Opinion: ETH ETF will not be approved in May, BTC and ETH perpetual futures interest rates are high

Headlines

▌Bloomberg ETF Analyst: Spot Ethereum ETF will not be approved in May

According to Bloomberg ETF analyst James Seyffart, the chances of a spot Ethereum ETF being approved in May have become increasingly slim. He mentioned that U.S. regulators seem to lack communication with potential issuers about these issues. Product Contact. He now believes the products will ultimately be rejected for release on May 23. Seyffart and his colleague Eric Balchunas had previously put the chance of approval in May at 35%.  

The U.S. Securities and Exchange Commission (SEC) had previously delayed a decision on a spot Ethereum exchange-traded fund, but a decision must be made by May 23 as this is the last time one of the applicants expiration date.

▌Report: Bitcoin and Ethereum perpetual futures funding rates remain high despite falling spot prices

QCP Capital Markets reports that despite falling spot prices, Bitcoin and Ethereum perpetual futures funding rates remain high, meaning speculators are still buying long on dips with leverage. Some analysts believe current funding rates suggest both assets still have greater downside potential.

Quotes

As of press time, according to coinmarketcap data:

The recent transaction price of BTC was 62,189.4 US dollars, rising and falling during the day Frame-2.97%;

ETH Recent The transaction price was US$3173.79, and the intraday increase or decrease-3.84%;< /p>

BNB’s recent transaction price was US$510.7, with an intraday increase or decrease of -3.07% strong>;

ORDI’s recent transaction price was US$58.152, with an intraday increase or decrease of -5.56%;

DOGE’s recent transaction price was US$0.1284, with intraday gains and losses-4.23%;

SOL’s recent transaction price was US$172.43, with an intraday increase or decrease-5.93%.

Policy

▌Dutch authorities accuse Alexey Pertsev of assisting money laundering through Tornado Cash $1.2 billion

Dutch authorities have indicted Tornado Cash developer Alexey Pertsev, claiming he helped launder $1.2 billion through a cryptocurrency mixer. On March 26, Pertsev will await trial in the Netherlands on charges related to money laundering and other financial crimes.

▌Israel sees transparency as key benefit of tokenizing government bonds

Last year, the Israeli Ministry of Finance entered into a deal with Tel Aviv Securities In partnership with TASE, a proof-of-concept for the issuance of DLT-based government bonds as security tokens was conducted. Today it released a detailed report on its tokenization efforts. The report notes that Israel sees transparency as a key benefit of tokenizing government bonds, as all market participants have the same visibility and can track issuances.

▌U.S. SEC delays decision on Hashdex and Ark 21Shares Ethereum ETF

U.S. SEC delays decision on Hashdex and Ark 21Shares Ethereum ETF makes decision and extends time to May 30th.

Blockchain Application

▌Aleph Zero releases test network Zahir 13.2

Aleph Zero released the test network Zahir 13.2 and reminded the community that the test network will switch to a new version of the protocol, and nodes that do not update will stop running.

Cryptocurrency

▌Polygon sponsors Starbucks for $4 million A failed foray into crypto

Polygon sponsored $4 million to Starbucks in 2022 to build and host a blockchain-based loyalty program on the Polygon network, according to people familiar with the matter. Part of a planned Starbucks Odyssey deal, the sponsorship ends competition among at least three blockchain ecosystem backers hoping to partner with Starbucks. Last week, Starbucks ended its Odyssey program in failure.

▌Bitcoin spot ETFs have seen large net outflows in recent days, and blockchain concept stocks have fallen across the board

Data show that spot Bitcoin ETFs experienced large net outflows, with net outflows exceeding US$150 million on March 18. At the same time, U.S. stocks opened generally lower today, with the Dow Jones Index opening down 0.01%; the S&P 500 Index opening down 0.24%; and the Nasdaq Composite Index opening down 0.54%. Blockchain concept stocks have fallen across the board recently, with MicroStrategy falling 16.47% in the past 5 days, Marathon Digital falling 5.62% in the past 5 days, Coinbase falling 8.79% in the past 5 days, and Riot Platforms falling 4.62% in the past 5 days.

▌Genesis and Gemini’s Earn program shutdown will provide affected users with a $2 billion settlement package

Genesis and Gemini have taken steps to compensate users affected by their failed Earn program. According to Gemini’s March 19 statement, Genesis asked the bankruptcy court to approve in principle a settlement agreement that would distribute funds to users. The request will be considered at a hearing on April 16.  

If the settlement is approved, Earn users whose accounts were suspended will receive 100% of their assets, with 97% expected to be repaid within weeks of court approval. The remaining funds will be distributed as received from Genesis parent company Digital Currency Group. The latest update suggests that Earn users will have access to a total of $2 billion in cryptocurrency at current prices, $900 million more than when the service was discontinued in 2022.  

Gemini said it will use $50 million of the funds returned to users and will enable rapid delivery of assets regardless of the outcome of Genesis' bankruptcy plan.

▌Immutable, King River Capital and Polygon Labs launch $100 million Web3 gaming fund

Web3 game development platform Immutable and venture capital firm King River Capital have joined forces to form the US$100 million "Inevitable Games Fund" (IGF) with the assistance of Polygon Labs. IGF will provide high-growth opportunities to professional and sophisticated investors in the Web3 gaming space.

Important Economic Updates

▌The probability that the Fed will remain on hold tomorrow morning is 99%

According to CME's "Fed Watch", the probability that the Federal Reserve will keep interest rates unchanged in the range of 5.25%-5.50% in March is 99.0%, and the probability of cutting interest rates by 25 basis points is 1.0%. The probability of keeping interest rates unchanged by May is 96.1%, and the probability of a cumulative 25 basis point interest rate cut is 3.8%.

▌U.S. stocks closed, and blockchain concept stocks generally fell

U.S. stocks closed, and blockchain concept stocks generally fell. MicroStrategy fell 5.67%, Marathon Digital fell 0.46%, Coinbase fell 3.96%, and Riot Platforms fell 2.97%.

Golden Encyclopedia

▌Advantages of no-code blockchain development over traditional development methods

No-code blockchain The development is revolutionizing the creation and implementation of decentralized applications, offering several advantages over traditional technologies. First, it greatly lowers the barrier to entry for people with little to no coding experience, democratizing blockchain technology and encouraging the creativity of innovators of all kinds; second, no-code development helps by reducing the need for coding in manual programming improve the reliability and resiliency of blockchain systems by reducing the possibility of errors and security flaws. Third, it allows designers, subject matter experts, and entrepreneurs to work together on DApp creation without relying solely on developers, thereby promoting broader cross-disciplinary teamwork and collaboration. Finally, codeless blockchain development encourages scalability and agility, allowing programmers to try new ideas and quickly adapt to changing market demands without having to build complex infrastructure or write large amounts of code.

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