Kategorie: Crypto News

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SEC chair says S-1 approvals for spot Ether ETFs in the summer

  • SEC Chair Gary Gensler told lawmakers on Thursday that he sees spot Ethereum ETFs’ S-1 filings approval in the summer.
  • The SEC Chair’s comments however did not offer much information, an ETF analyst noted.

Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC), sees the recently approved spot Ethereum exchange-traded funds (ETFs) getting the final nod for trading in the summer.

The SEC chair shared the outlook during a hearing with US lawmakers on Thursday, June 13.

Gensler’s remarks came during the Senate Banking Committee hearing that’s considering the US government’s 2025 budget for the Commission. 

Asked about the spot Ethereum ETFs, Gensler noted that he expects the SEC will have a final approval via the S-1s “sometime over the course of this summer.”

Summer it is, but

While the crypto community has known of the upcoming listing and trading since the regulator approved 19b-4 filings in May this year, Gensler’s comments now have a timeline in place. In this case, the industry is looking at the next three months, with the latest it could happen going by the SEC chair’s remarks being in September.

Bloomberg ETF analyst James Seyffart says the SEC chair has not really offered much information when commenting that the ETH spot ETFs will launch “by the end of summer.”

Highlighting his earlier prediction that the SEC would probably finalize the approvals in early July, the analyst said:

“July was and is a complete guess. But I was more confident in saying that ETH ETFs will launch at some point this summer. That was sort of a given. Gensler not really giving us much of any info in his comments that Ethereum ETFs will launch “by the end of summer””

Ethereum surged in May after the initial SEC nod to 19b-4s, but with the broader crypto market struggling and the approvals likely already priced in, the latest comments had little upside impact on Ether.

The cryptocurrency trades around $3,470, nearly 10% down this past week.

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Bitcoin miners are under pressure and they’re selling: CryptoQuant

  • Bitcoin price has declined by nearly 7% in the past week, with bulls failing to hold above the $70k level. BTC has today retreated to around $66,350 amid fresh selling pressure.
  • While prices are down as the market reacts to macroeconomic events, analysts at CryptoQuant say some of the downside comes from sell-off pressure facing miners.

According to a CryptoQuant update on Thursday, there’s been an uptick in mining pool transfers and OTC desk sales for BTC. Some major publicly-traded Bitcoin mining companies have also recently reduced their holdings.

“BTC miners have ramped up selling as prices fluctuated between $69k and $71k. On June 9th, transfers from mining pools to Binance surged, hitting a 2-month peak of over 3,000 BTC. This shift aligns with a price correction, that dropped Bitcoin to $66k,”the CryptoQuant team noted in a post on X

Data also shows increased OTC sales, with the latest being a 1,200 BTC OTC desk sale on June 10.

Meanwhile, major US Bitcoin mining firms have sold off coins – for instance, Marathon Digital (MARA) offloaded 1,400 BTC in June. The company only sold 390 in May.

Miner revenue plummeted 55%

Miner sell-off pressure has intensified as mining revenue fell.

For example, post-halving, daily miner revenues have reached $35 million. In March, that peaked at over $78 million, indicating a sharp decline of 55%.

“Amidst low miner revenues post-halving, daily Bitcoin transaction fees have dropped to around 65 Bitcoin from 117 prior to April 18th. Despite record-high transactions, median transaction fees in USD remain low, underscoring the pressure on miners’ income,” the CryptoQuant team noted.

The analysts also say that the Bitcoin network has also seen a dip in hashrate post-halving, but that’s only by 4%.

It means miners face stiff competition amid a reduced block reward and a combination of low miner revenues and high hashrate “often point to potential market lows.”

“Since May, miners have faced significant underpayment, suggesting we might be near a price bottom,”

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Solciety, the Solana-based meme coin for the Degens, announces presale

  • Solciety is a new Solana meme coin launching in presale on June 18.
  • The meme coin combines politics, political buzz and meme coins, offering the first political party for degens.
  • SLCTY will be available in a fire-sale, 30-day presale featuring only 10 stages.

As the global political landscape heats up amid multiple heavyweight elections, there’s something else that’s creating waves – the rise of the political meme coins.

Solciety, the new project that brings the first political party for Degens on Solana, launches the presale for the SLCTY token on June 18.

Accordingly, Solciety’s token will be available for early adopters via the official presale page.

What is Solciety?

In 2024, politics is at the center of interest in some of the world’s leading economies, including the United States, the UK and India. Meme coins have gone viral amid the rising political temperatures.

PolitiFi memes are more than just the political world. It’s where memesphere takes hilarious moments and turns them into a movement. Degens, the digital army behind this buzz, has spectacularly fused this political menu with blockchain technology, creating opportunities that have driven massive gains for early adopters.

Tokens such as MAGA (TRUMP), Jeo Boden (BODEN), Doland Tremp (TREMP) and Super Trump (STRUMP) have emerged to rival big-time Solana-based hitters dogwifhat (WIF) and Bonk (BONK).

Solciety (SLCTY) is the newest politics-inspired meme coin in the market. But rather than be a typical dog-themed, cat-themed or such other token, this is a fiery political party memecoin for degens. Solciety also strikes a chord across the political divide.

It’s where the love or hate of politics collide to offer degens the platform to serve political commentary as they see it – all the while reaping massively from their interactions across the ecosystem.

Solciety tokenomics and presale details

The Solciety presale will run for 30 days, span 10 stages and offer early access at the heavily-discounted price of $0.000963 in the first stage.

After every 72 hours, the token’s price will rise, hinting at a potential 125% increase from stage 1.

In terms of tokenomics, the presale offers 30% of the supply with 3 billion tokens up for grabs. The project has set 20% for marketing and 10% for community rewards and incentives programs, while liquidity will account for 17%.

Solciety and meme coin market: Is SLCTY worth a look?

The past year has been phenomenal for crypto, with Bitcoin making a mark with its surge to a new all-time high. Altcoins too have seen a remarkable past year. Yet meme coins have had the most spectacular performances, riding the rise in Solana and Base memes.

Experts say this outlook will continue to play out as the ecosystem matures. In the short term, it’s the ‘Summer of Memes’ that has the market extremely excited. The season of politics is now the season of political meme coins.

In just a few days, the PolitiFi ecosystem that currently boasts over $1.6 billion in market capitalization and $577 million in trading volume, could be poised for a new dose of upside momentum.

Whereas MAGA (TRUMP), Jeo Boden (BODEN) and Doland Tremp (TREMP) currently dominate the space, the latest frenzy is with the soon-to-launch SOL-based meme coin Solciety (SLCTY).

Learn more about Solciety and its upcoming presale here.

The post Solciety, the Solana-based meme coin for the Degens, announces presale appeared first on CoinJournal.

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Circle integrated into Solana paving the way for programmable wallets and NFTs

  • Circle integrates Solana for enhanced Web3 services.
  • The integration brings programmable wallets, gas stations for subsidized transaction fees, and NFTs to Solana.
  • Growth in Solana’s active addresses highlights its expanding developer appeal.

Circle, the peer-to-peer payments technology company that now manages the USDC stablecoin, has announced its integration with the Solana blockchain, marking a significant step towards expanding its Web3 services.

This move is set to introduce advanced features that enhance user interaction and automation within the Solana ecosystem.

Circle’s web3 services extended to Solana

Circle’s integration with Solana will unfold in two crucial phases.

In the initial phase, the focus lies on enabling support for programmable wallets and gas station on Solana. The programmable wallets empower developers to automate asset management through predefined rules. This capability eliminates the need for manual execution of transactions, streamlining processes and enhancing efficiency.

Additionally, Circle will introduce a gas station feature on Solana to facilitate sponsored transaction fees. This innovation aims to lower barriers to entry for users by alleviating the cost burden associated with transactions on the blockchain.

The second phase of integration promises even more versatility with the addition of non-fungible tokens (NFTs) and program interactions via the Smart Contract Platform. This expansion will enable Solana users to engage in a broader range of activities, from creating and trading NFTs to executing complex smart contracts seamlessly.

Such enhancements not only cater to the evolving demands of developers and users but also position Solana competitively among other leading blockchain platforms supported by Circle, such as Ethereum, Polygon, and Avalanche.

Solana’s growth trajectory amid increased active addresses

Solana has been experiencing a surge in activity and adoption, underscored by a record number of active addresses in recent months.

This growth is indicative of its expanding developer community and the increasing utility of its blockchain for various applications.

Looking ahead, Solana is gearing up for the Firedancer upgrade scheduled for 2025. This upgrade aims to enhance scalability and eliminate network downtime, addressing critical infrastructure needs as the platform continues to scale.

Moreover, Solana’s attractiveness to major players in the financial and technology sectors is evident through recent integrations, such as PayPal’s adoption of its stablecoin.

Solana’s integration into Circle not only enhances the usability of Solana for everyday transactions but also underscores its potential as a robust ecosystem for fintech innovations.

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