” after the saga — pointed to VanEck digital assets research head Matthew Sigel’s X post that said “ETFs are not considered ‘approved’” until both the S-1 and “19b-4 filing have been signed off on by the SEC.
#TrendingBinance #ETHETFsApproved #EthereumETFApprovalExpectations
#BTC
Polymarket gets backlash over ‘approved’ outcome on $13M Ethereum ETF bet
A multi-million bet on “Ethereum ETF approved by May 31” resolved to a “Yes” on Polymarket as news from the SEC broke, but the losing side argues it's not over yet.
Polymarket users who lost money by betting against the approval of spot Ether
ETH
tickers down
$3,701
exchange-traded funds (ETFs) are crying foul toward the decentralized betting platform, arguing the bet is still on.
One betting market on the blockchain platform saw over $13.2 million worth of bets placed on whether an Ether ETF would be approved by May 31 — but it didn’t exactly detail what “approved” meant.
The market closed at a “Yes” result on May 23, after the Securities and Exchange Commission greenlit the 19b-4 filings for multiple Ether ETFs. Polymarket's logs show the result was briefly disputed but ultimately resolved with the same “Yes" outcome.
But “No” voters argue the call is incorrect, saying a United States ETF needs an approved 19b-4 filing and Form S-1 to start trading on an exchange, and without the S-1 filing, there can’t be a “Yes” result.
Analysts say it could be months before the SEC approves the S-1s, which some “No” voters may have banked their money on.
Prominent “No” bidder “JustKen” — who changed their name to “RevengeTour19B4” after the saga — pointed to VanEck digital assets research head Matthew Sigel’s X post that said “ETFs are not considered ‘approved’” until both the S-1 and “19b-4 filing have been signed off on by the SEC.
#TrendingBinance #ETHETFsApproved #EthereumETFApprovalExpectations
#BTC
Ethereum ETF approved, so why aren’t we rich yet?
Crypto commentators suggest there could be two reasons why the price of ETH hasn’t rocketed in the wake of spot Ether ETF approvals.
There could be two main reasons why the price of Ether has barely moved despite the landmark approval of spot Ether exchange-traded funds (ETF) in the United States.
On May 23, the U.S. Securities and Exchange Commission (SEC) approved eight spot Ether ETFs to be listed on their respective exchanges. Ether
ETH
tickers down
$ETH
fell 3.4% just before the news, recovering by around 5% shortly after. ETH is trading at $3,806 at the time of writing.
Crypto commentator Zach Rynes argues that the lack of movement reflects the notion that “everyone who wanted to buy the approval already did.”
Ether had already surged 29% over the past week after reports suggested the SEC may have pivoted its stance toward ETF approvals.
Rynes and many others also note that while the ETFs have been approved, they still haven’t been cleared to launch. That will require an approved S-1 filing, which is a comprehensive document including details on the firm’s financials and risk profile, as well as the securities they intend to offer.
VanEck has just sent its amended S-1 filing to the SEC, and analysts have been saying it could take weeks to months for the S-1 approvals.
Crypto commentators suggest there could be two reasons why the price of ETH hasn’t rocketed in the wake of spot Ether ETF approvals.
There could be two main reasons why the price of Ether has barely moved despite the landmark approval of spot Ether exchange-traded funds (ETF) in the United States.
On May 23, the U.S. Securities and Exchange Commission (SEC) approved eight spot Ether ETFs to be listed on their respective exchanges. Ether
ETH
tickers down
$ETH
fell 3.4% just before the news, recovering by around 5% shortly after. ETH is trading at $3,806 at the time of writing.
Crypto commentator Zach Rynes argues that the lack of movement reflects the notion that “everyone who wanted to buy the approval already did.”
Ether had already surged 29% over the past week after reports suggested the SEC may have pivoted its stance toward ETF approvals.
Rynes and many others also note that while the ETFs have been approved, they still haven’t been cleared to launch. That will require an approved S-1 filing, which is a comprehensive document including details on the firm’s financials and risk profile, as well as the securities they intend to offer.
VanEck has just sent its amended S-1 filing to the SEC, and analysts have been saying it could take weeks to months for the S-1 approvals.
SEC wins case against YouTuber Ian Balina for unregistered crypto ICO promo
A U.S. federal judge sided with the SEC, finding that Ian Balina broke securities laws by participating in a 2018 crypto token ICO.
Crypto YouTuber Ian Balina sold unregistered securities when he bought Sparkster (SPRK) tokens and offered them to United States investors in an investment pool, a Texas federal court judge has ruled.
“The Court has determined, as a matter of law, that U.S. securities laws are applicable to Balina’s actions and that SPRK tokens qualify as securities,” Judge David Alan Ezra wrote in a May 22 order, granting a partial victory to the Securities and Exchange Commission, which filed the lawsuit in 2022.
The court found SPRK was an investment contract under the securities-determining Howey test — where investors pool money into a common enterprise expecting profits due to the efforts of others.
Judge Ezra agreed with the SEC that Balina “purposefully targeted United States investors” and knocked back the influencer’s summary judgment bid, claiming the SEC had no sway as the sales happened overseas.
$BTC $ETH #ETHETFsApproved #BinanceLaunchpool
A U.S. federal judge sided with the SEC, finding that Ian Balina broke securities laws by participating in a 2018 crypto token ICO.
Crypto YouTuber Ian Balina sold unregistered securities when he bought Sparkster (SPRK) tokens and offered them to United States investors in an investment pool, a Texas federal court judge has ruled.
“The Court has determined, as a matter of law, that U.S. securities laws are applicable to Balina’s actions and that SPRK tokens qualify as securities,” Judge David Alan Ezra wrote in a May 22 order, granting a partial victory to the Securities and Exchange Commission, which filed the lawsuit in 2022.
The court found SPRK was an investment contract under the securities-determining Howey test — where investors pool money into a common enterprise expecting profits due to the efforts of others.
Judge Ezra agreed with the SEC that Balina “purposefully targeted United States investors” and knocked back the influencer’s summary judgment bid, claiming the SEC had no sway as the sales happened overseas.
$BTC $ETH #ETHETFsApproved #BinanceLaunchpool
Crypto icon Kabosu, the Doge meme dog, passes away at 17
Kabosu, the Shiba Inu who became an internet sensation and the face of Dogecoin, passed away peacefully. The crypto community honors her legacy.
Kabosu, the Shiba Inu who captured the hearts of millions as the face of the legendary “Doge” meme and the Dogecoin memecoin, passed away peacefully on May 24. Kabosu was 17 years old.
Kabosu’s owner, Atsuko Sato, announced the news in a post on her official blog, expressing her deep gratitude for the love and support shown to Kabosu over the years. Sato explained that there would be a farewell party at Flower Kaori in Kotsu no Mori, Narita City, held for “Kabo-chan” on May 26.
The crypto community and fans of Kabosu have expressed their condolences, sharing tributes and some favorite memories of the dog that became an internet legend.
Kabosu’s legacy as the face of crypto culture — and Dogecoin
DOGE
tickers down
$0.16
— will continue to symbolize community spirit and inspire future generations of meme culture.
#doge⚡ #CryptoNewss
Kabosu, the Shiba Inu who became an internet sensation and the face of Dogecoin, passed away peacefully. The crypto community honors her legacy.
Kabosu, the Shiba Inu who captured the hearts of millions as the face of the legendary “Doge” meme and the Dogecoin memecoin, passed away peacefully on May 24. Kabosu was 17 years old.
Kabosu’s owner, Atsuko Sato, announced the news in a post on her official blog, expressing her deep gratitude for the love and support shown to Kabosu over the years. Sato explained that there would be a farewell party at Flower Kaori in Kotsu no Mori, Narita City, held for “Kabo-chan” on May 26.
The crypto community and fans of Kabosu have expressed their condolences, sharing tributes and some favorite memories of the dog that became an internet legend.
Kabosu’s legacy as the face of crypto culture — and Dogecoin
DOGE
tickers down
$0.16
— will continue to symbolize community spirit and inspire future generations of meme culture.
#doge⚡ #CryptoNewss
Binance executive collapses during Nigeria trial for money laundering
Gambaryan missed a court appearance on tax evasion charges but attended the money laundering trial on the same day.
Tigran Gambaryan, a Binance executive currently detained in Nigeria, collapsed in the Federal High Court in Abuja during his trial for alleged foreign exchange violations and money laundering offenses brought against him by the Nigerian Economic and Financial Crimes Commission (EFCC).
According to local media, Mark Mordi, Gambaryan’s legal representative, notified the court on May 22 that his client had been unwell since the previous trial date and was still experiencing health problems.
Gambaryan previously failed to appear in court on the same day on a separate arraignment for tax evasion charges brought by the Nigerian Federal Inland Revenue Service (FIRS). However, he made it to court for the money laundering charges.
During the money laundering court proceedings, the court registrar called the case. Gambaryan failed to respond and remained seated in the back row. Judge Emeka Nwite, noticing his absence, asked for clarification. In response, Gambaryan’s defense lawyer assisted him to the dock.
#BinanceSquareFamily #binancelearntoearn
Gambaryan missed a court appearance on tax evasion charges but attended the money laundering trial on the same day.
Tigran Gambaryan, a Binance executive currently detained in Nigeria, collapsed in the Federal High Court in Abuja during his trial for alleged foreign exchange violations and money laundering offenses brought against him by the Nigerian Economic and Financial Crimes Commission (EFCC).
According to local media, Mark Mordi, Gambaryan’s legal representative, notified the court on May 22 that his client had been unwell since the previous trial date and was still experiencing health problems.
Gambaryan previously failed to appear in court on the same day on a separate arraignment for tax evasion charges brought by the Nigerian Federal Inland Revenue Service (FIRS). However, he made it to court for the money laundering charges.
During the money laundering court proceedings, the court registrar called the case. Gambaryan failed to respond and remained seated in the back row. Judge Emeka Nwite, noticing his absence, asked for clarification. In response, Gambaryan’s defense lawyer assisted him to the dock.
#BinanceSquareFamily #binancelearntoearn
SETH currently up over 22% today «
What's your targets for #Ethereum for this cycle?
I read you 👇
#ETHETFsApproved
#etherreum
What's your targets for #Ethereum for this cycle?
I read you 👇
#ETHETFsApproved
#etherreum
Another Hong Kong firm joins the crypto FOMO
Inkeverse Group Limited, a Hong Kong entertainment streaming group, will follow in the footsteps of Boyaa Interactive and invest up to $100 million of its corporate funds into cryptocurrencies. “The Board believes in the potential of cryptocurrencies and the impact of investing cryptocurrencies on the Group’s Web3.0 business development strategy and asset allocation strategy,” its staff wrote.
The company’s initial allocation plan involves $60 million in Bitcoin, $20 million in Ether, and $20 million in USD Coin. In supporting its decision, Inkeverse praised both Bitcoin’s “tremendous growth potential”andEthereum’s“development of Layer-2 solutions,”and said that “investing in multiple cryptocurrencies reduces the risk associated with the volatility of any single cryptocurrency.”Once finalized, Inkeverse will purchase the cryptocurrencies on the open market through regulated platforms such as HashKey and OSL Exchange.
#CryptoNewss
Inkeverse Group Limited, a Hong Kong entertainment streaming group, will follow in the footsteps of Boyaa Interactive and invest up to $100 million of its corporate funds into cryptocurrencies. “The Board believes in the potential of cryptocurrencies and the impact of investing cryptocurrencies on the Group’s Web3.0 business development strategy and asset allocation strategy,” its staff wrote.
The company’s initial allocation plan involves $60 million in Bitcoin, $20 million in Ether, and $20 million in USD Coin. In supporting its decision, Inkeverse praised both Bitcoin’s “tremendous growth potential”andEthereum’s“development of Layer-2 solutions,”and said that “investing in multiple cryptocurrencies reduces the risk associated with the volatility of any single cryptocurrency.”Once finalized, Inkeverse will purchase the cryptocurrencies on the open market through regulated platforms such as HashKey and OSL Exchange.
#CryptoNewss
.
Worldcoin reprimanded in Hong Kong
OpenAI CEO Sam Altman’s flagship crypto project, Worldcoin, has been sanctioned in Hong Kong due to alleged privacy violations.
According to local reports citing the Office of the Privacy Commissioner for Personal Data, authorities have requested Worldcoin to cease collecting data of local residents from the firm’s iris scanning devices.
Investigators alleged thatprior toscanning their biometrics, participantswere not properlty informedaboutthe collection oftheir private data, which would “be retained for up to 10 years to train the artificial intelligence model for the identity verification process.”
In response, Worldcoin has stated that the firm “doesn’t seek to know, share or profit from a person’s identity or personal information, only to verify that they are human and unique.”
Over 10 million users worldwide have signed up for Worldcoin since its launch in June 2023. Users who scan their irises can receive the WLD token as an incentive.
#ETHETFsApproved
Worldcoin reprimanded in Hong Kong
OpenAI CEO Sam Altman’s flagship crypto project, Worldcoin, has been sanctioned in Hong Kong due to alleged privacy violations.
According to local reports citing the Office of the Privacy Commissioner for Personal Data, authorities have requested Worldcoin to cease collecting data of local residents from the firm’s iris scanning devices.
Investigators alleged thatprior toscanning their biometrics, participantswere not properlty informedaboutthe collection oftheir private data, which would “be retained for up to 10 years to train the artificial intelligence model for the identity verification process.”
In response, Worldcoin has stated that the firm “doesn’t seek to know, share or profit from a person’s identity or personal information, only to verify that they are human and unique.”
Over 10 million users worldwide have signed up for Worldcoin since its launch in June 2023. Users who scan their irises can receive the WLD token as an incentive.
#ETHETFsApproved
Bitcoin price at $150K in 2024 is ‘base case’ — Tom Lee
Bitcoin bull Lee sees BTC price action doubling its current all-time highs before the end of the year.
Bitcoin
BTC
tickers down
$66,981
is on track to hit $150,000 in 2024, says veteran crypto market commentator Tom Lee.
In an interview on CNBC earlier in May, Lee, a managing partner and head of research at Fundstrat Global Advisors, came out with his latest bullish BTC price prediction.
Lee reiterates $150,000 BTC price target
Bitcoin has no shortage of optimistic price targets this week, but some observers are focusing on the long term.
Lee is among them, revealing that Fundstrat sees a “base case” six-figure BTC price in 2024.
“Bitcoin’s still, we think, early in an upcycle, so the idea that it could get to $150,000 this year is still within our base case,” he said.
Such a price would be double the current all-time highs, which hit in March before retreating to $56,000 at the start of May.
Lee explained his reasoning by pointing to macroeconomic changes coming from the United States.
The Federal Reserve’s language on interest rate cuts — a key issue watched by risk-asset traders — is “more dovish than where the market is.”
“I think that’s the process of why markets are recovering,” he suggested.
#BTC☀️
Bitcoin bull Lee sees BTC price action doubling its current all-time highs before the end of the year.
Bitcoin
BTC
tickers down
$66,981
is on track to hit $150,000 in 2024, says veteran crypto market commentator Tom Lee.
In an interview on CNBC earlier in May, Lee, a managing partner and head of research at Fundstrat Global Advisors, came out with his latest bullish BTC price prediction.
Lee reiterates $150,000 BTC price target
Bitcoin has no shortage of optimistic price targets this week, but some observers are focusing on the long term.
Lee is among them, revealing that Fundstrat sees a “base case” six-figure BTC price in 2024.
“Bitcoin’s still, we think, early in an upcycle, so the idea that it could get to $150,000 this year is still within our base case,” he said.
Such a price would be double the current all-time highs, which hit in March before retreating to $56,000 at the start of May.
Lee explained his reasoning by pointing to macroeconomic changes coming from the United States.
The Federal Reserve’s language on interest rate cuts — a key issue watched by risk-asset traders — is “more dovish than where the market is.”
“I think that’s the process of why markets are recovering,” he suggested.
#BTC☀️
US House approves FIT21 crypto bill with bipartisan support
Democratic and Republican lawmakers in the U.S. House of Representatives voted to pass the Financial Innovation and Technology for the 21st Century Act.
A majority of United States House of Representatives members voted in favor of legislation to establish regulatory clarity over digital assets.
In a 279 to 136 vote on May 22, House lawmakers approved H.R.4763, or the Financial Innovation and Technology for the 21st Century (FIT21) Act. If passed by the Senate and signed into law, the bill clarifies the roles the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have over digital assets. 71 Democrats joined with 208 Republicans to vote in favor of the bill.
“Unfortunately, our current regulatory framework is preventing digital assets’ innovation from reaching its full potential,” said Representative Patrick McHenry before the House vote. “The SEC and the CFTC are currently in a food fight for control of these asset classes.”
#BTC☀ #btcupdates2024
Democratic and Republican lawmakers in the U.S. House of Representatives voted to pass the Financial Innovation and Technology for the 21st Century Act.
A majority of United States House of Representatives members voted in favor of legislation to establish regulatory clarity over digital assets.
In a 279 to 136 vote on May 22, House lawmakers approved H.R.4763, or the Financial Innovation and Technology for the 21st Century (FIT21) Act. If passed by the Senate and signed into law, the bill clarifies the roles the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have over digital assets. 71 Democrats joined with 208 Republicans to vote in favor of the bill.
“Unfortunately, our current regulatory framework is preventing digital assets’ innovation from reaching its full potential,” said Representative Patrick McHenry before the House vote. “The SEC and the CFTC are currently in a food fight for control of these asset classes.”
#BTC☀ #btcupdates2024
Spot Ether ETFs receive official approval from the SEC
The U.S. Securities and Exchange Commission gave the green light to several spot Ether ETFs after speculation that the regulator was considering treating ETH as a security.
In a second landmark decision this year, the United States Securities and Exchange Commission has given the regulatory green light to spot Ether exchange-traded funds (ETFs) in the United States.
Ina May 23 filing, the SEC approved the 19b-4 filings from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise — approving the rule changes allowing spot Ether ETFs to be listed and traded on their respective exchanges. The landmark decision came despite speculation that the securities regulator has been investigating whether to label Ether
ETH
tickers down
$3,663
as a security.
#ETHETFsApproved #ETH🔥🔥🔥🔥
The U.S. Securities and Exchange Commission gave the green light to several spot Ether ETFs after speculation that the regulator was considering treating ETH as a security.
In a second landmark decision this year, the United States Securities and Exchange Commission has given the regulatory green light to spot Ether exchange-traded funds (ETFs) in the United States.
Ina May 23 filing, the SEC approved the 19b-4 filings from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise — approving the rule changes allowing spot Ether ETFs to be listed and traded on their respective exchanges. The landmark decision came despite speculation that the securities regulator has been investigating whether to label Ether
ETH
tickers down
$3,663
as a security.
#ETHETFsApproved #ETH🔥🔥🔥🔥
