Here’s what happened in crypto today

Bitcoin experienced a significant price surge on May 14, 2024, reaching $63,500 as institutional investors increased their holdings. This upward trend was further bolstered by the approval of a new spot Bitcoin ETF in Australia, expected to drive an additional $500 million in inflows within the first quarter of its operation. The total market capitalization for cryptocurrencies also climbed to $2.4 trillion, reflecting renewed investor confidence. Ethereum’s price saw a more modest increase, trading at $3,100, with developers announcing the successful completion of the Dencun upgrade on the Goerli testnet, paving the way for its mainnet deployment. This upgrade aims to reduce transaction fees on Layer 2 scaling solutions by 90%. In regulatory news, the U.S. Securities and Exchange Commission (SEC) announced it would review its stance on certain stablecoins, a move that could impact the market for digital assets pegged to fiat currencies. The SEC's decision is anticipated by the end of Q3 2024. Decentralized finance (DeFi) protocols reported a total value locked (TVL) of $105 billion, with Aave and Compound leading in lending volume. Web3 startups secured $150 million in venture capital funding this week, primarily for projects focused on decentralized identity and gaming.