General News Summary – May

June 13, 2024

 

May has been an exciting month for the cryptocurrency market, with significant developments and market rebounds:

– After dropping to $67,200 due to Mt. Gox news, Bitcoin quickly rebounded to $68,852, demonstrating resilience and investor confidence.

The SEC’s approval of the first spot Ether ETFs is poised to significantly boost mainstream cryptocurrency adoption.

– Ethereum experienced a substantial surge in May, achieving its best performance since February with a nearly 30% increase.

At Altfund Management, we are committed to navigating the evolving crypto landscape. Our expertise and partnerships with top-performing digital asset managers enable us to capitalize on emerging opportunities, ensuring optimal returns for our investors.

ACROSS THE HEADLINES

Crypto Market Rebounds Despite Mt. Gox Drama: Bitcoin Holds Above $68K Mark

“After initially dropping to the $67,200 level following news of Mt. Gox transferring Bitcoin, the world’s largest cryptocurrency by value, rebounded and surged nearly 1% to reach $68,852 in Wednesday’s trade.”

SEC Approves Spot Ethereum ETFs, Opening Door for Mainstream Investors

“In a move that could significantly boost mainstream adoption of cryptocurrency, the Securities and Exchange Commission has approved the first spot Ether exchange-traded funds (ETFs).”

Morgan Stanley Reveals $260M Investment in GBTC

“One of the largest investment banking firms in the US, Morgan Stanley, poured over $269 million into Grayscale’s Bitcoin ETF (GBTC) during the first quarter of 2024.” 

Trump Becomes First Major party Candidate to Accept Crypto Donations  

“The likely GOP flag bearer in the upcomingU.S. presidential election signaled his friendliness to crypto at a Mar-a-Lago event earlier this month.”

BlackRock Takes the Crown for the Largest Spot Bitcoin ETF from Grayscale  

“BlackRock’s spot bitcoin (BTC) exchange-traded fund (ETF) is now the largest product of its kind, flipping Grayscale’s GBTC after a $102million inflow on Tuesday.” 

Ethereum on Track for Best Month Since February with 30% Rise in May

“Data from Coinglass shows that Ethereum has experienced a remarkable surge in May, rising nearly 30% with a few days remaining.”

London Stock Exchange Set to List Crypto ETPs for the First Time

“The LSE said in March it would accept applications for bitcoin and ether exchange-traded products in the second quarter after the FCA adjusted its stance on such products.”

Institutional Participation Fuels Bitcoin Futures Resurgence

“As of now, approximately $29 billion is allocated in futures contracts, a marked recovery from the lows seen in late 2022 and close to highs set in March of this year. This resurgence is attributed to increased institutional participation, particularly through CME, which has become a key indicator of institutional interest in the market.”

Japanese Crypto Exchange DMM Bitcoin Suffers $305M Hack

“DMM Bitcoin, a Japanese cryptocurrency exchange, said it lost 48 billion yen ($305 million) of bitcoin (BTC) following a hack.”

Tether Assets Almost 75% Dominance in Stablecoin Market

“According to Glassnode data, the stablecoin market continues to grow, with the combined market capitalization of the top five stablecoins surpassing $150 billion.”

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