Kiffmeister’s #Fintech Daily Digest (05/09/2021)*

Dogecoin Plunges as Musk Hosts ‘SNL’ Calling It ‘a Hustle

Dogecoin reached a record above $0.73 on Saturday before dropping as low as $0.51 during the show “Saturday Night Live” where Elon Musk called the crypto-asset a “hustle”. “He had helped drive the coin to new heights on Friday and Saturday after tweeting a picture of himself and a Shiba Inu on the set of the iconic NBC show… Dogecoin… [which] started as a joke in 2013, has surged more than 20,000% in the past year. Musk has been among its biggest boosters, along with Mark Cuban, Snoop Dogg and Gene Simmons.” This morning it’s traded as low as $0.4257.

VanEck Files for Ethereum ETF With SEC

VanEck has filed a proposal for an Ethereum exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). The proposed VanEck Ethererum Trust, which would  trade on the CBOE, would track the MVIS CryptoCompare Ethereum Benchmark Rate, an index developed by a VanEck affiliate that bears a lot of similarity to the rate underpinning VanEck’s potential bitcoin ETF. The benchmark would aggregate median prices from the most liquid, lowest risk five Ethereum exchanges worldwide. These prices would then be weighted by volume.  

*For those interested in intra-day updates and news that didn’t make the Daily Digest cut, please check out my Diigo fintech bookmarks: