26/05/2024. Weekly CryptoNews Digest (May, 20 – May, 26)

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Now, it’s time to delve into the top news stories from the past week, spanning May 20 to May 26, 2024. In this Weekly CryptoNews Digest on the MNO blog, I’ll be summarizing the most significant events and updates from the world of cryptocurrency and HYIPs. Let’s take a closer look!

ETHEREUM ETFS LISTING APPROVAL BY SEC

In a groundbreaking move, the approval of spot Ethereum ETFs by the United States SEC has sent a shockwave of $380 million through the cryptocurrency market. The listing of these ETFs marks a significant milestone in the development of the cryptocurrency space, as it brings institutional investors closer to the market.

The approval of spot Ethereum ETFs allows investors to buy and hold a basket of Ethereum tokens, providing a more accessible and liquid way to invest in the cryptocurrency. This move is expected to increase the flow of institutional capital into the market, potentially driving up the price of Ethereum and other cryptocurrencies.

The listing of spot Ethereum ETFs is a significant development in the cryptocurrency space, as it marks the first time that a major exchange has approved the listing of a spot ETF. This move is expected to pave the way for other exchanges to follow suit, potentially leading to a surge in institutional investment in the cryptocurrency market.

The approval of spot Ethereum ETFs is seen as a major victory for the cryptocurrency community, as it brings the market closer to mainstream acceptance. The listing of these ETFs is expected to increase the visibility and credibility of the cryptocurrency market, potentially attracting more investors and driving up the price of cryptocurrencies.

The approval of spot Ethereum ETFs is also seen as a major boost for the Ethereum network, as it provides a new way for investors to gain exposure to the cryptocurrency. The listing of these ETFs is expected to increase the liquidity and trading volume of Ethereum, potentially driving up the price of the cryptocurrency.

BITCOIN’S 18-MONTH UPTREND AT RISK

The launch of Ethereum ETFs (Exchange-Traded Funds) may lead to a new “altseason,” where alternative cryptocurrencies like Ethereum gain popularity and market share. This could potentially lead to a decline in Bitcoin’s dominance, which has been on an 18-month uptrend.

Bitcoin has hit two-year highs, but is now losing market share. This could be attributed to the growing popularity of other cryptocurrencies, particularly Ethereum, which is expected to benefit from the launch of ETFs.

The launch of Ethereum ETFs is significant because it allows institutional investors to gain exposure to the cryptocurrency market in a more traditional and regulated manner. This could lead to increased investment and trading activity in the Ethereum market, potentially driving up its price and market capitalization.

Some traders who suggest that the launch of Ethereum ETFs could spark a new “altseason,” where alternative cryptocurrencies like Ethereum gain popularity and market share. This could potentially lead to a decline in Bitcoin’s dominance, which has been on an 18-month uptrend.

Bitcoin’s market share has been declining in recent weeks, which could be attributed to the growing popularity of other cryptocurrencies. This decline in market share could be a sign that investors are becoming more diversified and exploring other options beyond Bitcoin.

Overall, the launch of Ethereum ETFs could be a significant development in the cryptocurrency market, potentially leading to a new “altseason” and a decline in Bitcoin’s dominance. However, it’s important to note that the cryptocurrency market is highly volatile and subject to sudden changes in sentiment and price.

SOUTH KOREAN REGULATORS FACE MOUNTING PRESSURE

South Korean financial regulators are facing increasing pressure to approve cryptocurrency exchange-traded funds (ETFs) following the recent approval of Ethereum (ETH) ETFs by the United States Securities and Exchange Commission (SEC). The SEC’s decision on May 24, 2024, marked a significant step towards integrating digital assets into traditional finance, following its acceptance of Bitcoin ETFs in January 2024.

This has put a spotlight on South Korea’s more cautious approach. Unlike the US, Korean regulators, including the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS), have been hesitant to allow crypto trading on traditional securities exchanges. Critics argue that this stance is outdated, particularly in light of the US’s move.

Industry observers like Xangle, a Seoul-based crypto data provider, believe the SEC’s decision will pressure Seoul’s regulators to reconsider their regulations on digital assets. They view the ban on crypto-related products in the traditional securities market as outdated.

This pressure to adopt crypto ETFs in South Korea is likely to grow as investors seek new avenues for exposure to digital assets. The US’s acceptance of these ETFs paves the way for wider adoption and could potentially influence other countries to follow suit.

CARDANO ABOUT TO SHOCK CRYPTO MARKETS

Cardano (ADA) is poised for a significant price surge, potentially shocking the crypto markets. The analysis is based on a combination of technical and fundamental indicators.

A bullish reversal pattern has emerged on the ADA/USDT chart, indicating a potential change in trend. This is reinforced by a “golden cross” pattern, where the 50-day moving average (MA) has crossed above the 200-day MA, a bullish signal.

The Relative Strength Index (RSI) and Stochastic Oscillator are both indicating oversold conditions, which could be a buying opportunity. This is further supported by the recent updates to the Cardano network, such as the Shelley hard fork, which have improved the network’s scalability and usability, making it more attractive to investors.

In comparison to Bitcoin, ADA has historically performed well during Bitcoin’s price corrections. This could be due to the fact that ADA is often seen as a more stable and less volatile alternative to Bitcoin.

The combination of technical and fundamental indicators suggests a strong bullish case for ADA, potentially leading to a significant price surge. Potential price targets for ADA include 0.30 and 0.50, based on the analysis of the chart patterns and indicators.

It’s essential to note that cryptocurrency markets are highly volatile, and predictions should be taken with a grain of salt. It’s always important to do your own research and consider multiple sources before making investment decisions.

For investors, it’s essential to keep an eye on Cardano’s price action and chart patterns, consider the fundamental updates and improvements to the Cardano network, and be cautious of market volatility and potential corrections. Diversifying your portfolio by considering other cryptocurrencies and assets is also a good strategy.

NVDA STOCK SURGE TO $1,000 TO BOOST AI CRYPTOS TO THE MOON!

The recent surge in Nvidia’s stock price, surpassing the $1,000 mark for the first time, will have a positive impact on three AI-focused cryptocurrencies. The article highlights the potential for these cryptocurrencies to “explode” in value, driven by the growing demand for AI-related technologies.

Hedera Hashgraph (HBAR) is a decentralized ledger technology that uses a unique consensus algorithm, known as the Hashgraph consensus algorithm. The article suggests that HBAR’s partnership with Nvidia will enable the development of AI-powered applications, driving up demand for the cryptocurrency.

Chainlink (LINK) is a decentralized oracle network that provides real-world data to smart contracts. The article suggests that Chainlink’s partnership with Nvidia will enable the development of AI-powered applications that rely on real-world data, driving up demand for LINK.

Aion (AION) is a decentralized platform that enables interoperability between different blockchain networks. The article suggests that Aion’s partnership with Nvidia will enable the development of AI-powered applications that integrate with multiple blockchain networks, driving up demand for AION.

The growing demand for AI-related technologies will drive up the value of these cryptocurrencies, making them attractive investment opportunities. However, it’s essential to note that cryptocurrency markets are highly volatile, and predictions should be taken with a grain of salt.

For investors, it’s essential to keep an eye on the development of AI-related technologies and their potential impact on the value of these cryptocurrencies. It’s also essential to be cautious of market volatility and potential corrections, and to diversify your portfolio by considering other cryptocurrencies and assets. Remember, cryptocurrency markets are unpredictable, and it’s essential to stay informed and adapt to changing market conditions.

That’s all for today’s news on MNO. Thank you for taking the time to stay informed and be a part of the community. I hope you have a fantastic weekend and that the upcoming business week brings you prosperity and success. You’ve earned it! Don’t forget to vote in the latest poll on the MNO TalkBack page as the final results will be drawn next week when I’ll be back with more updates MNO – For Money Lovers!