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14h38 4 min of reading by Luc Jose A.

From groundbreaking announcements, technological progress, and regulatory turmoil, the crypto ecosystem continues to prove that it is both a landscape of boundless innovation and a field of regulatory and economic battles. Heres a summary of the most noteworthy news from the past week surrounding Bitcoin, Ethereum, Binance, and Solana, among others.

Donald Trump recently expressed strong support for the cryptocurrency industry during an event at Mar-a-Lago, criticizing the Biden administration for its hostility towards this sector. He promises to foster the adoption of cryptos in the United States if he is reelected in 2024. Trump contrasts his economic vision and financial freedom to the Democrats skepticism about the risks of crypto. The 2024 election is seen as pivotal for the regulatory future of digital assets in the United States. Bidens policy currently aims to curb the rise of decentralized cryptocurrencies.

Pension funds, traditionally cautious, are beginning to take an interest in Bitcoin ETFs. Major asset managers like Fidelity and BlackRock are now openly discussing with these institutional investors. The interest of pension funds, with assets over 4000 billion dollars, could significantly propel the Bitcoin market. Even a small allocation of these funds to Bitcoin could result in a massive influx of capital into the crypto market. This development could cement the adoption of cryptocurrencies by the general public and traditional institutional investors, marking a turning point towards the maturity of the crypto market.

VanEck has introduced an index dedicated to memecoins, called the Marketvector Meme Coin Index, focusing on six main memecoins with a maximum weighting of 30% each. This index aims to provide a structured approach to evaluating these often volatile assets. The selection of memecoins for the index is based on various parameters such as current price and historical performance, with monthly revisions to maintain representativity. VanEcks initiative could draw more serious investors toward the memecoin market. This innovation marks an important step towards the maturity of the cryptocurrency market by providing more sophisticated analytical tools for these digital assets.

Mastercard is partnering with banks like Citi and JPMorgan to transform crypto transactions through the tokenization of assets, using a shared ledger to improve the security and efficiency of transactions. Mastercards Regulated Settlement Network (RSN) project aims to establish a legal framework to integrate these innovations into the digital economy. Institutions like Swift and Deloitte are also involved, highlighting the importance of this global initiative. In the United States, the debate over central bank digital currencies (CBDCs) continues, with privacy concerns. The project aspires to a future where financial transactions are instant and secure, thus redefining the standards of global finance.

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Diplm de Sciences Po Toulouse et titulaire d'une certification consultant blockchain dlivre par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'conomie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet cosystme en constante volution. Mon objectif est de permettre chacun de mieux comprendre la blockchain et de saisir les opportunits qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualit, de dcrypter les tendances du march, de relayer les dernires innovations technologiques et de mettre en perspective les enjeux conomiques et socitaux de cette rvolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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Bitcoin, Binance, Ethereum, and Ripple: The biggest crypto news of the past week - Cointribune EN

Ether (ETH) is struggling to maintain the $3,000 support level, experiencing a 4.1% decline in just two days. The bearish momentum appears to be influenced by several factors, including the delay in launching an Ethereum spot exchange-traded fund (ETF) in the United States, decreased network usage, and a notable decrease in the ETH burn rate. As a result, Ether's price has dropped by 15% since April.

Investor sentiment has been further dampened by remarks made by Susan Collins, the Boston Federal Reserve Chair, who suggested that resilient inflation may force the central bank to maintain higher interest rates for an extended period. According to Yahoo Finance, Collins' speech on May 8 highlighted the need for slower economic growth to reduce demand. As long as interest rates remain above inflation, there is less incentive for individuals and companies to take out loans for consumption or production.

On one hand, the potential negative impact on corporate earnings could benefit alternative assets such as cryptocurrencies. However, if investors fear a significant recession, many are likely to seek refuge in fixed-income and cash positions. The increased stock buybacks in the U.S. market, driven by well-capitalized companies, further complicate Ether's recovery path. Despite potential earnings growth, buybacks reduce sell pressure and compensate for a stagnant economy.

While Ether's performance might be influenced by the 3% correction in the total cryptocurrency market capitalization since May 6th, other altcoins like BNB (BNB), Tron (TRX), Cardano (ADA), and Litecoin (LTC) have outperformed Ether by 3% or more during the same period. Even when compared to Bitcoin (BTC), Ether's price has lagged by 1.5%. This suggests that there are factors specific to Ether that are negatively impacting its price.

The possibility of an Ethereum U.S. ETF approval was dampened after the SEC postponed its decision on the Invesco and Galaxy Digital proposal on May 6th, extending the deadline until July 2024. Moreover, the refusal of U.S. SEC Chair Gary Gensler to clarify whether Ethereum could be considered a security during his appearance on CNBC's Squawk Box on May 7 has further eroded investor confidence in the ETF's prospects. Gensler's appearance followed six crypto-related lawsuits in 2024.

On-chain analysis for Ethereum has been unfavorable in recent weeks. According to ultrasound.money, the burn mechanism for Ether has hit its lowest levels in 2024.

The EIP-1559 protocol burns a fraction of the gas fees per transaction, so lower network demand leads to a higher ETH supply growth. The latest data shows an ETH 4,853 burn in 7 days, significantly lower than the ETH 17,628 issued in the same period. Although the 12,774 ETH supply increase in the past 7 days represents a mere 0.57% annualized inflation, the issue with Ethereum network's lesser use becomes more concerning when considering its second layer scaling solutions.

Related: Public blockchain ledgers not fit for purpose, says JPMorgan

The decline in Ethereum's demand has impacted its ecosystem, including projects like Arbitrum, Base, Polygon and ZkSync Era. In contrast, Solana and Thorchain have shown increased activity. Similarly, Sui and Avalanche experienced a comparatively smaller decline in decentralized exchange (DEX) volumes compared to other platforms.

The exact reasons behind investors' decision to sell Ether are unclear. However, there seems to be reduced confidence in the U.S. approving an Ethereum spot instrument. Additionally, recent network health metrics for Ethereum have deteriorated. The uncertainty surrounding recent regulatory actions against the crypto industry, including Consensys, may also help explain the weakness in Ethereum's price.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Why is Ethereum (ETH) price down today? - Cointelegraph

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Ethereum Bounces Strongly While Stacks Remain In The Red; Rebel Satoshi Sets The Stage For 100x Memecoin Gains - Crypto News Flash

Ethereum co-founder Joseph Lubin believes the United States Securities and Exchange Commission is intentionally hindering innovation, which threatens the countrys existing financial landscape.

Speaking at FT Lives Crypto and Digital Asset summit in London, Lubin unpacked Consensyss decision to sue the SEC after receiving a Wells notice from the U.S. securities regulator.

The SEC appears to have reclassified Ether as a security without telling anybody that thats the case. They are going about a strategic series of enforcement actions rather than open discourse and clear rulemaking, Lubin said.

Related:Consensys files lawsuit against SEC and commissioners over Ether regulation

The CEO of Consensys which developed the MetaMask wallet said the enforcement actions intend to create fear, uncertainty and doubt for the cryptocurrency industry in an attempt to paralyze and force the company offshore.

Lubin said the firms counteraction against the SEC is aimed at getting more clarity from U.S. courts, considering that the Commodity Futures Trading Commission had previously classified Ether (ETH) as a commodity.

The Consensys CEO also highlighted the upcoming deadline for the SEC to issue a decision over the approval of Ether spot exchange-traded funds (ETFs) as a driving force behind the regulators renewed enforcement action against Ethereum.

We believe that theres a flurry of activity designed to enable them to say that their action wasnt capricious in the very likely event that they deny the Ether spot ETFs, Lubin explained.

Lubin said the SEC had noticed how much capital had flowed into the ecosystem following the approval of spot Bitcoin (BTC) ETFs:

Lubin also speculated that the prospect of the banking industry's customers moving assets into digital forms using decentralized finance constructs could scare many banks and other financial institutions.

The SEC probably doesnt want to see a wave of innovation that will really transform the landscape," he said.

The importance of a positive outcome against the SEC could also have wide-reaching implications for the cryptocurrency and technology landscape in the United States.

Lubin said the SECs claims that Coinbase and MetaMasks wallets are acting as broker-dealers are setting a dangerous precedent. He added that the thought of a piece of software acting as a broker-dealer was a preposterous notion.

Related: US SEC expected to deny spot Ether ETFs in May

Were at odds over whether we should register MetaMask as a broker-dealer. Should every MetaMask user have to register their wallet as a broker-dealer, its chilling, Lubin added.

The Consensys CEO concluded that the entire technology industry in the U.S. could be impacted by the actions of the securities regulator.

Magazine:What do crypto market makers actually do? Liquidity, or manipulation

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SEC doesn't want Ethereum to transform banking landscape, says Joseph Lubin - Cointelegraph

ARK Invest and 21Shares have submitted a new proposal to launch a spot Ethereum exchange-traded fund (ETF).

However, this revised proposal comes with one notable change: the exclusion of staking.

In their initial submission, the companies had included plans to stake a portion of the ETF's assets through trusted providers. However, Friday's updated filing no longer mentions this component.

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According to Bloomberg ETF analyst Eric Balchunas, the removal of staking could have different implications.

Notably, this could be an attempt to align its filings with SEC comments, which would be a positive development.

However, given that there have been no comments from the SEC, it could also be a last-ditch effort or a strategy to minimize the SEC's reasons for rejecting the proposal.

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ARK Invest and 21Shares Remove Staking from Their Ethereum ETF Application - ihodl.com