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The newly opened door to ether ETFs is part of a larger story that dominated cryptocurrency markets last week: the industry's political tides appear to be shifting in its favor. Thursday night's approval by the Securities and Exchange Commission of a rule change that would pave the way for the creation of ether ETFs caught most market watchers off guard. Expectations of an approval were low as the week began, but flipped completely and suddenly last Monday sending ether up 20% . The SEC decision followed a vote in the House of Representatives on May 8 to overturn a controversial SEC accounting policy, known as SAB 121, that forces banks to treat digital assets on their books as liabilities. The White House said the same day that President Biden would veto the bill and, in any case, the Senate rejected the proposal on May 16. Meanwhile, on May 9, former President Donald Trump said he would soon begin accepting campaign donations in crypto. "While the news of the ether ETF is undoubtedly positive, the real excitement lies in the underlying reason for the SEC's sudden change," said RachelLin, CEO and co-founder ofthe decentralized derivatives trading platform SynFutures. "Until recently, the SEC and a faction of the U.S. administration had seemingly pursued an anti-crypto policy to stifle the sector. However, there seems to be a growing political realization within the administration that cryptocurrency is a matter that could sway the election." Landmark victory Then last week, one day before the SEC approved the rule change to allow ether ETFs, the House passed a crypto infrastructure bill called FIT 21 (the Financial Innovation and Technology for the21stCentury Act ), which would specify when crypto falls under the purview of the SEC versus the Commodity Futures Trading Commission. Many are hailing FIT 21 as a landmark victory for the industry. "There's a sea change going on in politics right now," Oppenheimer senior analyst Owen Lau told CNBC. "People are starting to realize that being anti-crypto is a bad politics." The Beltway consensus is that FIT 21 is unlikely to come up for a Senate vote, but Lau said its passage in the House lays the groundwork for the next Congress that will be seated next January. "We are getting closer to regulatory clarity," he added. "The problem with the status quo is there are no rules." As a result, "there's a lot of unpredictability in this space that can push capital, talent and projects out of this country." Alex Thorn, head of research at Galaxy Digital, noted that there isn't much time in the legislative calendar for the passage of industry-friendly bills, with the summer recess looming and a Presidential election in the fall. Still, he didn't completely write off the Senate picking up existing efforts, such as the Lummis-Gillibrand Responsible Financial Innovation Act , co-sponsored by Democratic Senator Kirsten Gillibrand (N.Y.) and Republican Senator Cynthia Lummis(WY) , aimed at creating a comprehensive regulatory framework for crypto assets. "I'd be surprised if FIT 21 or something like it actually becomes law this year," said Thorn. "The politics of this are what is most interesting. It does portend a sweeping change in [the] Democratic leadership approach to this industry, and that can only help crypto."

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SEC embrace of ether ETFs highlights cryptocurrency's shifting political fortunes - CNBC

The cryptocurrency market has a meme coin segment that defies logic and a traditional investment approach. A meme coin named Turbo has been trading in the cryptocurrency market for over a year and was created using OpenAIs chatbot ChatGPT.

The meme coin Turbo was first launched a year ago in May 2023 and traded at $0.00031005. However, the cryptocurrency scaled up nearly 600% by the end of the year but began trading sideways in 2024.

Also Read: 10 U.S. Sectors To Be Affected if ASEAN Ditches the Dollar

Nonetheless, in the last 30 days alone, the Turbo meme coin skyrocketed nearly 1,400% and turned heavily bullish. Since a year, the Turbo cryptocurrency created with ChatGPT has surged a whopping 2,232% in value. The meme coin is among the top-performing cryptocurrencies this year that generated stellar returns for investors.

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Therefore, an investment of $10,000 last year in the meme coin Turbo would have turned into $233,200 today. This shows that the meme coin segment in the cryptocurrency market is not bound to any financial rules. Meme coins chart their own course and the lucky and daring ones get the opportunity to make returns that even the stock market cant deliver in a short period.

Turbos price is currently hovering around the $0.007 range on Wednesday and is facing correction in the charts. Investors are now indulging in profit bookings and the sell-off made the cryptocurrencys price dip this week. However, meme coins are highly speculative assets, and its difficult to point its next direction in the charts.

Also Read: U.S. Dollar Is the Least Worst Fiat Currency: Strategist

It is advised to do thorough research before taking an entry position into the Turbo meme coin this month. The cryptocurrency market is known for its volatility and swings both ways making it difficult to digest the losses. In conclusion, while the Turbo meme coin soared 2,200%, there is no guarantee that it could repeat the feat.

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Cryptocurrency: Meme Coin Created With ChatGPT Rises 2,000% - Watcher Guru

Brazil-based financial services platform Nubank has introduced a cryptocurrency transfer feature with improved security.

This feature allows customers to send and receive crypto assets, specifically Bitcoin, Ethereum, and Solana, directly from their wallets. The rollout is gradual, with plans to include more cryptocurrencies and networks in the future. Between March 2023 and March 2024, Nubank achieved a significant increase in transaction volume, positioning it as an important crypto platform in the country. This new functionality is part of Nubank's strategy to meet customer needs by simplifying the process and giving users more control over their crypto assets.

The new feature incorporates a pricing structure designed to stabilise the typical fluctuations of blockchain transactions, aiming to offer competitive fees alongside the standard Nubank experience. Nubank is collaborating with Chainalysis, a blockchain data platform, to enhance compliance and security for all crypto transactions. This partnership helps monitor blockchain addresses and detect any suspicious or illicit activities, reinforcing transaction security and efficiency.

Nubank's use of blockchain technology supports asset tokenization, smart contract execution, and rapid transfers, contributing to a secure and efficient transaction environment. Furthermore, this initiative aligns with Nubanks goal to provide reliable and secure services to its customers.

In April 2024, Nubank released Nubank+ to offer users cashback, free withdrawals, and free streaming via a partnership with Max. Nubank+ represented an evolution of the Nu experience, as it offered user benefits such as cashback, streaming, free withdrawals, and more.

The partnership with Max in Brazil was part of the Nubank+ benefits package, offering access to the streaming platform at no extra cost for the first 12 months, on the Basic Plan with ads, highlighting Nus focus on promoting unique experiences for customers.

In the same month, Nubank integrated the NuInvest platform into the Nubank application. This integration, planned over several months, consolidated a diverse portfolio of assets into the Nubank application, promising a more intuitive and secure experience. The updated application offered additional security layers and a dedicated investment space, distinct from other banking features, facilitating portfolio selection, visualisation, and monitoring. Representatives from Nubank's Investments area noted the expansion of asset offerings and improvements in user experience within the application.

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Nubank introduces cryptocurrency transfer feature - ThePaypers - The Paypers

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Bitcoin has climbed 1.15% over the last 24 hours, trading at $68,661.54. It is 1.63% lower than previous week. The second most popular token, Ethereum, has risen 0.60% from yesterday to trade at $3,874.14. It is up 3.10% from last week. Bitcoin and Ethereum have a market capitalization of nearly $1,352 billion and $465 billion, respectively.

BNB is trading at $602.24, a 0.78% increase from yesterday and 3.01% lower than last week. The current price of XRP is $0.55, up 1.01% in the last 24 hours. It is 0.65% lower compared to last week. Cardano and Dogecoin are trading at $0.44 (up 0.55%) and $0.11 (up 2.45%), respectively.

Solana, Polka Dot, Shiba Inu, and Polygon are currently trading at $171.61 (up 3.22%), $7.43 (up 0.11%), $0.000022 (up 15.61%), and $0.77 (up 0.88%), respectively. On the basis of the weekly chart, Solana is down 4.71% while Polka Dot has fallen 1.74%. Shiba Inu is up 11.38% in the last seven days whereas Polygon has gained 1.32%.

The top five gainers on the basis of the 24 hourly movement are Notcoin, dogwifhat, Celestia, Shiba Inu, and Book of Meme. They are trading at $0.0099 (up 26.24%), $3.94 (up 21.67%), $11.45 (up 16.98%), $0.000022 (up 15.37%), and $0.011 (up 14.80%), respectively.

The biggest losers of the day are Pendle, Lido DAO, Arweave, AIOZ Network, and KuCoin Token. They are trading at $6.48 (down 6.74%), $2.33 (down 4.31%), $38.52 (down 2.74%), $0.77 (down 1.38%), and $10.27 (down 1.19%), respectively.

DeFi or decentralized finance is an umbrella term for global, peer-to-peer financial services on public blockchains. Some of the popular DeFi tokens are Avalanche, Chainlink, Uniswap, Internet Computer, and Dai. They are trading at $37.19 (up 0.86%), $18.34 (up 1.15%), $11.02 (up 2.23%), $12.27 (up 0.89%), and $0.99 (down 0%), respectively.

Non-fungible tokens (NFTs) are cryptocurrencies that lack the attribute of fungibility, which means they cannot be exchanged for one another like other tokens. Internet Computer, Render, Immutable, Stacks, and Theta Network are some of the popular NFT tokens. They are currently trading at $12.27 (up 0.95%), $10.50 (up 5.08%), $2.32 (up 0.76%), $2 (up 1.10%), and $2.33 (up 2.82%), respectively.

The current global crypto market cap is $2.57 trillion, a 1.22% increase over the last day. The total crypto market volume over the last 24 hours is $96.33 billion, which marks a 14.83% increase. Last month, the global crypto market cap was $2.35 trillion while three months back, the total capitalization stood at $2.29 trillion.

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Cryptocurrency prices today: Check Rates of Bitcoin, Ethereum, Dogecoin, Solana - NewsBytes

Rivalry will launch its in-house crypto product, Rivalry Token, in H2 2024 as the esports-focused operator looks to expand its presence in the crypto gambling market.

The token will be integrated into the firms sportsbook, online casino and more, which the operator has claimed will improve the player experience from end-to-end.

Rivalry Tokens are earned through placing bets and referring friends, with the token then used on the Rivalry site to boost odds and participate in jackpots.

Further options to use the token are set to rolled out in the future.

Regardless of the outcome of the bet, players are rewarded with the tokens, which it has said will accrue value over time.

Per a statement, Rivalry said it expects its token will drive a meaningful increase in player engagement, loyalty, and advocacy by establishing more positive economic alignment and enabling customers to actively participate in product success.

Prior to its launch, players will be able to accumulate an interim currency through site activity and in the future social media, which in turn will be converted into Rivalry Token once it launches in H2 2024.

Existing Rivalry customers will be given tokens based on past activity, with loyal customers being rewarded as well as creating a substantial reactivation opportunity for churned users.

Rivalry Token will be available in the operators active markets outside of Ontario and Australia, with Rivalry also planning to add support for other cryptocurrencies such as bitcoin, dogecoin and ethereum.

The token will also be available on soon to be announced crypto exchange currencies under the trading title $RVLRY.

Steven Salz, Rivalry co-founder and CEO, commented on the token launch, saying it will capture a meaningful share of the market.

Salz said: Rivalry is well-positioned to access the growth opportunity in crypto with a proven product set, a brand entrenched in internet culture and a captive audience of digitally native users that are driving this economic renaissance.

The launch of Rivalry Token, alongside a broader expansion into cryptocurrencies, strengthens our product-market fit among an under-30 audience and positions us competitively to capture a meaningful share of this fast-growing segment of the market.

Tech-savvy bettors are leading a behavioural shift towards more experiential and crypto-enabled gambling experiences that are taking wallet share from incumbents at an accelerated rate, he added.

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Rivalry to launch its own cryptocurrency in H2 2024 - EGR Global