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Crypto News Digest by U.Today
Valeria Blokhina
Check out the weekend’s biggest stories in the U.Today Digest!
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Take a look at what happened in the cryptocurrency industry over the weekend with U.Today’s top three stories.
Shiba Inu (SHIB) could break a major record this month, here’s why
According to data provided by Cryptorank, Shiba Inu established positive results in the month of May, recording growth of 13.2%. This surpasses the 15.4% plunge the meme coin saw in May compared to last year, indicating that SHIB has broken free of that bearish trend. June holds an even larger share for Shiba Inu, as the asset has never seen a positive close for the month of June since its founding. However, this year’s market dynamics are quite different than the past three years, with spot Bitcoin ETF products trading on US exchanges. Even if Shiba Inu is not directly affected, this strengthens overall institutional liquidity which can boost the price of BTC. Given SHIB’s strong correlation with Bitcoin, the meme coin is also poised to benefit from this rally. Therefore, Shiba Inu could break June’s historic decline with a growth stunt similar to that shown in May.
Cathie Wood’s Ark Invest abandons plans to issue Ethereum ETFs
Ark Investment, the asset management company led by Cathie Wood, He retired from the issuance of an Ethereum exchange traded fund (ETF), Bloomberg relationships. Previously, the company applied for a spot Ether ETF in partnership with 21Shares; Ark’s name has now been removed from the archive. Following this development, the fund’s name was changed from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF. According to Ark’s official statement, the company continues to believe in the “transformative potential and long-term value” of Ethereum. However, at this time, Ark will not move forward with an Ethereum ETF. While the reason for this sudden change remains unknown, Bloomberg analyst Eric Balchunas believes the driving force behind the decision was the market’s ongoing “fee wars,” which make it harder for issuers to remain profitable.
Max Keiser Reveals an Epic Bitcoin Prediction for El Salvador’s Old “New” President
Saturday, June 1 marked the start of Nayib Bukele’s second term as president of El Salvador, as well as the continuation of his administration’s pioneering efforts in the adoption of cryptocurrencies. Recall that the country officially accepted Bitcoin as legal tender in September 2021. Following the news, Max Keizerprominent Bitcoin enthusiast and advisor to the president, took to platform X to share his prediction for Bukele’s second term. Keiser believes El Salvador’s wealth will be controlled by its people running their own Bitcoin nodes. Furthermore, the president will propose initiatives, allowing citizens to crowdfund the ones they prefer. The prediction also predicts that Bukele will reinvent the social contract and run the nation on a BTC-centric circular economy. Concluding his post, Keiser wrote that he sees El Salvador becoming debt-free and using its geothermal and volcanic energy to fuel Bitcoin mining, with the goal of controlling 10% of the global hash rate.
About the author
Valeria Blokhina
Valeria is the community manager of U.Today. She is a cryptocurrency enthusiast and believes that cryptocurrency is the future of finance. Valeria currently covers the latest news in the world of cryptocurrencies and blockchain.