In this article, we’ll be discussing the summary of crypto events that took place this week.
Summary of Crypto Events This Week
1. Spot Ethereum ETFs Approved
This week, the U.S. regulators approved eight issuers of spot Ethereum (ETH) exchange-traded funds (ETFs) after a long period of deliberation.
The approval is an important step for the crypto market, providing more avenues for investors to invest in Ethereum through regulated financial products.
The issuers include popular names like BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton..
The approval of these ETFs is anticipated to have a huge impact on Ethereum’s market. QCP Capital, a leading crypto trading resource, has projected a potential 60% price spike for Ethereum, potentially pushing its value to $6,000.
The approval of spot Ethereum ETFs has also sparked thoughts about the approval of other cryptocurrency ETFs. Daniel Yan, Co-founder of Matrixport, suggested that a Solana ETF could be next in line.
2. Lawmakers Pass FIT21 Bill
In another development, U.S. lawmakers have passed the FIT21 bill, aimed at providing clearer regulatory guidelines for the crypto
The passage was welcomed by various stakeholders in the crypto community, who have long sought greater regulatory clarity to the crypto market.
3. Bitcoin Reclaims $71,000
The crypto market experienced a resurgence last week, with Bitcoin (BTC) reclaiming the $71,000 threshold.
On May 20, Bitcoin surged to a one-month high of $71,500, marking the first time in six weeks that it crossed both the $70,000 and $71,000 levels..
Crypto analysts have identified several reasons for the Bitcoin’s rally. The inflows into spot Bitcoin ETFs were significant, with a cumulative $1.056 billion capital inflow recorded last week.
The largest intraday influx was $305 million on May 21. Additionally, bullish sentiments surrounding the anticipated approval of spot Ethereum ETFs contributed to the positive market sentiment.
Ethereum recorded the largest single-day increase on May 20, with a 19% rise, marking its biggest intraday gain in this cycle. While Bitcoin and other assets retraced some of their gains.
The crypto market in general benefited from Bitcoin’s rally, with the total value locked (TVL) in decentralized finance (DeFi) hitting a two-year high of $105.6 billion.
This shows the connected nature of the crypto market, where positive movements in top cryptocurrencies like Bitcoin and Ethereum often affect altcoins.
4. WisdomTree Launches Crypto ETPs on London Stock Exchange
On May 22nd, leading asset manager WisdomTree announced the approval of its launch of crypto exchange-traded products (ETPs) on the London Stock Exchange (LSE).
These ETPs are physically backed by Bitcoin and Ethereum, providing investors with direct exposure to these cryptocurrencies.
See Also: Breaking News: SEC Approves All Spot Ethereum ETFs
Other Developments in the Crypto
SpaceFarcaster’s Series A Fundraising Round
Between May 19 and May 25, blockchain startups announced over $258 million in fundraising efforts. Farcaster, a prominent blockchain startup, led the way with a $150 million Series A round.
In total, four startups raised $179.2 million in Series A rounds last week, while 12 startups secured $24.1 million through various other fundraising rounds.
Jian Wen Sentenced
In another news, Jian Wen was sentenced to six years and eight months in prison for her involvement in a Bitcoin money laundering plot.
Phantom Wallet’s Surge in Popularity
Phantom Wallet, a popular cryptocurrency wallet, has seen a rise in its popularity, surpassing Facebook in downloads on Google Play.
Pepe (PEPE) Hits New All-Time High
Pepe (PEPE), a meme cryptocurrency, secured a new all-time high for the second week in a row. On May 25, its price rose to $0.00001577, representing a 136% increase this month.
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