It has been a busy day in terms of news, so let us catch you up on the latest and greatest.
Today’s Agenda:
- Market Watch
- Highlights of the Day
- SEC Nears Approval for Spot ETH ETFs
- Uniswap Labs Challenges SEC Over UNI Token
- Trump Embraces Crypto
- Project of the Day
- Crypto Corner
- Market Sentiment
- Business & Political Insights
Market Watch
Top Gainers
- Pepe ($PEPE): +27.5%
- FLOKI ($FLOKI): +14.6%
- Ronin($RON): +6.4%
Top Losers
- Optimism ($OP): -4.3%
- NEAR Protocol ($NEAR): -4.3%
- Maker ($MKR): -3.8%
Trending Crypto Sectors/Categories
- Meme
- Base Meme Coins
- Solana Meme Coins
Total Crypto Market Cap – 2.743 Trillion
Fear and Greed Index – 76
Top NFT Sale
- Wrapped Cryptopunks #2103 Sold for 54 ETH
Highlights of the Day
SEC Nears Approval for Spot ETH ETFs
The SEC appears to be moving closer to approving spot Ethereum ETFs, according to recent reports. Exchanges have been notified of the SEC’s leaning towards approval, with the regulator reportedly expediting the review process for applicants.
Requirements for Approval
For the Ethereum ETFs to gain approval, the SEC must approve the 19b-4 exchange rule changes and S-1 registration statements. If both are approved, all ETF applications are likely to be greenlit simultaneously, facilitating the launch of these funds.
Uniswap Labs Challenges SEC Over UNI Token
Uniswap Labs is facing off against the Securities and Exchange Commission (SEC) following the receipt of a Wells Notice earlier this month. The SEC has expressed concerns regarding Uniswap’s governance token UNI, alleging it resembles an unregistered security.
Uniswap’s Response
In response, Uniswap has rejected the SEC’s claims, arguing that UNI tokens are primarily utilized for governance purposes rather than investment. Furthermore, Uniswap asserts that it does not operate as a broker, as it neither holds user assets nor executes trades.
Trump Embraces Crypto
Former US President Donald Trump has made waves by embracing cryptocurrencies in a groundbreaking move. He’s now accepting crypto donations on his official website, a first for a major party presidential nominee. Powered by Coinbase, donations in Bitcoin, Ethereum, Dogecoin, and Solana are welcome.
Impact on the Market
This announcement has not only stirred political discussions but also sparked a surge in political-themed meme coins like $TRUMP and $TREMP. Trump’s embrace of crypto marks a significant milestone, reflecting changing fundraising dynamics and increasing mainstream acceptance. All eyes are now on how this bold move influences both the crypto market and upcoming elections.
Project of the Day
Beam
Beam ($BEAM) stands out as an open-source blockchain designed specifically for gaming. This innovative ecosystem streamlines game development complexities and elevates the gaming experience, aiming to revolutionize the industry by integrating blockchain technology into the next generation of games.
In terms of price movements, $BEAM is currently sitting at a market cap of over $1.3 billion and is hovering around a price of $0.028. Over the past week, the price has surged by a notable 30%, reflecting growing investor interest. Looking back over the past 12 months, $BEAM has shown remarkable performance, boasting gains of over 450%. All in all, the project has done remarkably well in 2023 and while it has found support near the $0.025-0.03 levels, the long term outlook remains bullish.
Crazy Day in Crypto
- The meme coin $PEPE has recently achieved a significant milestone by surpassing the market cap of the DeFi giant Uniswap.
- The crypto markets are abuzz with anticipation of a potential Ethereum ETF approval, driving heightened activity as Ethereum’s price surges and various meme coins, particularly those linked to Ethereum, reach new all-time highs in response to the news.
- Tether’s recent minting of 1 billion USDT tokens on the Ethereum blockchain coincides with the crypto market’s anticipation of a potential approval for a spot ETH ETF, highlighting expectations for heightened on-chain activity in the near future.
- Rumors of SEC approval for Ethereum ETFs sparked a surge in open interest in the Ethereum futures market this week, fueling positive momentum across the crypto markets.
- Ethereum ($ETH) experienced its most significant two-day surge in two years, rallying by 25% due to the excitement surrounding ETH ETFs.
Market Sentiment
- Standard Chartered bank now foresees the U.S. SEC greenlighting spot Ethereum ETFs by the end of this week, a departure from their earlier doubts about approval before the May deadline.
- Peter Schiff suggests that the approval of an Ethereum ETF could lead to a sell-off in Bitcoin ETFs.
Business Talks & Political Insights
The US SEC has asked exchanges to adjust their applications for listing spot ETH ETFs, suggesting potential approval and signaling a significant victory for the crypto sector.
