Why Are Crypto Up 20% Today? | Key Points | May 21, 2024

Republished By Plato

Followers: 0

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

Photo for the Article - Why are Crypto Up 20% Today? | Key Points | May 21, 2024

Feature Story: Crypto prices are up always 20% today and here’s why

U.S. government has reported milder inflation data for April.
Interesting new participation in spot bitcoin ETFs, which include the U.S. state of Wisconsin buying the foremost crypto ETF. This, along with more inflows going to the ETFs rather than outflows, which was the story in the previous weeks.
XRP is also up 5%.
As for Ether, a Bloomberg reporter and analyst said the chance of spot ETF approval is up by 75%:

Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied). See… https://t.co/gcxgYHz3om

— Eric Balchunas (@EricBalchunas) May 20, 2024

Finally, Grayscale is also proposing that their Grayscale Ethereum Trust (ETHE) be converted to a spot ether ETF.

Regulation

The Securities and Exchange Board of India (SEBI) recommended a multi-agency approach for regulating crypto assets, with different regulators overseeing various aspects of cryptocurrency trade. Meanwhile, the Reserve Bank of India (RBI) expressed concerns about crypto’s macroeconomic risks, including tax evasion and fiscal stability.
The U.S. Congress passed its first standalone crypto legislation to overturn the SEC’s SAB 121 rules on crypto assets, which require entities to record held crypto as liabilities and corresponding assets at fair value.
France’s securities regulator, the Autorité des Marchés Financiers (AMF), has renewed its warning against crypto exchange Bybit, which has been blacklisted since May 2022 for non-compliance with French regulations. The AMF urged customers to prepare for the possibility that Bybit may cease operations in France and hinted at potential enforcement actions to block the platform’s website.
Venezuela has implemented a ban on crypto mining firms, citing their heavy energy consumption as a factor contributing to the country’s ongoing energy crisis. The Ministry of Electric Power plans to disconnect crypto mining companies drawing power from the national grid, aiming to stabilize energy consumption and ensure consistent power for the local population.

DeFi

Retik Finance (RETIK) is set to launch on May 21, 2024, at 12 PM UTC, with experts predicting a 500% price increase within the first 24 hours of trading. The project, which raised $32,050,000 in its presale, aims to bridge traditional and decentralized finance through innovative products like DeFi debit cards and an AI-powered peer-to-peer lending platform.
Velar and Bitlayer have announced a partnership to launch Velar Artha, a Bitcoin-based Perpetual Decentralized Exchange (PerpDex) on Bitlayer’s EVM-compatible Bitcoin Layer 2. This platform will enable the trading of various assets through perpetual contracts directly on the Bitcoin blockchain, combining Bitcoin’s security with advanced trading capabilities.

Web3 Gaming

Reebok launched “Reebok Impact,” an AI-powered tool allowing users to create custom digital sneakers from their photos for use in games like Fortnite and Roblox.
Wild Forest, a web3 real-time strategy game on the Ronin Network, has announced a pre-release NFT sale starting with a whitelist opening on May 23 at 11:00 UTC, followed by a public sale at 15:00 UTC. Three types of NFT packs—Standard, Premium, and Founder—will be available, and a total of 13,200 packs are for sale.
Param Labs, a gaming infrastructure developer, has raised $7 million in a funding round led by Animoca Brands, with participation from other notable investors. The funds aim to address challenges faced by Web3 gaming, particularly the lack of foundational infrastructure.

Noteworthy

The blockchain gaming sector saw a remarkable surge in investment capital in April, reaching a staggering $988 million, setting a new record since January 2021. Data from DappRadar indicates that this influx of capital surpassed the entire second quarter of 2023, with $973 million.
Three employees of a currency exchange shop in Tsim Sha Tsui, Hong Kong, were arrested for allegedly scamming a customer with counterfeit “hell banknotes” in a cryptocurrency transaction worth approximately HK$1 million.

Relevant Meme

Watch BitPinas Webcast 50

The CEOs of two leading crypto organizations, Wei Zhou from Coins.ph and Lawrence Linker from XD Academy, joined BitPinas webcast episode #50. They discussed recent significant events such as the fourth Bitcoin halving and the approval of the Bitcoin ETF, exploring their immediate and medium-term impacts on cryptocurrency markets.

They also talked about the role of education in crypto adoption, their partnership highlights, market trends, projections, and future initiatives from both Coins and XD Academy.

The Future of Crypto After Bitcoin Halving and ETF | BitPinas Webcast 50

This article is published on BitPinas: Why are Crypto Up 20% Today? | Key Points | May 21, 2024

Disclaimer:

Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.