FameEX Morning Crypto News Recap | June 3, 2024

JPMorgan Cautions: Expectations for SEC-Approved Ethereum ETF May Be Too High

The U.S. SEC approved a spot Ethereum ETF, anticipated to attract significant investment. However, JPMorgan Chase cautioned that expectations might be overly optimistic, especially when compared to Bitcoin ETFs. Analysts cited Bitcoin's first-mover advantage and recent halving event, which boosts demand for its ETFs, as factors lacking for Ethereum, potentially dampening its ETF demand.

PayPal's Stablecoin PYUSD Sees 221% Market Value Surge in One Month, Nearing $400 Million

Data from IntoTheBlock reveals that PayPal's stablecoin, PYUSD, experienced a 221% market value increase over the past month, nearing $400 million. It is now ranked as the tenth largest stablecoin.

SEC Explores Regulation of Investment Advice and Artificial Intelligence in New Study

The U.S. Securities and Exchange Commission announced that its Investor Advisory Committee will explore new investment consulting areas and discuss the regulation of artificial intelligence at its upcoming meeting on June 6.

Nigeria Tops Global Interest in Bitcoin, El Salvador Follows Close Behind

Google Trends data indicates Nigeria now leads the world in Bitcoin interest, followed by El Salvador. Facing economic challenges and trying to avert a currency collapse, the Nigerian government, in May 2024, started drafting regulations to prohibit peer-to-peer transactions involving the national currency and cryptocurrencies.

Over $3 Billion in Ethereum Withdrawn from Exchanges Following US Approval of Ethereum ETF Application

Since the U.S. approved the Ethereum ETF19b-4 application on May 23, over $3 billion in Ethereum has been withdrawn from centralized exchanges, hinting at an upcoming supply crunch. Glassnode data, highlighted by BTC-ECHO analyst Leon Waidmann, shows that only 10.6% of Ethereum's circulating supply is currently held by exchanges, the lowest in years.

VanEck CEO Suggests US SEC Could Lose Authority Over Digital Assets

Jan van Eck, CEO of VanEck, observed a significant shift in sentiment in the cryptocurrency market following the US SEC's approval of Ethereum spot ETFs. He described the change as one of the most remarkable in securities regulation during his career, noting that the SEC could potentially lose jurisdiction over digital assets.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.