Hodler’s Digest, May 26 – June 1 – Cointelegraph Magazine

This week's main news

Ethereum ETF launched in June as BlackRock files S-1 ‘legal opportunity'

U.S. spot Ether exchange-traded funds (ETFs) could launch in late June, following positive developments in the recent approval process. BlackRock updated the required Form S-1 filing for iShares Ethereum Trust (ETHA) with the US Securities and Exchange Commission (SEC) on May 29, a week after the SEC approved its 19b-4 filing. According to Bloomberg ETF analyst Eric Balchunas, these are good signs that other apps may soon follow. According to Balchunas, a launch is possible at the end of June, but approval around July 4 is more likely.

Binance France changes ownership following regulatory warning

Following a warning from the French Financial Markets Authority, Binance France has undergone a complete change of ownership, now fully owned by new shareholders. The move was intended to remove Binance's former CEO Changpeng Zhao from control of the company due to concerns with US regulators, including the Department of Justice and the Financial Crimes Enforcement Network. Zhao pleaded guilty to US charges in November and was sentenced to four months in prison.

The market value of memecoin coded by chatgpt has reached $638M

A memecoin called Turbo, created with an initial investment of $69 using OpenAI chatbot ChatGPT, has reached a market capitalization of $638 million a year since its launch. The coin's price peaked at 0.009302 on May 28, setting a new all-time high from its peak estimate of $27 million three months ago – a 2,262 percent increase. At its peak, memecoin is up 13,192.3% since September 2023. The token's creator, digital artist Rhett Mankind, said it “exploded in popularity” because of its lack of involvement in administration.

Mt. Gox wallets transfer over $7B to anonymous wallets, Bitcoin drops 2%

Bitcoin fell 2% on May 28 as crypto exchange Mt. Gox has moved 107,547 BTC worth $7.3 billion to an anonymous wallet – more transactions are coming in by the hour. The move comes ahead of the crypto exchange's aborted plan to return BTC holdings to creditors before October. All transactions indicated one unnamed address holding 107,547 BTC worth approximately $7.29 billion at the time of this writing.

Greyscale Ethereum ETF Could Bleed $110M Daily in First Month: Caico

Greyscale's proposed position that the Ether exchange-traded fund (ETF) experiences a similar initial pattern to the Bitcoin ETF could experience a peak daily flow of $110 million on average. The Greyscale Bitcoin Trust converted to an ETF on January 11 and has seen 23% of its assets under management come out, totaling $6.5 billion in the first month. Similarly, if Greyscale's Ethereum Trust, with $11 billion in assets, experienced similar outflows, this would represent nearly $110 million per day, or 30% of Ethereum's average daily trading volume, according to Caico analysts.

Winners and losers

At the end of the week, Bitcoin (BTC) at $67,004, Ether (ETH) at $3,749 and XRP at $0.51. According to CoinMarketCap, the total market cap is $2.5 trillion.

Among the top 100 cryptocurrencies, the top three altcoin gainers for the week were NoteCoin (NOT) at 141.82%, JasmyCoin (JASMY) at 46.40% and ORDI (ORDI) at 28.46%.

The top three altcoin losers of the week were Akash Network (AKT) with -12.94%, Bittensor (TAO) -9.82% and Ronin (RON) -9.69%.

Be sure to read Cointelegraph's market analysis for more information on crypto prices.

The most memorable quotes

“ZK Cryptography was created for the benefit of all. It's a shame to see a company trying to seize ZK's IP land as private intellectual property.

StarkWare CEO Eli Ben-Sasson

I truly believe that the next trillion dollar company will be autonomous and possibly in wireless communications. It is a growing segment of the market.

Applink Founder and CEO Carlos Lee Santos

“If blockchain is officially understood as a ‘casino chain' and nothing else, it will be difficult to get non-casino applications on board.

Ethereum co-founder Vitalik Buterin

“Jerome Powell […] It's from the past. He looks forward and doesn't look at the location of his digital asset.

Tom Emer, US Representative

“If you elect me, on the first day, I will correct Ross Ulbricht's sentence. [creator of Silk Road]He said.

Donald Trump, former president of the United States

“they [spot Ether ETFs] It serves as another line of defense for Bitcoin.

Michael Saylor, founder of MicroStrategy

Forecast of the week

Bitcoin Has ‘3 Bullish Reasons' To Rise After $68k Plunge – Analysis

QCP Capital argues that bitcoin bulls have little to worry about when it comes to rising BTC prices. The 2% overnight BTC price spike that resulted in the unsustainable exchange Mat Gox coin withdrawals from wallets does not guarantee a rethink in the market.

“BTC activity from the Mt. Gox cold wallet this morning resulted in selling below 68k,” QCP analysts wrote. “However, these supply concerns may be on a broader trend later in the year.”

QCP highlighted what it calls “3 bullish factors” for continued confidence in Bitcoin's strength going forward.

These are focused on the strong performance of US stocks and takeovers to crypto, political support for US presidential candidates and the upcoming spot Ether Exchange.

FUD of the week

US DOJ busts botnet boss for setting up $130M cyber camera

Yune Wang, 35, a citizen of the People's Republic of China and a citizen of St. Kitts and Nevis, was arrested by the US Department of Justice on charges of involvement in operating the 911 S5 botnet. In the year From 2014 to 2022, this botnet reportedly compromised millions of residential Windows computers worldwide and affected more than 19 million IP addresses. Blockchain analytics firm Chainalysis revealed that wallet addresses linked to Wang held more than $130 million in illicit currencies.

Terraform, Do Kwon to reach settlement of fraud with SEC

Terraform Labs and its former CEO, Do Kwon, have reached an agreement in principle to settle a fraud case with the U.S. Securities and Exchange Commission, according to court filings. The tentative agreement was announced in a May 29 conference call with Judge Jed Rakoff. The final terms of the settlement are expected to be finalized and approved by the court by June 12, 2024. Kwon and Terraform were found guilty of defrauding investors. February decision.

Matter Labs files for ‘ZK' trademark, requests industry withdrawal

Matter Labs has sparked controversy by trying to commercialize the term “zero-knowledge” in nine countries, aiming to make it their sole intellectual property. The company known for developing zkSync has previously attempted to register the “ZK” token with crypto exchanges. Starkware CEO Eli Ben Sasson criticized MatterLabs' actions as a “nonsensical IP grab,” asserting that zero-knowledge encryption is designed for the benefit of the entire community.

The best magazine sections of the week

Caitlyn Jenner memecoin ‘Mastermind' celebrity price list released

Sahil Arora has reportedly offered celebrities up to $315,000, leaving disgruntled investors behind.

Crypto voters have already influenced the 2024 presidential election

Researchers no longer think crypto voters will influence November's presidential election – signs already have.

Bots, Airdrops Push Ronin to No. 2 Blockchain for Everyday Users — Not Pixel Fans

Ronin is brought back after a near-death experience, but his recovery is not captured by the Pixels as is commonly believed.

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Editorial staff

Cointelegraph magazine writers and reporters contributed to this article.