5 Things to Know in Crypto This Week 💡

Bitcoin Breaks Out Above $68K as Solana's 7% Gain Leads Crypto Rally 🐂

• Bitcoin breaks above $68,000 for the first time in over five weeks, briefly surpassing $70,000.

• Inflows into spot bitcoin ETFs resumed strongly last week, and soft April inflation data and institutional filings contributed to the turnaround in Bitcoin's price.

• Solana ($SOL) is one of the leading majors reaching a five-week high driven by increased network activity as memecoin mania continues.

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Ether Jumps 10% to $3.4K as Bloomberg Ups Odds of Spot ETF Approval 🏛️

• Ether (ETH) price jumps over 10% after Bloomberg analysts increase odds of SEC approving spot ETH ETFs.

  Bloomberg Senior ETF Analyst Eric Balchunas tweets that odds of approval have been increased to 75% from 25%.

• Grayscale Ethereum Trust (ETHE) surges over 23% as investors bet on SEC approval for conversion into a spot ETF.

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US House to vote on FIT21 bill before holiday weekend 📜

• US House of Representatives will vote on the FIT21 bill this week which aims to clarify the roles of financial regulators over digital assets.

• Specifically, the bill clarifies the roles of the U.S. Commodity Futures Trading Comission and Securities Exchange Commission and their power over crypto.

• Industry advocates and crypto-focused institutions support the bill, however its uncertain if a majority of lawmakers will vote in favor.

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New York Attorney General and Genesis secure $2 billion settlement following judge’s sign off ⚖️

• New York bankruptcy judge approves $2 billion settlement between New York State Attorney General's office and crypto lender Genesis.

• Settlement includes a victim fund to help New York investors who contributed over $1.1 billion to Genesis through the Gemini Earn program.

• Genesis neither admits nor denies allegations in the lawsuit, which will continue against other defendants including Gemini.

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Grayscale CEO Michael Sonnenshein departs role, former Goldman Sachs exec to step in 💸

• Grayscale CEO Michael Sonnenshein is stepping down to pursue other interests.

  Former Goldman Sachs exec Peter Mintzberg will become the new CEO of Grayscale on August 15, 2024.

• Grayscale's ETF has lost over $17 billion in Bitcoin since January, while competitors BlackRock and Fidelity gained over $23 billion in assets.

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