Published on juni 2, 2024, 12:29 am
Image source: Fox News
```json { "TLDR": "Spot Ether exchange-traded funds (ETFs) likely to launch in late June in the U.S., Binance France ownership change, meme coin 'Turbo' surges to $638 million market cap, Bitcoin's slight decline due to Mt.Gox movement, Grayscale's proposed ETF could lead to significant outflows, cryptocurrency prices: BTC $67,004, ETH $3,749, XRP $0.51. Altcoins gainers include NOT (141%), JASMY (46%), ORDI (30%), while losers include AKT (-13%), TAO (-10%), RON (-10%). The cryptocurrency landscape sees evolving strategies and developments amidst increasing digital asset acceptance worldwide." } ```
United States is on track to potentially see the launch of spot Ether exchange-traded funds (ETFs) by late June. Following recent positive developments in the approval process, BlackRock updated its necessary Form S-1 filing for the iShares Ethereum Trust (ETHA) with the U.S. Securities and Exchange Commission (SEC) on May 29, just a week after having its 19b-4 filing approved by the SEC. Bloomberg ETF analyst Eric Balchunas views these as positive indicators that may pave the way for other applications to follow suit. Balchunas suggests that a launch by late June is feasible, though an approval around July 4 seems more probable.
In other news, Binance France has witnessed a complete change in ownership, now under new shareholders’ full control. This restructuring comes after a warning from France’s Financial Markets Authority due to concerns over former Binance CEO Changpeng Zhao’s handling of regulatory issues involving U.S. bodies such as the Justice Department and the Financial Crimes Enforcement Network. Zhao’s guilty plea to U.S. charges back in November led to a four-month prison sentence.
A memecoin named Turbo, generated using OpenAI’s chatbot ChatGPT with an initial investment of $69, surged to a market capitalization of $638 million one year after its inception. The coin peaked at $0.009302 on May 28, marking an all-time high and significantly increasing its value from $27 million three months earlier – an impressive 2,262% surge. At its peak, the memecoin soared by 13,192.3% since September 2023.
Bitcoin experienced a slight 2% decline on May 28 following movements of wallets linked to the defunct crypto exchange Mt.Gox transferring 107,547 BTC valued at almost $7.3 billion to an unknown wallet with ongoing transactions continuing at pace aligning with plans to return BTC holdings to creditors before October.
Meanwhile, Grayscale’s proposed spot Ether exchange-traded fund (ETF), if taking cues from its Bitcoin ETF counterpart’s initial trend post-conversion on January 11th which saw outflows totaling $6.5 billion within a month amounting to 23% of asset under management; could forecast daily outflows averaging $110 million for Grayscale’s Ethereum Trust holding assets worth $11 billion implying nearly 30% of Ethereum’s daily trading volume on Coinbase according to Kaiko analysts’ report.
In terms of cryptocurrency prices at week’s end: Bitcoin (BTC) stands at $67,004; Ether (ETH) at $3,749; and XRP at $0.51 marking total market capitalization hitting $2.5 trillion based on CoinMarketCap data.
For altcoins among the top hundred cryptocurrencies:
-Gainers include Notcoin (NOT) gaining notable ground by 141%, JasmyCoin (JASMY) making strides up by 46%, and ORDI (ORDI) climbing up by almost 30%.
-Losers comprised Akash Network (AKT), down by nearly %13; Bittensor (TAO), dipping nearly %10; and Ronin (RON), facing losses close to %10.
The evolving landscape in cryptocurrency remains highly intriguing with various developments suggesting significant shifts in key players’ strategies as they navigate through challenges amidst growing digital asset acceptance worldwide. Cryptocurrency enthusiasts await further updates as market dynamics continue shaping the future trajectory of this rapidly evolving sector.
Original article posted by Fox News
