Crypto Weekly Roundup: Trump Makes Crypto Play, Institutions Make ETF Investments, & More

by

As an experienced financial analyst, I’ve been closely following the cryptocurrency market for years, and I can’t help but feel both intrigued and frustrated by the latest developments in this dynamic industry.

As a researcher delving into the latest developments in the cryptocurrency sphere, I’ve noticed yet another delay announced by the SEC regarding Ethereum ETF applications. The regulatory body continues to postpone its decision on these proposals. Nonetheless, this uncertainty hasn’t dampened institutional investors’ enthusiasm for ETF projects. Let’s explore the details behind their growing interest.

Bitcoin

At a recent gathering, former President and Republican nominee for the US presidential elections, Donald Trump, voiced his support for cryptocurrencies. His stance contrasts Biden’s more restrictive views on digital currencies.

During the initial three months of 2024, Susquehanna International Group, a prominent quantitative trading firm, invested more than a billion dollars in Bitcoin exchange-traded funds (ETFs).

On May 6, Hightowers Advisors revealed they had invested $68 million in Bitcoin spot Exchange-Traded Funds (ETFs), as mentioned in their filing from that date.

Ethereum

Joseph Lubin, Ethereum’s co-founder and Consensys’ CEO, criticized the Securities and Exchange Commission (SEC) for deliberately hindering advancements in the cryptocurrency sector. He argued that rather than engaging in productive dialogues with the crypto industry, the SEC is opting for targeted regulatory actions.

Vitalik Buterin and his collaborators, Matt Garnett, Ansgar Dietrichs, and Sam Wilson, have put forward EIP-7702 as a possible replacement for EIP-3074 to enhance the concept of account abstraction on Ethereum.

Business

Industry powerhouses Ripple and XRPL Labs have teamed up with Hedera and Algorand to establish the Decentralized Recovery Alliance (DeRec). The goal is to create a fresh standard for recovering digital assets, fostering collaboration among industry pioneers to bolster interoperability and accessibility within the crypto realm.

As a dedicated researcher into the world of blockchain investments, I can share that one of the most notable firms in this field, Pantera Capital, has recently made its largest-ever investment in Telegram’s Open Network (TON). This significant move underscores Pantera’s unwavering belief in the promising future of blockchain technology.

The privacy-centric Monero trading platform, LocalMonero, has announced its closure due to a combination of internal issues and external pressures, including intensified regulation against anonymous cryptocurrencies.

NFT

The ongoing class action lawsuit against Cristiano Ronaldo over his promotion of his NFT collection on Binance‘s cryptocurrency platform fails to secure dismissal, as per the recent ruling by the judge.

Security

A hacker on Poloniex exchange moved approximately $3.3 million in Ethereum (ETH) to the Tornado Cash tumbler following a 178-day long period of inactivity. This action rekindles apprehensions regarding illicit activities, specifically money laundering, linked to the cryptocurrency mixer.

Regulation

The SEC has once more delayed making a call on the Invesco Galaxy Ethereum ETF, contributing to the growing ambiguity regarding Ethereum ETF approvals, as the agency continues to push back its decision-making dates.

As a crypto investor, I’ve come across some shocking news today. It appears that Maximilien de Hoop Cartier, a relative of the renowned Cartier jewelry family, has been accused by the United States Justice Department of working hand in glove with a Colombian drug cartel and laundering their ill-gotten gains through Tether (USDT).

Read More

2024-05-12 15:51