$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
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 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
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
香港のエンターテインメントストリーミンググループであるInkeverse Group Limitedは、Boyaa Interactiveに倣い、企業資金の最大1億ドルを暗号通貨に投資する予定です。「取締役会は暗号通貨の可能性と、暗号通貨への投資がグループのWeb3.0事業開発戦略と資産配分戦略に与える影響を確信しています」とスタッフは書いています。
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☀️
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.”
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.