Welcome, Crypto enthusiasts!

ETH popped up 20% yesterdays as bulls are back in full force with the anticipation of an Ethereum ETF thus declaring crypto winter to be officially over and signaling the start of ALT Season.

In Today’s Blockstreet Journal:

• ETH ETF Ends Winter

• MicroStrategy Beats Bitcoin

• Market Rundown

• Top Gainers & Losers

• Airdrops & More News

Latest News

Ethereum
🐂 ETH ETF Anticipation Ends Winter 

Word On The Street: Bulls are reenergized by recent developments suggesting that a U.S.-approved spot Ether exchange-traded fund (ETF) might soon become a reality.

The details:

• This optimism follows reports of a shift in stance by the United States Securities and Exchange Commission (SEC), which, perhaps due to political pressures, has reportedly requested updates to the 19b-4 filings from ETF exchanges.

• ETH experienced a significant surge, climbing 19.4% in the last 24 hours to a trading price of $3,685, marking its highest price point since April 9, as per CoinGecko.

• While the catalyst for this sudden increase remains unclear, Bloomberg ETF analyst Eric Balchunas and other market experts believe it may be influenced by changing attitudes in Congress towards cryptocurrency.

Why it matters: The relevance of digital assets is becoming increasingly prominent as the U.S. election approaches. Notably, Donald Trump, the Republican candidate, has made strides to garner support from the cryptocurrency community, including hosting a dinner with nonfungible token (NFT) enthusiasts at his home in Florida on May 8.

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Market News
🏦 MicroStrategy 500% Gains Are Beating Out Bitcoin So Far 

Word On The Street: MicroStrategy (MSTR), has significantly outpaced Bitcoin in performance over the past year. MicroStrategy's stock has soared by over 500% annually and 150% year-to-date, reaching approximately $1,279 per share as of May 21. In contrast, Bitcoin has seen a rise of 166% over the same period and about 60% year-to-date.

The details:

• MicroStrategy's notable lead over Bitcoin is attributed to the investor confidence in the company’s strategic management.

• In the first quarter of 2024, MicroStrategy reported a revenue of $115.2 million, which fell below the anticipated $121.73 million and showed a 5.5% decline from the previous year.

• Despite its substantial long-term debt of $3.55 billion, MicroStrategy maintains that it can cover this through the cash flows from its primary business operations.

Why it matters: MicroStrategy's stock performance has not only surpassed most stocks with exposure to cryptocurrency but has also shown resilience in the broader market.

Market Rundown

Fear & Greed Index

The global crypto market cap is $2.62T, a 8.51% increase over the last day.

The total crypto market volume over the last 24 hours is $159.71B, which makes a 167.30% increase. The total volume in DeFi is currently $11.36B, 7.11% of the total crypto market 24-hour volume. The volume of all stable coins is now $148.54B, which is 93.01% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 53.16%, a decrease of 1.38% over the day.

Global Market Metrics

The current state of the cryptocurrency market is as follows:

- Total Market Capitalization: Approximately $2.62 trillion USD

- Total 24-hour Trading Volume: Approximately $159.71 billion USD

- Number of Active Cryptocurrencies: 9,987

- Bitcoin Dominance: 53.16%

- Ethereum Dominance: 17.44%

- DeFi Market Capitalization: Approximately $97.74 billion USD

- DeFi 24-hour Trading Volume: Approximately $11.36 billion USD

- Stablecoin Market Capitalization: Approximately $155.52 billion USD

- Stablecoin 24-hour Trading Volume: Approximately $148.54 billion USD

- Derivatives 24-hour Trading Volume: Approximately $1.09 trillion USD

Top Gainers & Losers

🚀 Top Gainers

💩 Top Losers

Airdrops & More News

Daily Airdrop
📦️ World PvP Airdrop Game

World PvP is running a campaign where 211 countries with their own coins are competing to reach the highest market cap. At the end of each round, the country with the highest market cap will get to nuke another country and earn 50% of their liquidity. The remaining 50% of the nuked country’s liquidity is given to a random country.

They currently don’t have a token, but they may launch one in the future. The team has confirmed that 1% of the supply from every country will be reserved for giveaways and airdrops.

Step-by-Step Guide:

1. Visit the World PvP website.

2. Choose a country from the 211 available, each with its own unique coin.

3. Aim to increase your country’s market cap.

4. Accumulate the highest amount of your country’s token to become president.

5. As president you can decide strategic actions, including the decision to nuke a rival country if you win.

6. The country with the highest market cap at the end of each round wins.

7. As president of the winning country, unlock a nuclear missile to use against any country of your choosing.

8. The nuke will target and drain the liquidity of the chosen country.

9. The liquidity rug will convert the drained assets into ETH.

10. 50% of the ETH gained will be allocated to the country that launched the nuke.

11. The remaining 50% will be randomly distributed to another country on the map.

12. Even if you don’t play, your address will be saved in a special list if you interact with them by chatting in their global chat.

13. The team has recently confirmed that 1% of the supply from every country will be reserved for giveaways and airdrops.

Other News

Fidelity reportedly amends Ether ETF S-1 filing, removes staking. Fidelity’s amended filing follows a U-turn from the SEC, as the regulator asked Ether ETF issuer to update their 19b-4 filings.

Yuga Labs halts CryptoPunks after ‘woke’ community backlash. A community member said that Yuga Labs killed CryptoPunks with the new Super Punk World collection, while another threatened to sell their punk NFT.

House Democrats won’t force vote against two pro-crypto bills. A leaked email shows the Democratic Party “strongly oppose” two Republican-led crypto bills but will not force house members to vote no.

Gala Games blames $23M exploit on ‘messed up’ controls. Eric Schiermeyer confirmed on Tuesday there was a “security incident” that resulted in the unauthorized sale of 600 million GALA tokens.

🫡 Thanks For Reading

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