Strategists at Standard Chartered are optimistic about the potential approval of Ethereum spot ETFs by the SEC. They said the securities regulator could approve these exchange-traded funds in May. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Will the SEC approve Ethereum spot ETFs?
📍Standard Chartered believes the SEC will give its approval to Ethereum-based spot ETFs in May. Strategists at the UK-based international bank believe it is quite possible that Ethereum spot ETFs will begin trading on US exchanges this year.
Geoffrey Kendrick, head of currencies at the British bank, believes the SEC will postpone a decision on whether to approve Ethereum spot ETFs, in the same way it did with Bitcoin ETFs, but will eventually give them the thumbs up.
While the SEC has stressed that the approval of Bitcoin ETFs in the US market does not guarantee that the regulator will end up authorizing the listing of investment funds based on other cryptoassets, strategists at Standard Chartered are optimistic and point to May 23 as the most likely date on which the SEC could approve ETH ETFs.
Meanwhile, BlackRock and Fidelity, which offer Bitcoin ETFs to their investors and are seeking SEC clearance to launch Ethereum ETFs, continue to gain ground on Grayscale in the exchange-traded fund market.
Bitcoin remains above $43.000
📍The price of Bitcoin has been fluctuating between $42.900 and $43.800 on Tuesday. Bitcoin broke above the $43.000 level on Jan. 29, boosted by rising inflows into spot exchange-traded funds and optimism about the Federal Reserve's monetary policy, which could keep interest rates unchanged at its meeting on Wednesday.
At the time of writing this article, the price of Bitcoin is trading at around $43.000, according to data from CoinMarketCap. Over the past 24 hours, the price of the cryptocurrency that leads the market by capitalization has been moving horizontally.
Source: CoinMarketCap
API3 builds a platform specialized in blockchain order flow auctions
📍Blockchain oracle protocol API3 has introduced a new solution called OEV Network. It is a digital platform specialized in order flow auctions that is built using the Polygon CDK (Chain Development Kit) chain framework.
Through this new platform, API3 seeks to offer an effective solution to the MEV problem that occurs in decentralized protocols in the DeFi ecosystem, and which basically affects end users, who must pay higher prices for tokens.
API3 developers explained that the OEV Network solution “will capture the OEV of all dApps using API3 data feeds across all chains and return this value to the protocols.”
On the other hand, Sandeep Nailwal, co-founder of Polygon, emphasized Polygon CDK’s capabilities to enable developers to build innovative solutions dedicated to solving unique blockchain problems in a precise manner. He indicated that the OEV network represents an innovation that will unlock massive value for application builders across the blockchain ecosystem.
USDC expands to Celo Network
📍The second-largest stablecoin in the crypto market is expanding to the Celo blockchain. This was announced by Circle, the company responsible for issuing USDC. Circle published a statement announcing the native integration of the stablecoin into the carbon-negative blockchain compatible with the Ethereum Virtual Machine (EVM).
Separately, Celo developers announced that USDC will be proposed as the official gas token for the Celo community and that they will be submitting a governance proposal for it in the coming weeks.
Through the stablecoin, Celo seeks to accelerate the adoption of its blockchain ecosystem. The developers of the chain highlighted the growth potential of USDC, due to the fact that it is a regulated, fully reserved stablecoin that can be redeemed 1:1 in US dollars.
Continue reading: Google enables advertising for Bitcoin ETFs and cryptocurrency-based products
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