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Bitcoin Dips, Ethereum Surges Amid Positive Spot ETF News

Bitcoin drops 2%, Ethereum rises 3% amid positive Spot ETH ETF news. Discover key project announcements including zkSync, BlackRock's Bitcoin ETF, and more.
bitcoin down and ethereum up

In the last 24 hours, the cryptocurrency market experienced a slight decline after a strong day on May 20th, driven by positive news about the Spot ETH ETF fund.

The price of Bitcoin (BTC) decreased by 2% and is currently trading at around $69,900. Meanwhile, the price of Ethereum (ETH) increased by 3% and is now trading at $3,800 as of May 22nd. The SOL (Solana) token decreased by 4%, indicating a shift in capital flow from the Solana ecosystem to the Ethereum ecosystem. Altcoins within the Ethereum ecosystem are continuing to attract significant attention from the crypto community. Notably, the meme coin Pepe (PEPE) surged by 25% in the past 24 hours, reaching a new all-time high.

Notable events of May 22, 2024:

  • ZK: According to sources from The Block, zkSync is planning a token launch event (TGE) this week with a total supply of 21 billion tokens. The zkSync token airdrop is expected to occur around mid-June, specifically on June 13. Some rumors suggest that the project’s ticker might be $ZK (coinciding with Polyhedra Network). Matter Labs has not yet confirmed this information.
  • BTC: U.S. spot BTC ETFs saw a net inflow of $307 million during the trading session on May 21. This marks the largest single-session inflow since the beginning of May, with most of the funds going into BlackRock’s Bitcoin ETF (IBIT), totaling $291 million.
  • ETH: The VanEck Spot ETH ETF has been listed on DTCC with the ticker symbol $ETHV. The SEC will decide on VanEck’s Spot ETH ETF application tomorrow, May 23. In addition to VanEck, many other funds are hurrying to revise their Spot ETH ETF filings and remove staking functions.
  • Former U.S. President Donald Trump has announced a policy to accept Bitcoin and cryptocurrency in his 2024 re-election campaign. This is a contrasting stance from the incumbent President Joe Biden, potentially helping Trump garner support from the crypto community.
  • The SocialFi project Farcaster has announced that it raised $150 million from Paradigm and a16z Crypto, among others. For detailed information, please visit the SocialFi platform.

Information on other projects:

  • AEVO: Binance Labs announced an investment in the derivatives trading platform Aevo. Details at: Binance Labs announces investment in Aevo (AEVO) to promote Layer 2 solutions.
  • CRO: Cronos announced the successful upgrade of its zkEVM testnet to Tethys. The project plans to launch Mainnet in the summer of 2024.
  • GALA: The Gala development team received $20 million from a hacker and has proposed burning about 5 billion tokens following a security breach.
  • FLOKI: Floki DAO has planned to burn $15.246 billion worth of FLOKI tokens on May 22.
  • XAI: XAI announced the completion of its first $XAI halving event.

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