As a seasoned crypto investor with a few years under my belt, I’ve learned to keep a keen eye on industry news and developments. Today, I was particularly intrigued by Samson Mow’s recent statement regarding Ethereum ETFs and their potential impact on the market.
Take a look at what happened in the world of crypto by reading U.Today’s top three news stories.
“$1 million Bitcoin” advocate Samson Mow reveals last chance to sell ETH
As the SEC nears its decision on Ethereum ETF approval, Samson Mow, CEO of JAN3 and a Bitcoin maximalist, expressed skepticism towards Ethereum-backed ETFs on X. According to Mow, such approvals would not be bullish since Ethereum ETFs are likely to underperform significantly compared to their Bitcoin counterparts. To support his stance, he suggested examining the demand for both Bitcoin and Ethereum in other markets and considering that Ethereum does not offer staking rewards. Mow concluded his post on X by stating, “This might be your last chance to sell Ethereum for more than 0.05 Bitcoins.” Earlier this week, venture capitalist Anthony Pompliano referred to the potential SEC approval of Ethereum ETFs as “the final dam to be broken,” implying that U.S. approval of the entire crypto industry would follow suit.
Perpetual futures for Shiba Inu (SHIB) and other meme coins added by Coinbase
Based on the official announcement from May 23rd, Coinbase International Exchange is set to introduce support for Shiba Inu, BONK, and FLOKi perpetual futures. The addition of these meme coins comes as exciting news for their respective communities. The markets for 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP are anticipated to launch on or after 9:30 a.m. UTC May 30, 2024. Other perpetual futures available on the exchange include assets such as Cardano (ADA), Avalanche (AVAX), Dogecoin (DOGE), Bitcoin Cash (BCH), and Pepe (PEPE), among others. As a recap, Coinbase’s offshore derivatives exchange went live last May, and in September, the platform received regulatory approval to extend futures trading to users outside the United States.
Brian Kelly predicts Solana could be next crypto ETF
At a recent interview on CNBC, Brian Kelly, head of BKCM LLC, expressed his viewpoint on the potential approval of Ethereum ETFs. Although he’s unsure about the exact timeline for SEC approval, he is confident that it will occur eventually. When questioned about which crypto might follow Ethereum in obtaining an ETF, Kelly suggested, “Solana could be the next one to watch. Bitcoin, Ethereum, and Solana appear to be the major players during this market cycle.” However, the approval process for a Solana ETF may encounter complications due to the regulatory status of its SOL token in the US. Last year, the SEC identified SOL as a security in lawsuits against Coinbase and Binance. The Solana Foundation disputed this classification, emphasizing that their blockchain is decentralized. Moreover, there isn’t an ETF based on Solana futures available in the US yet.
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2024-05-24 18:55