We compile the top news stories weekly within the crypto, blockchain, metaverse, and NFT space. The weekly wrap-up covers everything from BTC & ETH updates, recent investments, developments of exciting new projects, and other relevant topics.
Here is everything you need to know for the week of May 20th to 24th
📈 Weekly BTC and ETH Overview
This week marked another major development for the cryptocurrency space. The week concluded with the long-awaited approval of the Spot Ethereum ETF by the SEC. Speculation about the approval had driven bullish behavior in the price of Ethereum throughout the week, with the cryptocurrency hovering around $3.6K. At the same time, Bitcoin showed a price recovery at the beginning of the week, making its way back to the $67K mark. Nevertheless, despite the news, both Bitcoin and Ethereum are seeing a slight dip at the time of writing.
At the time of writing, BTC is trading at $67.3K, down 3.31% in the last 24 hours. Similarly, ETH is trading at $3.6K, down 3.49% in the previous 24 hours.
🗞️ Top Market News
- The SEC approved 8 Spot Ethereum ETFs. This news signals a major shift in crypto regulation, especially following the approval of the Spot Bitcoin ETF in January. The ETFs are from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton. Although the forms have received approval, ETF issuers must wait for their S-1 registration statements to become effective before trading commences. The SEC has initiated discussions with issuers regarding their S-1 forms, albeit only recently. The duration of this process remains uncertain, but analysts speculate it could span several weeks or months.
- Bitcoin ETFs tracking spot prices witness record inflows for the ninth consecutive day. According to data from Bloomberg Intelligence, the 10 US funds directly holding BTC experienced outflows of $158 million on their ninth day of trading, marking the highest outflow recorded in a single day thus far. Read more here
🚀 New Project Developments
- AIOZ Network (AIOZ) has been included in the NVIDIA Accelerated Application Catalog. Through the NVIDIA Accelerated Apps Catalog, NVIDIA's user base can now leverage the capabilities of AIOZ DePIN for application development. Earlier, AIOZ introduced W3S and W3IPFS DePIN-powered storage solutions, with plans to launch W3AI later this year. Read more here
- Fantom secures a $10M strategic round led by Hashed Fund. Other participants in the round included SoftBank and Signum Capital. With this, the project proves its commitment to utilizing its technology and discloses further details about upcoming developments. Read more here
- STEPN has introduced a new social lifestyle app called STEPN GO. In STEPN GO, users earn rewards by staying active with digital Sneakers, which track fitness activities and generate tokens based on movements. The team states that the app's blockchain integration ensures transparency and fairness, providing a secure environment for interactions and transactions. Read more here.
🔍 More Featured Stories…
- Nakamoto has joined the Apple Developer Grants program, making the project the first of its kind to offer worldwide access to blockchain-based games. Read more here.
