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PDAXScope : Ether ETFs closer to reality

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May 24, 2024

4 min read


Crypto News:

Ether ETFs Clear Major Hurdle, Though SEC Hasn't Cleared Them for Trading Yet

Spot ether (ETH) exchange-traded funds took a giant leap toward reality on Thursday after the U.S. Securities and Exchange Commission approved key regulatory filings tied to them, a milestone for the second-largest cryptocurrency. They are not yet cleared to trade, though. The SEC gave its blessing to so-called 19b-4 forms tied to the ETFs, but the regulator must approve their S-1 filings before investors can buy them. Would-be spot ether ETF issuers include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares and Invesco/Galaxy. Although the approval of the 19b-4 filings suggests that regulators are willing to allow issuers to bring a spot ether ETF on the market, it doesn't guarantee that they will ultimately approve the final S-1 forms filed by all issuers.


Wild Bitcoin, Ether Price Swings Amid Spot ETH ETF Decision Triggers $350M Liquidations

A nerve-wracking hour leading up to the eventual approval, ETH first tumbled to $3,500 at around U.S. traditional market closing time, then surged to near $3,900 as the first unconfirmed reports of an approval appeared. Bitcoin (BTC) saw a similarly hectic episode sinking to the low-$66,000s, then spiking to $68,300 before paring gains below $68,000. Amid the volatile episode, liquidations across all leveraged crypto derivative positions soared to over $350 million during the day, the most since May 1, CoinGlass data shows. ETH traders took the biggest hit, with $132 million of liquidations, followed by $70 million in BTC derivatives liquidations.


Global News:

Stocks fall despite Nvidia boost as inflation concerns weigh

U.S. stocks ended lower on Thursday, even as a strong revenue forecast for Nvidia fueled a surge in its shares, but that was overshadowed by economic data showing inflation was still a concern that could delay any Federal Reserve rate cuts. Nvidia shares jumped 9.32% to close above the $1,000 per share mark for the first time and helped boost the Nasdaq and S&P 500 to intraday records in the early stages of trading after the AI chip company forecast quarterly revenue above estimates and announced a stock split. But stocks lost ground after economic data showed U.S. price pressures increased in May even as business activity accelerated and as lower weekly jobless claims indicated the labor market remains on firm footing.


US stock changes push FX trades into Asia's 'twilight zone'

A shortening of U.S. stock settlement window next week is expected to upend trading for Asian money managers, pushing some to secure funds in the early hours of their mornings when currency markets are at their thinnest and most jumpy. From May 28, investors from Singapore, Tokyo or Seoul who buy U.S. shares during the Wall Street day will have just 24 hours to validate their trades and convert their funds into dollars to complete the deals, down from two days previously. Under the changes, the deadline for affirming trades, where brokers, investors and custodians check and agree on all the details, moves from 12.30 p.m. New York time on the day after a trade to 9 p.m. on the day of the trade, according to the Depository Trust & Clearing Corporation (DTCC), which provides clearing and settlement for U.S. securities.


Local News:

BSP chief unfazed by U.S. Fed’s hawkish signals

Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. remains unfazed by the hawkish signals from the US Federal Reserve, saying the BSP’s monetary policy decisions will be guided primarily by the Philippines’ own economic data rather than the Fed’s moves.

At the same time, the central bank governor vowed to defend the peso from speculative attacks as the local currency weakened toward record lows. The BSP can intervene in the market to temper foreign exchange volatility by selling some dollars from its reserves. Remolona said the BSP has been intervening recently but only in “small amounts.” He said the central bank stepped into the foreign exchange market on Tuesday when the peso sank to the 58-per-dollar level for the first time since late 2022.


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