Web3🌗Wednesday Buzz: Ether ETF Approval, NFT Trial Advances, Shiba Inu Updates, Bitcoin Trends

Welcome to another exciting day in the world of Web3! Today, we're delving into the latest developments that are shaping the landscape of cryptocurrencies and digital assets. Whether you're a crypto enthusiast, investor, or simply curious about the future of digital finance, stay tuned for a comprehensive look into today's Web3 highlights.

1. Ether ETF hopefuls aim for mid-July approval.

Asset managers are optimistic that the SEC will approve the first US exchange-traded funds (ETFs) investing directly in Ether by mid-July. Despite earlier speculation, the SEC has given Ether ETF applicants until July 8 to submit updated paperwork. Recent feedback from the SEC included minor questions, which issuers are addressing. Firms like BlackRock, Fidelity Investments, 21Shares, and Invesco have pending filings. Galaxy Digital’s Steve Kurz predicts an approval within weeks, anticipating demand similar to that for US spot Bitcoin ETFs, which have amassed $52 billion in assets. Ether's value has risen around 50% this year.

Ether ETF hopefuls gear up for approval as soon as mid-July

ASSET managers are optimistic that the US Securities and Exchange Commission (SEC) will green-light the first US exchange-traded funds (ETFs) that invest directly in Ether as soon as mid-July, saying the back and forth with the regulator remains constructive. Read more at The Business Times.

The Business Times

2. DraftKings lawsuit progresses with NFT trial.

DraftKings is embroiled in a legal battle where its NFTs are under scrutiny for potentially being investment contracts rather than mere collectibles. A Massachusetts judge's refusal to dismiss the class action lawsuit signals a significant legal challenge, questioning whether NFTs can be classified as securities. This development follows similar scrutiny faced by Dapper Labs, which recently settled a comparable lawsuit. Unlike Dapper Labs, DraftKings issues its NFTs on the Polygon blockchain, adding complexity to the legal debate. The outcome could have broad implications for the NFT market, especially regarding regulatory oversight and the application of securities laws in the digital asset space.

U.S. Judge Sets Stage for NFT Securities Trial as DraftKings Lawsuit Moves Forward

The class action suit from DraftKings buyers alleges that NFTs are investment contracts.

CoinDeskSam Reynolds

3. Shiba Inu introduces 3 new documentation features.

Shiba Inu continues its evolution beyond a meme coin with significant updates to its Shibarium blockchain. New documentation highlights capabilities like DApp development on Shibarium, validator enrollment for network security, and asset bridging between Ethereum and Shibarium. These updates aim to bolster utility and decentralization. Despite recent operational dips—processing fewer blocks and transactions—the Shiba Inu token maintains a trading value of $0.00001687, showcasing resilience in a volatile market. The community's focus on enhancing network functionality underscores Shiba Inu's ongoing commitment to expanding beyond its meme status.

Shiba Inu Updates 3 New Features Into Documentation

The Shiba Inu [SHIB] network has been expanding and proving to be much more than a meme coin. Several coins in the.......…

Watcher GuruSahana Kiran

4. Bitcoin trades under $61,000 amid soaring equity indices.

Bitcoin remains below $61,000 as the S&P 500 reaches new highs. Despite a 2% drop in the past day, Bitcoin hovers around $60,500, up 35% year-to-date from its mid-March peak of over $73,000. Federal Reserve Chair Jerome Powell's comments on inflation progress and potential rate cuts at the ECB Forum in Portugal have buoyed equity markets. Dow Jones and S&P 500 futures rose in pre-market trading following Powell's remarks, reinforcing investor confidence. Major European indices also started positively on Wednesday. Market anticipation grows for a possible rate cut in September, reflecting heightened economic optimism amid ongoing inflation concerns.

Bitcoin trades below $61,000 as equity indices hit new highs

Bitcoin has fallen below the $61,000 mark, despite equity indices reaching record highs amid the Fed’s recent statement on inflation.

The Block[email protected]

As we conclude our exploration of today's Web3 highlights, it's clear that the cryptocurrency and blockchain ecosystem continues to evolve rapidly. From regulatory advancements to technological innovations, each development plays a pivotal role in shaping the future of digital finance. Whether you're tracking the progress of Ether ETF approvals, the legal landscape of NFT securities, the growth of Shiba Inu's capabilities, or Bitcoin's market dynamics, these topics highlight the dynamic nature of the industry. Stay informed, stay engaged, and continue to follow us for more insights into the exciting world of Web3. Together, let's navigate the future of decentralized technologies.

WEB3 AI ML