Latest Cryptocurrency & Altcoin News
This week, the world of cryptocurrencies has seen important announcements and events. While Bitcoin fans are still reeling from Tesla’s reversal, altcoins are gaining acceptance. Here are the biggest stories of the last week of May 2021.
- WisdomTree Applies for Ethereum ETF
The Securities and Exchange Commission has received the second ETH ETF application in history. WisdomTree, an asset management firm focused on ETFs, has filed for an exchange-traded fund based on Ethereum, the second-largest coin by market capitalization. If you also want take a part in such a major financial venture, you may want to take a peak at sites like https://coincryption.com.au/.
Previously, among various altcoin news, the company received approval of its Bitcoin ETF, which became the highlight of altcoin news globally. Now, it is the second fund shop to adopt Ethereum (VanEck was the pioneer). If the decision is positive, retail traders in the United States will have easy access to Ethereum-based investments. They would be able to profit from ETFs without owning the underlying coins.
- ESG Investors and the Crash
Cathie Wood, the head of Ark Investment Management, has accused ESG investors of contributing to the latest crypto crash. During Consensus 2021, a virtual event arranged by CoinDesk, the fund manager attributed the fall to halted institutional buying. She explained it by concerns about the sustainability of mining.
According to the expert, Elon Musk and the entire ESG (environmental, social, and governance) movement are responsible for the latest downtrend. Bitcoin has almost halved in value over the past few weeks.
Wood says the billionaire exacerbated the notion that mining contributes to climate change. Soon after Tesla accepted Bitcoin in February 2021, the CEO said that the coin was unsustainable. Wood suggested he had received “a few calls from institutions”, as the third-largest shareholder of Tesla (BlackRock) is focused on sustainability, and large EU-based holders are also sensitive.
- Meme.com Raises $5M
The meme platform was designed as a bridge between altcoins and NFTs. Its official intention is to become the “CoinMarketCap for memetic content.” Venture capital funds have provided meme.com with 5 million so far. The cryptocurrency-focused contributors included over a dozen firms including Outlier Ventures, Digital Finance Group, and Spark Digital Capital. Angel investors have also participated in the endeavor.
The memetic category includes currencies like Dodgecoins. Like non-fungible tokens, they have soared in popularity in recent months. Now, both markets are united by meme.com. This is a place where digital art, NFTs, and “meme” tokens come together.
- Hackers Steal Millions from Binance Smart Chain’s BurgerSwap
On May 28th, another decentralized protocol was exploited by cybercriminals. The BurgerSwap system on Binance Smart Chain lost $7.2M worth of cryptocurrencies. The native BURGER coins accounted for 3.2 million dollars. Attackers also obtained $1.6 million worth of Wrapped BNB and $1.4 million worth of Tether.
Experts believe the criminals exploited the difference between the network and the exchange it was designed to clone — Uniswap. This line of code may have allowed them to steal the funds. Some observers have speculated the developers themselves may be behind the breach.
