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Valkyrie co-founder says spot Ethereum ETF approval unlikely in May

  • Valkyrie co-founder and CIO Steven McClurg says a spot Ethereum ETF approval is unlikely in May.
  • He says its likely a Litecoin or XRP spot ETF is approved before that of ETH.

Steven McClurg, the co-founder and CIO of asset management firm Valkyrie, believes the US Securities and Exchange Commission (SEC) will not approve a spot Ethereum ETF approval in May.

The Valkyrie CIO shared his remarks during a fireside chat at the Digital Wildcatters Empower Conference.

Fox Business’ Eleanor Terrett shared McClurg’s opinion via her official X account on Wednesday, March 27.

What are analysts saying about spot Ethereum ETF?

According to Terrett’s post, McClurg believes that Ethereum “could be a security”, comments that may align with recent reports of an investigation against the Ethereum Foundation. The subpoena against the Swiss-based non-profit has seen the topic of whether ETH is a security resurface.

Before recent developments, analysts largely expected an ETH ETF approval in May.

While previous commentary, including from a former high-ranking SEC official dubbed Ethereum not a security, it appears it could be a factor in the question of SEC’s approval of a spot Ethereum ETF.

McClurg believes the regulatory nod for the highly anticipated ETF will not happen this May.

Notably though, the US Commodity Futures Trading Commission (CFTC) views ETH as a commodity and the latest indicator is reference to Ethereum and Litecoin as commodities in its lawsuit against crypto exchange KuCoin.

Instead he sees a potential approval of LTC or XRP spot ETFs ahead of any for ETH in the US.

Experts, including Bloomberg senior ETF analyst Eric Balchunas have said chances of a May 2024 nod have reduced following the lack of engagement between the SEC and issuers.

Over the past few weeks, the regulator delayed decisions on multiple spot Ethereum ETF proposals, including by BlackRock.

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Solana’s Shadow Token (SHDW) and Neon (NEON) are soaring: Here’s why

  • Solana tokens Shadow Token and Neon rose sharply on Wednesday, hitting highs of $2.49 and $1.96 respectively.
  • Coinbase announced it will list SHDW and NEON tokens.

Solana tokens Shadow Token (SHDW) and Neon (NEON) are among those to post huge upside moves in the past 24 hours. SHDW has spiked more than 50% while NEON added more than 21% as the Solana ecosystem continues to experience greater growth.

At the time of writing, Shadow Token price was at $2.09, slightly lower from the intraday high of $2.49 reached earlier.

Meanwhile, NEON changed hands at $1.78. The token had earlier jumped to highs of $1.96 as the market reacted to Coinbase related news.

Coinbase to list SHDW and NEON

Leading US-based crypto exchange has announced that two Solana-based tokens – Shadow Token and NEON EVM are now added to its listing roadmap. This is a formal communication from the Coinbase team that they will be listing the given token(s).

In this case, an official announcement is yet to be made. However, the exchange has confirmed plans to list SHDW and NEON.

SHDW is the native utility token of Shadow, a decentralised physical infrastructure network (dePIN). The project provides for blockchain-based storage and compute capabilities. The SHDW powers this ecosystem, allowing users to pay for services including decentralised data storage and compute.

NEON is the utility token of the Neon EVM platform. Developers can tap into the Ethereum Virtual Machine (EVM)-compatible network to build and deploy Ethereum-native decentralised applications (dApps) on Solana.

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Injective, Litecoin price prediction as KangaMoon thrives

  • Injective (INJ) price has dropped below $40 and could struggle despite latest network developments.
  • Litecoin (LTC) could break above $100 and eye more upside amid ETF speculation. 
  • Elsewhere in the market, investors are aggressively buying KangaMoon (KANG).

Litecoin (LTC) is seeing some action amid increased news coverage while Injective (INJ) price sits at a crucial support level. The two cryptocurrencies are among those investors are watching as sentiment around Bitcoin paints a bullish picture for top altcoins.

Here’s the price prediction for Litecoin, Injective as well as a look at why interest in new crypto project KangaMoon (KANG) is skyrocketing.

Litecoin price prediction amid LTC news

Litecoin ranked among the top altcoins for a while before plunging off radar amid negative price action during the last bear market.

Now, as Bitcoin hoards all the headlines with a spike to a new all-time high, Litecoin price is slowly back into the shadows. A potential break into the spotlight may be on given fresh bullish sentiment.

Last week, Coinbase Derivatives moved the interest needle for LTC with its plans for listing Litecoin futures. The derivative product will go live on April 1. On Tuesday, the CFTC labeled LTC and ETH as commodities in its lawsuit against crypto exchange KuCoin.

There’s also speculation that institutions may be eyeing an LTC spot exchange-traded fund (ETF). The coin’s similarities to Bitcoin suggests the SEC could be open to this more than Ethereum.

While the ETF rumour is likely a long shot, a bullish outlook for Litecoin price comes into play if bulls break and strengthen above $100.

LTC jumped more than 10% late Tuesday to reach highs of $98.90.  If price breaches the immediate resistance line, it could retest the area near $130. New tailwinds at these levels could elevate LTC/USD to a multi-year high above $200.

Litecoin price chart. Source: TradingView

Injective price prediction

Injective (INJ) has been choppy since flipping lower from its all-time high of $52.60 on March 14. Currently, INJ trades around $38.35, down more than 5% in the past 24 hours.

INJ price is thus hovering near a key support line that has offered buyers a reload opportunity several times year-to-date. 

Latest weakness for Injective comes as investors weigh the impact that an indictment on KuCoin and two of its founders may have on the market.

The US Justice Department charged the two KuCoin execs with criminal violations and KCS price plummeted amid funds outflows.

However, Injective has seen significant network growth. Indeed, its Ionic Upgrade could be a big move as the network eyes more interoperability with Ethereum, Soland and other chains. A bullish flip may help bulls target a return to above $50 and potentially new all-time high.

If bulls fail to reclaim the upper hand, a retreat into ranged trading is possible with the $40-$35 the main boundaries. The upper range could be $45 while bears might fancy the $30 support level.

Injective price chart. Source: TradingView

KangaMoon outlook as presale accelerates

KangaMoon (KANG) is a new crypto token in presale. While it’s yet to hit the trading market, it’s attracting huge attention both for its innovative project and the potential for the native token KANG.

Driving KangaMoon is its innovative tokenomics that sees presale participants start earning KANG via various challenges and contests. The unique approach is possible because this is a meme coin project that combines SocialFi and play-to-earn.  

There’s potential for KangaMoon to grow into a top project in the P2E space, particularly with its rare NFTs and game battle arena adding to the excitement.

So far, the project has raised more than $2.8 million from early investors. The current stage 4 is nearly 40% sold out, with the price at a relatively bargain point of $0.014. The KANG value has increased from $0.005 in stage 1. 

When tokens launch on exchanges post-presale, KangaMoon could be one of those projects to explode.

Notably, those who join the presale now can enjoy a 10% bonus on all purchases. Buying options include USDC, USDT, SOL, BNB, ETH and BTC.

Check out the KangaMoon website for more details.

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