As expectations for U.S. approval for an Ethereum ETF fluctuate, analysts are giving it a hard reality check and predicting approval is unlikely. At the same time, Solana's Anatoly Yakovenko lightened up the mood with a fictitious “Bunker Coin”, showing off the April Fool's crypto leader's playful side.
Analysts question approval of Ethereum ETF amid regulatory hurdles and political pressure
Bloomberg analyst James Seifert pulled a prank on April Fools' Day and excited the crypto community by predicting that the Ethereum ETF would have a 99% chance of approval.
According to U.Today, crypto asset management company Bitwise recently filed a new Ethereum ETF application with the U.S. Securities and Exchange Commission.
However, Eric Balciunas, senior ETF analyst at Bloomberg, was quick to condemn Bitwise's efforts, saying the chances of Ethereum ETF approval remain at a “pessimistic” 25%. Balciunas also said he would “lower it further” if necessary. “Again, I personally want them to approve, but I also want to make the right decision so that I can get a perfect 4-for-4 on my crypto ETF predictions.” he added.
Last month, the SEC delayed decisions on several proposals, reducing the chances of an Ethereum ETF being approved. Legal analyst Jake Cherbinski speculated that political pressure could be one of the main reasons for the SEC's reluctance.
Additionally, reports suggest that the SEC plans to classify the second-largest cryptocurrency as a security, which could complicate the approval process.
However, BlackRock CEO Larry Fink recently said that a Spot Ethereum ETF could be approved even if the top altcoin is a security. The financial giant filed for an Ethereum ETF in November based on spot prices.
In January, the SEC approved several spots in Bitcoin ETFs from BlackRock, Fidelity, and other big-name companies.
Solana CEO announces 'BunkerCoin' as April Fool's joke, pokes fun at low-bandwidth blockchains
If you're tired of the usual April Fool's jokes about Satoshi Nakamoto's true identity finally being revealed, Solana Labs CEO Anatoly Yakovenko has something new to tell you.
Yakovenko has published a white paper for his virtual currency, Bunker Coin.
“If you’re interested in mainstream adoption, pivot to banker,” the Solana co-founder joked on his X social media profile.
Yakovenko said Bunkercoin is a “groundbreaking blockchain protocol designed to operate under the constraints of low-bandwidth networks.” This coin is intended to operate via shortwave radio channels.
Miners will be incentivized to use “a new proof of elapsed time verifiable delay function (VDF)” to confirm blocks and maintain network security.
The protocol's consensus mechanism is based on Nakamoto-style most extended chain rules, allowing all nodes to agree on the appearance of the chain. Similar to Bitcoin, the largest cryptocurrency, the longest chain is considered the “final” chain.
This innovative cryptocurrency is believed to ensure stable communication even in “bandwidth-constrained environments.” But this coin is still a joke. As a result, the BunkerCoins that appear after Yakovenko's post are most likely a scam.
Photo: Microsoft Bing
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