Spot

Pyth Network

Fidelity Investment is among the most prominent asset managers globally, and the company has expressed interest in crypto.&nbsp;
As per a regulatory filing, Fidelity Investments has incorporated a staking feature into their application for an Ethereum (ETH) spot exchange-traded fund (ETF).
Although there has been a lot of interest in the industry since the amendment was filed with the US SEC on March 18, observers and market experts have differing opinions.
It presents the potential of staking actions for the ETF, a fundamental feature of Ethereum once the platform switched to a Proof of Stake (PoS) paradigm.
The amendment was passed days after US lawmakers wrote to the SEC requesting that more cryptocurrency-related ETFs be blocked because of worries about the danger to individual investors.
The filing said, “The Sponsor may, from time to time, stake a portion of the fund’s assets through one or more trusted staking providers, which may include an affiliate of the Sponsor.”&nbsp;
It further adds, “In consideration for any staking activity in which the Fund may engage, the Fund would receive certain network rewards of ether tokens, which may be treated as income to the Fund as compensation for services provided.”
The SEC has up to ninety days to respond to the modification. The SEC postponed the due date for its decision on the funds over two weeks ago, so May 23 is the formal date for BlackRock and Fidelity to submit their spot Ether ETF applications.
<h2 class="wp-block-heading" id="strong-why-is-ethereum-spot-etf-approval-important-strong">Why is Ethereum Spot ETF Approval Important?&nbsp;</h2>
According to market analysts, the Ether spot ETF might get regulatory approval by the end of May 2024. <a href="https://www.thecoinrepublic.com/2024/03/19/bitcoin-halving-triggering-outflow-from-gbtc-other-etfs/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin </a>spot ETF secured a green signal from regulators in January 2024.
Several reports claim that over $10 Billion has entered the Bitcoin ecosystem following the approval from the SEC. Ethereum is the second most prominent crypto in the market; its ETF approval might lure more investors toward crypto.&nbsp;
<h3 class="wp-block-heading" id="strong-market-update-strong">Market Update&nbsp;</h3>
In his recent ‘X’ post, Andrew Tate wrote on Twitter that he generated $85 Million in the last bullish phase of the market by investing in the decentralized exchange PancakeSwap.
Abuja’s Federal High Court, on March 19, 2024, summoned Binance Holdings Limited to provide comprehensive information to the Economic and Financial Crime Commission (EFCC) on all users trading from Nigeria on its ecosystem.
Over the past 24 hours, the cryptocurrency market has lost a significant portion of its market capitalization. When writing, it was $2.4 Trillion; earlier this week, it was near crossing the $3 Trillion milestone but faced reversal.&nbsp;
Bitcoin, the market leader, slips 6.77% intraday and is trading at $62,752, although its trading volume grew 61% in the same period. Aptos (APT) surged 7.05% in the past 24 hours, which makes it the topper of the gainers list. Jupiter (JUP) leads the losers as it lost 22.57% of its trading price, Dogwifhat (WIF) 17.96%, Bonk(BONK) 15.16%, and Pyth Network 15.14%.
In the past few quarters, the launch of the memecoin project in the crypto community has skyrocketed.
<h4 class="wp-block-heading">Disclaimer</h4>
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.

Revised ETH Spot ETF Filing Of Fidelity Includes Staking

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Thecoinrepublic.com

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