Crypto News Today: BTC slumps, Ethereum Shines with Spot ETF

Crypto market cap dipped by 1.5%, standing at $2.35 trillion

• The U.S. Securities and Exchange Commission (SEC) has signaled approval for the potential launch of eight Ethereum-linked ETFs.

• Nvidia soars to record levels on stock market amid anticipation of increased demand for AI chips.

Major Events To Watch

Crypto Fear and Greed Index:

The Fear and Greed Index dropped by 2 points to 74 out of 100, indicating greed and ongoing mixed activity in the cryptocurrency market.

Crypto surged in 24 hours, signaling growth in marketTOP 5 Gainers Coins

Indices	LTP	Change (%)
Ondo	$1.10	13.50%
Lido DAO	$2.34	11.80%
Pendle	$6.57	8.80%
Aave	$102.79	7.90%
Ethena	$0.9075	7.10%

Latest Market Update: 

• #Bitcoin price falls below $68,000 following buzz about Ethereum ETF approval.

• #Lido DAO ($LDO), Bonk ($BONK), #Ethereum ($ETH), #Pepe ($PEPE), and #Chainlink ($LINK) show positive gains.

• #Ondo (ONDO) emerges as the top performer with an impressive 24-hour increase of nearly 14.91%.

• Conversely, #Ordi ($ORDI) experiences the most notable decline, dropping nearly 8.83% over the same period.

• The total crypto market volume over the last 24 hours is $142.34 billion, a 46.36% increase.

• The total volume in DeFi is currently $10.45 billion, accounting for 7.34% of the total crypto market 24-hour volume.

• The volume of all stablecoins is now $131.49 billion, making up 92.38% of the total crypto market 24-hour volume.

• Bitcoin’s dominance is currently at 52.49%, a decrease of 0.49% over the day.

Major Worldwide News Update:

• The SEC approved 8 Ethereum ETFs, marking a shift in policy after Bitcoin ETF approvals. VanEck, BlackRock, Fidelity, and others received approval, but Hashdex did not. ETFs will be hosted on CBOE, NYSE ARCA, and NASDAQ. Trading awaits S-1 registration approval, which may take weeks. Political pressure, including a letter from House lawmakers, may have influenced the decision. Market experts project $5-$8 billion in initial investment.

• Senator Cynthia Lummis reaffirmed congressional support for crypto assets, signaling optimism amid recent wins. Despite the anticipation for more regulations to prevent lawsuits between crypto firms and the SEC, concerns linger over the fate of the FIT21 bill in the Senate. Bipartisan support for regulatory clarity is evident, albeit facing opposition.

• The delivery of H.J. Res 109 to President Biden has been delayed until June 3rd. The resolution, aiming to repeal SEC's SAB 121, passed the Senate with bipartisan support. It targets a rule regulating cryptocurrency custodial services, criticized by industry stakeholders. President Biden faces options to approve, veto, or take no action. The delay allows ample time for decision-making amid ongoing congressional recess.

• South Korean police apprehended 19 individuals for fraud related to a crypto "reading room" on social media. The gang, posing as crypto experts, swindled 308 investors of $18.8 million. Some suspects remain at large overseas. Police requested Interpol's assistance to locate them. Victims were lured into downloading apps linked to crypto exchanges, promising profits, but were ultimately deceived.

• Polymarket users contesting losses over Ether ETF bets allege incorrect outcome, claiming SEC approval incomplete without Form S-1 filing. Disputes center on differing interpretations of "approved." Some argue 19b-4 approval suffices, while others insist on S-1. Polymarket and UMA yet to comment on the matter.

• RBI's May 2024 bulletin warns against cryptocurrency speculation due to lack of accountability and regulatory clarity. Governor Shaktikanta Das labels cryptocurrencies as speculative. India lacks a specific crypto regulatory framework; a draft bill from 2021 remains pending. SEBI suggests multi-regulator oversight. FIU-IND oversees 47 crypto entities; Binance and Kucoin recognized.

COIN GABBAR Views: Is the recent dip in Bitcoin price indicative of market fluctuation or the onset of a correction? With the approval of the Ethereum ETF, what implications does this hold for both Bitcoin and alternative cryptocurrencies? Can Ethereum reach $4000 following the ETF approval? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Bonk Price Prediction: Will BONK Mirror PEPE's Success Story