East African nation Rwanda aims to create its own retail central bank digital currency (CBDC) to assert its significance in the global economy’s future landscape by 2026.

According to the National Bank of Rwanda, the CBDC would be a secure and convenient alternative to cash, potentially bringing more people into the banking system.

The deputy governor of Rwanda’s central bank, Soraya Hakuziyaremenye, discussed plans for a digital currency and its advantages for citizens in a recent interview with The New Times.

She highlighted that several African nations, like Nigeria, Ghana, and South Africa, are already testing or launching their own digital currencies. She mentioned that Rwanda’s central bank has been collaborating with the finance ministry, and technology since 2022 to study these examples and explore a Rwandan CBDC.

Rwanda’s Central Bank Prioritizes Risk Assessment for CBDC

Their research highlighted the importance of understanding not just the technology involved, but also the potential risks of issuing a digital currency.

She explained that a CBDC would encourage competition and innovation within payment systems, supporting Rwanda’s goal of a cashless economy. Additionally, it would streamline international transactions. The central bank plans to take a measured approach to the CBDC, requiring government approval before proceeding.

The official emphasized that public adoption is crucial for the CBDC’s success. The bank doesn’t want to launch a digital currency simply for the sake of it; it needs to offer clear advantages for Rwandan citizens.

Rwanda’s CBDC Pilot to Test Technology and Design in a Controlled Setting

Rwandans have four more weeks to participate in the public discussion about the CBDC. After that, the central bank will move forward with a pilot test to assess its feasibility.

“That will allow us to test the technology, the design, and the speed on a small scale,” the governor said. “But there is also an aspect of cases where we want to test the technology in other countries, particularly in cross-border payments, this exercise will roughly take six months.”

The pilot test will involve a select group of people and businesses using the CBDC. This will allow the central bank to evaluate the technology’s smoothness, resilience, and effectiveness in managing potential risks.

The post Rwanda to Roll Out CBDC By 2026 After Consultations, Testing appeared first on Cryptonews.

The FTX estate, led by CEO John Ray III, has divested its remaining shares in Anthropic, the AI startup known for its chatbot Claude, as revealed in the firm’s recent bankruptcy filings.

According to the filings, FTX sold the remaining 15 million shares for approximately $30 each, resulting in proceeds exceeding $450 million.

The sale brings the total earnings from FTX’s initial $500 million investment in Anthropic to around $1.3 billion, resulting in a profit of roughly $800 million.

Notably, the price per share for this second sale matched that of the first sale conducted in March.

Leading the buyers in this round was global venture capital fund G Squared, which acquired approximately one-third of the remaining shares, equivalent to 4.5 million shares, for $135 million.

Other venture capital funds constituted the majority of the remaining 20 buyers involved in the acquisition of Anthropic shares.

Cost of FTX Bankruptcy Surges

In parallel to these developments, the cost of the FTX bankruptcy has surged past $500 million in legal and administrative fees, as reported by The Block.

FTX creditors have expressed concerns regarding a potential conflict of interest, as the primary law firm managing FTX’s bankruptcy, Sullivan and Cromwell, had previously represented FTX.

The situation has prompted the appointment of an independent examiner and triggered a class-action lawsuit.

The New York Times’ analysis from last year revealed that law firms have charged hundreds of millions of dollars in fees for crypto company bankruptcies.

FTX CEO John Ray has submitted a bill of $5.6 million to the estate, reflecting his hourly rate of $1,300 since the initiation of the case.

The estate intends to repay at least 118% of allowed claims, measured in dollar value at the time of FTX’s bankruptcy filing, to 98% of its creditors.

Former FTX Co-CEO Sentenced To 7.5 Years

Ryan Salame, former co-CEO of FTX Digital Markets, has been handed a 7.5-year prison sentence by a federal judge after pleading guilty to two felony charges.

The sentencing took place on 28 May 2024 in the US District Court for the Southern District of New York, with Judge Lewis Kaplan presiding over the case.

Salame entered a guilty plea in September 2023 and has been awaiting sentencing.

As reported, Salame requested leniency from the court in the form of an 18-month sentence.

Last month, Bankman-Fried filed to appeal his conviction and sentence for fraud and conspiracy charges.

The disgraced crypto boss was convicted last November after a month-long trial on seven different charges and was sentenced to 25 years in prison.

Meanwhile, the FTX bankruptcy estate has outlined its target to initiate repayments to customers by the end of 2024, as disclosed during a meeting of FTX Digital’s Joint Official Liquidators in the Bahamas.

The FTX bankruptcy consists of two distinct processes, including the Chapter 11 bankruptcy being overseen by a Delaware court in the United States and the official liquidation of FTX Digital, the Bahamas-based subsidiary of FTX.

The post FTX Estate Sells Off Remaining Anthropic Holdings Amid Bankruptcy Proceedings appeared first on Cryptonews.

Ripple CEO Brad Garlinghouse recently predicted that Solana ETF is inevitable following the SEC’s approval of Bitcoin and Ethereum ETFs.

At the Consensus 2024 event, Garlinghouse highlighted the potential for Solana ETFs, emphasizing the importance of regulatory clarity for the growth of digital assets in the U.S.

This optimism, coupled with the prediction of a $5 trillion crypto market, has sparked interest in Solana price prediction. Investors are now speculating whether SOL could reach $1,000 this year.

Ripple CEO Sees Solana ETF as ‘Inevitable’

Ripple CEO Brad Garlinghouse predicts the emergence of Solana (SOL) ETFs, following SEC approval of Bitcoin and Ethereum ETFs. At the Consensus 2024 event, he stated:

“It’s just a matter of time for an XRP ETF, a Solana ETF, and a Cardano ETF.”

Garlinghouse highlighted the challenges of regulatory approval for these ETFs and criticized the lack of clarity in Washington. He emphasized the importance of clear regulations for the growth of digital assets in the U.S.

BREAKING: RIPPLE CEO CONFIRMS $XRP ETF — “Just A Matter Of Time” !!

“I think it’s just a matter of time, and it’s inevitable there’s gonna be an #XRP ETF, there’s gonna be a Solana $SOL ETF, there’s gonna be a Cardano $ADA ETF, and that’s great,” — @bgarlinghouse

Also… pic.twitter.com/moTk1sFVzr

— Good Morning Crypto (@AbsGMCrypto) May 31, 2024

Garlinghouse also expressed optimism about the crypto market reaching a $5 trillion valuation due to recent ETF approvals. He believes various crypto projects can coexist, each focusing on different aspects of decentralized finance and digital assets.

Key Points:

Solana ETF predicted as inevitable by Ripple CEO
Regulatory clarity is crucial for growth
Crypto market potential of $5 trillion

Crypto ETFs allow investors to gain exposure to digital assets without holding them directly, making them significant for institutional investors. The rise of ETFs could drive Solana’s price, potentially reaching $1,000 this year.

Solana Price Nears $166 Amid Solana ETF Talks

Solana is currently priced at $166.09 on the 4-hour chart. The pivot point, marked by the green line, is at $167.89. Immediate resistance levels are $172.50, $176.00, and $180.50, while immediate support levels are $163.50, $160.50, and $156.80.

On the 4-hour timeframe, Solana is consolidating within a range, forming a symmetrical triangle pattern between $168 and $163. This pattern indicates indecision among investors.

Solana Price Prediction

A breakout above $168 could push Solana towards $173 and $180, while a breakdown below $163 could lead to a decline towards $156 and possibly $150.

The RSI is at 47, indicating a neutral trend. The 50-day EMA is $167.61, acting as a resistance.

In conclusion, monitor the $167.89 pivot point closely. A move above it suggests potential bullish momentum, while a break below $163 could signal further declines.

Conclusion

Overall, in the long term, Solana’s price prediction remains bullish as the market anticipates the introduction of SOL ETFs. With regulatory clarity and increasing institutional interest, Solana could see significant gains, possibly reaching $1,000 by the end of next year.

Alternative Meme Tokens for Big Rallies

Traders looking for quick, significant gains might consider newer alternatives, including tokens in presales. One promising token is PlayDoge (PLAY), an Ethereum-based cryptocurrency that recently opened its presale, raising $0.93 million of its $1.38 million goal.

PlayDoge’s appeal lies in its Doge-themed Tamagotchi-style game with crypto-enabled play-to-earn mechanics. Players can breed, trade, and take their virtual Shiba Inu dogs on missions, earning PLAY tokens with a maximum supply of 9.4 billion. The current presale price is $0.00501 per token.

Current Status: $0.93 million raised
Token Supply: 9.4 billion PLAY

More game details will emerge soon, but interested parties can participate in the presale on the PlayDoge website. Early investment is advantageous as the presale price increases with each stage, potentially leading to significant gains once the game launches and lists on exchanges.

Visit PlayDoge Now

The post Solana Price Prediction as Ripple CEO Sees SOL ETFs as ‘Inevitable’ – Will SOL Reach $1,000 This Year? appeared first on Cryptonews.

Magic Leap has announced a technology partnership with Google to develop new extended reality (XR) technologies.

The collaboration brings together Magic Leap’s expertise in optics with Google’s infrastructure, potentially signaling increased competition for Apple and Meta in the metaverse hardware and experiences space, the company said in an announcement.

While Google recently downsized its augmented and extended reality teams, and Magic Leap faced setbacks with one of its major projects, this partnership could have positive implications for the metaverse as a whole.

The collaboration aims to advance immersive experiences for developers and customers, blending the physical world with valuable and contextually relevant XR solutions.

“This partnership accelerates the transformative power of AR by combining our extensive optics capabilities with Google’s technologies to continue to advance immersive experiences to the developer ecosystem and for customers,” Magic Leap CTO Julie Larson-Green said.

“We are looking forward to expanding the potential of XR – blending the physical world with valuable, contextually relevant solutions.”

New AR/XR Headset Could be on Horizon

Although the press release did not detail any specific products or services resulting from the partnership, it raises speculation about the development of a new AR/XR headset that could challenge the market dominance of Meta and Apple.

However, the exact benefits for Google in this partnership remain unclear.

While Google has a track record of creating bespoke hardware across various product categories, its previous AR/XR efforts, such as Google Glass, have not met with significant success.

Tech journalist Sean Hollister suggests that Google may be interested in a patent or methodology held by Magic Leap.

Alternatively, Google could be seeking to avoid falling behind its major competitors in the AR/XR space or avoid the need to establish a new AR/XR unit following previous layoffs.

The partnership between Magic Leap and Google highlights the growing importance of the metaverse and the race to develop immersive technologies that blend the digital and physical worlds.

As companies like Apple and Meta invest heavily in metaverse initiatives, the collaboration between Magic Leap and Google introduces another player into the mix, potentially driving further advancements in the XR space.

Metaverse Continues to Gain Traction

The concept of the Metaverse has gained significant attention in recent times, prompting many to consider its investment prospects.

The Metaverse refers to a virtual universe where users can interact with a computer-generated environment and other participants in real-time.

It encompasses a wide range of technologies, including virtual reality (VR), augmented reality (AR), blockchain, and artificial intelligence (AI).

The global metaverse market has been experiencing rapid growth.

In 2022, the market was valued at approximately $63.83 billion.

However, the market is expected to grow at an impressive compound annual growth rate (CAGR) of 44.4% from 2023 to 2030, potentially reaching a staggering $1.6 trillion by 2030.

Companies like Meta (formerly Facebook), Microsoft, Tencent, and Nvidia are heavily investing in the metaverse to enhance their platforms and create new user experiences.

For instance, Meta invested $50 million in global research and development for the metaverse, and Epic Games raised $1 billion, including a $200 million investment from Sony.

The post Google and Magic Leap Forge Partnership for Next-Gen Metaverse Experience appeared first on Cryptonews.

Bitcoin Price Prediction

Bitcoin’s exchange balances have dropped to their lowest level since March 2018, falling below 2.3 million BTC. This significant decline, driven by major outflows from Binance and Coinbase, suggests a shift towards long-term holding strategies.

As large holders, or “whales,” transfer their assets to private wallets, the trend indicates anticipation of future price increases.

This situation has prompted a bullish outlook for Bitcoin as investors speculate on the potential for significant gains in the near future.

Innovative AI Meme Coin Wiener AI – Can It Outshine Competitors?

The new meme coin, Wiener AI (WAI), themed around a sausage dog, offers more than just novelty. It features advanced AI-powered trading tools, adding significant utility. Investors have already contributed $3.85 million to WAI’s presale, indicating strong interest.

With AI trending in the market, especially post-Nvidia’s earnings, WAI is poised for increased demand. Additionally, 20% of the total supply is allocated for staking rewards, offering an impressive 396% APY.

3 Million raised!

As holder count grows, so does the anticipation for launch and the AI trading bot release!!

pic.twitter.com/Y19TEbKwjc

— WienerAI (@WienerDogAI) May 26, 2024

Next Price Increase In Days: 02
USDT Raised: $3,853,633.72 / $4,122,480

Crypto analysts, including Michael Wrubel, with over 312,000 YouTube followers, rate WAI as a top 2024 pick. The presale price is $0.000713, with a market cap under $50 million. If WAI achieves market leadership, early investors could potentially see significant returns.

Buy Wiener AI Here

The post Bitcoin Price Prediction as Exchange Balances Hit Five-Year Low – Bullish Outlook for BTC? appeared first on Cryptonews.

BONK’s recent price decline has led to a significant drop in investor confidence, reflected in the asset’s Open Interest (OI). OI fell from $24 million to $16 million, slightly recovering to $17.27 million.

Despite a positive funding rate favoring long contracts, the sharp decrease in OI suggests bearish sentiment. This downturn in investor confidence could result in further price decreases if it persists.

Current price analysis places BONK at $0.00003323, with technical indicators pointing to potential key support and resistance levels.

BONK Investors Losing Confidence as Open Interest Drops

BONK’s price decline is impacting investor confidence, evident in the asset’s Open Interest (OI). OI fell by $8 million, decreasing from $24 million to $16 million on Saturday.

However, it slightly recovered to $17.27 million on Sunday, reflecting a 0.09% increase.

BONK Derivatives Data Analysis

Although the funding rate remains positive, indicating a dominance of long contracts, the significant drop in OI suggests a bearish sentiment for BONK.

This decline in OI could lead to further price decreases if investor confidence does not improve.

Key Points:

Open Interest: Decreased by $8 million in 48 hours.
Current Open Interest: $16 million, and now to over 17 million
Funding Rate: Still positive, favouring long contracts.

What is Open Interest (OI) and What Does It Mean for You?

Open Interest (OI) refers to the total number of outstanding derivative contracts, such as futures or options, that have not been settled. It provides insight into an asset’s trading activity and liquidity.

A higher OI indicates more interest and participation in the market, while a lower OI suggests declining interest.

In the context of BONK, the recent drop in OI from $24 million to $16 million, despite a slight recovery to $17.27 million, indicates reduced investor confidence, which could negatively affect its price.

Bonk Price Prediction

The price of BONK is currently $0.00003323 on the 4-hour chart. The pivot point, marked by the green line, stands at $0.00003536.

Immediate resistance levels are identified at $0.00003802, $0.00004013, and $0.00004261, while immediate support is found at $0.00003240, followed by $0.00003014 and $0.00002787.

Bonk Price Prediction – Source: Tradingview

Technically, the Relative Strength Index (RSI) is at 39.79, indicating oversold conditions, and the 50-day Exponential Moving Average (50 EMA) is $0.00003482.

The upward trendline is supporting BONK near the $0.00003240 level, which is further reinforced by a double bottom pattern. This suggests a potential continuation of the uptrend if the price remains above $0.00003240.

In conclusion, consider buying BONK above $0.00003240, while a break below this level may signal a sell-off.

Alternative Meme Tokens for Big Rallies

BONK hasn’t been the strongest-performing meme coin this year, with many smaller-cap tokens outperforming it in recent months.

Traders looking for quick, significant gains might consider newer alternatives, including tokens in presales.

One promising token is PlayDoge (PLAY), an Ethereum-based cryptocurrency that recently opened its presale, raising $0.93 million of its $1.38 million goal.

PlayDoge’s appeal lies in its Doge-themed Tamagotchi-style game with crypto-enabled play-to-earn mechanics. Players can breed, trade, and take their virtual Shiba Inu dogs on missions, earning PLAY tokens with a max supply of 9.4 billion. The current presale price is $0.00501 per token.

Current Status: $0.93 million raised
Token Supply: 9.4 billion PLAY

More game details will emerge soon, but interested parties can participate in the presale on the PlayDoge website. Early investment is advantageous as the presale price increases with each stage, potentially leading to significant gains once the game launches and lists on exchanges.

Visit PlayDoge Now

The post Bonk Price Prediction as Open Interest Falls by $8 Million – Will BONK Recover? appeared first on Cryptonews.

President Joe Biden has vetoed a resolution aimed at overturning the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) No. 121.

Biden argued that challenging the proposed guidelines would compromise the SEC’s authority, leading him to veto the resolution.

Biden Addresses SAB 121

In an official letter on May 31, Biden explained his decision, stating that reversing the SEC staff’s considered judgment in this manner could undermine the SEC’s broader authorities regarding accounting practices.

“This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices,” Biden wrote.

“My Administration will not support measures that jeopardize the well-being of consumers and investors.”

The controversial accounting guidelines, set to take effect on April 11, required institutions that custody crypto assets to record crypto holdings as liabilities on their balance sheets.

However, they faced significant backlash from the crypto community and lawmakers.

Lawmakers in the House of Representatives voted to repeal the SEC’s guidance, passing the bill to the Senate.

The Senate echoed the House vote and elected to repeal SAB 121 by a margin of 60-38 votes.

The decision to veto the bill has drawn frustration from the wider crypto community.

Many argue that it stifles innovation and hampers the industry during a critical time.

The Blockchain Association, a crypto advocacy group, expressed disappointment in a post on May 31.

They stated that the administration’s choice to overrule bipartisan majorities in both houses of Congress, who recognized the harm caused by SAB 121, was disheartening.

Likewise, Cody Carbone, the Digital Chamber’s chief policy officer, stated in a post on May 31 that it was a “slap in the face to innovation and financial freedom.”

Ripple CEO Brad Garlinghouse added that the decision was incredibly disappointing and came at a pivotal time for the industry.

Biden vetoes the resolution to nullify SAB 121.

Process? Who cares.

Consumer protection? No thanks.

Appeasing Gensler’s crypto vendetta? Sure thing.

This is a slap in the face to innovation and financial freedom. #Crypto #Fail pic.twitter.com/4QPhKkhN4r

— Cody Carbone (@CodyCarboneDC) May 31, 2024

House Passes Crypto Market Structure Bill FIT21

Last week, the US House of Representatives approved a comprehensive bill to establish regulatory frameworks for digital asset markets, marking a huge win for the industry.

The Financial Innovation and Technology for the 21st Century Act (FIT21) secured a 279-136 vote, with both Democrats and Republicans supporting the measure.

The FIT21 bill intends to establish a regulatory regime for US crypto markets.

It aims to introduce consumer protections, designate the Commodity Futures Trading Commission (CFTC) as a key regulatory authority for digital assets and non-securities spot markets, and provide clearer definitions of what constitutes a security or a commodity in the crypto token realm.

As reported, Patrick McHenry, House Financial Service Committee chairman, is pushing the Senate to advance the FIT21 crypto legislation before the US elections.

According to McHenry, the House’s approval of crypto market structure legislation is a “wakeup call” to take swift action.

He also stressed that Senate Majority Leader Chuck Schumer’s support and backing is important, particularly for stablecoin regulations.

The post Biden Vetoes Bill Overturning SEC Crypto Accounting Standard SAB 121 – Here’s What That Means appeared first on Cryptonews.

Bitcoin Price Prediction

Bitcoin (BTC) has failed to sustain its overnight bullish momentum, trading near $67,700. This downturn is influenced by several factors, including a $300 million hack at a Japanese crypto exchange and President Biden’s veto of a bill targeting SEC crypto regulations.

Additionally, Vitalik Buterin’s insights on Bitcoin scaling disputes emphasize the need for new technologies like ZK-SNARKs, though these technical discussions are not expected to immediately affect BTC price.

Bitcoin Price Impact Minimal as Vitalik Buterin Reflects on Block Size Debate

DMM Bitcoin Hack: Potential $300M Impact on Bitcoin Price

DMM Bitcoin, a Japanese cryptocurrency exchange, suffered a significant hack, losing 4,502.9 Bitcoins valued at about $300 million. The breach was detected at 1:26 p.m. local time, leading to swift preventive measures to avert further losses.

The exchange, with support from affiliated companies, has pledged to replace the stolen Bitcoin, ensuring users’ funds remain secure.

HACK ALERT – MORE THAN $300M IN BITCOIN “ILLEGALLY LEAKED” FROM JAPANESE EXCHANGE

– According to a sudden report from the Asia-focused Nikkei media outlet, some 48 billion yen’s worth of #Bitcoin has been “illegally leaked” from a Japanese exchange called ‘DMM Bitcoin’.

-… https://t.co/MFAfKEd2dF pic.twitter.com/csD9Vz6dom

— BSCN (@BSCNews) May 31, 2024

DMM Bitcoin has temporarily suspended spot purchases and warned users of possible delays in Japanese yen withdrawals. Chainalysis identified this hack as the largest since December 2022 and the seventh-largest in history.

Despite the incident, DMM Bitcoin has promised full reimbursement to its customers and has enhanced its security protocols.

Key Points:

Loss of 4,502.9 Bitcoins worth $300 million.
Immediate actions are taken to prevent further losses.
Assurance of full reimbursement and enhanced security measures.

The hack could impact Bitcoin’s price due to heightened concerns about security and trust in cryptocurrency exchanges.

President Biden’s Crypto Veto

President Biden has vetoed legislation approved by both the House and Senate aimed at crypto regulation. The proposed law sought to overturn SEC guidelines that would require certain corporations to classify crypto assets as liabilities on their balance sheets, even if held for clients.

Biden contends that this would weaken the SEC’s ability to protect investors and enforce regulations. Despite some Democratic support, the law was primarily backed by Republicans.

This veto highlights the growing political focus on cryptocurrencies, especially with former President Trump recently advocating for crypto donations and investor rights.

Key Points:

Vetoed legislation aimed at overturning SEC crypto guidelines.
Biden’s concern: weakening SEC investor protections.
Legislation primarily supported by Republicans.

President Biden’s veto signals ongoing regulatory uncertainty in the cryptocurrency market, potentially affecting Bitcoin’s price due to increased investor caution and market volatility.

The post Bitcoin Price Prediction Following Buterin’s Analysis of Scaling Disputes – Will BTC Adapt? appeared first on Cryptonews.

Cathie Wood’s Ark Investment Management has withdrawn its involvement in the race to launch an exchange-traded fund (ETF) that would directly invest in Ether, the second-largest cryptocurrency.

The amended prospectus document, known as Form S-1, filed with the US Securities and Exchange Commission (SEC) on Friday, revealed that Ark’s name was removed from the application for the spot-Ether ETF that it had filed in partnership with 21Shares.

Consequently, the fund’s name was changed from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF.

Ark Remains Committed to Bitcoin Fund

The move comes after Ark joined forces with 21Shares as one of the successful issuers that launched spot-Bitcoin ETFs earlier this year.

Despite the withdrawal from the Ethereum ETF, Ark remains committed to its Bitcoin ETF, the $3.2 billion ARK 21Shares Bitcoin ETF (ticker ARKB), which currently holds the fourth position in terms of assets among Bitcoin ETFs.

The unexpected approval by the SEC of the 19b-4 filings made by exchanges operated by Cboe Global Markets Inc., Nasdaq, and the New York Stock Exchange to list spot-Ether ETFs created anticipation in the market.

However, issuers still await the regulator’s approval of their S-1 statements before trading can commence.

In response to the recent developments, 21Shares expressed enthusiasm about the SEC’s approval and reaffirmed their commitment to increasing access to cryptocurrencies as an asset class for US investors.

They also highlighted their continued partnership with Ark on the ARK 21Shares Bitcoin ETF, which was launched in January, as well as their existing lineup of futures products.

Several other issuers, including Franklin Templeton, Fidelity Investments, VanEck, and Invesco Ltd., have filed revised S-1 statements, signaling their intentions to launch Ether ETFs.

However, the SEC’s decision on these documents is yet to be determined.

Meanwhile, Franklin Templeton filed an amended document with details of its proposed fund, indicating a planned fee of 0.19%, which will be waived for the first six months on the first $10.0 billion of the ETF’s assets.

Notably, Wood’s Bitcoin ETF experienced its largest one-day outflow since its launch earlier this year, with nearly $100 million exiting the fund.

Ethereum ETF Approval Was Political

Bloomberg ETF analyst James Seyffart believes the approval of spot Ethereum ETFs was likely influenced by political decisions rather than purely financial considerations.

In a recent interview, Seyffart suggested that the political climate, including actions by the Biden administration and responses from the crypto community, played a significant role for the approval to go through.

Beyond Bitcoin and Ethereum, the approval of other crypto ETFs, including Solana, is unlikely without significant regulatory changes, Seyffart said.

He noted that a regulated market is needed to monitor these assets for fraud and manipulation.

In contrast, crypto investor and trader Brian Kelly has suggested that Solana could potentially become the next cryptocurrency to have a spot ETF in the United States.

In a recent episode of CNBC’s ‘Fast Money’, Kelly, who is also the founder and CEO of the BKCM Digital Asset Fund, posed the question, “The trade now is, who’s next?”

He then suggested, “You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the big three for this cycle.”

The post ARK Invest Drops Partnership with 21Shares for Proposed Ethereum Fund appeared first on Cryptonews.

Bitcoin Price Prediction

Bitcoin (BTC) continued its upward momentum, reaching around $67,900. The Federal Reserve’s preferred inflation measure, the Core PCE Price Index, increased by 0.2% month-over-month in April, aligning with expectations but slightly below the previous month’s 0.3% rise. This modest increase may ease some inflation concerns for the Fed, but consistent readings are necessary to support a potential rate cut by September.

The Chicago PMI dropped to 35.4, below the anticipated 41.1, indicating weaker manufacturing activity. These mixed data points suggest a complex economic outlook, with easing inflation but slowing economic activity, hence driving a bullish Bitcoin price prediction.

US Inflation Data and Potential Fed Rate Cut

Bitcoin (BTC) maintained its upward momentum, rising to around $67,900. The Federal Reserve’s preferred inflation measure, the Core PCE Price Index, rose 0.2% month-over-month in April, meeting expectations but falling short of the previous month’s 0.3% rise.

The core PCE price index rose 0.25% in April (it rounded down to 0.2% because it was 0.249%)

Jan-March figures were revised down ever so slightly.

The 12-month change was 2.75%, a three-year low

The 6-month annualized rate was 3.18%, the highest since July pic.twitter.com/boKVU2IxLA

— Nick Timiraos (@NickTimiraos) May 31, 2024

This slight increase could alleviate some inflation concerns for the Fed, but consistent readings are needed to support a rate cut by September.

Core PCE Price Index m/m: 0.2% (expected 0.3%)
Chicago PMI: 35.4 (previous 37.9)

The Chicago PMI fell to 35.4, below expectations of 41.1, indicating weaker manufacturing activity. These data points suggest a mixed economic outlook, with inflation showing signs of easing while economic activity slows.

This data impacts Bitcoin price as the potential for a Fed rate cut by September becomes more likely if inflation continues to moderate, which could weaken the US dollar and support BTC price gains.

Disappointing US GDP Data Underpins Bitcoin Price

Exciting New AI Meme Coin Wiener AI – Can It Outperform?

The fun new sausage dog-themed meme coin, Wiener AI (WAI), is more than just a novelty. It offers advanced AI-powered trading tools, adding substantial utility beyond its playful exterior.

With investors already pouring $3,611,700 into WAI’s presale, this early demand signals strong interest in the new meme coin.

In the current market, AI is a hot theme, especially after Nvidia’s impressive earnings. This trend is expected to boost demand for WAI even further.

Not only does WAI come with AI utility, but it also provides a great opportunity for earning passive income. Twenty percent of the total supply is allocated to staking rewards, offering investors a remarkable 396% APY, according to the project’s official website.

At this rate, investors can potentially double their initial presale investment in just a few months.

3 Million raised!

As holder count grows, so does the anticipation for launch and the AI trading bot release!!

pic.twitter.com/Y19TEbKwjc

— WienerAI (@WienerDogAI) May 26, 2024

Crypto experts are eagerly buying into this exciting AI crypto coin. Michael Wrubel, a widely followed crypto analyst with over 312,000 YouTube subscribers, ranks WAI as a top crypto for 2024.

Interested investors need to act fast as the WAI price will increase when the presale reaches $3 million. The current price is $0.00071, giving WAI a market cap of under $50 million. If WAI achieves market leadership, early investors could see significant gains, with the potential for 100x returns or more.

Buy Wiener AI Here

The post Bitcoin Price Prediction: BTC Soars to $67,900; Mixed US Inflation Data & Fed Rate Cut Hopes Fuel Rally appeared first on Cryptonews.