Weekly Crypto News Recap: U.S. Presidential Candidate Excited About Blockchain, Bitcoin’s Bull Run Uncertain, and Ethereum ETF Approval in Doubt
U.S. presidential candidate Robert F. Kennedy Jr. is making waves in the cryptocurrency community with his proposal to put the U.S. budget on the blockchain. During a rally in Michigan, Kennedy expressed his belief that integrating blockchain technology into the budget would increase transparency and allow American taxpayers to track where their funds are being spent. This idea has been met with enthusiasm from some in the crypto community who see it as a way to combat corruption.
However, not everyone is as optimistic about the future of cryptocurrency. Standard Chartered’s head of digital assets research, Geoff Kendrick, remains confident in the market’s ability to recover, predicting a price of $150,000 for Bitcoin by the end of the year. On the other hand, analysts at Kaiko are skeptical that Bitcoin’s recent halving will lead to a sustained bull run, citing a recent research report that suggests miners are losing money and transaction fees on the Bitcoin network are declining.
In other news, the U.S. Securities and Exchange Commission (SEC) has delayed its decision on a spot Ethereum ETF application, extending the review period to June 11. Industry heavyweights such as BlackRock and Grayscale are vying for approval for their own Ether ETFs, but the likelihood of approval remains uncertain, with one analyst giving it a 35% chance.
On the legal front, Custodia Bank is challenging a lower court’s decision to deny its attempt to join the U.S. banking system, while the SEC is suing a Bitcoin mining company for engaging in an unregistered securities offering. MetaMask developer Consensys is also taking legal action against the SEC over what it sees as an overreach of authority.
Overall, the cryptocurrency market is experiencing both bullish and bearish trends. While the spot Bitcoin ETF sector saw a capital outflow of $217 million, institutional interest in cryptocurrencies is growing, with BNY Mellon exposed to BTC ETFs offered by BlackRock and Grayscale. Ethereum co-creator Vitalik Buterin has also raised concerns about the network’s proof of work design, while blockchain developer Movement Labs recently raised $38 million in venture capital, signaling continued interest from VCs in the cryptocurrency sector.
