Rhythm Morning News｜A list of important news from last night and this morning on May 21

Ethereum continued to rise above $3,700, up more than 20% in 24 hours

On May 21, according to OKX market data, Ethereum continued to rise above $3,700, and is now quoted at $3,681, up 20% in 24 hours.

Bitcoin broke through $71,000, up 7.16% in 24 hours

On May 21, according to OKX market data, Bitcoin broke through $71,000 for the first time since mid-April, and is now quoted at $71,232, up 7.16% in 24 hours.

Bloomberg ETF Analyst Raises Spot Ethereum ETF Approval Probability to 75%

On May 21, Bloomberg Senior ETF Analyst Eric Balchunas wrote, "James and I are raising the odds of spot Ethereum ETF approval to 75% (up from 25%). This afternoon, we heard rumors that the SEC might make a 180-degree turn on this (increasingly political issue), so now everyone is scrambling (just like us, everyone else thinks they will be rejected).

But we set the upper limit to 75% again until we see more information, such as submission updates."

Bloomberg Analyst: 75% Approval Probability Only for 19b-4, and future S-1 filings are still required

On May 21, Bloomberg senior ETF analyst James Seyffart wrote: “Just a quick note, Eric Balchunas and I have raised the odds of spot Ethereum ETF approval to 75%. But that’s for the May 23 deadline for 19b-4 (VanEck’s deadline). We also need S-1 approval. It could be weeks to months before we see S-1 approval and an actual Ethereum ETF go live.

That being said, if we are correct and we see these theoretical approvals later this week, it should mean that the question of S-1 approval is "when" rather than "if."

The U.S. SEC requires trading platforms to accelerate the update of 19B-4 documents for spot Ethereum ETFs

On May 21, according to CoinDesk, the U.S. SEC requires trading platforms to accelerate the update of 19B-4 documents for spot Ethereum ETFs.

Parallel Network has completed the test network user snapshot

On May 21, Parallel Network officially stated that the snapshot for test network users has been completed, and Parallel will retroactively distribute tokens to each participating user during the token airdrop.

ARC20 partial token coloring protocol upgrade is scheduled for June 18

On May 21, Atomicals Protocol officially announced that the ARC20 partial token coloring protocol upgrade has been set at block height 847,000 (approximately June 18, 2024). All developers and services are now ready to test node upgrades. If developers need it, the activation block height will be postponed for another 4 weeks (approximately July 15, 2024) in about 8 weeks.

BlockBeats previously reported that Atomicals Protocol announced the latest progress of its token split function, which allows users to send less than 546 units of tokens, aiming to increase the flexibility of token use and reduce the risk of token loss. The team has found a new way to split tokens without re-materializing Satoshi, but by allowing partial coloring of UTXOs. This means that the token is still backed by at least one Satoshi, but allows multiple Satoshis to "materialize" a coin. The team will compare the materialization features of partial coloring and using indexes in detail through AIP (Atomicals Improvement Proposal), and plans to run the existing index code on the testnet (the team has completed the construction of all codes in January) to provide developers with ample testing and feedback time.

io.net: IOG Foundation website has launched a reward qualification checker

On May 21, Solana Ecosystem DePIN Protocol io.net posted on the X platform that the IOG Foundation website has launched a reward qualification checker. Users can enter the Solana address to verify whether their wallet address is eligible for the first season reward.

Arthur Hayes: US-Japan currency swap may trigger a surge in cryptocurrencies, and Bitcoin is expected to hit $1 million

On May 21, BitMEX founder Arthur Hayes pointed out in his latest article that in order to curb the depreciation of the yen, the Federal Reserve may reach an unlimited dollar-yen swap agreement with the Bank of Japan. Hayes believes that this move is equivalent to the Fed's implementation of yield curve control, which will cause a sharp depreciation of the US dollar.

In Hayes' view, the depreciation of the US dollar means a sharp increase in global US dollar liquidity. This will benefit the cryptocurrency market led by Bitcoin. He predicts that if the US and Japanese central banks really adopt a "simple and crude" currency swap policy, it will trigger a new round of cryptocurrency gains. By then, the price of Bitcoin is expected to hit the $1 million mark, or even set a record high.

Hayes recommends that cryptocurrency traders pay close attention to future changes in the US dollar-yen exchange rate, and at the same time, they can appropriately increase their cryptocurrency allocations. He emphasized that once the market discovers that the US and Japan are conducting large-scale currency swaps and the scale of swaps continues to expand, it is likely to mean that a cryptocurrency bull market is coming.

GALA official response to the hack: hackers have been stopped and node voting will be conducted

On May 21, the GALA team posted on the X platform that unauthorized access to the GALA contract had been protected and deleted within 45 minutes. Currently, the ETH contract GALA is safe. The official is working with the FBI and the Department of Justice to identify the criminals and will conduct node voting on subsequent issues.

BlockBeats previously reported that the Gala platform was hacked, resulting in the minting of about 5 billion GALA, of which the hacker sold 600 million GALA (about 21 million US dollars).

Genesis reaches $2 billion settlement with New York state regulators

On May 20, according to CNBC, New York Attorney General Letitia James announced a $2 billion settlement with the crypto lending platform Genesis to repay defrauded investors.

Genesis filed for bankruptcy protection in January 2023. James sued DCG, its Genesis subsidiary, and Gemini Trust in October 2023, claiming that they misled investors on the Gemini Earn program, resulting in more than $1 billion in losses.

Spark announced that the second season of pre-mining will be launched soon, and 6.66 million SPK tokens will be distributed every month

On May 20, according to official news, Spark, a lending protocol under MakerDAO, announced that the second season of SPK pre-mining will be launched soon, and 6.66 million SPK tokens will be distributed every month. The SPK allocation amount is fixed for each block and will be distributed to eligible SparkLend users on Ethereum. The specific basis is as follows:

The amount of ETH deposited by the user and the amount of DAI borrowed;

The term of the user's ETH deposit or DAI borrowing position.

Vitalik: Cryptoeconomic Experiment Orb Land is Really Cool

On May 20, Ethereum co-founder Vitalik Buterin posted on social media that "The cryptoeconomic experiment Orb Land is really cool."

BlockBeats Note: Eric Wall, the founder of Taproot Wizards, launched a cryptoeconomic experiment called "Orb Land" to tokenize personal consulting services into NFTs. Holders who purchase Orb will gain the right to ask questions to the creator of Orb and resell this right. Technically speaking, Orb is an improved ERC-721 that supports the ERC-721 interface, and all functions related to transfers are restored. Although Orb can be displayed on OpenSea, it cannot be listed for sale on NFT trading markets such as OpenSea, Sudoswap or Blur. Additionally, Orb manages ownership functionality through auctions and the Harberger tax system.

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