Bitcoin
Fidelity’s spot Bitcoin ETF, FBTC, has surpassed Grayscale Bitcoin Trust in daily inflows, bringing in $208 million. YieldMax has applied to the SEC to launch a Bitcoin Options Income strategy ETF (YBIT). Fed Chairman Powell is expected to announce unchanged interest rates during his speech at the end of the FOMC.
Ethereum
The head of forex and digital assets research at Standard Chartered believes that the SEC could approve a spot Ethereum ETF by May 23. QuickNode has launched Immutable zkEVM, a Layer 2 blockchain games development platform. Ethereum developers have successfully tested the Dencun upgrade on the Sepolia testnet.
DeFi
Velar, a Bitcoin-based DeFi platform, has raised $3.5 million in seed funding to create a PerpDEX on Bitcoin. Web3Intelligence has completed a $4.5 million private funding round to help users build wealth through decentralized finance.
Business
Following the footsteps of Google and Facebook, Meta will allow spot Bitcoin ETF ads on Facebook and Instagram. Larry David regrets his involvement in FTX’s 2022 Super Bowl commercial and is now named in a proposed class-action lawsuit. Bybit has submitted a license application to operate in the Hong Kong market. FTX intends to repay customers whose crypto deposits were locked during its bankruptcy filing.
NFT
Despite a global dip in the NFT market, former President Donald Trump’s NFT collection is gaining popularity. Worldcoin developer Tools For Humanity and web3 “SuperApp” Kresus have partnered to enhance their projects.
Security
Ripple co-founder Chris Larsen lost approximately $112 million after hackers gained access to his personal XRP accounts.
Regulation
Senator Elizabeth Warren and a coalition of senators are calling for stricter crypto laws to combat fraud and money laundering. The SEC has charged HyperVerse founders with crypto fraud. The SEC is seeking to dismiss its lawsuit against Debt Box. The High Court of Singapore has rejected an application by bankrupt crypto hedge fund 3AC to dismiss the lawsuit brought by Web3 investment firm DeFiance Capital’s founder, Cheong Jun Yoong.
Hot Take: The Week in Crypto
Spot Bitcoin ETFs gained momentum this week, with Meta allowing ETF ads on Facebook and Instagram. Fidelity’s FBTC surpassed Grayscale Bitcoin Trust in daily inflows. Standard Chartered predicts a spot Ethereum ETF approval. The DeFi sector saw funding for Velar and Web3Intelligence. Larry David regrets his involvement in FTX’s Super Bowl commercial. Notably, Donald Trump’s NFT collection remains popular despite the market dip. Chris Larsen experienced a significant loss due to hackers, and there are renewed calls for stricter crypto regulations. These developments demonstrate the ongoing growth and challenges in the crypto industry.
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