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Shiba Inu May Break Major Record in June, Cathie Wood’s Ark Invest Drops Plans to Issue Ethereum ETF, Max Keiser Issues BTC Prediction for El Salvador President: Crypto News Digest by U.Today

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Take a look at what happened in the crypto industry over the weekend with U.Today’s top three news stories.

Shiba Inu (SHIB) may break major record this month, here’s reason

According to data provided by Cryptorank, Shiba Inu demonstrated positive results in May, recording 13.2% growth. This outperforms the meme coin’s May showing of a 15.4% slump from last year, indicating that SHIB broke free from that bearish trend. June holds an even bigger stake for Shiba Inu, as the asset has never recorded a positive close for the month of June since its founding. However, this year’s market dynamics are quite different compared to those from the last three years, with spot Bitcoin ETF products trading on U.S. stock exchanges. Even though Shiba Inu is not directly impacted by this, it bolsters the general institutional liquidity that can raise the BTC price. Given SHIB’s strong correlation with Bitcoin, the meme coin is also poised to benefit from this rally. Thus, Shiba Inu could break the historic June losing skid with a growth stunt similar to the one shown in May.

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Cathie Wood’s Ark Invest drops plans to issue Ethereum ETF

Ark Investment, the asset management firm led by Cathie Wood, has withdrawn from issuing an Ethereum exchange traded fund (ETF), Bloomberg reports. Previously, the company submitted an application for a spot Ether ETF in partnership with 21Shares; now, Ark’s name has been removed from the filing. Following this development, the fund’s name was changed from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF. According to Ark’s official statement, the company continues to believe in Ethereum’s “transformative potential and long-term value.” However, at this time, Ark will not be moving forward with an Ethereum ETF. Even though the reason for this sudden change remains unknown, Bloomberg analyst Eric Balchunas believes that the driving force behind the decision was the ongoing “fees war” on the market, which makes it harder for issuers to stay profitable.

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Max Keiser reveals epic Bitcoin prediction for old “new” El Salvador president

Saturday, June 1, marked the beginning of Nayib Bukele’s second term as President of El Salvador, as well as the continuation of his administration’s pioneering efforts in cryptocurrency adoption. As a reminder, the country has officially accepted Bitcoin as legal tender in September 2021. Following the news, Max Keiser, prominent Bitcoin enthusiast and the president’s advisor, took to the X platform to share his prediction for Bukele’s second term. Keiser believes that El Salvador’s wealth will be controlled by its people running their own Bitcoin nodes. Additionally, the president will propose initiatives, allowing citizens to crowd-fund the ones they like. The prediction further reads that Bukele will reinvent the social contract and operate the nation on a circular BTC-focused economy. Concluding his post, Keiser wrote that he sees El Salvador becoming debt-free and using its geothermal and volcanic energy to power Bitcoin mining, aiming to control 10% of the global hash rate.

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