The odds of an XRP exchange-traded fund (ETF) approval have risen by 13% this week, reaching 83%, despite a recent delay from the U.S. Securities and Exchange Commission (SEC). XRP ETF Approval Odds Surge 13% According to prediction market platform Polymarket, expectations for an XRP spot ETF approval have increased sharply. As of this week, the odds sit at 83%, up from 70% just days earlier. This rise comes even though the US SEC has delayed decisions on several XRP ETF filings. Bitwise, CoinShares, Franklin Templeton, and Grayscale are among the asset managers waiting for the SEC’s final ruling on their applications. The delays were widely expected, and analysts now point to October as the likely timeframe for decisions. The ETF community has noted that such postponements are standard during the review process. The most recent delays follow similar actions by the SEC in May, when it extended the review… Read More at Coingape.com
ZORA launched its airdrop today, distributing tokens to early users. The rollout caused confusion, as no official claim site was provided. Users had to check their allocations manually through the smart contract. While the Content Coin narrative boosted coin creation and new users, trading volume dropped sharply from its initial peak.
ZORA’s price fell around 50% in the first two hours after the airdrop. It is now trying to recover, but momentum remains uncertain. The market is still reacting to the airdrop and overall token distribution.
Content Coin Narrative Boosts Zora Usage
The Zora airdrop officially launched today, distributing tokens to early users based on two snapshot periods—but it was met with confusion. Base founder, Jesse Pollak, addresses some of these points in an exclusive interview with BeInCrypto.
Many users were unclear on how to check their eligibility, as no official claim site or checker was provided. Instead, allocations had to be verified manually via the smart contract, leading to mixed reactions across the community.
While 10% of the total 10 billion supply was reserved for early adopters, the decision to allocate 65% of tokens to insiders (team, treasury, and contributors) raised questions about the distribution model.
Coins Created and Unique Creators Per Day. Source: Dune.
Since Base chain began promoting the idea of Content Coins, activity on Zora has noticeably increased. The number of newly created coins has remained above 20,000 since April 17, reaching nearly 28,000 yesterday.
Meanwhile, unique creators on the platform grew from 3,683 on April 16 to 6,206 by April 22.
While this growth suggests rising interest, it also reflects a trend still in early development, with questions remaining around long-term sustainability and utility.
Zora Volume Peaked at $31 Million—Now It’s Down Over 70%
Zora’s trading volume in USDC surged sharply with the rise of the Content Coin narrative, hitting $30 million on April 16 and peaking at $31 million on April 17.
This initial spike reflected a strong wave of early interest and speculative momentum around the new use case for content on-chain. a
The increase aligned with Base’s push to promote content coins as a fresh alternative to traditional meme tokens, drawing attention from creators and traders alike.
However, despite the number of coins created continuing to climb, Zora’s volume fell significantly to just $9 million by April 22.
This divergence suggests that while more users are experimenting with the platform—launching and minting coins—actual trading activity has not kept pace.
The drop in volume may indicate fading speculative interest, uncertainty around the airdrop, or early profit-taking following the initial hype.
ZORA Price Dives After Airdrop, Now Eyes Recovery
ZORA’s price experienced a sharp selloff immediately following its airdrop, dropping roughly 50% within the first two hours of launch.
Such volatility is not uncommon for newly airdropped tokens, as early recipients often rush to secure profits, adding intense short-term selling pressure.
Since then, ZORA has shown signs of recovery, attempting to stabilize and build upward momentum. If it can break above the $0.023 level, it could move to test resistance at $0.0289, with a potential extension toward $0.034 if buying strength returns.
However, the recovery remains uncertain. If ZORA fails to hold current levels and bullish momentum fades, it may retest support at $0.019.
A break below that could lead to further downside, with the next key level around $0.0165.
This price action reflects a typical post-airdrop pattern—initial volatility, followed by a battle between early profit-takers and potential long-term holders looking to establish positions.
Peter Schiff has questioned Bitcoin’s role as a hedge against inflation, stating that its recent trading patterns do not support the claim. Schiff, known for his strong stance on gold, argued that Bitcoin continues to behave more like a tech stock than a store of value.
Peter Schiff Criticizes Bitcoin’s Inflation Hedge Narrative
Amid ongoing economic uncertainty in the US, Peter Schiff has renewed his skepticism toward Bitcoin’s utility as a hedge against inflation. According to Schiff, recent price action shows that Bitcoin still mirrors the behavior of tech stocks rather than that of gold.
“Bitcoin has not decoupled from the NASDAQ,” Schiff said in a recent post, adding that investors concerned about inflation should focus on gold instead. He argued that Bitcoin lacks the stability needed to serve as a reliable store of value and remains susceptible to broader market swings.
Peter Schiff also noted that the rise in Bitcoin’s price appears more related to investor speculation and macroeconomic developments than to intrinsic monetary properties. He continued to warn that Bitcoin may not offer the same long-term protection for wealth as traditional safe-haven assets.
Senator Lummis Links Bitcoin to National Debt Relief
Senator Cynthia Lummis has also entered the discussion by connecting Bitcoin adoption to broader economic policy. In a public statement, she endorsed the BITCOIN Act as a possible solution to address the United States’ $36 trillion national debt.
According to Lummis, the current administration has shown willingness to consider digital assets, and thus passing the BITCOIN Act is “the only solution to our nation’s $36T debt.” Even with limited details, the proposal marks growing interest by policymakers in exploring alternative financial systems.
Lummis, known for her pro-Bitcoin stance, has consistently supported legislative efforts that encourage adoption and regulatory clarity. However, while MicroStrategy (MSTR) announced a first quarter 2025 loss of $16.49 per share stemming from a $5.9 billion writedown from the drop in price in Bitcoin earlier this year.
However, MicroStrategy remains one of the largest corporate holders of Bitcoin and says it is willing to grow its holdings. To point to long term value in the asset, Saylor said he intended to raise up to $84 billion to acquire additional Bitcoin.
Market Conditions Boost Bitcoin’s Momentum
Bitcoin price rose over 14% in April, benefiting from easing inflation data and growing expectations of interest rate cuts. The PCE inflation rate came in at 2.3% year over year, reinforcing the view that the Federal Reserve may consider lowering interest rates in upcoming meetings.
Moreover, US President Donald Trump recently urged Federal Reserve Chair Jerome Powell to cut interest rates ahead of the next Federal Open Market Committee (FOMC) meeting. Trump claimed that there is “no inflation” and that current economic conditions warrant a looser monetary stance.
Analysts noted that Bitcoin’s performance continues to outpace traditional equity markets. While the S&P 500 has remained mostly flat, Bitcoin’s rise has been supported by easing trade tensions, favorable macro data, and renewed institutional interest.
Different Views from Peter Schiff’s on Bitcoin Role
Jurrien Timmer, Director of Global Macro at Fidelity, commented on Bitcoin’s dual characteristics, comparing it to both gold and speculative technology assets. Unlike Peter Schiff, he noted that Bitcoin can behave differently depending on broader financial conditions.
“Bitcoin has a Dr. Jekyll and Mr. Hyde personality,” Timmer said, explaining that it sometimes acts as hard money but also trades like a risk asset. He added that Bitcoin’s performance has historically been tied to growth in the global money supply and equity markets.
Timmer also shared data showing a recent divergence between gold and Bitcoin based on their Sharpe ratios. He pointed out that gold currently holds a higher Sharpe ratio, indicating more consistent risk-adjusted returns, but suggested that Bitcoin could outperform again if liquidity conditions become more favorable.
According to Glassnode long-term holders continued adding over 254,000 BTC in recent months, demonstrating confidence. However, as BTC prices approach $99,900, the risk of increased sell-side pressure may rise.
Summer Mersinger, a pro-crypto Commissioner at the CFTC, will resign on May 30 to become the Blockchain Association’s next CEO. With her absence, the Commission will soon be reduced to three members.
President Trump has already appointed Brian Quintenz as the CFTC’s next Chair. However, his confirmation could take months, and another Commissioner will resign as soon as he gets in. Thus, the CFTC may be understaffed for many months.
Today, it announced that Summer Mersinger, one of the CFTC’s five Commissioners, will resign and become its next CEO:
1/ We’re pleased to announce that CFTC Commissioner Summer Mersinger has been chosen as the new Blockchain Association CEO. Summer will leave her current position as Commissioner on May 30 and will start at the Association on June 2. pic.twitter.com/gVD0B4PpdH
— Blockchain Association (@BlockchainAssn) May 14, 2025
To be fair, Mersinger could do a huge amount of good in this outside advocacy role. The Blockchain Association discussed her enthusiasm for crypto and thorough knowledge of the federal regulatory apparatus, both of which will be powerful assets.
However, between Mersinger and an existing vacancy, the CFTC will soon be short two of its five Commissioners.
Additionally, of the Commission’s current members, Mersinger’s term expires further in the future than any of her colleagues. Acting Chair Caroline Pham, another crypto advocate, won’t reach this limit until 2027, but the other two CFTC Commissioners are technically past their expiration date already.
CFTC is Becoming a ‘Ghost Town’
All this is to say, one of the US’s most important crypto regulators could be severely understaffed soon. To be clear, President Trump has already nominated one replacement, Brian Quintenz.
If Quintenz passes the Senate confirmation process, he’ll become the CFTC’s next Chair. However, this might take a long time.
Quintenz’ own confirmation process could potentially last into the summer. So far, no hearings, votes, or procedural updates of any kind have been officially scheduled yet.
Furthermore, after Quintenz becomes Chair, the CFTC will need to replace yet another Commissioner. Christy Goldsmith Romero, a crypto-neutral Commissioner whose term already expired, has vowed to resign as soon as Quintenz gets in.
Currently, there don’t seem to be any credible rumors about who will replace her, and the process has not started.
At this rate, the Commission could be severely understaffed for most of 2025. Confirming one new commissioner could take months, and the CFTC will have to start the process over again immediately after that.
To be fair, this isn’t necessarily negative. The Commission will have one pro-crypto Chair and two neutral voices, followed by two pro-crypto members and one neutral Commissioner.
Nonetheless, understaffing is almost certainly going to be a persistent problem. It could negatively impact the CFTC’s ability to enact friendly regulation.
