U.Today – Take a look at what happened in the cryptocurrency industry over the weekend with U.Today’s top three news stories.
(SHIB) Could Break a Major Record This Month, Here’s Why
According to data shared by Cryptorrank, the Shiba Inu showed positive results in May, growing by 13.2%. This performance is better than the meme coin’s May showing, which showed a decline of 15.4% compared to last year, indicating that SHIB has broken out of the bearish trend. June has an even larger stake in Shiba Inu because since its inception, the asset has never seen a positive close for the month of June. However, this year’s market dynamics are completely different compared to the last three years, when spot ETF products were listed on American stock exchanges. While this does not directly impact Shiba Inu, it does augment overall institutional liquidity, which could drive up the price of BTC. Given SHIB’s powerful correlation with Bitcoin, the meme coin could also benefit from this rally. In this way, the Shiba Inu can break the historic June slide by using a growth trick similar to the one shown in May.
Cathie Wood’s Ark Invest abandons plans to issue ETFs
According to Bloomberg, Ark Investment, an asset management company led by Cathie Wood, withdrew from issuing the Ethereum Exchange Traded Fund (ETF). The company previously filed for a spot ETF in partnership with 21Shares; now Arek’s name has been removed from the report. Due to this change, the name of the fund was changed from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF. According to Ark’s official statement, the company continues to believe in Ethereum’s “transformational potential and long-term value.” However, at this time Ark will not continue investing in the Ethereum ETF. While the reason for this sudden change remains unknown, Bloomberg analyst Eric Balchunas believes that the driving force behind the decision was the ongoing “price war” in the market, which makes it complex for issuers to remain profitable.
Max Keizer Reveals Impressive Bitcoin Prediction for El Salvador’s Old ‘New’ President
On Saturday, June 1, Nayib Bukele’s second term as president of El Salvador began, as well as the continuation of his administration’s pioneering efforts in cryptocurrency adoption. As a reminder, in September 2021, the country officially adopted Bitcoin as legal tender. Following this news, Max Keizer, a prominent Bitcoin enthusiast and presidential advisor, took to the X platform to share his predictions for Bukele’s second term. Keizer believes that El Salvador’s wealth will be controlled by its people running their own Bitcoin nodes. Additionally, the president will propose initiatives thanks to which citizens will be able to crowdfund those they like. The forecast goes on to say that Bukele will reinvent the social contract and lead the nation to a circular BTC-based economy. Concluding his post, Keizer wrote that he sees El Salvador becoming debt-free and using its geothermal and volcanic energy to power Bitcoin mining, with the goal of controlling 10% of the world’s hashrate.
