Donald Trump Backs Crypto & Memecoin Mania Returns

Collective Shift

Join Matt and Nick as they break down this week’s key market event; the spot Ethereum ETF applications; the SEC’s potential lawsuit against Robinhood; Donald Trump’s pro-crypto speech; memecoin prices soaring; altcoin updates; and more.

Key Takeaways

• The market continues to trade sideways ahead of this week’s inflation data in the U.S. Consensus forecast is 3.4%, which would be slightly lower than the 3.5% recorded last month.
• The SEC flagged its intent to sue Robinhood in relation to its crypto offerings. Unlike previously, Robinhood plans to defend a would-be lawsuit.
• Bitcoin ETFs saw net inflows for the first time in five weeks. A major asset manager in Boston was revealed to hold roughly $360M worth of bitcoin ETFs.
• The spot Ethereum ETF application is still widely expected to be denied. The SEC must approve or deny VanEck’s application by May 23.
• U.S. presidential candidate Donald Trump spoke positively about crypto, contrasting the views held by the Biden administration. Time will tell whether he is just trying to win votes.
• ‘Roaring Kitty’, a key figure behind the ‘meme stock’ mania of 2021, posted on social media after a long hiatus. This caused memecoins to rally.
• Among the altcoin updates covered: Infinex announces 30-day campaign; EigenLayer opens token claim window; and Botanix Labs secures funding.