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Ethereum

Ethereum enjoys price increase, ETF anticipation intensifies

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Ethereum (ETH) has experienced an over 15% price increase in the past two weeks. This surge has captured the attention of investors and analysts alike, highlighting the cryptocurrency’s resilience and potential amidst a turbulent crypto market environment.

Ethereum began an upward trajectory on July 10 as regulators seemed ready to approve spot Ether ETF applications.

On July 10, Ethereum led the charge with a 9% increase, reaching $3,680.98 and peaking at $3,835.43 earlier that day. Bitcoin also followed with a 2% rise, trading around $71,350.

Issuers and exchanges have reportedly updated their documents, indicating that the U.S. Securities and Exchange Commission (SEC) may be reconsidering its position on spot Ether ETFs. While it was previously thought that these funds would not be approved, final decisions on applications from VanEck and Ark Invest are now anticipated.

In May, the SEC approved updated 19b-4 filings for Ethereum ETFs, marking a significant step towards full approval. It is widely expected that the SEC will approve Ethereum ETFs sometime this year.

Ethereum’s price analysis reveals a dynamic trajectory influenced by market trends and investor sentiment. Currently priced at $3,492, Ethereum has seen a 1.8% increase in the past 24 hours. It is expected to fluctuate between $3,500 and $3,750 in the near term.

Since its inception, the cryptocurrency has seen significant fluctuations, peaking at an all-time high of $4,200.86 in May 2021.

Tornado Cash

Meanwhile, Tornado Cash — the Ethereum-based mixer — has seen a remarkable resurgence, attracting nearly $2 billion in deposits despite ongoing sanctions from the U.S. Office of Foreign Assets Control (OFAC).

Data from Flipside Crypto shows that Tornado Cash received around $1.9 billion in deposits in the first six months of this year, a 50% increase over the total deposits for all of 2023.

In August 2022, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash, a cryptocurrency mixer, for allegedly facilitating money laundering for cybercriminals, particularly North Korean hackers.

This action caused a dramatic decline in Tornado Cash’s activity, with volumes dropping by approximately 85% in 2023.

Despite sanctions, Tornado Cash has remained a tool for illicit actors. While North Korean hackers have largely shifted to traditional Bitcoin mixers, some continue to use Tornado Cash.



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ETH

Ethereum Believers May Be Staring Down Opportunity As ETH Reaches Another Low Against Bitcoin: CryptoQuant CEO

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Believers in Ethereum (ETH) could be on the verge of an opportunity, according to Ki Young Ju, the founder and chief executive of the digital asset analytics firm CryptoQuant.

Young Ju tells his 370,400 followers on the social media platform X that the ETH/Bitcoin (BTC) Net Unrealized Profit/Loss level just hit a four-year low.

“Despite Ethereum’s underperformance against Bitcoin, ETH holders endure losses without realizing them. This mirrors levels from its early 2020 bottom.

This might be an opportunity for ETH believers.”

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Source: Ki Young Ju/X

Young Ju also notes that ETH is becoming less correlated with BTC.

“The 180-day BTC-ETH Pearson correlation is at a three-year low. A 10% rise in Bitcoin could result in only a 3% gain for Ethereum.

Just because BTC is strong doesn’t mean you should buy ETH. Each asset is now following its own path.”

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Source: Ki Young Ju/X

Young Ju isn’t the only crypto analyst who’s bullish on Ethereum: Former Goldman Sachs executive Raoul Pal also thinks ETH is primed for big gains.

The Real Vision CEO says ETH’s current chart is playing out similarly to Bitcoin’s between 2011 and 2019.

“Ethereum now versus the previous periods is following the last in Bitcoin. Now whether it gets to the target here of $20,000/ETH, who knows. Doesn’t really matter. But directionally, we’ll see what happens. ETH should accelerate from here, and I’m pretty confident that it will.” 

ETH is trading at $3,054 at time of writing. The second-ranked crypto asset by market cap is down more than 1% in the past 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin

Franklin Templeton crypto index ETF delayed by SEC

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Franklin Templeton, one of the crypto exchange-traded fund (ETF) issuers, has expressed interest in releasing the crypto index ETF, but the authorities are now delaying it.

The Securities and Exchange Commission (SEC) detained the deadline for approving the crypto index ETF by Franklin Templeton. According to the filing on Nov. 20, the authorities raised their concern about the sufficient time they needed to decide whether it would be accepted or declined.

“The Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved,” SEC fillings.

On August. 17, based on their filing, Franklin proposed the crypto index ETF by holding Bitcoin (BTC) and Ethereum (ETH) with the ticker EZPZ. The proposed fund would allow the two most prominent crypto in the world under the same index with an unspecified ratio weighted by market capitalization.

If approved by the authorities, EZPZ would use the Coinbase custody and be listed on the Cboe BZX exchange. Franklin may add another crypto into the index but should gain approval from the SEC.

Franklin Templeton moves on crypto

Franklin Templeton, which is based in New York, is one of the most adaptable asset managers that allows investors to gain more exposure from the crypto price movement. Franklin created another crypto-related product after receiving the authority approval in January for Bitcoin spot ETF.

On October. 31, they tokenized money market funds into several blockchains, including Base, Arbitrum, Polygon, Avalanche, Aptos, and Stellar. The U.S. government money market fund (FOBXX) has $410 million in assets being tokenized into that blockchain.

Franklin also works with SBI Group in Japan to prepare for the possibility of accepting the crypto fund in the country, but this work’s development has not been published yet.



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Bitcoin

Crypto product record major inflow up to $2.2 billion

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CoinShares, a digital asset manager, reported that last week crypto products saw a major inflow from institutional investors of up to $2.2 billion.

The latest U.S. Election, on Nov. 5, still stimulated the weekly cryptocurrency inflow up to $2.2 billion. The number increased 15% from the previous week by about $1.98 billion.

According to CoinShares’s release, on Nov. 18, digital asset inflows recorded $33.5 billion year-to-date and hit a new peak of under-asset management (AUM) up to $138 billion.

Bitcoin (BTC) saw the largest inflow based on assets last week of around $1.48 billion or equal to 67%. Followed by Ethereum (ETH) and Solana (SOL) with inflows $646 million and $23.9 million respectively.

The Beam Chain network upgrade proposal by Justin Drake has increased Ethereum’s inflow from $157 million. Only multi-asset and Binance Coin (BNB) record a week’s outflow.

BlackRock’s iShares Bitcoin Trust ETF (IBIT) recorded the highest surge in crypto product from last week’s inflow up to 63% or up to $2.1 billion. While the rest of the funding recorded an outflow ranging from $8 million to $153 million, including Grayscale and Fidelity.

Crypto product driving factor: U.S. Election

James Butterfill, CoinShares head of research, says a combination of looser monetary policy and a Republican winning a majority of the Congress and Presidency appears to be a driving factor of these inflows.

Donald Trump winning the White House’s second term still brings a positive rally for the cryptocurrency industry, as well as the crypto product. Buterfill has mentioned that Trump’s presidency would bring crypto-friendly regulations and fiscal policy.

Earlier, Trump picked several names for secretary on his cabinet who identified as pro-crypto personalities including Elon Musk, Tom Emmer, and Robert F. Kennedy Jr.

Bitcoin Act, who were proposed by Republican Senator Cynthia Lummis, and the Bitcoin Strategic Reserve also boosts the crypto investor’s confidence. He also mentioned this favorable outlook may bring the best potential of Bitcoin in the future.

“The next four years may witness an unprecedented level of institutional support, increased government interest, and broader public adoption, setting the stage for Bitcoin to further solidify its place in the global financial landscape,” Buterfill mentioned in the other report.



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