Bit Push's daily selected Web3 news for you:
【Standard Chartered Bank: SEC Data Supports Bitcoin Reaching $500,000 Target Price by 2028】
Standard Chartered Bank analyst Geoff Kendrick stated that recent SEC 13F reports support the expectation that Bitcoin may rise to $500,000 by the end of 2028.
The analyst noted that although direct Bitcoin ETF holdings decreased in the first quarter, government agencies increased their positions in Strategy (formerly MicroStrategy), which is considered an alternative investment tool for Bitcoin. This may reflect institutional efforts to obtain Bitcoin exposure under regulatory restrictions.
【Spot Gold Breaks Through $3,300, First Time Since May 9th】
According to Jin10 data, spot gold broke through the $3,300 mark, the first time since May 9th.
Earlier, CNN reported that multiple US officials said the US obtained new intelligence indicating Israel is preparing to attack Iran's nuclear facilities. US officials stated such a strike would be a clear break from Trump's approach and could potentially trigger a broader regional conflict in the Middle East - a scenario the US has been trying to avoid since the Gaza war escalated tensions in 2023.
【SEC Delays Resolution on XRP and Dogecoin ETF Listing Proposals, Seeks Public Comments】
According to documents released on Tuesday, the SEC has postponed the deadline for approving XRP and Dogecoin ETF listing proposals and is seeking public comments on 21Shares Core XRP Trust, Grayscale XRP Trust, and Grayscale Dogecoin Trust.
The SEC stated in a document: "Given the legal and policy issues raised by the proposed rule changes, it is appropriate to solicit comments at this time and does not indicate that the SEC has drawn any conclusions on related matters. Instead, the SEC seeks and encourages comments on the proposed rule changes."
According to Tuesday's filing, the SEC also delayed the decision on approving Bitwise's proposal for an Ethereum ETF with staking.
【Asset Management Giant Blackstone Holds $1.08 Million in BlackRock Spot Bitcoin ETF, Possibly First Reported Crypto Product Investment】
According to documents submitted to the SEC on Tuesday, Blackstone held $1.08 million in BlackRock's spot Bitcoin ETF as of the end of March, seemingly the first recorded investment in a crypto-related product by the group. Blackstone manages over $1 trillion in assets and claims to be the "world's largest alternative asset manager".
As early as 2019, Blackstone co-founder and CEO Stephen Schwarzman admitted he was not very fond of Bitcoin. "I'm not very interested because it's hard for me to understand," he said at the time.
【OKX US CEO: OKX Seeks to Rebuild "Super App" in the US】
OKX US CEO Roshan Robert told The Block that OKX is seeking to rebuild its "super app" in the US.
As a former Barclays executive and former Chief Business and Operating Officer at Hidden Road, Robert said, "Essentially, our principles for launching OKX in the US are very similar to everything I've built in the past few years," noting that he "played a role in helping Barclays' futures division adapt to newly established regulations". Roshan told The Block that his primary task is to establish OKX's dominance in spot market trading, but he also envisions bringing OKX's existing payment and derivatives business lines into the country.
OKX US has grown to about 500 employees across New York, San Francisco, and San Jose since September, with plans to expand with compliance as the priority. As of Tuesday, the company has obtained licenses to operate in "47 US states and regions like Washington DC and Puerto Rico". OKX US aims to start small, first offering centralized spot trading and a "fully functional" Web3 wallet.
Roshan Robert stated: "Our long-term vision is certainly to become an industry-leading super app. We plan to achieve this gradually, with OKXPay being our key product." According to The Block's data, OKX is the second most active exchange by trading volume, behind Binance.
【XRP Futures Exceed $19 Million in Notional Trading Volume on CME Group Debut, Outperforming Solana Futures】
The CME Group, America's largest derivatives market, launched XRP futures on Sunday, the fourth crypto product after BTC, ETH, and SOL futures. The CME Group stated on Tuesday that the first-day trading volume exceeded $19 million, surpassing Solana futures' debut performance in March, which had a first-day trading volume slightly over $12 million.
CME Group's XRP futures come in micro contracts (2,500 XRP) and larger contracts (50,000 XRP), settled in cash using the CME CF XRP-USD reference rate.
Bitcoin futures launched in December 2017 with a first-day trading volume of $102.7 million, while Ethereum futures saw $31 million in first-day trading in February 2021.
【SEC Chair Questioned in Congressional Hearing: Trump's Meme Coin and Justin Sun's Relationship Draws Attention】
According to The Block, SEC Chair Paul Atkins was questioned by lawmakers on Tuesday about the Meme coin related to Trump and crypto entrepreneur Justin Sun's connections.
Democratic Representative Glenn Ivey expressed concerns about recent events. He noted that before Trump's January inauguration, Sun's company Tron purchased $30 million in tokens from Trump-affiliated decentralized finance company World Liberty Financial. Subsequently, the SEC suspended fraud cases against Sun and his company, including Tron. Meanwhile, Trump owns his own Meme coin and plans to host a dinner for Meme coin holders, with Sun claiming to be among them. Ivey bluntly stated: "Frankly, this is very bad." He hopes the SEC will investigate.
Paul Atkins responded that Sun's case is an "active case" and reiterated that the SEC previously stated Meme coins are not securities.
Paul Atkins, who has been in his role for less than a month, stated that the SEC will begin a "new day" and plans to regulate cryptocurrencies through "notice and comment" rulemaking rather than enforcement. He emphasized prioritizing a "reasonable regulatory framework" for the crypto market, clarifying issuance, custody, and trading rules while combating illegal activities.
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