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During his congressional testimony, SEC Chairman Gary Gensler criticized the cryptocurrency industry for commingling funds, calling it a recipe for disaster. He did not disclose the SEC’s next moves regarding spot bitcoin exchange-traded funds (ETFs) and left the industry uncertain about the SEC’s decision and timeline. Chairman Patrick McHenry also criticized the SEC for targeting the digital assets ecosystem aggressively, causing confusion and long-term damage. Gensler emphasized that Bitcoin is not considered a security but hinted at potential staffing reductions due to a government shutdown, leading to delays in SEC filings.

AI Sentiment: Negative

Asset manager VanEck, with $80 billion under management, is planning to launch an Ethereum Futures ETF. This move comes as the U.S. Securities and Exchange Commission (SEC) delays its decision on spot Ethereum ETFs. The ETF, called EFUT, will invest in standardized, cash-settled ETH futures contracts traded on registered commodity exchanges. The EFUT will be listed on the CBOE, following VanEck’s successful venture with the VanEck Bitcoin Strategy ETF. Other finance entities are also submitting proposals for ETH futures ETFs. The SEC has granted a 45-day extension for the decision-making deadline. However, there are speculations that the SEC might approve several Ethereum futures ETFs as early as the following week. U.S. Representatives have urged the SEC to accelerate the approval process for spot bitcoin ETFs.

AI Sentiment: Positive

Marathon Digital, a prominent player in Bitcoin mining, unintentionally mined an invalid Bitcoin block as part of an experimental effort to improve their operational strategies. They clarified that their intention was never to compromise the integrity of the Bitcoin network. The bug responsible for the incident originated within Marathon’s internal development environment and had no connection to their Bitcoin production pool or Bitcoin Core software. Bitcoin developers attribute the invalid block to a transaction ordering issue. Marathon was advised to conduct such experiments on a testnet before the mainnet. However, the incident highlighted the robust security of the Bitcoin network, which promptly rejected and rectified the anomaly. Marathon’s stock price dipped following the incident.

AI Sentiment: Negative

U.S. lawmakers are advocating for the approval of a Spot Bitcoin ETF, stating that it is in the best interest of protecting crypto investors. The approval of a regulated exchange-traded fund is expected to boost institutional interest in Bitcoin and potentially increase its price. Meanwhile, a new meme coin called Memeinator (MMTR) is gaining popularity as it aims to dominate the meme coin market by using artificial intelligence to identify and eliminate weaker meme coins. The demand for Memeinator appears to be strong, and it has already raised around $335K in its pre-sale. The cryptocurrency market, including Memeinator, is anticipated to benefit from the increasing interest in digital assets.

AI Sentiment: Positive

The article discusses the potential impact of an extended U.S. government shutdown on the XRP cryptocurrency and its lawsuit with the SEC. It states that if a shutdown occurs, it could delay the resolution of the SEC’s motion for interlocutory appeal, leaving XRP investors in limbo. Additionally, the SEC itself would have to suspend most of its operations, affecting the broader cryptocurrency sector. The article highlights the growing integration of cryptocurrencies with the financial landscape and the importance of this case for future regulatory actions.

AI Sentiment: Negative

The article discusses the upcoming event for Ripple and its CEO Brad Garlinghouse’s response to their win against the U.S. Securities and Exchange Commission (SEC). Garlinghouse criticizes the SEC’s tactics and praises companies like Grayscale and Coinbase for resisting them. He also reflects on Ripple’s legal battle, stating that it attacked the entire crypto sector. The article mentions that XRP’s price is targeting a return above $0.50, and its recent period of consolidation suggests cautious market sentiment. The upcoming Ripple event is expected to rebuild positive sentiment within the community. The article concludes by questioning if there will be any new developments in the Ripple vs. SEC case.

AI Sentiment: Positive

The content discusses the challenges faced by new and old projects in fundraising due to the difficult period in 2023. However, both the BitDAO Community and the Mantle Protocol have managed to maintain healthy treasuries, making them the richest in the Web3 space. The article also mentions a crypto exchange and provides a disclaimer about the content not being investment advice. The news can be found at the following URL: https://finbold.com/this-3-billion-layer-2-treasury-is-6x-richer-than-ethereum-foundation/?utm_source=snapi

AI Sentiment: Neutral

The article discusses the current price movements and technical analysis of Bitcoin, Ethereum, and XRP. Bitcoin’s price is trading near the lower trendline of a wedge pattern and is supported by the 200 SMA. However, it lacks momentum, and a breakdown could lead to a fall towards the $25K level. Ethereum’s price, though below the 200 SMA, appears more bullish in the short term, with a slightly higher RSI reading and trading closer to the upper range of a wedge pattern. An upside breakout could target resistance at $1,735. XRP is comparatively weak, with a low RSI reading and trading below the 50 and 200 SMAs. If there is a shift in momentum, it could test resistance levels at $0.52 and $0.54, while a breakdown may lead to a decline towards the $0.46 support area. The pressure on Bitcoin is attributed to Treasury yields.

AI Sentiment: Neutral

Bitcoin ordinals and inscriptions have had a positive impact on miner revenue by increasing transaction fees. However, miners are facing challenges as the impending halving event approaches. Inscriptions have been actively participating in the crypto ecosystem since February 2023, occupying block space after higher-value transfers. Despite contributing to transaction fees, the number of pending transactions has increased since May, with most of them having minimal data footprint. The rise in inscriptions aligns with the surge in pending transactions, indicating their significant demand for block space. However, miners’ overall income remains low, with hash prices hitting an all-time low. This puts miners under income stress and will further worsen after the halving event reduces their block rewards. The mining industry is fiercely competitive, and miners’ profitability depends on the future trajectory of BTC prices. The article concludes by advising readers to be cautious with crypto investments.

AI Sentiment: Positive

Marathon Digital, a prominent Bitcoin mining company, has mined an invalid Bitcoin block, raising concerns about the integrity of blockchain transactions and the broader cryptocurrency ecosystem. The issue was exposed by an anonymous Bitcoin developer and confirmed by another expert. Bitcoin mining is the process of creating new bitcoins and adding transactions to the blockchain. The invalid block contained improperly ordered transactions, resulting in its rejection. This incident highlights the complexities and vulnerabilities of blockchain technology and serves as a reminder that even established players can face issues. However, the response from the community and the lessons learned will contribute to the maturation of the cryptocurrency ecosystem.

AI Sentiment: Negative