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Spot Ethereum ETFs Officially Approved – What Comes Next for Investors? | Essential Highlights | May 24, 2024

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Welcome to BitPinas Key Points, your source for easily digestible crypto news. Let’s dive into the latest updates in the crypto world over the past 24 hours.

Crypto Price Update

Feature News: Spot Ethereum ETFs Approved

The U.S. SEC has given the green light to eight spot Ethereum ETFs from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton. While the 19b-4 forms have been approved, trading can only commence once the S-1 registration statements are effective, a process that could take several weeks or months. The approval has sparked discussions on the potential market size for Ethereum ETFs, estimated to be between $5 to $8 billion.

The approval has also led to a decrease in the Grayscale Ethereum Trust discount, and speculation on the future of Ethereum’s peers like Solana in the ETF market.

Local News: Multiple Cities Celebrate Bitcoin Pizza Day

Regulation

The U.S. House passed the Financial Innovation and Technology for the 21st Century Act (FIT21), marking an important step in crypto regulation. The bill designates the Commodity Futures Trading Commission (CFTC) as the primary regulator for digital assets, favoring its oversight over the Securities and Exchange Commission (SEC).

DeFi

Several developments in the DeFi space include Oxchange Finance’s upcoming launch of OxWallet, Retik Finance’s listing on Uniswap, Pendle Finance hitting an all-time high in total value locked (TVL), and Kelp DAO raising $9 million in a private sale.

Web3 Gaming

Exciting news in the web3 gaming sector includes the launch of the Nyang Kit NFT Mint event by Ragnarok: Monster World, Nyan Heroes listing its $NYAN token on major exchanges, and Immutable partnering with Spielworks to enhance gaming rewards for players.

Noteworthy

Gala Games’ GALA token experienced a 20% price drop following a $240 million exploit, but the situation was quickly addressed. The London Stock Exchange will list crypto exchange-traded products (ETPs) for the first time on May 28, following regulatory approvals.

For more details on these stories, visit BitPinas at Spot Ethereum ETFs Approved | Key Points | May 24, 2024.

Disclaimer:

Before investing in any cryptocurrency, conduct your own research and seek professional advice. The content provided by BitPinas is for informational purposes only and does not constitute investment advice.责

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