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Ethereum Surges in Price and Performance: Recap of Crucial Updates on May 22, 2024

Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. Let’s check the latest crypto news stories in the last 24 hours.

Crypto Price Update

Feature Story: Ethereum rally puts over $300 million into crypto exchanges

Data from Nansen says crypto exchanges have received 81,840 ETH worth around $306 million, which is the largest amount of ETH that flowed to exchanges since January 23, as reported by Coindesk.

What does it mean?

Inflows to exchanges, if not in USD, could indicate that these users are intending to sell. This would suggest some short-term profit taking in Ethereum, observed by David Shuttleworth of research firm Anagram.

Regulation

The SEC has requested exchanges to expedite updates to their 19B-4 filings for Spot Ethereum ETFs, hinting at potential approval ahead of a key deadline this Thursday.

Brazil’s central bank announced it will phase the regulation of crypto-assets and virtual asset service providers, with proposals expected by the end of 2024.

DeFi

CAGA Crypto unveiled its testnet, featuring gas fee integration and NFT minting capabilities, aiming to enhance user experience and engagement within the decentralized finance ecosystem.

OKX Ventures and other top investors recently backed Pencils Protocol with over $3.2 million, aligning better with the Scroll ecosystem.

FluidTokens launched a decentralized exchange (DEX) dedicated to Runes, operating on both Bitcoin and Cardano blockchains, aiming to simplify the trading of meme coins and bridge the gap between traditional finance and decentralized finance (DeFi).

Web3 Gaming

Telegram’s social gaming platform, integrated with crypto elements and blockchain, particularly through the Hamster Kombat game, has rapidly attracted 8 million users in four weeks.

Eldarune, a web3 game studio specializing in medieval-themed blockchain games, partnered with Immutable and received a grant of 50,000 $IMX tokens to support its flagship trading card game, Heroes of Eldarune.

Gala Games suffered a $206 million exploit resulting in the minting of 5 billion GALA tokens, causing GALA’s value to drop by 15%.

Noteworthy

New York’s Attorney General, Letitia James, has secured a $2 billion settlement with the bankrupt cryptocurrency lender Genesis Global over fraud allegations.

Ghana’s Vice President Mahamudu Bawumia announced the country’s intention to become the first African nation to run its government on blockchain technology.

Kraken refutes rumors of delisting Tether’s USDT stablecoin in Europe.

Happening Today: Multiple Bitcoin Pizza Day Events

This article is published on BitPinas: Ethereum Rallies | Key Points | May 22, 2024

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