Ethereum Rallies | Key Points | May 22, 2024 | BitPinas

Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. Let’s check the latest crypto news stories in the last 24 hours.

Crypto Price Update

Feature Story: Ethereum rally puts over $300 million into crypto exchanges

Data from Nansen says crypto exchanges have receive 81,840 ETH worth around $306 million, which is the largest amount of ETH that flowed to exchanges since January 23, Coindesk reported.

What does it mean?

• Inflows to exchanges, if not USD, could mean that these users are intending to sell.
• This would mean that there will be some short-term profit taking in Ethereum, observed by David Shuttleworth of research firm Anagram.

The ETH rally happened after reports of possible approval of Ethereum spot ETFs.

Regulation

• The SEC has requested exchanges to expedite updates to their 19B-4 filings for Spot Ethereum ETFs, suggesting potential approval ahead of a key deadline this Thursday. 
• Brazil’s central bank announced it will phase the regulation of crypto-assets and virtual asset service providers, with proposals expected by the end of 2024, delaying the process initiated by a 2022 law. 

DeFi

• CAGA Crypto unveils its testnet, featuring gas fee integration and NFT minting capabilities, aiming to enhance user experience and engagement within the decentralized finance ecosystem. With over 200,000 transactions and 10,000 active wallets since its launch, the platform is conducting airdrop campaigns to reward participants for their engagement.
• OKX Ventures and other top investors recently backed Pencils Protocol with over $3.2 million. Pencils Protocol, formerly PenPad, has upgraded to offer a wider range of DeFi services like staking and liquidity vaults, aligning better with the Scroll ecosystem.
• FluidTokens launched a decentralized exchange (DEX) dedicated to Runes, operating on both Bitcoin and Cardano blockchains, aiming to simplify the trading of meme coins and bridge the gap between traditional finance and decentralized finance (DeFi). 

Web3 Gaming

• Telegram’s social gaming platform, integrated with crypto elements and blockchain, particularly through the Hamster Kombat game, has rapidly attracted 8 million users in four weeks.
• Eldarune, a web3 game studio specializing in medieval-themed blockchain games, partnered with Immutable and received a grant of 50,000 $IMX tokens to support its flagship trading card game, Heroes of Eldarune.
• Gala Games, a leading web3 gaming company, suffered a $206 million exploit resulting in the minting of 5 billion GALA tokens, causing GALA’s value to drop by 15%. This is not the first time Gala Games has faced such incidents; in 2021, the company experienced a theft of $130 million. 

Noteworthy 

• New York’s Attorney General, Letitia James, has secured a $2 billion settlement with the bankrupt cryptocurrency lender Genesis Global over fraud allegations. The settlement will fund a victims’ compensation program to aid defrauded investors, including 29,000 New Yorkers who invested over $1.1 billion through the Gemini Earn scheme.
• Ghana’s Vice President Mahamudu Bawumia announced the country’s intention to become the first African nation to run its government on blockchain technology, aiming to combat corruption and improve transparency. Speaking at a regional anti-corruption event, Bawumia highlighted blockchain’s potential to transform Ghana and called for its adoption across Africa. Additionally, he emphasized that Ghana’s forthcoming central bank digital currency (CBDC), the e-Cedi, could further aid in tracking money flow and combating corruption.
• Kraken refutes rumors of delisting Tether’s USDT stablecoin in Europe, stating they are exploring options to offer USDT under upcoming regulations. The company reaffirms its commitment to providing various stablecoins to European customers and is working to relist certain coins previously delisted in Germany. 

Happening Today: Multiple Bitcoin Pizza Day Events

This article is published on BitPinas: Ethereum Rallies | Key Points | May 22, 2024

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