FameEX Morning Crypto News Recap | June 3, 2024

JPMorgan Advises Caution: Expectations for an SEC-Approved Ethereum ETF Could Be Excessive

The U.S. SEC approved spot Ethereum ETF, expected to draw substantial investments. Yet, JPMorgan Chase warned that these expectations might be too high compared to Bitcoin ETFs. Analysts noted Bitcoin's first-mover advantage and its recent halving event as key demand drivers absent in Ethereum, which could limit its ETF appeal.

PayPal's PYUSD Stablecoin Market Value Soars 221% in a Month, Approaching $400 Million

According to IntoTheBlock, PayPal's stablecoin PYUSD saw its market value surge by 221% in the last month, approaching $400 million. It currently ranks as the tenth largest stablecoin globally.

SEC Investigates New Regulatory Approaches for Investment Advice and Artificial Intelligence

The U.S. Securities and Exchange Commission has revealed that its Investor Advisory Committee will examine new areas of investment consulting and deliberate on artificial intelligence regulation during its meeting on June 6.

Nigeria Leads in Bitcoin Interest Globally, with El Salvador in Second Place

Google Trends reveals that Nigeria has the highest global interest in Bitcoin, with El Salvador ranking second. In response to economic challenges and to prevent a currency collapse, the Nigerian government began drafting regulations in May 2024 to ban peer-to-peer transactions of its national currency and cryptocurrencies.

Following US Approval of Ethereum ETF, Over $3 Billion in Ethereum Withdrawn from Exchanges

Since the U.S. approved the Ethereum ETF19b-4 application on May 23, more than $3 billion of Ethereum has been withdrawn from centralized exchanges, suggesting a looming supply shortage. Glassnode data analyzed by BTC-ECHO's Leon Waidmann indicates that only 10.6% of Ethereum's circulating supply remains on exchanges, marking a multi-year low.

VanEck CEO Indicates US SEC Might Lose Control Over Digital Assets

Jan van Eck, CEO of VanEck, noted a dramatic shift in the cryptocurrency market sentiment after the US SEC approved Ethereum spot ETFs. He described it as a groundbreaking change in securities regulation, highlighting the possibility that the SEC might 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.​