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• CRYPTO NEWS • #BTC • #ETH •

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01
🏦 Coinbase launches smart wallet with hopes of addressing crypto's 'pain points' Coinbase is officially launching its new "smart wallet" with the hope of improving the user experience for its clients. "These next-generation wallets address the biggest pain points of the crypto experience today — complex onboarding, network fees, and recovery phrases — making the transition to onchain smoother than ever," the company said in a statement. Source 📌 Best Crypto News
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🟠 Binance to restrict 'unauthorized' stablecoins in EU starting June 30, urges users to switch to regulated tokens Binance, the world's largest cryptocurrency exchange by trading volume, announced it will soon restrict availability in the European Union to stablecoins that are considered "unregulated" by the EU. In a statement, Binance said the rules for stablecoins outlined in the EU's Markets in Crypto-Assets Regulation (MiCA) will come into effect at the end of June. Source 📌 Best Crypto News
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🇳🇬 Nigeria’s interest in Bitcoin unfazed by regulatory restrictions Despite President Tinubu’s administration’s crackdown on peer-to-peer (P2P) cryptocurrency trading, which has sparked outrage among many young Nigerians, their enthusiasm for Bitcoin remains unabated. According to Google Trends statistics, Nigeria, Africa’s largest cryptocurrency market, is currently the country with the highest interest in Bitcoin (BTC), followed closely by El Salvador. Source 📌 Best Crypto News
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04
💰 FTX offloads remaining Anthropic shares as bankruptcy cost surpasses $700 million FTX sold the remaining 15 million shares for about $30 each, netting over $450 million in proceeds. That brings the total haul from FTX's original $500 million investment in the company to about $1.3 billion, for a profit of around $800 million. The price per share for this second sale was the same for the first sale back in March. Source 📌 Best Crypto News
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05
🏦 Coinbase Challenges SEC’s Rulemaking Process, Argues for Clear Regulations on Digital Assets Coinbase, Inc. has escalated its dispute with the Securities and Exchange Commission (SEC) by filing a reply brief in the Third Circuit Court of Appeals, arguing the necessity of clear rulemaking for the digital asset industry. The case underscores the ongoing tensions between regulators and the digital asset sector over compliance and operational standards. Source 📌 Best Crypto News
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🪙 ARK Invest no longer a partner with 21 Shares for proposed spot Ethereum fund ARK Invest will no longer be a partner with 21Shares for a proposed spot Ethereum fund, according to an amended registration statement filed late Friday. In a newly amended Form S-1, previously named Ark 21Shares Ethereum ETF was changed to 21Shares Core Ethereum ETF. A spokesperson for 21Shares confirmed the change in an emailed statement to The Block. Source 📌 Best Crypto News
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07
💰 Bitcoin market split as buying and selling volumes remain the same Bitcoin's spot trading volumes over the past week reveal intriguing shifts in market activity and sentiment. The price saw notable volatility, peaking on May 25 at $69,270 but then dipping into a stabilization phase. A sharp decline in trading volume coincided with this peak, suggesting market hesitation. Then something intriguing happened—trading volumes began to climb again, with May 28 seeing a significant upswing despite a slight price decline to $68,280. Source 📌 Best Crypto News
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📊 Stablecoin Market Cap Hits $161 Billion, Reaches Two-Year High: CCData In May 2024, the stablecoin ecosystem rebounded, achieving a market capitalization of $161 billion, marking a 0.63% increase from the month’s outset. While the stablecoin market has been surging, its dominance slightly dropped from 7% in March to 6.07% this month. The fall was due to crypto assets recovering in price after the unexpected spot Ethereum ETF approval in the United States. Source 📌 Best Crypto News
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09
🪙 BlackRock files amended S-1 registration statement for upcoming Ethereum ETF with more disclosures BlackRock filed an amended registration statement for its proposed Ethereum fund, marking the latest move as firms work to list and trade their products. The world's largest asset manager filed its amended S-1 registration statement almost a week after the U.S. Securities and Exchange Commission approved 19b-4 forms for eight Ethereum ETFs, including BlackRock's proposed iShares Ethereum Trust. Issuers still need their S-1 statements to become effective before trading can begin. Source 📌 Best Crypto News
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🪙 Proposal for Hashdex's Ethereum ETF has been withdrawn A proposal to list and trade shares of the Hashdex Nasdaq Ethereum exchange-traded fund has been withdrawn, according to a filing posted this week. Nasdaq posted a notice of withdrawal on Tuesday, a week after the U.S. Securities and Exchange Commission approved 19b-4 forms for eight Ethereum ETFs, excluding Hashdex. "On May 24, 2024, the Exchange withdrew the proposed rule change," according to the filing. Source 📌 Best Crypto News
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🪙 Ethereum futures hit record highs following spot ETF approval The approval of spot Ethereum ETFs added a layer of legitimacy to the crypto ecosystem, yet it didn’t ignite a massive price rally for ETH. Instead, the real action surged in the derivatives market. Futures open interest catapulted from $10.57 billion to an all-time high of $17.12 billion, fueled by speculative fervor and institutional involvement, notably on exchanges like Binance and CME. Source 📌 Best Crypto News
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💰 Medical Tech Firm Semler Scientific Invests in Bitcoin, Acquires 581 BTC On Tuesday, the publicly traded medical technology firm Semler Scientific announced its decision to allocate bitcoin to its treasury. The company disclosed that it had acquired 581 bitcoins for a total of $40 million. Semler Scientific, Inc., known for developing, manufacturing, and marketing products and services for early detection and treatment of chronic diseases, was co-founded by Dr. Herbert J. Semler in 2007. Eric Semler, the company’s chairman, expressed a strong belief in bitcoin’s future. Source 📌 Best Crypto News
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🇺🇸 Crypto wallet linked to Donald Trump hits $10 million in value: Arkham A crypto wallet linked to former President and leading Republican presidential candidate Donald Trump holds around $10 million worth of assets. The wallet holds $7.12 million worth of MAGA tokens, known by its ticker, according to blockchain data tracker Arkham Intelligence. The MAGA tokens were originally puchased with wrapped ether on Uniswap, Arkham noted. The wallet also holds 463.441 ETH ($1.84 million) and 1 million tokens of MAGA VP (MVP) valued at around $509,000. Source 📌 Best Crypto News
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🇺🇸 Justin Sun urges crypto community to back pro-crypto presidential candidate Justin Sun, Tron’s blockchain founder, has called on the crypto community to support a pro-crypto candidate in the forthcoming US presidential elections in November. Sun made this appeal in a May 26 social media post, emphasizing the importance of aligning with a candidate who endorses cryptocurrencies to ensure the industry’s voice is heard and interests protected. Source 📌 Best Crypto News
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📊 Hedge Funds Adopt Net Short Positions on BTC and ETH Futures, Kaiko Analysis Reveals The report suggests that the net short status represents a broader sentiment among hedge funds, which might be driven by various hedging strategies rather than outright pessimism about the cryptocurrencies’ future values. Kaiko’s study highlights this trend as the derivatives market, particularly perpetual futures, continues to be a significant arena for high-risk speculation and price discovery in the crypto sector. Source 📌 Best Crypto News
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💰 Farallon Capital discloses $85 million in GBTC, Cetera discloses $22 million in GBTC Farallon Capital Management, Cetera Investment Advisers, and BigSur Wealth Management have reported multi-million dollar investments in spot Bitcoin ETFs in the first quarter. Farallon Capital, a San Francisco-based hedge fund manager, disclosed an $85.2 million investment in Grayscale’s GBTC on May 24. Based on Fintel data, the company is among the 10 firms with the largest GBTC positions. Source 📌 Best Crypto News
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⬜️ OKX withdraws VASP license application in Hong Kong OKX announced it has withdrawn its VASP license application in Hong Kong on Friday. In a statement, the crypto exchange cited “careful consideration” of its business strategy as the motivation for the decision without elaborating further on the reasons why. OKX was unable to expand on the statement when asked by The Block. Source 📌 Best Crypto News
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💰 Coinbase brings back XRP support for New York residents Cryptocurrency exchange Coinbase is re-introducing support for in New York. Coinbase Chief Legal Officer Paul Grewal said Thursday in a post on social media site X that New York-based customers will once again be able to buy and sell XRP on its website and mobile applications. The re-listing comes after Coinbase withdrew support for the token roughly four years ago due to a legal battle over the token's status as a security. Source 📌 Best Crypto News
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🏦 Coinbase CEO Brian Armstrong says FIT21 can 'finally' create clear crypto regulation Coinbase CEO Brian Armstrong commented on the House of Representatives vote on FIT21, or the Financial Innovation and Technology for the 21st Century Act, on the social media platform X. Armstrong called it a "historic vote," adding that it will "finally start to create some clear rules to regulate crypto" if passed into law. Source 📌 Best Crypto News
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20
💰 CNBC discusses the possibility of a spot Solana ETF being approved after Ethereum. 📌 Best Crypto News
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21
🇭🇰 Hong Kong bans Worldcoin’s data collection over alleged privacy violations Hong Kong’s Office of the Privacy Commissioner for Personal Data (PCPD) has prohibited Worldcoin from collecting data in the region due to privacy violation concerns, according to a May 22 notice. The privacy regulator alleged that Worldcoin collected iris and facial images from 8,302 residents using an iris-scanning device. This data collection aimed to verify user identity and generate iris codes in exchange for WLD tokens. Worldcoin has repeatedly affirmed that biometric data is hashed, meaning no images of Iris scans are stored. Source 📌 Best Crypto News
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🪙 Grayscale Ethereum Trust discount narrows to 10% as odds of spot ETH ETF approvals are raised The Grayscale Ethereum Trust (ETHE) discount has narrowed to its lowest level in more than two months as investors anticipate spot ether ETF approvals in the U.S. The narrowing comes as investors expect regulators to approve spot ether ETF approvals in the U.S., where the Securities Exchange Commission requested firms looking to launch such funds update and refile documents needed for their approval. Source 📌 Best Crypto News
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23
🪙 Ether price volatility set to increase in lead-up to this week's ETF decision deadlines, analysts say Ether's price action could become increasingly volatile ahead of this week's spot exchange-traded fund filing decision deadlines, analysts say. "In the lead-up to the spot ether ETF approval decision deadlines this week, we should expect heightened volatility and cautious market behavior as traders navigate uncertainties," Cobo COO Lily King told The Block. Source 📌 Best Crypto News
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24
💰 Bitcoin Network Sees Lowest New Addresses Created Since 2018 Bitcoin (BTC) network activity has significantly declined in the creation of new addresses, hitting its lowest point since July 2018. Data from the market intelligence platform IntoTheBlock reveals a 7-day average of only 276,000 new Bitcoin addresses. The low numbers show a significant decline in new investors entering the crypto space, a sharp drop from 625,000 six months ago. The “New Addresses” indicator tracks the daily creation of new wallets on the BTC network. High metrics typically signify an influx of new investors. Source 📌 Best Crypto News
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25
💰 Accidental Bitcoin Transfer Pushes Satoshi Nakamoto’s Genesis Wallet Over 100 BTC Based on the latest data, the well-known Genesis address owned by Satoshi Nakamoto now holds over 100 BTC after someone inadvertently sent 0.10754671 BTC, valued at $7,211, to the wallet. The current value of the wallet, which has never been spent, is estimated at $6.75 million. Source 📌 Best Crypto News
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🇺🇸 Crypto Industry Rallies Behind House Bill as It Heads Toward Final Vote The U.S. House of Representatives is on the verge of a vote that will represent the closest the cryptocurrency industry has ever been toward finally winning regulation in the U.S., and the sector's associations and top businesses are encouraging House leaders to support the effort. The Financial Innovation and Technology for the 21st Century Act (FIT21) has been authorized for floor time next week, where observers are hoping to see a mid-week vote. Source 📌 Best Crypto News
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💰 Bitcoin holds above $66,000 despite global stock downturn Following Thursday's post-CPI risk-on moves, the cryptocurrency market experienced a modest pullback of around 1% for bitcoin and 3% for ether. However, in early European trading hours, the prices of both saw slight gains — with bitcoin now holding above $66,200 and ether above $3,000. In contrast to the cryptocurrency market cap, which posted a modest gain of 0.3% in the past 24 hours, global equities experienced a pull-back. Source 📌 Best Crypto News
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🇺🇸 U.S. Senate Votes to Kill SEC's Crypto Accounting Policy, Testing Biden's Veto Threat The U.S. Senate joined the House of Representatives on Thursday in seeking to erase the controversial Securities and Exchange Commission (SEC) crypto policy known as Staff Accounting Bulletin No. 121, though President Joe Biden has vowed to veto the resolution. The Senate voted 60-38 on the effort to overturn the policy, commonly referred to as SAB 121. Source 📌 Best Crypto News
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💰 Vanguard’s new CEO upholds firm’s stance against Bitcoin ETFs despite crypto enthusiasm Vanguard’s newly appointed CEO, Salim Ramji, has scuttled notions that he might reverse the investment giant’s decision against launching a spot Bitcoin exchange-traded fund (ETF) due to his pro-crypto stance. Ramji, who will take over at Vanguard by June 8, previously headed BlackRock’s ETF division and was a crucial player in the launch of the asset manager spot Bitcoin ETF product IBIT. Notably, he left his BlackRock position in January. Source 📌 Best Crypto News
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🇺🇸 DOJ charges 2 people over $25 million ETH theft via MEV exploit The DOJ arrested and charged two individuals on May 15 over an alleged $25 million MEV exploit that occurred on the Ethereum blockchain. The defendants’ plan involved several steps focused on Ethereum’s maximal extractable value (MEV) — particularly the MEV-Boost software many Ethereum validators use to optimize transactions as searchers seek profitable arbitration opportunities using MEV bots. Source 📌 Best Crypto News
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💰 Babylon partners with pSTAKE to launch Bitcoin liquid staking pSTAKE Finance, backed by Binance Labs and a prominent figure in the liquid staking sector, is set to introduce a novel liquid staking solution for Bitcoin, constructed on Babylon’s framework. This development marks a significant extension of pSTAKE’s offerings beyond its initial focus area within the Cosmos network, where it first introduced liquid staking in 2021. Source 📌 Best Crypto News
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🪙 Ether options traders eye calls above $3,600 for June expiry The term structure of open interest in ether options reveals a concentration of calls expiring at the end of June, comprising over 617,000 contracts with a notional value exceeding $1.8 billion, according to Deribit data. The significant number of call contracts and their substantial notional value could reflect confidence in ether's potential to appreciate by the end-of-June expiry date. Source 📌 Best Crypto News
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🪙 Tether CEO riled up by suggestion USDT is a target of US government Tether CEO Paolo Ardoino posted a lengthy diatribe to X on Monday in an apparent effort to rail against any notions that his company's stablecoin is insecure in any way. "An uniformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin ... is being reported spreading fear about USDT," Ardoino said in his post. Source 📌 Best Crypto News
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🇭🇰 Hong Kong's crypto ETF approvals had Bitcoin Asia attendees eyeing the mainland: SCMP Bitcoin Asia, a conference hosted by Bitcoin Magazine from May 9-10, drew over 5,500 attendees to Hong Kong this year, alongside hundreds of speakers and sponsors. It's no surprise that the conference ended up in Hong Kong; keen investors have paid a close eye to the city's recent embrace of crypto, from hosting Web3 events to its much-hyped approval of Asia's first six spot Bitcoin and ether ETFs. Source 📌 Best Crypto News
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🏦 Coinbase can't force the 🇺🇸 SEC to write new rules, SEC argues in new brief The SEC has filed a new form arguing that Coinbase's petition to order the agency to develop a new regulatory system for crypto "from the ground up" should be denied. "The Commission’s determination that the rulemaking Coinbase seeks is currently unwarranted was both reasonable and reasonably explained," the SEC said, in a case before the U.S. Third Circuit Court of Appeals. Source 📌 Best Crypto News
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🇺🇸 Mark Cuban Joins Calls Against Anti-Crypto Biden Administration, Slams the SEC Billionaire entrepreneur Mark Cuban has added to the growing discontent among the crypto community over the Biden administration’s industry crackdown. The outspoken entrepreneur didn’t stop there, adding that all the SEC has done is make it virtually impossible for crypto companies to operate in the United States, “killing who knows how many businesses and ruining who knows how many entrepreneurs.”. Source 📌 Best Crypto News
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🏦 Court should deny Coinbase's appeal, SEC says The Securities and Exchange Commission says Coinbase' move to appeal its case with the regulator should be denied. Coinbase filed an interlocutory appeal following a judge's decision to allow a lawsuit involving the SEC and the platform to proceed without being dismissed. In the appeal, Coinbase claimed differences of opinion around the Howey Test, a 1946 U.S. Supreme Court case frequently cited by the SEC, to determine if an asset qualifies as an investment contract and, therefore, a security. Source 📌 Best Crypto News
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💰 86% of Bitcoin supply still in profit despite recent price drops Bitcoin pushed toward a new all-time high in March, a significant milestone was reached on Feb. 28, with over 99% of the Bitcoin supply in profit. This was the first time since November 2021 that over 99% of the supply had been in profit, according to Glassnode data. On Feb. 28, just 92,500 BTC were at a loss before the price dropped below $57,000, then consolidated around $62,000. Source 📌 Best Crypto News
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🇨🇦 Canadian financial regulator fines 🟠 Binance 6 million CAD over money laundering violations The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued a regulatory action against the crypto exchange giant Binance for allegedly violating money laundering rules. The regulator cited two violations: failing to register as a foreign money services business with FINTRAC and failing to report a virtual currency transaction surpassing $10,000 in a single trade. Source 📌 Best Crypto News
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🟠 Binance Fired Investigator Who Uncovered Market Manipulation at Client DWF Labs: WSJ Binance fired a member of staff who uncovered evidence of market manipulation at crypto investment firm DWF Labs, one of cryptocurrency exchange's clients, the Wall Street Journal reported on Thursday, citing interviews with Binance employees past and present, documents, emails and other industry participants. The former staffer and his colleagues on Binance's market-surveillance team had been hired to winkle out signs of market manipulation. Source 📌 Best Crypto News
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🏦 Coinbase launches smart wallet with hopes of addressing crypto's 'pain points' Coinbase is officially launching its new "smart wallet" with the hope of improving the user experience for its clients. "These next-generation wallets address the biggest pain points of the crypto experience today — complex onboarding, network fees, and recovery phrases — making the transition to onchain smoother than ever," the company said in a statement. Source 📌 Best Crypto News
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🟠 Binance to restrict 'unauthorized' stablecoins in EU starting June 30, urges users to switch to regulated tokens Binance, the world's largest cryptocurrency exchange by trading volume, announced it will soon restrict availability in the European Union to stablecoins that are considered "unregulated" by the EU. In a statement, Binance said the rules for stablecoins outlined in the EU's Markets in Crypto-Assets Regulation (MiCA) will come into effect at the end of June. Source 📌 Best Crypto News
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🇳🇬 Nigeria’s interest in Bitcoin unfazed by regulatory restrictions Despite President Tinubu’s administration’s crackdown on peer-to-peer (P2P) cryptocurrency trading, which has sparked outrage among many young Nigerians, their enthusiasm for Bitcoin remains unabated. According to Google Trends statistics, Nigeria, Africa’s largest cryptocurrency market, is currently the country with the highest interest in Bitcoin (BTC), followed closely by El Salvador. Source 📌 Best Crypto News
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💰 FTX offloads remaining Anthropic shares as bankruptcy cost surpasses $700 million FTX sold the remaining 15 million shares for about $30 each, netting over $450 million in proceeds. That brings the total haul from FTX's original $500 million investment in the company to about $1.3 billion, for a profit of around $800 million. The price per share for this second sale was the same for the first sale back in March. Source 📌 Best Crypto News
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🏦 Coinbase Challenges SEC’s Rulemaking Process, Argues for Clear Regulations on Digital Assets Coinbase, Inc. has escalated its dispute with the Securities and Exchange Commission (SEC) by filing a reply brief in the Third Circuit Court of Appeals, arguing the necessity of clear rulemaking for the digital asset industry. The case underscores the ongoing tensions between regulators and the digital asset sector over compliance and operational standards. Source 📌 Best Crypto News
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🪙 ARK Invest no longer a partner with 21 Shares for proposed spot Ethereum fund ARK Invest will no longer be a partner with 21Shares for a proposed spot Ethereum fund, according to an amended registration statement filed late Friday. In a newly amended Form S-1, previously named Ark 21Shares Ethereum ETF was changed to 21Shares Core Ethereum ETF. A spokesperson for 21Shares confirmed the change in an emailed statement to The Block. Source 📌 Best Crypto News
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💰 Bitcoin market split as buying and selling volumes remain the same Bitcoin's spot trading volumes over the past week reveal intriguing shifts in market activity and sentiment. The price saw notable volatility, peaking on May 25 at $69,270 but then dipping into a stabilization phase. A sharp decline in trading volume coincided with this peak, suggesting market hesitation. Then something intriguing happened—trading volumes began to climb again, with May 28 seeing a significant upswing despite a slight price decline to $68,280. Source 📌 Best Crypto News
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📊 Stablecoin Market Cap Hits $161 Billion, Reaches Two-Year High: CCData In May 2024, the stablecoin ecosystem rebounded, achieving a market capitalization of $161 billion, marking a 0.63% increase from the month’s outset. While the stablecoin market has been surging, its dominance slightly dropped from 7% in March to 6.07% this month. The fall was due to crypto assets recovering in price after the unexpected spot Ethereum ETF approval in the United States. Source 📌 Best Crypto News
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🪙 BlackRock files amended S-1 registration statement for upcoming Ethereum ETF with more disclosures BlackRock filed an amended registration statement for its proposed Ethereum fund, marking the latest move as firms work to list and trade their products. The world's largest asset manager filed its amended S-1 registration statement almost a week after the U.S. Securities and Exchange Commission approved 19b-4 forms for eight Ethereum ETFs, including BlackRock's proposed iShares Ethereum Trust. Issuers still need their S-1 statements to become effective before trading can begin. Source 📌 Best Crypto News
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🪙 Proposal for Hashdex's Ethereum ETF has been withdrawn A proposal to list and trade shares of the Hashdex Nasdaq Ethereum exchange-traded fund has been withdrawn, according to a filing posted this week. Nasdaq posted a notice of withdrawal on Tuesday, a week after the U.S. Securities and Exchange Commission approved 19b-4 forms for eight Ethereum ETFs, excluding Hashdex. "On May 24, 2024, the Exchange withdrew the proposed rule change," according to the filing. Source 📌 Best Crypto News
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