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21Shares files for Solana (SOL) spot ETF

  • 21Shares has filed a Solana (SOL) ETF, with its Core Solana ETF application coming a day after VanEck’s Solana Trust.
  • SOL price hovered around $142 after the news, having soared after VanEck’s filing on Thursday.

The Solana (SOL) ETF mania is picking momentum with yet another issuer filing for a spot Solana ETF.

A day after VanEck filed for a similar exchange-traded fund with the US Securities Exchange Commission (SEC), 21Shares has submitted its own application.

21Shares files for Solana ETF

According to the filing, the 21Shares Core Solana ETF will trade on the Cboe BZX Exchange and “track the performance of SOL, the native digital asset of the Solana blockchain.”

“21Shares is excited by the potential for an exchange traded product (ETP) in the US that provides access to the Solana ecosystem. We believe this is a necessary step for the crypto industry and it holds true to our mission to bring to market easily accessible financial products centered around crypto assets,” the firm wrote on X.

VanEck first to file SOL ETF in the US

VanEck and 21Shares are now the first two asset managers to file for SOL spot ETFs in the US and could be a matter of who next as the industry gears up for the spot Ethereum ETFs. The SEC approved Ether ETFs in May and experts say the final nod before products hit exchanges could come as soon as next week.

For Solana, Bloomberg senior ETF analyst Eric Balchunas says that it may be too early to pin a date to potential approval. However, “the odds of a Solana ETF being approved” in next 12 months may improve significantly if Trump wins this year’s election.

SOL price amid ETF news

On Thursday, Solana price rose sharply as the market reacted to VanEck’s filing.

On Friday, the cryptocurrency pared most of the gains as the broader ecosystem heaved under continued downside pressure.

However, as Bitcoin struggled below $61k and Ether battled near $3,400, SOL was looking to rebound above $142. Unlike BTC and ETH that were down 4.5% and 3% respectively over the past week, Solana’s price was up 8%.

The post 21Shares files for Solana (SOL) spot ETF appeared first on CoinJournal.

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Ethereum Name Service (ENS) price jumps on rebranding news

  • Ethereum Name Service rebranding has sparked market excitement
  • ENS has surged by 8.48% to $28.46 over the past 24 hours as its trading volume hits $196.7M.
  • Analysts cite bullish signals, potential for ENS to surpass previous highs post-rebrand.

Ethereum Name Service (ENS) has seen a substantial surge in its market value following the announcement of an upcoming rebrand.

At press time, Ethereum Name Service was trading at $28.46, marking an 8.48% increase in the past 24 hours. ENS’s market cap has climbed to approximately $899.7 million, reflecting heightened investor interest and trading volume of $196.7 million over the past 24 hours.

Notably, despite its recent gains, ENS remains below its all-time high of $85.69, achieved in November 2021, highlighting potential room for further growth if bullish sentiment continues.

Ethereum Name Service rebranding

The Ethereum Name Service (ENS), a decentralized naming system built on the Ethereum blockchain, enables users to acquire and manage human-readable names linked to various digital identifiers.

ENS’ unique functionality distinguishes it from traditional Domain Name Systems (DNS), offering a decentralized alternative governed by smart contracts and a Decentralized Autonomous Organization (DAO).

Today, ENS announced that it will be unveiling their new brand at the upcoming Ethereum Community Conference (EthCC) in Brussels that is scheduled to take kick off on July 8, 2024.

Today’s rebranding announcement is the primary factor for today’s price surge amid the market anticipation for the new brand.

Secondly, the EthCC is a prominent event in the Ethereum community, attracting leading figures and developers to discuss the platform’s future and innovations, and it also has an impact on the value of Ethereum (ETH) and the Ethereum-based tokens like ENS.

As the cryptocurrency ecosystem evolves, ENS’s innovative approach to decentralized naming systems positions it uniquely within the blockchain space, promising continued interest and potential growth moving forward.

Investors and enthusiasts alike will be closely watching developments at the upcoming EthCC for further insights into ENS’s future trajectory.

The post Ethereum Name Service (ENS) price jumps on rebranding news appeared first on CoinJournal.

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Donald Trump gets $1M Ethereum donation from Kraken co-founder

  • Jesse Powell donates $1M in Ethereum to Trump’s 2024 presidential campaign.
  • Powell criticizes Biden’s administration for unclear crypto regulations.
  • Trump’s campaign collects over $14M in crypto after aligning with pro-crypto stance.

Jesse Powell, co-founder of the prominent U.S. cryptocurrency exchange Kraken, has made a significant financial contribution to Donald Trump’s 2024 presidential campaign.

The donation, amounting to $1 million and primarily composed of Ethereum (ETH) comes a few days after Gemini founders donated $2M to Trump.

Powell believes Trump is the only pro-crypto candidate

Jesse Powell’s substantial donation to Donald Trump’s campaign is rooted in his belief that Trump represents the only major party candidate with a pro-crypto stance.

Powell has expressed frustration with the current administration’s handling of cryptocurrency regulation. He argues that under President Biden, the U.S. has failed to establish clear and supportive regulations for the crypto industry. This regulatory ambiguity, according to Powell, stifles innovation and pushes web3 startups to more crypto-friendly jurisdictions such as Europe, Singapore, UAE, and El Salvador.

Moreover, Powell has been vocally critical of key figures in the current administration, including Senator Elizabeth Warren and SEC Chair Gary Gensler. He accuses them of hindering the growth of the U.S. crypto market through stringent regulatory measures.

Powell’s endorsement of Trump is also tied to the latter’s pledge to free Ross Ulbricht, the founder of the defunct darknet marketplace Silk Road, which has been a point of contention within the crypto community.

Donald Trump has become a darling of the crypto community

Powell’s donation is part of a larger wave of support for Trump from the cryptocurrency sector.

Other notable figures, such as the Winklevoss twins of Gemini, have also made significant contributions to Trump’s campaign, donating approximately 15.47 BTC.

Additionally, major crypto firms like Ripple and Coinbase have funneled millions into the FairShake super PAC, aiming to elect crypto-friendly candidates.

This political mobilization underscores a strategic effort within the crypto community to influence future regulatory landscapes in favor of digital asset innovation.

The Trump campaign has capitalized on this support, raising over $14 million in cryptocurrencies, including Ethereum (ETH), Polygon (MATIC), and Circle’s USDC stablecoins.

Trump’s overall crypto portfolio has grown to over $30 million, reflecting his increasing alignment with the crypto sector. This support is anticipated to have significant implications for the U.S. crypto market, potentially leading to clearer regulations and a more robust blockchain ecosystem.

As the 2024 election approaches, the strategic donations from influential crypto figures like Jesse Powell signal a shift in political dynamics, with the potential to shape the future of cryptocurrency regulation in the United States.

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