During a period when the Securities and Exchange Commission’s political pressure increased hopes for spot Ethereum ETF approval, it was claimed that the process for spot Ethereum ETF funds had begun. The New York Attorney General reached a $2 billion agreement with the crypto company Genesis. According to researcher Markus Thielen, Bitcoin might be on the verge of a significant price increase. Here are three important developments that marked the last 24 hours.
Major Step for Ethereum ETF Funds
Crypto bulls speculated on the approval of a spot Ethereum exchange-traded fund after reports emerged that the Securities and Exchange Commission, likely due to political pressure, asked ETF exchanges to update their 19b- filings following steps taken towards Ethereum ETF funds.
According to CoinGecko data, the price of Ethereum increased by 19.4% in the last 24 hours and is currently trading at $3,685. This is the highest price seen since April 9.
Significant Development in Genesis Case
New York Attorney General Letitia James announced that her office had completed a $2 billion agreement with the crypto company Genesis. According to the May 20 announcement, the New York AG stated that the agreement was approved by a bankruptcy court. As part of the agreement, funds will be returned to Genesis investors, and the company will be banned from operating in New York.
According to James, Genesis was lying about the investment of $1.1 billion through its Genesis Earn program and deceiving investors. Genesis’s interim CEO Derar Islim commented:
“Throughout this process, our goal was to maximize value for all creditors, and we are pleased that the court has approved both our bankruptcy plan and the NYAG settlement agreement.”
Notable Comment on Bitcoin
If Bitcoin’s price manages to rise decisively above the critical $67,500 level, it could start climbing towards all-time highs. According to a May 20 report by Thielen, head of research at 10x Research, the $67,500 level serves as a significant resistance line for Bitcoin and could determine price movement in the coming weeks. Thielen wrote:
“A scenario predicted by our Bitcoin ETF model suggests that a breakout above $67,500 could potentially lead to all-time highs.”
The predictions came after Bitcoin showed a significant recovery above the psychological level of $66,000. According to TradingView, the world’s first cryptocurrency increased by over 7.3% last week.
