DOGE prototype Shiba Inu dies, Ethereum ETF will be traded before the US presidential election

Headlines

▌Musk mourns the death of DOGE prototype Shiba Inu KABOSU

Musk mourned the news of the death of DOGE prototype Shiba Inu KABOSU on social platforms, saying Rest in peace.

▌JPMorgan Chase: Spot Ethereum ETF will be traded before the 2024 US presidential election

JPMorgan Chase said that cryptocurrency has become "an increasingly important political issue before the 2024 US presidential election," and the newly approved spot Ethereum ETF may begin trading before the November US presidential election, citing the growing political significance of cryptocurrency. In addition, JPMorgan Chase also expressed its views on the FIT 21 bill, believing that the bill is less likely to be passed in the Senate.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $68,656, with a daily increase or decrease of +1.3%;

ETH's latest transaction price is $3,718.81, with a daily increase or decrease of -2.49%;

BNB's latest transaction price is $601.6, with a daily increase or decrease of +0.22%；

SOL's latest transaction price is 166.78 US dollars, and its intraday increase or decrease is -4.18%；

DOGE's latest transaction price is 0.1631 US dollars, and its intraday increase or decrease is +2.74%；

XPR's latest transaction price is 0.5357 US dollars, and its intraday increase or decrease is +0.89%.

Policy

▌U.S. Supreme Court: State and federal courts have sole jurisdiction over disputes regarding Coinbase's sweepstakes promotion

The user agreement on dispute resolution in the cryptocurrency exchange Coinbase's DOGE sweepstakes promotion conflicted with each other. Coinbase preferred to have arbitrators resolve financial disputes, while users preferred courts to intervene, and the platform agreement listed these two options separately. On May 23, the U.S. Supreme Court ruled that state and federal courts had sole jurisdiction over disputes regarding Coinbase's sweepstakes promotion.

Blockchain Application

▌OKX HK withdraws VASP license application

According to the official announcement of OKX, after careful consideration of the business development prospects, it decided to withdraw the license application of OKX HK. From May 31, 2024 (Friday), OKX will stop providing centralized virtual asset trading services to Hong Kong users in accordance with regulatory requirements. The relevant arrangement does not affect the withdrawal service, and users do not need to worry about the safety of funds. After May 31, OKX will only support Hong Kong users to withdraw money.

▌Polygon Lianchuang: Blockchain protocol construction is a process that takes at least ten years

Polygon co-founder Sandeep Nailwal said on the X platform that the construction of blockchain protocols is a process that takes at least ten years. As a founder, be prepared to invest at least ten years of extreme effort and patience. Nailwal revealed that he has been working on the Polygon project for more than six years, but feels that it has just begun. He estimates that it will take at least five years to push Polygon to its set goals. Nailwal emphasized that he is ready to go all out in the development of Polygon.

Cryptocurrency

▌Ethereum Foundation: Working to address potential conflicts of interest

Aya Miyaguchi, executive director of the Ethereum Foundation, said the foundation is accelerating the development of formal policies to address potential conflicts of interest. Previously, two Ethereum Foundation researchers disclosed that they had received a "substantial" amount of token incentives from the EigenLayer project. Miyaguchi said on the X platform that the neutrality of the Ethereum Foundation is essential to fulfilling its role in the ecosystem. It is not enough to rely on culture and personal judgment to deal with such issues. The formulation of formal policies has been going on for some time, and this work will be accelerated and progress will be shared soon.

▌Analysis: The delay in the launch of Ethereum ETFs may benefit the rise in Ethereum prices

Although the U.S. Securities and Exchange Commission (SEC) has approved eight Ethereum ETFs, including BlackRock and Fidelity, unlike Bitcoin ETFs, which were launched on the day of approval, these Ethereum ETFs may take weeks or months to officially trade. In this regard, several industry analysts said that the delay in the launch of ETFs may actually benefit the rise in Ethereum prices. Simon Peters, an analyst at eToro, pointed out that savvy cryptocurrency investors can now buy Ethereum in advance in order to profit when the ETF is officially traded and billions of dollars of funds potentially flow in. GSR Research analyst Brian Rudick also believes that the delay in the launch of the ETF is good news to a certain extent, because the unexpected approval of the SEC caught most people off guard, and the current delay gives the market time to build up expectations, which will help increase the inflow of funds in the early stage of the ETF launch, thereby driving up the price of ETH.

▌Dogecoin market value surpasses China Minsheng Bank

After Elon Musk posted a message yesterday to mourn the death of DOGE prototype Shiba Inu KABOSU, the price of Dogecoin DOGE has risen. According to the latest data from 8MarketCap, the market value of Dogecoin has reached approximately US$23.54 billion, surpassing China Minsheng Bank (market value of approximately US$22.7 billion), SMIC (US$23.13 billion), and Bank of Ningbo (US$23.02 billion), and is currently ranked 909th in the global asset market value.

Important Economic Dynamics

▌The three major U.S. stock indexes closed up collectively

The three major U.S. stock indexes closed up collectively, with the Dow up 0.01%, a cumulative decline of 2.33% this week; the Nasdaq up 1.1%, a cumulative increase of 1.41% this week; and the S&P 500 up 0.7%, a cumulative increase of 0.03% this week. Most of the popular technology stocks rose, with Tesla and AMD up more than 3%, and Nvidia, Intel, and Meta up more than 2%.

Golden Encyclopedia

▌What is a reentrancy attack in a smart contract?

In a smart contract, a reentrancy attack occurs when a contract calls another contract or function externally before completing its own state change. This allows the called contract to re-enter the calling contract and potentially execute some of its operations again, which can lead to unforeseen and frequent malicious behavior. For example, contract A calls contract B to send funds and then modifies its own state. Contract B's code may contain a callback function that allows it to re-enter contract A and potentially re-execute the transfer function before contract A completes its state change. This would allow an attacker to obtain funds from the contract multiple times before completing the initial transaction.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish correct investment concepts and be sure to raise risk awareness.