Cryptocurrency News Of The Day: Milady NFTs, Ether ETF, and More!

Here is the top cryptocurrency news of the day curated by CoinChapter.com.

Milady NFTs Spikes 35%

Most major Ethereum NFT collections experienced selling pressure as ETH prices climbed over the past couple days. Meanwhile, the Milady NFTs bucked the trend. The floor price for Miladies skyrocketed 35% higher, vaulting from 4 ETH to 5.8 ETH (around $21,500) in just hours. 

Even after paring some gains, Miladies maintain a 5.5 ETH floor currently. The related Redacted Remilio Babies NFTs also spiked 35% from 1.36 ETH to 1.85 ETH before pulling back. Traders often reduce NFT exposure during volatile ETH price swings over fears the NFTs will underperform ETH itself. Nevertheless, Milady and Remilio have outshined other Ethereum NFTs since 2022 despite past controversies.

Asset Managers Amend ETF Filings Ahead of SEC Verdict

With the SEC’s decision on spot Ether ETF approvals looming on May 23rd, several major asset managers filed amendments removing staking components. BlackRock nixed staking from its Ether ETF application in a Nasdaq filing, while Grayscale and Bitwise made similar changes for their NYSE Arca filings.

The updated language states they won’t engage in proof-of-stake validation or use the funds’ Ether to generate income. Clearing this regulatory hurdle would advance efforts to actually list and trade spot Ether ETFs. Fidelity, VanEck, Franklin Templeton, Invesco Galaxy and ARK 21Shares had filed comparable amendments days earlier as the SEC nears its final deadline.

Another Crypto News of the Day: Montenegrin Officials Meet SEC Over Do Kwon Case

Montenegrin authorities recently conferred with the US Securities and Exchange Commission regarding the investigation into Do Kwon, the creator of failed crypto project Terraform Labs. The Justice Ministry indicated the SEC presented its findings on Kwon as well as details about the legal proceedings against him stateside.

Though specifics weren’t disclosed, the discussion potentially signals progress in determining whether Kwon will ultimately face extradition to the US or his native South Korea after months of delays. A US jury found Terraform Labs and Kwon liable for fraud earlier this year over the spectacular collapse of the algorithmic stablecoin TerraUSD.

Hong Kong Ousts Worldcoin Over Privacy Breaches  

Regulators in Hong Kong ordered the identity project Worldcoin to immediately halt operations in the region citing privacy violations. The Privacy Commissioner alleges Worldcoin unfairly collected facial and iris biometric data from citizens without adequate notice, consent or risk disclosures, dubbing the personal data gathering unnecessary and excessive.

A key part of Worldcoin’s approach involves biometric hardware. However, Hong Kong said such measures weren’t required to simply verify someone’s identity or humanity. Officials instructed Worldcoin to depart Hong Kong and urged citizens to report any continued activities.

Crypto News: Tether and Circle Mint $1.25B

The crypto market’s two dominant stablecoin issuers pumped significant new liquidity into the ecosystem on Tuesday. Tether produced $1 billion new USDT tokens on Ethereum.

While Circle spawned $250 million USDC on Solana, together totaling $1.25 billion in fresh stablecoin supply in a single day.

With nearly $30 billion in new stablecoins already minted in 2024, the spike suggests traders are accumulating dry powder possibly to deploy into Ethereum if the SEC greenlights ETFs. Investors are in an attempt to front-run institutional investment after spot Bitcoin funds attracted $16 billion when launched in March.

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