SEC Postpones HBAR and Polkadot ETF Decisions
The U.S. Securities and Exchange Commission (SEC) has postponed its decisions on Polkadot (DOT) and Hedera (HBAR)-based spot ETF applications to June 11. Additional review time was requested for Grayscale’s Polkadot Trust ETF proposal and Canary Capital’s HBAR ETF application. In addition, the decision date for Bitwise’s dual-asset ETF, which includes Bitcoin and Ethereum, was extended to June 10.
The SEC stated that it made these postponements in order to more comprehensively evaluate public comments and applications. Following the approvals of spot Bitcoin ETFs approved in January 2024 and Ethereum ETF approvals in July, the agency has started to review 72 crypto asset ETF applications. The SEC, which has taken a more moderate stance with the Trump administration, has withdrawn some sanctions in recent months and has begun holding public meetings to update its digital asset policies.
Fed Withdraws Crypto Guidance
The US Federal Reserve (Fed) has aligned itself with the OCC and FDIC by repealing guidance that previously required banks to obtain approval before engaging in crypto asset activities. The statement said that this step was taken to support innovation in the banking system and provide more cohesive oversight against risks.
The Fed has withdrawn four separate crypto guidances it signed in 2022 and 2023, announcing that it will now monitor banks’ crypto-related activities as part of its regular oversight processes. This development indicates that the US banking sector is now waiting for the legal framework from Congress on crypto regulations.
CME Launches XRP Futures
CME Group announced that it plans to launch XRP futures contracts on May 19. With this move, which is subject to regulatory approval, the company’s crypto derivatives product range will expand with XRP after Bitcoin and Ethereum. The contracts, which will be settled in cash, will be offered in two sizes of 2,500 and 50,000 XRP and will be priced according to the CME CF XRP – Dollar Reference Rate, which is determined daily.
Giovanni Vicioso, CME’s director of crypto product strategies, cited the increasing institutional and individual interest in XRP and XRPL technology as the main reason for this product launch. The company aims to provide investors with more efficient access to XRP. CME also reported that crypto futures volume increased by 141% to $11.3 billion in the first quarter of the year.
Ondo Finance Discusses Tokenization of Securities with SEC
Ondo Finance met with the SEC’s Crypto Asset Working Group to propose a regulatory framework for the tokenization of publicly traded U.S. securities on the blockchain. The meeting was attended by the company’s CEO Nathan Allman and chief strategy officer Ian De Bode, as well as representatives from the law firm Davis Polk & Wardwell. The meeting discussed how tokenized securities could fit within existing laws, registration requirements, broker-dealer compliance, and state corporate laws.
Ondo has floated “sandbox”-like regulatory transition solutions that could foster innovation while maintaining investor protection. The firm has proposed alternative models that would allow digital representations of traditional assets to be traded in compliance with U.S. law. The SEC will hold a “Crypto Task Force Roundtable” event on April 25 that will focus on crypto asset custody services. The meeting will discuss custody solutions for investment advisors and broker-dealers.
Avalanche Integrates with ZetaChain
Avalanche has become one of the first chains to integrate with the ZetaChain network, providing access to universal dApps. With this development, Avalanche’s more than 1.4 million users will be able to access applications that can natively interact with major networks such as Bitcoin, Ethereum, and Solana through a single smart contract. Thanks to ZetaChain’s Universal EVM structure, developers can now develop applications on multiple chains faster and more securely without using bridges or wrapped tokens.
This integration combines Avalanche’s strengths, such as high transaction speed and low latency, with ZetaChain’s cross-chain interaction capacity. This structure, which provides solutions to inter-chain interoperability problems especially in the DeFi and NFT fields, allows developers to deploy in minutes. In the new era, universal applications will both improve the user experience and accelerate Web3 innovations by gathering cross-chain liquidity in a single point.
Metaplanet Reaches 5,000 BTC Target, Institutional Bitcoin Race Heates
Japanese investment company Metaplanet purchased an additional 145 BTC for approximately 1.93 billion yen ($13.6 million), bringing its total Bitcoin holdings to 5,000 BTC. This purchase was financed with resources obtained through stock sales, and the company thus reached 50 percent of its 10,000 BTC target by the end of the year. CEO Simon Gerovich described the move as a key part of their goal to “lead the global Bitcoin race from Japan.”
Metaplanet’s 5,000 BTC portfolio, acquired for a total cost of $428.1 million, puts the company in the top 10 among institutional Bitcoin holders. The company, which is in the same league as giants such as MicroStrategy, Tesla and Block, measures the efficiency of its strategy by tracking the amount of Bitcoin per share with an indicator called BTC Yield. Since the beginning of 2024, the BTC Yield rate has reached 121.1%. Although its shares have fallen 31.6% in the past month, Metaplanet is seen to have gained over 1,000% on an annual basis.
New Hampshire’s Bitcoin Reserve Move Heads to Senate Vote
The HB 302 bill, which would require 10% of state funds to be invested in high-capitalization crypto assets and precious metals like Bitcoin, passed the second Senate committee by a vote of 4-1 and is advancing to a full Senate vote. The bill would only allow investments in crypto assets with a market value of over $500 billion, a criterion currently met only by Bitcoin.
The bill also passed the New Hampshire House of Representatives by a vote of 192-179. While some Democratic representatives oppose the bill on the grounds that it unnecessarily limits the treasury’s authority, Republican lawmakers argue that the move could provide a high-yield investment opportunity for the state. New Hampshire is also considering two additional bills related to blockchain disputes and the use of stablecoins.
RockawayX Launches New $125 Million Fund Focused on Solana
Crypto venture capital firm RockawayX has closed its second round of funding with $125 million to focus on the Solana network. The fund’s chief growth officer Samantha Bohbot said 50% to 75% of the funding, or about $62 million to $94 million, will be dedicated to Solana-based projects. The firm also plans to invest in DeFi, infrastructure protocols, and decentralized networks.
RockawayX has previously invested in early-stage projects such as Solana Labs, Kamino Finance, and Squads. The firm, which describes itself as an “engineering-focused investor,” runs validators from data centers in Europe and develops protocol-compliant hardware appliances.
Shaquille O’Neal Settles FTX Lawsuit
NBA legend Shaquille O’Neal has reached a confidential settlement with investors in a class-action lawsuit filed against him over his promotion of the now-bankrupt crypto exchange FTX. Details of the settlement, signed on April 1, have not yet been disclosed, but are expected to be made public after court approval.
O’Neal has been the target of accusations for appearing in ads that aired before FTX’s collapse. This isn’t O’Neal’s first legal troubles with digital assets; he also settled another case involving Solana-based Astrals NFT project last year for $11 million. These developments coincide with FTX’s new compensation payments period, which will begin in May, while warnings of phishing attacks targeting investors have also increased.
Securitize and Mantle Launch Institutional Crypto Fund
Tokenization platform Securitize has launched a new institutional crypto fund that includes Bitcoin, Ether, Solana, and USD-based stablecoins in partnership with DeFi protocol Mantle. The fund, called “Mantle Index Four (MI4),” aims to increase on-chain returns by integrating liquid staking tokens, while offering exposure to a variety of digital assets similar to traditional index funds.
The fund aims to become the S&P 500 of the crypto world. Mantle’s head of strategy Timothy Chen stated that this fund offers institutional investors the opportunity to generate returns from digital assets. One of the fund’s core components, Mantle Staked Ether (mETH), yields around 3.78%. Securitize currently holds 71% of the tokenized real-world asset market and manages more than $2.5 billion in assets through its BlackRock-backed digital fund.
TON Foundation Appoints Maximilian Crown as CEO
The TON Foundation has appointed MoonPay co-founder Maximilian Crown as CEO after the blockchain ecosystem slowed down. Crown previously served as CFO and COO at MoonPay, where he played a key role in transforming the company into a global crypto payments leader. The TON ecosystem saw a major uptick last year thanks to Telegram-based mini-apps and games, but is currently seeing a decline in daily transaction volume and fees.
With Maximilian Crown as its leader, the TON Foundation’s goal will be to revitalize the ecosystem and make growth sustainable. The TON blockchain reached more than 40 million active users last year, with 121 million “unique” Toncoin holders. During this period, the $ 100 million TVM Ventures fund launched by former president Steve Yun also aims to support the growth of the ecosystem.
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BITCOIN (BTC)
BTC is trading at $ 93,240 as of the morning hours, losing 0.81%. The Bitcoin price made a sharp upward move with the strong support it received from the demand zone at 88,541 and rose to 93,300. It is currently in a horizontal consolidation process near the level of 94,000. This region may be a short-term decision phase. If the 94,000 resistance can be broken, the rise towards the 96,000 – 97,000 band is likely to continue. Otherwise, the range of 91,500 and 88,500 can be tested again.
ETHEREUM (ETH)
ETH is priced at $ 1,761 as of the morning hours with a 0.38% loss in value. Ethereum made a strong bounce without falling back to the blue demand zone by breaking the falling trend line upwards. It is currently trending horizontally at 1,765 levels. If it is sustained above the 1,800 resistance, the 1,850 level can be targeted. However, since the current levels are also the previous price rejection area, the probability of profit taking is high. In pullbacks, the 1,700 level should be followed as support.
RIPPLE (XRP)
XRP is trading at $ 2.18 as of the morning hours with a 1.17% loss in value. The XRP price rose to the 2.23 resistance after managing to hold on to the 2.11 support. A horizontal squeeze is currently observed between these two levels. As long as the 2.23 level is not broken, short-term selling pressure may continue. However, if this level is exceeded, targets above 2.30 will be technically active. In the opposite scenario, if 2.11 is broken, the 1.92 level can be followed as the first support.
AVALANCHE (AVAX)
AVAX is trading at $ 22.00 levels with a 1.56% loss in value as of the morning hours. AVAX rose to 22.00 levels after breaking the 19.95 resistance. A horizontal price movement is currently observed in the 21.65 – 22.10 band. This region indicates a possible decision phase. While 23.46 can be targeted in an upward breakout, 19.95 and 17.74 levels stand out as support in a downward correction.
SOLANA (SOL)
SOL is trading at $ 151.35 with a 0.76% gain as of the morning hours. SOL started an upward trend by breaking the consolidation zone in the $ 136-140 band with volume and is trading at $ 151 levels. After this break, the zone started to work as support. If the price stays above this support, the movement towards the $ 156-160 band can be expected to continue. However, if closes below support, the $ 136 level can be tested again.
