Bitcoin Price: US$ 67,791.69 (+0.11%)
Ethereum Price: US$ 3,780.91 (-0.91%)
Since the United States approved spot Ether exchange-traded funds (ETFs) on May 23, over $3 billion worth of Ether has been withdrawn from centralised crypto exchanges, hinting at a potential supply squeeze. This development has led some analysts to speculate that Ether could surpass its November 2021 all-time high of $4,870 once trading commences for spot Ether ETFs, driven by heightened demand pressure. In parallel, crypto trader Peter Brandt forecasts that Bitcoin could attain a cycle peak of $130,000 to $150,000 between late August and early September, provided it mirrors the trajectory of previous post-halving bull markets. Despite this optimistic projection, Brandt maintains a 25% probability that Bitcoin has already reached a bull market peak, given the diminishing gains of each successive bull cycle. Meanwhile, the United States Securities and Exchange Commission (SEC), according to crypto exchange Coinbase, is set to persist with its regulation-by-enforcement approach towards the cryptocurrency industry. This strategy aims to “choke” the industry for as long as possible. Despite widespread optimism from both the crypto industry and legal experts that Coinbase would succeed in having the case dismissed, the outcome was not in their favour.
Changpeng Zhao, the founder of Binance, has started serving his four-month prison sentence for money laundering charges, with the crypto community expressing support and viewing his sentence as protective for Binance. Zhao plans to remain involved in cryptocurrency after his release, emphasising the importance of regulatory compliance for the industry. Meanwhile, ARK Invest has ended its partnership with 21Shares on the Ethereum spot ETF, rebranding the fund as the 21Shares Core Ethereum ETF, while continuing collaboration on other projects like the ARK 21Shares Bitcoin ETF. Despite acknowledging Ethereum’s potential, ARK Invest cited the need to reassess its investment strategy for not moving forward with the Ether ETF. Roger Bayston, head of digital assets at Franklin Templeton, emphasised the importance of persistence with the SEC, noting the agency’s reliance on legal precedents and a changing tone toward digital assets. Franklin Templeton remains bullish on cryptocurrency, likening its importance to investment portfolios to that of technology stocks 30 years ago, and recently launched its Franklin OnChain U.S. Government Money Fund after a lengthy regulatory process.
Franklin Templeton has filed an amended S-1 application for its proposed spot Ether ETF product, disclosing a sponsor fee of 0.19% of the net asset value of the Fund, sparking a ‘fee war’ among ETF products as other firms like VanEck, Invesco, and Galaxy have yet to disclose their sponsor fees. Concurrently, the crypto exchange Bybit has undergone a restructuring of its executive team following a flawed airdrop of Notcoin (NOT) that led to over $26 million in compensation to users and affected 320,000 users, prompting leadership changes within the company. Meanwhile, the EOS ecosystem has approved a new tokenomics model, transitioning from an inflationary token supply to a fixed supply of 2.1 billion tokens, a move that, along with the addition of high yield staking rewards, promises a ‘new era’ for EOS token holders and developers.
Source: https://cointelegraph.com
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