Welcome to the Latest Edition of Crypto NFT Today!
In the recent weeks, there have been significant advancements that are set to influence the realm of blockchain technology, cryptocurrencies, and NFTs in the near future.
With reports suggesting the potential rejection of spot Ether ETFs by the SEC, the recent downturn in Bitcoin prices, and more, it is essential to stay abreast of these critical developments. Let’s explore the latest news and insights into the evolving landscape.
SEC Expected to Deny Spot Ether ETFs
Recent reports point towards the United States Securities and Exchange Commission (SEC) gearing up to dismiss applications for spot Ether (ETH) exchange-traded funds (ETFs) in May. According to details from Reuters, U.S. issuers and various entities are preparing for the imminent denial of spot Ether ETFs by the SEC next month, based on recent interactions with the regulatory body.
Sources familiar with the discussions revealed that the dialogues have been largely one-sided, with the SEC staff showing reluctance to engage substantially on the proposed products. The SEC’s stance on spot BTC ETFs shifted after Grayscale Investments’ legal victory against the regulator in August 2023, concluding a series of rejections spanning over a decade.
Bitcoin Price Decline
Following a significant sell-off and an unfavorable funding rate post its halving, Bitcoin has dipped below the \(64,000 mark, leading to volatility as nearly \)9.4 billion in crypto options near expiration. As Bitcoin struggles to sustain its upward trajectory, the crypto market is witnessing a substantial sell-off, resulting in the liquidation of more than 40 million long positions within an hour and a total liquidation surpassing $220 million in the last 24 hours.
This sharp downturn has sparked concerns among investors and analysts, triggering a detailed analysis of the factors contributing to Bitcoin’s current price drop. At the time of reporting, BTC was trading at $64,081, reflecting a decline of over 4% from its peak earlier in the day.
Indonesian President’s Alert on Money Laundering
During a recent address commemorating the 22nd Anniversary of the National Movement for Anti-Money Laundering and Terrorism Financing Prevention at the State Palace in Jakarta, Indonesian President Joko Widodo urged the Financial Transaction Reports and Analysis Centre (PPATK) to intensively monitor the use of cryptocurrencies and non-fungible tokens (NFTs) for illicit financial activities. Widodo acknowledged the potential money laundering risks associated with crypto assets, citing data from Chainalysis’s 2022 Crypto Crime Report, which highlighted transactions amounting to $8.6 billion (139 trillion IDR) in 2021.
Widodo emphasized the importance of swift actions to proactively combat such illicit practices, underlining the need to prevent setbacks in the fight against financial crimes.
Binance Integrates USD Coin on CELO Network
Binance has officially announced the successful integration of USD Coin (USDC) on the CELO network. This integration simplifies the deposit and withdrawal processes of USDC for Binance users, a stablecoin pegged to the U.S. dollar.
By incorporating USDC on the CELO network, Binance aims to offer users more options and flexibility in managing their digital assets. USDC’s stability and transparency have made it a favored choice in the cryptocurrency space, appealing to users looking to mitigate risks associated with market fluctuations.