In this week’s recap, U.S. regulators have finally approved eight issuers of spot Ethereum (ETH) exchange-traded funds (ETFs) after a long wait. Bitcoin (BTC) has crossed the $71,000 mark, and lawmakers have passed the FIT21 bill to bring clarity to crypto regulations.
Discussions on spot Ethereum ETFs have been buzzing, with Matrixport co-founder Daniel Yan suggesting that a Solana ETF could be next in line after the SEC’s approval. Bloomberg ETF analyst James Seyffart also believes that a Solana ETF could see high demand. A bipartisan group of lawmakers has urged SEC Chair Gary Gensler to approve the spot Ethereum ETF filings.
QCP Capital predicts a 60% price spike to $6,000 for Ethereum if the ETF approval goes through. Following this, the SEC has approved 19b-4 filings from prominent firms like BlackRock, Fidelity, Grayscale, and others. These issuers have removed staking from their products and are waiting for S-1 registrations before trading can commence.
Industry experts argue that while the ETF approval may clarify Ethereum’s regulatory status, it could make ETH tokens in funds less productive compared to staking or smart contracts. Standard Chartered’s Geoffrey Kendrick suggests that XRP and Solana could see ETF products next year.
In other news, spot Bitcoin ETFs saw significant inflows last week, with WisdomTree announcing approval for crypto ETPs backed by Bitcoin and Ethereum on the London Stock Exchange. Bitcoin reclaimed $71,000 after a month-long high, leading to a broader market rally.
Analysts credit the inflows into Bitcoin ETFs and the anticipated approval of spot Ethereum ETFs for the market rally. Ethereum saw a massive 19% rise on May 20, with analysts predicting a potential new all-time high of $5,000. Additionally, the meme coin Pepe reached a new ATH.
Republican presidential candidate Donald Trump has started accepting cryptocurrency donations, while the U.S. House of Representatives passed a bill against a dollar-backed CBDC. The FIT21 bill, aimed at fostering innovation, has faced criticism from SEC Chair Gensler and the Biden administration.
Coinbase resumed XRP trading in New York, and Uniswap expressed its readiness to fight the SEC if litigated. The crypto community celebrated Bitcoin Pizza Day, while mourning the passing of Kabosu, the Shiba Inu dog behind the Dogecoin meme.
Blockchain startups raised over $258 million in funding last week, with Farcaster leading with a $150 million Series A round. Jian Wen was sentenced for a Bitcoin money laundering scheme, and Phantom Wallet surpassed Facebook in popularity on Google Play.
In conclusion, the crypto market is experiencing significant developments, with regulatory clarity and innovation at the forefront.