The latest price moves in bitcoin (BTC) and crypto markets in context for May 23, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets. Source
The recently enabled withdrawal flexibility in ETH staking, courtesy of the Shapella upgrade, mitigates its perceived risk for many investors,” Bitfinex’s analysts noted. “Prior to this upgrade, potential stakeholders may have been deterred from staking their ETH tokens due to concerns about their funds being locked for an unacceptably long duration.” Source
Litecoin has chalked out a double-digit price rally to hit the highest since April 19. Original
Two prominent crypto asset managers — Grayscale Investments and Bitwise Asset Management — have halted their Ether (ETH) futures exchange-traded fund (ETF) plans amid growing scrutiny from United States regulators. On May 17, Grayscale filed an amendment to its Securities and Exchange Commission (SEC) filing to remove mentions of an Ether futures ETF. The amendment comes less than a week after sharing plans to launch a trio of ETF products. The other two flagship products include a semi-spot Bitcoin (BTC) ETF that would invest in the spot BTC market, and a…
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This wasn’t the only example. Bizarrely named meme tokens like RIBBIT, BOB, JEFF and WEN all experienced massive spikes in volume over the weekend. Amid this rush into meme coins, overall volume on Uniswap’s decentralized exchange surged to $150 million an hour at numerous points on Saturday, way up from the typical $16 million to $30 million, according to Dune Analytics. Original
“With no intrinsic value, huge price volatility and no discernible social good, consumer trading of cryptocurrencies like bitcoin more closely resembles gambling than a financial service, and should be regulated as such,” Harriett Baldwin, member of Parliament and chair of the Treasury Committee said in the statement. “By betting on these unbacked ‘tokens,’ consumers should be aware that all their money could be lost.” Source
“As Judge Netburn found in her order dated January 13, 2022, the Hinman Speech Documents are not protected by the deliberative process privilege because they do not relate to an agency position, decision, or policy,” Torres wrote. “Therefore, sealing these documents would not be related to preserving ‘openness and candor’ within the agency, nor would such an interest be substantial enough to outweigh the strong presumption of public access.” Source
OETH is a yield-bearing, ether-pegged token, offering an easy way to maximize yield from ETH staking using protocols such as Curve Finance. Source
Currently, the flight is from bank deposits to the U.S. Treasury money markets, but as the ether yield economy becomes more mainstream, “it is hard not see more demand for ETH deposits and ETH yields,” analysts Gautam Chhugani and Manas Agrawal wrote. Source