Today I want to share with you the latest news involving Bitcoin, involving Elon Musk and Twitter, involving higher cap crypto coins, lower cap crypto coins, and much more.
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Let us begin with Bitcoin. Grayscale renews its push with the Securities and Exchange Commission for a Bitcoin spot ETF, and exchange commission has so far approved only Bitcoin futures ETFs. Of course, the biggest difference between why spot ETFs are so much better is that the contracts have to be settled in real Bitcoin, meaning that the ETF has to buy and own real Bitcoin instead of the futures, where you can just speculate on the future price and you never actually have to own the Bitcoin. Based on some new information, Grayscale is very confident that this one will be approved, and here’s why:
‘In a letter sent last week to the SEC, seen by the Financial Times, Grayscale’s attorneys argued that the way the regulatory agency approved the fourth Bitcoin futures ETF, Teucrium, earlier this month, opened the door for a Bitcoin spot ETF.’
Here is the precedent that they say the SEC just set and it has to do with the 1940s act versus the 1933 act. This is going to sound very complicated, but here’s the explanation:
‘Grayscale’s attorneys argued the point that the first three Bitcoin futures ETFs were approved by the SEC under the Investment Company Act of 1940. The Teucrium ETF, however was approved under the Securities Act of 1933 – a first.’
According to Grayscale’s attorneys:
‘We believe the Teucrium order confirms the fundamental point … [that] when it comes to approving [exchange-traded products], there is no basis for treating spot bitcoin products differently from bitcoin futures products.’
This could be the Bitcoin catalyst we have been waiting for, if this gets approved.
‘The SEC will likely decide on Grayscale’s ETF application by July. Just a few weeks ago, Grayscale CEO Michael Sonnenshein stated he’d consider suing the SEC if the bid is rejected.’
This is all coming to a head, something to keep on the radar.
Elon Musk Buys Twitter (Dogecoin SURGES!)
The next piece of news involving Elon Musk, Twitter, and the crypto market? Dogecoin surges on reports that Twitter will now consider Elon Musk’s buyout offer. Twitter and Elon Musk will reach a deal on a buyout. To be announced shortly. This is happening and it is happening today.
How did the crypto market respond? Well, the popular meme coin Dogecoin jumped more than 12% in the past hour, following the reports on this buyout. Actually, Twitter stock has risen more than 5%, and is now up much more than that due to the news.
What does that mean for you as a twitter user as a crypto holder? As of this morning Elon Musk states, I hope that even my worst critics remain on Twitter because that is what free speech means. In my opinion, any move that stifles censorship and promotes freedom – I think that’s good.
Bored Ape Yacht Club NFTs Social Media HACKED
Next piece of quick news involving Ethereum warning the Bored Ape Yacht Club’s Instagram and Discord have both been hacked. Do not click the links Bored Ape Club’s Instagram account and Discord server. They were both hacked on Monday with an unofficial ‘mint’ link being sent out to followers. In a direct tweet from the BAYC: ‘There is no mint going on today. It looks like BAYC Instagram was hacked. Do not mint anything, click links, or link your wallet to anything.’
If you’re wondering what was the bait, what were they telling their Instagram followers that they would get if they clicked the link? The fraudulent link claimed that users could ‘mint’ land in the Bored Ape Club’s upcoming OthersideMeta, which is due to launch later next week. So in their upcoming metaverse, we don’t really have that many details on that was the bait, which of course was fake. It is estimated that around 54 of those NFTs, valued at around $13.7 million, were stolen by the hackers. So please use this as a cautionary tale and next let’s talk altcoins.
Shiba Inu (SHIB) Launches Major Upgrade
Next up, Shiba Inu launches a ‘burning portal’ to reward ship token holders. This is a major upgrade for the shiv ecosystem. The team behind the popular meme coin Shiba Inu has launched a new burning mechanism designed to decrease the token circulating supply while rewarding hodlers with a yield generating token.
‘The Shib burning Portal went live over the weekend, with the team tweeting on Monday that over 8 billion tokens actually had already been burned in the first 24 hours.’
Why would an individual do this? If it potentially makes everybody else’s tokens more scarce, but then you lose your tokens, so why would you choose to burn your tokens?
‘The Shib Burning Portal was launched in collaboration with Royosis Vision (RYOSHI), an ERC-20 token aimed at supporting the growth of the SHIB ecosystem. Users who decide to burn their SHIB tokens are given another token called burntSHIB, which pays rewards in RYOSHI tokens at varying rates. According to the developers, 0.49% of all ROYSHI transactions will be distributed to the owners of burntSHIB tokens.’
STEPN impersonators stealing users’ seed phrases, warn security experts. STEPN is a Solana-based game where gamers buy non-fungible token sneakers to begin playing, and basically, while we’re seeing so much play to earn hype in the crypto space, step in is sort of like exercise to earn or walk to earn. The app monitors users’ movements through the GPS of their mobile phones and gives them in-game tokens called Green Satoshi Tokens (GSTs). These coins can then be traded for USDC or SOL, allowing users to cash out.
So that’s STEPN but the news today is that Peckshield, a prominent blockchain security firm, exposed the existence of numerous phishing websites for the Web3 lifestyle app STEPN on Monday. So basically, just like the Bored Ape Club news that we discussed earlier, users were signing over their wallets for maybe scam giveaways or just signing transactions and then signing away their funds to these phishing scammers.
The following piece of news on altcoin is Injective:
If you believe in a decentralized future, this is what you would like to see. Essentially, the problem they’re addressing is the multi-hundred-thousand-dollar price tag on these Bored Ape Clubs, which likely kept the majority of users away from that exclusive club.
‘BAYC floor price perpetuals on Injective Pro lower the barrier to entry by enabling users to trade based on the floor price of the collection without having to purchase the NFT itself.’
So again, we have tools like this, not necessarily for the Bored Ape Club yet, but tools like this on centralized exchanges. It’s cool to see decentralized derivative exchanges implementing upgrades and providing more value to users.
Elrond (EGLD) Ecosystem is Growing!
Next piece of growth news for the Elrond ecosystem:
If you like Eagle, do you like this? Just for some perspective on what is Itheum, I am a token holder.
‘Itheum empowers data ownership in Web3 and metaverse ecosystems and creates new market value for your data. We enable this by providing ‘decentralized data brokerage’ technology’ if that still doesn’t make sense. Basically, ‘it’s a suite of tools that enables high-value data to be bridged from Web2 to Web3’, keeping you in control and then traded via peer-to-peer sales.
‘Our “Data NFTs” let you fully own and control your data. In addition, our “NFMe ID” technology allows you to immerse yourself in the metaverse in an NFT representation of your data on the blockchain.’
Keep the power with the users. This is a part of the global ecosystem. It is always cool to see the growth.
Ethereum’s OpenSea MAJOR ACQUISITION
And a quick piece of news for Ethereum OpenSea: OpenSea has just acquired Ethereum NFT aggregator Gem in their push for ‘pro’ users. Gem that’s the name of the company, lets users batch-buy NFTs from multiple platforms to save on fees, and OpenSea plans to integrate its functionality. This is interesting because it means OpenSea is potentially about to have a pro side just like Coinbase and Coinbase.pro. Maybe we’ll see an OpenSea and OpenSea pro two versions of the same platform. In a direct quote from OpenSea, “as the NFT community grows, we’ve recognized a need to better serve more experienced, ‘pro’ users, and offer more flexibility and choice to people at every level of experience.” And again, just for perspective, Gem is a single platform that connects various NFT marketplaces, including OpenSea, LooksRare and Rarible, and lets users purchase assets from any of them in a single transaction. So cool to see the progress.
[This article is a transcription of a video made by Altcoin Daily]
Original video: https://youtu.be/6LmOW7DcRpg ]