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- 🎉 ETH ETFS APPROVED 🎆
🎉 ETH ETFS APPROVED 🎆
ETH ETFS approved, Enjin's new NFT wallet, Bybit's FUD, and OpenSea NFTs
Jonathan Morgan
May 23, 2024
OVERVIEW
🎆 ETH ETFS APPROVED 🎉
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“Stay tuned.” That's what SEC Chairman Gary Gensler had to say when questioned about upcoming ETH ETF approvals at today's industry event in Washington. ⏰
Well, the whole market waited. And waited. And waited. Until just after 5 PM EST, the SEC announced their approval of all $ETH ETFs!
In today’s Litepaper, we’re looking at what’s happened since the ETH ETFs were approved, Enjin’s ($ENJ) new noob friendly NFT wallet, Bybit FUD, and Open Seas newest NFT launch. 📰
Before we dive in, here’s today’s crypto market heatmap:
And here’s a look at crypto’s total and altcoin market cap YTD:
NEWS
ETHEREUM ETFS APPROVED 🎉
A little 5 PM EST, it happend. $ETH ETFs are now a thing. 🎉
There are several reasons why the SEC had to approve the ETH ETFs:
Yesterday’s successful passing in the House of FIT21 with overwhelming bipartisan support last night (279-136).
President Biden saying he would not veto the FIT21 bill.
A string of SEC losses in court across multiple Federal judiciaries, often excorating the SEC for their behavior and conduct - in the case of DebtBox ($DEBT), the SEC was censured for abuse of power.
Politicians just realized that there are 64 million dog owners in the U.S., but 85 million crypto owners.
Earlier, a bipartisan group of Congress members sent a letter to SEC Chair Gary Gensler, urging him to approve spot ETH ETFs. They argued that exchange-traded products (ETPs) bring transparency and regulated access to crypto for investors, similar to spot Bitcoin ETFs.
Gensler dodged giving a straight answer on the SEC’s decision. "I don't have anything on this particular filing," he said. At an event, he reiterated that most crypto assets are securities, parroting prior comments he’s made. 🦜
Market Moves and Reactions
At the time of writing (5:17 PM EST), crypto across the board is all over the place.
Ethereum had a major initial dump to $3,521 and then rallied back to $3,900, but it’s back again to $3,777.
Similarly, $PEPE had a hugenormous spike lower to $0.00001276 before hitting an intraday and new all-time high of $0.00001576. Ya, that’s a +23.51% move in few minute time span. 😲
$SOL, on the other hand, tanked to $155 and hit its primary uptrend line before springboarding +7.26% to $176.
No doubt tomorrow we’ll have a lot more price action moves to talk about! Be safe out there! 🛟
WEB3
Enjin’s Quick Wallet: Bridging Web2 and Web3 for NFT Newbies
Enjin ($ENJ) is shaking up the NFT scene with its latest launch: Quick Wallet. Designed to simplify access to the web3 ecosystem, Quick Wallet is intended to lower the entry barriers and get more people into NFTs. 👍️
Quick Wallet is perfect for new NFT fans - no need to mess around with the Enjin Wallet right off the bat. This means more people can dive into the NFT world without the usual headaches.
Plus, you can transfer your NFTs to a permanent wallet whenever you're ready. Quick Wallet handles asset storage and keeps your stuff secure, so they say.
And it’s clear Enjin is looking beyond just the individual NFT collector. Businesses can embed claim links into newsletters, social media posts, or even physical products. Imagine getting an NFT-backed certificate of authenticity with your next purchase. Fancy.
If they add anymore features, we’ll be sure to let you know. 🎉
NEWS
Bybit Faces Down Rumors
The last couple of days haven’t been the best for one of the biggest crypto derivatives platforms, Bybit. There were rumors flying on X that Bybit had been hacked and was insolvent. 🫢
Memes and speculative posts had everyone in a tizzy, thinking it was time to yank their funds. The panic came from a glitch in Arkham Intelligence's proof-of-reserves graph, which made it look like Bybit's wallets were bleeding dry. Spoiler alert: they weren't.
Bybit's CEO Ben Zhou jumped into the fray, posting on X to set the record straight. "None of the rumours that I have seen so far have any real facts supporting it, please be aware," he said. Zhou backed up his words with links to Bybit's proof of reserves (PoR).
And then a competing on-chain analytics firm, Nansen, took the opportunity to dig on Arkham Intelligence’s bug:
Bad, Bad Timing For FUD
The FUD is unfortunate because Bybit just launched its new and improved Peer-to-Peer (P2P) Trading program, P2P Ranger. The program offers a shot at earning up to 1,000 USDT monthly by supporting Bybit's P2P community.
The P2P Ranger Program is hunting for crypto buffs who are fluent in English and ideally, other languages too. Applicants should be ready to put in at least 25 hours a week, including weekends. Interested? Fill out the Google Form application and prove your passion for crypto and P2P trading.
Active P2P Rangers will be rewarded based on participation and community support. The more points you collect each month, the better your rank and rewards.
If there’s any further updates, we’ll let you know. 🟢
NFTs
OpenSea Debuts 'Get Based' NFT Series
OpenSea is spicing things up with its 'Get Based' series on the $ETH Layer-2 network, Base. Starting today at 12:00PM EST, this series features weekly NFT drops, offering reimagined artworks priced at $5 or less, with some even free. Yes, free. 🌐
Weekly NFT Drops: Showcasing Emerging Artists
The 'Get Based' series kicks off with Carty Sewill’s take on the “Endless Summer” film artwork. Over the summer, 15 artists will drop their works as part of Base’s “On-Chain Summer II” promo starting June 3. This event includes $2.3M in prizes, incentives, and gas credits across various projects.
Expect weekly digital art releases on OpenSea and Farcaster from artists like:
Jhekub (RGB Punks)
Hun (Primitives)
Cryptic Poet (meme artist)
Yiying Lu (Twitter’s “Fail Whale”)
Subwway (illustrator),
Thank You Base God.
These open-edition drops, all priced at $5 or less, aim to make NFT collecting accessible to everyone.
OpenSea is making it easy with native asset bridging to Base and fiat/credit card purchases via MoonPay. Collectors can jump into Base and experience its capabilities without breaking a sweat.
Devin Finzer, Co-founder and CEO of OpenSea, says, “Base has proven to be a catalyst for new utility and creativity. We’ve been supportive of Base since its inception, and we’re excited to highlight up-and-coming artists with unique artistic styles and grow their presence within the larger NFT community.” 👍️
STOCKTWITS CONTENT
A Brand New “Trends With Friends” 🍿
Stocktwits co-founder Howard Lindzon chops it up with pals JC Parets and Phil Pearlman every Thursday on "Trends With Friends."
NEWS
Crypto News In Three Sentences 📰
🚔 South Korean Police Take Down Crypto Fraud Ring
South Korean cops nabbed 28 scammers who swindled $1.3 million by hyping worthless crypto coins. They duped 50 victims, promising the moon with fake exchange listings. Six are in custody, 22 are charged, and the rest should probably start running. CryptoNews has more.
📄 US Lawmakers Grill SEC on Prometheum's ETH Custody
Congress is grilling the SEC and FINRA about Prometheum’s sketchy ETH custody approval. Lawmakers smell something fishy and want all the dirt on how Prometheum got the green light to treat ETH as a security. They’ve set a June 5 deadline for the SEC to spill the beans. More from Cointelegraph.
🏛️ Florida Appeals Court Slaps Down Binance Ban
A Florida appeals court smacked down the state’s attempt to block Binance from operating, citing procedural screw-ups. Regulators failed to back their emergency suspension with actual evidence. This ruling comes after Binance’s ex-CEO Changpeng Zhao’s finance fraud confession. Bloomberg has the full story.
👁️ Hong Kong Boots Worldcoin Over Privacy Fiasco
Hong Kong regulators kicked Worldcoin to the curb for flouting privacy laws with their creepy eye-scanning Orbs. They collected way too much personal data without proper consent, turning privacy into a joke. The Privacy Commissioner wants everyone to snitch if they see Worldcoin sneaking around. From Decrypt.
📉 Glassnode: Bitcoin Demand Hits the Brakes
Glassnode’s latest report shows Bitcoin demand has hit the brakes. The Realized Cap is still inching up, but it’s crawling compared to its previous sprint. Looks like the Bitcoin party is cooling off as the market digests the recent supply. Bitcoinist has more.
🔒 SBF Gets Relocated to California Prison
Sam Bankman-Fried, aka SBF, is getting shipped from Brooklyn to a California prison, much to his dismay. He wanted to stay in New York to work on his appeal, but tough luck—he’s off to Mendota near his parents. SBF was slapped with 25 years for pulling off one of the biggest financial frauds in history. More from QZ.
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