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Hong Kong To Allow Staking for Spot Ethereum ETFs, Will It See More Inflows?

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6 months ago

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It’s just a matter of a few hours before the U.S. SEC announces its decision over the VanEck spot Ethereum ETF application. Interestingly, unlike the SWEC’s approach, Hong Kong made a surprise move stating that it would facilitate staking feature for its spot Ethereum ETFs.

Hong Kong SFC In Discussions

According to sources familiar with the matter, the Securities and Futures Commission (SFC) has engaged in discussions with Hong Kong’s crypto ETF issuers regarding the potential provision of staking services through licensed platforms. These discussions follow recent proposals submitted to the SFC in recent weeks.

The discussions are ongoing, and there is currently no definitive timeline for a decision, as disclosed by the individuals.

If the proposal receives approval, the inclusion of staking services could potentially enhance demand for Hong Kong’s spot Ethereum ETFs, which have experienced relatively subdued interest since their launch in April.

Additionally, this move could position Hong Kong ahead of the United States, where there have been recent indications of regulatory approval for spot-Ether ETFs, but without any staking functionalities. This was specifically the reason that Valkyrie decided to pull back its US application.

On the other hand, several other US issuers have scrapped plans to remove staking features from their applications.

Will Staking Provide Leverage to HK Ethereum ETFs?

Staking provides investors an opportunity to earn passive income by locking their ETH on the Ethereum network and further help in transaction validation. Presently, Ether staking offers an annual payout of approximately 4% in the form of additional coins.

According to Serra Wei, CEO of Aegis Custody, discussions regarding staking between Hong Kong ETF issuers and regulators have been productive, suggesting it would align well with local regulatory frameworks.

Wei remarked, “The inclusion of staking in spot-ETH ETFs would mark a significant achievement for Hong Kong,” although Aegis has not directly participated in discussions with the SFC. Aegis specializes in providing custody technology solutions to banks in Hong Kong.

The Ethereum price has been hovering around $3,800 with over 25% gains this week. We can expect more volatility after the ETF news in the US.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Terra Luna Classic Community Discord On Proposal Amid LUNC Price Rally

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9 minutes ago

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November 23, 2024

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Terra Luna Classic community dismissed a community pool spent proposal by Cosmos developer team BLV Labs for recent work on the blockchain. Some developers and community members highlighted that the developer group failed to follow governance rules as there were no testnet and mainnet deployments. LUNC price saw more than 5% upsurge amid recent developments.

Terra Luna Classic Proposed Rejected By Community

Community pool spend proposal 12146 by BLV Labs faced a roadblock as the developer group failed to execute the developments on the Terra Luna Classic mainnet. The proposal saw nearly 90% “No” votes, including Allnodes, Interstellar Lounge, Interstake One, and other validators. The developer seeks $5000 in LUNC.

Validators responded that there was discussion, with no testnet deployment or mainnet deployment. The community requested the team to finish the work for payout.

Terra Classic validatorTerra Classic validator

The developer worked on the use of Oracle module to update and calculate the minimum deposit required to create a proposal in the governance module. BLV suggested that the system will automatically increase the minimum margin to ensure the value of the proposal is maintained in the event of a sharp drop or spike in LUNC price.

The team claimed the code pushed to GitHub and a pull request created on the Classic Terra repository. After that, we continued to work on all the bugs related to testing and integration. The team plans to EVM, SDK50 upgrade, or IBC improvement.

Meanwhile, the Terra Classic community has approved a proposal to transfer CoinMarketCap dashboard account access to top validator Allnodes directly.

LUNC and USTC Price Jumps

LUNC price soared 5% in the last 24 hours and 15% in a week. The price currently trades at $0.000118, with a 24-hour low and high of $0.0001102 and $0.0001199, respectively. The $0.00012 is a key resistance level for LUNC, surpassing this level clears a rally to $0.0002.

Moreover, Terra Luna Classic open interest jumped 8% in the last 24 hours, with buying on Binance and OKX. However, Bybit recorded a sell-off in 1000LUNC futures.

Meanwhile, USTC price climbed more than 5%, with the price now trading at $0.0245. However, the trading volume saw a 31% decline in the last 24 hours. The price overall moves in the range for his month.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Arthur Hayes Shills Another Solana Meme Coin, Price Rallies

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1 hour ago

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November 23, 2024

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BitMEX co-founder and crypto millionaire Arthur Hayes has shilled another Solana meme coin to his followers. As expected, the coin’s price rallied following Hayes’ mention of the coin in an X post.

Arthur Hayes Shills FLOWER Meme Coin

In an X post, Arthur Hayes shared the Dextool profile of the FlowerAI (FLOWER) meme coin with the caption “kek.” Given Hayes’ status in the crypto community, this post was enough to send the meme coin’s price soaring.

When he made the post, FLOWER’s price was $0.02232, but the coin’s price has since spiked and is now above $0.03. The coin’s market cap was $22 million at the time but is now at $30 million following the price rally.

Arthur Hayes’ post has drawn criticism. Some of his followers questioned why someone of his repute was shilling a low-cap coin. Meanwhile, some accused him of intentionally trying to pump and dump the coin on his followers.

Besides shilling top SOL meme coins like Dogwifhat (WIF) in the past, Hayes has also dabbled into low and mid-cap coins. There was a point where he mentioned that he bought the MOTHER and MOG tokens. He also bet Solana AI meme coin Goatseus Maximus (GOAT).

Meanwhile, more recently, the Solana meme coin Deep Worm Price skyrocketed 180% after Hayes shilled it and asserted that the coin would reach a billion market cap. When he shilled the coin, WORM had a market cap of $55 million. However, following the pump, WORM’s market cap has since dropped to $41 million.

Solana Meme Coin Ecosystem Presents A Huge Boost

While Arthur Hayes continues to shill Solana meme coins, there is no doubt about the positive impact these coins have had on Solana and the SOL price. The SOL price recently hit a new all-time high (ATH) of $263, and this development is thanks to the increased demand for the coin among traders looking to invest in meme coins on the network.

The Solana network has also continued to record massive trading volume thanks to its meme coin ecosystem. For context, Solana is currently leading all other chains, including Ethereum, in terms of decentralized exchange (DEX) volume.

DeFiLlama data shows that the network has recorded a DEX volume of $44 billion and $5 billion in the last seven days and 24 hours, respectively. Ethereum comes in a distant second with $17 billion and $2.9 billion recorded during these periods.

With stakeholders in the crypto industry like Arthur Hayes shilling these Solana meme coins, the Solana network will unlikely continue to enjoy more trading volume as more investors also look to trade these coins.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ripple CEO Shares Bullish News With XRP Army As Trump Names Treasury Secretary

Published

4 hours ago

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November 23, 2024

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Ripple CEO Brad Garlinghouse has shared another good news with the XRP community. US President-elect Donald Trump has finally picked his Treasury Secretary, making the crypto community including Garlinghouse bullish on XRP and the end of the SEC lawsuit. Ripple CEO Garlinghouse claims Scott Bessent is the perfect pick.

Donald Trump Nominates Scott Bessent As US Treasury Secretary

US President-elect Donald Trump has nominated Scott Bessent to lead the US Treasury Department. The new Treasury Secretary is the founder of hedge fund manager Key Square Group. He is known for the famous short bet against the British sterling in 1992 when he worked for George Soros.

Picking the US Treasury chief proved to be one of Trump’s most crucial decisions as Wall Street closely watched the drama. Apollo Global Management CEO Marc Rowan and former Federal Reserve Governor Kevin Warsh were in the race.

“Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists,” Trump wrote on Truth Social, reported Reuters.

Both Wall Street and the crypto market reacted bullishly as Trump named Scott Bessent to lead Treasury Department. Bessent is positive on crypto adoption policy, but investors await more details on his views on fiscal policy and the next steps.

Ripple CEO Brad Garlinghouse Hails Trump’s Treasury Sec Pick

Ripple CEO Brad Garlinghouse took to X to express his satisfaction with Scott Bessent as Treasury Secretary. He said “I don’t want to get too far ahead of myself but… Scott Bessent is the perfect pick.” He claims Bessent will be the most pro-innovation, pro-crypto Treasury Secretary ever seen.

Other crypto executives and experts including Charles Hoskinson, John Deaton, Matthew Sigel, and David Bailey reacted positively.

Pro-XRP lawyer John Deaton said the Trump transition team now needs to get “SEC Chair right, we are about to enter the Digital Age of Innovation.” Meanwhile, Pro-XRP lawyer Jeremy Hogan predicted a potential conclusion timeline for Ripple SEC case.

XRP Price Rises Over $1.60 As Ripple CEO Turns Bullish

Bullish reactions from Ripple CEO and Cardano founder Hoskinson triggered further rally in XRP and ADA prices. All eyes are now on upcoming nominations by Donald Trump.

XRP price extended its weekly rally to more than 60%, with a 12% pump in the last 24 hours. XRP saw a 24-high of $1.62 as trading volume climbed further by 22%. Popular analysts predicted an XRP price target of $2.

ADA price jumped 22% in the past 24 hours, with the price finally surpassing $1. The 24-hour low and high are $0.856 and $1.140, respectively. Furthermore, the trading volume has increased by 130% in the last 24 hours, indicating a massive interest among traders.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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