Grayscale Withdraws Application for Ethereum Futures ETF
Three weeks before the security regulator was due to rule on Grayscale’s 19b-4 application for an Ethereum futures exchange-traded fund, the company unexpectedly withdrew the application. On May 7, the crypto asset manager notified the U.S. Securities and Exchange Commission that the Grayscale Ethereum Futures Trust was withdrawn.
FTX Creditors Will Get 118% of Their Funds Back in Cash
Bankrupt cryptocurrency exchange FTX has proposed a new restructuring plan that would allow 98% of its creditors to receive 118% of their receivables in cash within 60 days of court approval, according to new documents filed Tuesday evening. Under the plan, other non-government creditors will recover 100% of their claims and up to 9% interest to recoup the ‘time value of their investment’. The arrangement is currently subject to approval by the Delaware bankruptcy court, which is handling the bankruptcy case.
SEC Chairman Gensler Avoids Classifying Ethereum
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler did not directly address whether Ethereum is a commodity or a security in an interview with CNBC on Tuesday, instead shifting his focus to broader regulatory concerns, specifically the protection of American investors and translated into the behavior of brokerage firms in the crypto market. Asked about the classification of Ethereum, Gensler said, “All I can say is, to me, the fundamental question is how do we ensure that the American investor is protected, and right now they are not getting the disclosures that are necessary or needed.” said.
Chainlink Selected as Technology Partner of Hong Kong Dollar Stablecoin
The developer of Oracle solutions announced on May 7 that RD Technologies has integrated Proof of Reserve and Chainlink CCIP to enable its Hong Kong dollar-denominated stablecoin. Chainlink’s Cross-Chain Compatibility Protocol will also be integrated to facilitate safe and reliable cross-chain transfers of HKDR and provide easier accessibility to the new stablecoin. According to the statement, the company is also implementing Chainlink’s Proof of Reserve (PoR) feature to reliably provide on-chain verification to verify the reserve of HKDR.
Four Consecutive Weeks of Exodus from Digital Asset Funds
When we examine digital asset funds, we see that there was an outflow of $251 million last week, making it the fourth week in a row. There was an inflow of $307 million in spot Bitcoin ETFs that started trading in Hong Kong. While Bitcoin experienced an outflow of $284 million, Ethereum ended its seven-week outflow series with an inflow of $30 million.
Revolut Aims to Expand Crypto Activity with UK Trading Platform
British banking application Revolut announced that it has taken an important step towards digital assets. In a blog post published on Tuesday, the fintech company introduced Revolut X, a dedicated crypto trading platform for UK-based retail customers. According to the information, the platform will allow investors to buy and sell more than 100 tokens, and transaction fees will vary between 0% and 0.09%. Investors must be Revolut customers to trade on this platform.
Solana DePIN Ambient Acquires PlanetWatch Network
Anbient was founded in January 2024. Franchi, co-founder and CEO, said in his statements that the DePIN project focuses on monitoring air quality and they decided to move to Solana. They were previously available on Algorand. PlanetWatch currently has a PLANETS token on Algorand, but a new token will be produced on the Solana network in the coming days.
MoonPay Partners with BitPay
Web3 fintech company MoonPay and cryptocurrency payments platform BitPay came together to make cryptocurrency transfers simpler. According to MoonPay’s social media post, the collaborations aim to simplify the process of sending a user’s cryptocurrency to their bank account or debit card and make the sale of cryptocurrency faster and easier.
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BITCOIN (BTC)
As of the morning hours, BTC is priced at $62,686 with a 0.60% gain in value. The rise continues after gaining support at $56,600. $60,800 was regained. It is now a region that can work as support. $66,800 is a critical region, and in case of a break above, increases may be seen up to $72,800. If there is a rejection at $66,800, a withdrawal may occur again up to $60,800. Yesterday, there was an increase up to $64,000, but it could not be sustained.
ETHEREUM (ETH)
ETH is priced at $3023 with a 0.59% gain in value as of the morning hours. The rise continues after receiving support at $2820. After permanence above $3050 was achieved, $3100 was also exceeded. The $3150 region is the middle part of the horizontal band. For this reason, resistance may be encountered. $3050 was lost. The next support zone appears to be $ 3000. If there is a break above $3200, a rise to $3380 may be seen.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.5228 with a 0.34% loss in value. There is a horizontal channel between $0.46 and $0.57. There was a wick movement to the $0.48 level, but it could not be permanent. $0.50 is a critical level, and if it closes below this level, there may be a drop to $0.48. $0.50 worked as support. Areas that may be resistance include $0.55 and $0.58.
AVALANCHE (AVAX)
AVAX is priced at $34.91 with a 1.13% loss in value as of the morning hours. There is a horizontal line between $40 and $31. If there is a breakout of $39 and persistence above it, a rise up to $45 can be seen. If the pullback continues, pullbacks up to $34 and then up to $31 may be seen. $36 is a critical zone and this level has been lost. A win here could push the price up to $39.
SOLANA (SOL)
SOL is priced at $147.55 with a 0.24% depreciation as of morning hours. When we examine the daily chart, we see that the resistance area of $158-160 is important. If persistence above this region is achieved, we can expect the upward movement to continue and a movement towards the $165 region may be possible. In case of withdrawals, the $ 140 level can be followed as support in the short term.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $ 13,990 with a 0.13% loss in value. When we examine the four-hour chart, we see that the $14 level, which we follow as the support zone, has been broken downwards. If the downward movement continues, the $ 13,400 – $ 13,600 region can be followed as support. The $14 region is the resistance in upward movements, and if there is persistence above this region, the $14,400 level can be tested.
DOT
DOT is priced at $7,074 with a 1.17% gain in value as of the morning hours. When we examine the four-hour chart, we see a horizontal movement between the $7 and $7.40 levels. These two levels can be followed as main support and resistance zones. If the reaction movement in the support area continues upwards, the $ 7,400 level may be tested.
RNDR
RNDR is priced at $10.1787 with a 1.07% depreciation as of the morning hours. When we examine the hourly chart, we see that there is a withdrawal movement. If this movement continues, the $10 – $10.06 region appears as an important support zone. If there is an upward reaction from this region, the $ 10,400 region can be followed. If the downward movement continues and the support zone is broken, the $ 9.80 level can be monitored.
OUNCE OF GOLD
Ounce Gold is priced at 2321.72 dollars with a 0.28% gain in value as of the morning hours. When we examine the four-hour chart, we see that there is no persistence above the $ 2400 level and at the same time, the short-term rising trend line is broken downwards. If this withdrawal movement continued, the $ 2300 level and then the $ 2280 level could be followed as support, and these levels were reached. He worked as support. In upward movements, the 2380 and 2400 dollar regions appear as resistance. $2300 is working as support for now. If this level is lost, there may be a decline to 2260 dollars. $2332 appears as the first intermediate resistance zone.
OUNCE OF SILVER
As of the morning hours, silver is priced at $27.38 with a 0.54% gain in value. When we examine the four-hour chart, we see that the $ 27.50 level, which we follow as the resistance zone, is important. If persistence above this region is achieved, the 28 dollar region can be targeted. In case of withdrawals, the $27 level can be followed as support.
