🗞 Daily Crypto News, May, 8th💰

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Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

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🗞 Market Wrap: Bitcoin Near $58K, Rises After US Jobs Miss but Lags Altcoins

The U.S. economy added 266,000 jobs in April, missing estimates of a 1 million gain. The weak jobs report reinforced expectations of continued easy money policy at the Federal Reserve, which sent bitcoin (BTC) higher by about 2% over the past 24 hours. The S&P 500 and Nasdaq also ended the day in the green while safe havens such as Treasury bonds sold off.

The April jobs miss suggests a fragile economic recovery, which means easy money from the Fed could continue to fuel the rally across risk assets. Fed Chair Jerome Powell has stated that rising inflation is transitory and whether the U.S. central bank’s tightening policy will depend on a variety of factors including labor market conditions.

Bitcoin dominance continues to fade

It’s definitely altcoin season, evidenced by the bitcoin dominance ratio declining below the 50% threshold. The ratio measures the total market cap of BTC versus the market cap of the entire cryptocurrency market. Bitcoin dominance is currently at the lowest level since July 2018.

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Ether futures volume approached $1 billion

In the options market, traders anticipate higher ETH volatility relative to BTC, evidenced by the one-month ETH-BTC implied volatility spread.

🗞 VanEck Files for Ethereum ETF With SEC

  • No cryptocurrency ETFs are available in the US.
  • VanEck has filings for both a Bitcoin ETF and Ethereum ETF.

Asset management firm VanEck has filed a proposal for an Ethereum exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC).

The SEC has been inundated with Bitcoin ETF filings but has yet to approve any type of crypto ETF, unlike Canada, which this year gave the green light to several for the first time. Van Eck's own Bitcoin ETF filing is being reviewed by the SEC, which is expected to decide by June 17 or extend its deadline.

The inclusion of three Bitcoin ETFs and three Ethereum ETFs earlier this year on the Toronto Stock Exchange has given fresh hope to investment firms south of the border. An ETF is so desirable that Anthony Scaramucci's SkyBridge Capital, whose Bitcoin fund attracted $370 million within weeks of opening, applied for one knowing that it would put its current fund "out of business."

🗞 Ethereum Classic’s ‘Irrational’ Price Tripling Bears Hallmark of Dogecoin Frenzy

Ethereum classic (ETC), the not-really-like-ether (ETH) sibling of the Ethereum blockchain’s native cryptocurrency, is on track for the best weekly performance in its four-year history, with prices nearly tripling since Sunday.

Analysts in the digital-asset market say the price move likely reflects a speculative fever among retail traders rather than deeply informed bets on the Ethereum Classic blockchain’s future technological potential.

The dynamic might show that the just-for-fun yucks of trading the joke token dogecoin (DOGE) (which bears the hallmark of this year’s frenzy in GameStop shares on Wall Street) might be spilling over to almost-left-for-dead cryptocurrency projects from the last big bull market in 2017.

Ethereum Classic was born out of a contentious split from Ethereum in 2017, known in blockchain lingo as a “hard fork.” However, it quickly lost the support of the larger Ethereum software-developer community and has never attained a similar level of respect among industry executives and investors. The project’s market capitalization is less than one-twentieth of Ethereum’s $409 billion and it has been the victim of several 51% attacks.

🗞 FTX CEO on 19-Year Miami Heat Sponsorship: 'We Don't Need the Other 18 Years to Have the Funds'

The Miami Heat NBA franchise has been playing in the American Airlines Arena for 22 years. But in April, the franchise announced a new naming rights sponsor: cryptocurrency exchange FTX.

As the "official and exclusive cryptocurrency exchange partner of the Miami Heat," FTX will put its name on the Heat arena and have prominent branding within the stadium, it will also take part in contests and promotions, as well as link up with the Heat's digital content.

FTX and the Heat did not disclose the financial details of the sponsorship deal, but the Miami Herald reported it was a 19-year, $135 million deal, details that Decrypt confirmed independently. On Friday on stage at the 2021 Ethereal Virtual Summit powered by Decrypt, FTX CEO Sam Bankman-Fried confirmed that his company's Heat deal is for 19 years.

"It's a good question," he said. "Without going into the details, it's been a pretty good year for us. To the point where, frankly, we don't need to rely on the other 18 years to have the funds for this. So, it's been a phenomenal year for a number of businesses, and for the crypto industry in particular. And then I think us, even more so. And so, that's given us a pretty big cushion."

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🗞 Daily Crypto Calendar, May, 8th💰

  • Student Coin (STC)

AMA Session with Wojciech Podobas, CEO & Founder of StudentCoin (STC).

  • Playcent (PCNT)

"NFT Marketplace v1 launch on May 8th"

  • My Neighbor Alice (ALICE)

"To facilitate the necessary step of auditing and testing the sale contracts, land sale in MyNeighborAlice is being rescheduled."

  • Bafe.io (BAFE)

"BKEX Will List BAFE. Trading Pair: BAFE/USDT. Trading time: 18:00 on May 8 (UTC+8)."

  • Papel Token (PAPEL)

"BitMart will list PAPEL (PAPEL) on our digital assets platform on May 8, 2021"

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