U.Today – Take a look at what happened in the cryptocurrency industry over the weekend with U.Today's top three stories.
(SHIB) May Break a Major Record This Month, Here's Why
According to data provided by Cryptorank, Shiba Inu demonstrated positive results in May, recording a growth of 13.2%. This exceeds the 15.4% drop that the meme coin showed in May compared to last year, indicating that SHIB broke free of that bearish trend. June holds an even bigger stake for Shiba Inu, as the asset has never recorded a positive close for the month of June since its founding. However, this year's market dynamics are quite different compared to the last three years, as spot ETF products are traded on US stock exchanges. Although Shiba Inu is not directly affected by this, it reinforces overall institutional liquidity that can lift the price of BTC. Given SHIB's strong correlation with Bitcoin, the meme coin is also poised to benefit from this rally. Therefore, Shiba Inu could break June's historic losing streak with a growth trick similar to the one shown in May.
Cathie Wood's Ark Invest abandons plans to issue ETFs
Ark Investment, the asset management firm led by Cathie Wood, has pulled out of issuing an Ethereum exchange-traded fund (ETF), Bloomberg reports. Previously, the company filed for an Ether spot ETF in partnership with 21Shares; Now, Ark's name has been removed from the presentation. Following this development, the fund's name was changed from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF. According to Ark's official statement, the company continues to believe in the “transformative potential and long-term value” of Ethereum. However, at this time, Ark will not be moving forward with an Ethereum ETF. Although the reason for this sudden change is still unknown, Bloomberg analyst Eric Balchunas believes that the driving force behind the decision was the current “fee war” in the market, which is making it difficult for issuers to remain profitable.
Max Keizer Reveals Epic Bitcoin Prediction for El Salvador's Old “New” President
Saturday, June 1, marked the beginning of Nayib Bukele's second term as president of El Salvador, as well as the continuation of his administration's pioneering efforts in cryptocurrency adoption. As a reminder, the country officially accepted Bitcoin as legal tender in September 2021. Following the news, Max Keiser, prominent Bitcoin enthusiast and advisor to the president, took to the X platform to share his prediction for Bukele's second term. Keizer believes that El Salvador's wealth will be controlled by its people running their own Bitcoin nodes. In addition, the president will propose initiatives that will allow citizens to collectively finance the ones they want. The prediction further says that Bukele will reinvent the social contract and operate the nation in a BTC-centric circular economy. Concluding his post, Keizer wrote that he sees El Salvador free of debt and using its geothermal and volcanic energy to fuel Bitcoin mining, with the goal of controlling 10% of the global hash rate.
This article was originally published on U.Today.
