Ethereum
Cryptocurrency Spotlight: Ethereum’s (ETH) Regulatory Triumph, Solana’s (SOL) Price Surge, and Furrever Token’s Unique Market Niche
The cryptocurrency landscape is seeing significant movement with Ethereum price surpassing $3,100, Solana’s SOL aiming for new highs and Furrever Token captivating the market with its charming appeal. Each of these developments highlights key trends and potential in the digital asset space.
Ethereum Surpasses $3.1K Following Regulatory Win and Strong Network Activity
Ethereum’s price recently soared to $3,100, marking its highest level in ten days, fueled by a favorable US court ruling and increased activity on its network. The 5.5% price rise on May 17 follows disappointing U.S. retail sales data for April, which dampened demand for fixed income and raised expectations for a possible reduction in interest rates by the Federal Reserve. Such monetary policy adjustments are generally seen as positive for riskier assets such as cryptocurrencies, leading investors to seek refuge in scarce assets such as gold and digital currencies.
Ethereum’s significant impact also came from a legal victory in which a court ruling highlighted the decentralized nature of the Ethereum blockchain, thereby boosting investor confidence. The move comes at a crucial time, particularly after recent regulatory challenges, and highlights Ethereum’s function without a central intermediary, contrasting with ongoing debates around its classification as a security by regulators.
This has reinforced investor sentiment and Ethereum’s long-standing dominance in the decentralized applications (DApp) space, where it continues to dominate by a substantial margin in terms of volume and active addresses, despite competitive pressures from networks like BNB Chain and Solana. As Ethereum continues to solidify its position as a global settlement layer, market optimism reflects its strong fundamentals and leading role in the blockchain ecosystem.
Hedge fund founder predicts Solana SOL could hit $200 by end of May
Solana SOL recently hit its highest price in over a month, with a significant rally that outpaced most major cryptocurrencies. Currently priced at $166 after peaking at $170, SOL is up nearly 7% in the past 24 hours and over 40% since the local market bottom in early May. Daniel Choung, co-founder of Syncracy Capital, attributes this performance to a variety of positive developments within the Solana ecosystem.
The recent rise in SOL’s value is driven by a confluence of factors, including robust activity in coin trading, strong stablecoin volumes, and vibrant decentralized finance (DeFi) operations. Additionally, Solana is expected to benefit from upcoming network upgrades and the introduction of Firedancer, a sidechain client developed by Jump Crypto and designed to improve network performance.
Anagram’s David Shuttleworth highlighted the growing interest in shared cryptoeconomic security, often called resttaking, which also contributes to ecosystem dynamics. Thanks to these catalysts, Choung is increasingly convinced that SOL will not only reach but could surpass $200 by the end of the month, potentially paving the way for new record highs. Solana’s previous all-time high was $260 in November 2021, at the height of the last bull cycle.
Furrever Token: Revolutionizing Crypto with Charming Cat-Themed Investments
Meet Furrever Token (FURR), a cryptocurrency that is set to revolutionize the crypto world with its unique charm. Running on the BNB-20 blockchain, Furrever Token presents an engaging and delightful experience centered around adorable cat images that resonate with cat lovers and crypto enthusiasts alike.
By integrating cat-themed stickers, emojis, and visuals, Furrever Token enriches every interaction within its ecosystem, creating a joyful and inviting atmosphere. This fun approach not only creates a strong community, but also connects cat enthusiasts in a meaningful way.
The platform encourages community engagement through various challenges that allow users to share their love for cats while earning rewards. This involvement fosters deeper connections between members and improves the overall user experience.
Looking ahead, Furrever Token is set to release exclusive cat-themed content, adding more value and fun to its users. These initiatives highlight the project’s commitment to creating a continually engaging and entertaining environment.
With a focus on security and trust, Furrever Token guarantees a secure platform with its smart contract rigorously audited by Securi Lab, and tokens held by the team are locked for a year to demonstrate their commitment to the future of the project.
Furrever Token features a carefully planned tokenomics structure with a total supply of 9 billion tokens, thoughtfully distributed between presale, DEX listings and team reserves, supporting both growth and sustainability.
After raising over $1.1 million as the presale nears completion, Furrever Token is poised for significant growth. With a current price of $0.000648, it offers an attractive investment opportunity. Join the Furrever Token community now, invest in the most exciting crypto offering on the market and be part of a delicious investment journey!
For more information or any assistance regarding Furrever Token, contact only through the official channel at support@furrevertoken.com to avoid possible scams.
Join the Furrever Token Presale Now:
Furrever token official website
Join the $20,000 Furrever Token Competition
Join the official Telegram group
Follow the official X account
Ethereum
QCP sees Ethereum as a safe bet amid Bitcoin stagnation
QCP, a leading trading firm, has shared key observations on the cryptocurrency market. Bitcoin’s struggle to surpass the $70,000 mark has led QCP to predict Selling pressure is still strong, with BTC likely to remain in a tight trading range. In the meantime, Ethereum (ETH) is seen as a more promising investment, with potential gains as ETH could catch up to BTC, thanks to decreasing ETHE outflows.
Read on to find out how you can benefit from it.
Bitcoin’s Struggle: The $70,000 Barrier
For the sixth time in a row, BTC has failed to break above the $70,000 mark. Bitcoin is at $66,048 after a sharp decline. Many investors sold Bitcoin to capitalize on the rising values, which caused a dramatic drop. The market is becoming increasingly skeptical about Bitcoin’s rise, with some investors lowering their expectations.
Despite the continued sell-off from Mt. Gox and the US government, the ETF market remains bullish. There is a notable trend in favor of Ethereum (ETH) ETFs as major bulls have started investing in ETFs, indicating a bullish sentiment for ETH.
QCP Telegram Update UnderlinesIncreased market volatility. The NASDAQ has fallen 10% from its peak, led by a pullback in major technology stocks. Currency carry trades are being unwound and the VIX, a measure of market volatility, has jumped to 19.50.
The main factors driving this uncertainty are Value at Risk (VaR) shocks, high stock market valuations and global risk aversion sentiment. Commodities such as oil and copper have also declined on fears of an economic slowdown.
Additionally, QCP anticipates increased market volatility ahead of the upcoming FOMC meeting, highlighting the importance of the Federal Reserve’s statement and Jerome Powell’s subsequent press conference.
A glimmer of hope
QCP notes a positive development in the crypto space with an inflow of $33.7 million into ETH spot ETFs, which is giving a much-needed boost to ETH prices. However, they anticipate continued outflows of ETHE in the coming weeks. The recent Silk Road BTC moves by the US government have added to the market uncertainty.
QCP suggests a strategic trade involving BTC, which will likely remain in its current range, while ETH offers a more promising opportunity. They propose a trade targeting a $4,000-$4,500 range for ETH, which could generate a 5.5x return by August 30, 2024.
Ethereum
Ethereum Whale Resurfaces After 9 Years, Moves 1,111 ETH Worth $3.7 Million
An Ethereum ICO participant has emerged from nearly a decade of inactivity.
Lookonchain, a smart on-chain money tracking tool, revealed On X, this long-inactive participant recently transferred 1,111 ETH, worth approximately $3.7 million, to a new wallet. This significant move marks a notable on-chain movement, given the participant’s prolonged dormancy.
The Ethereum account in question, identified as 0xE727E67E…B02B5bFC6, received 2,000 ETH on the Genesis block over 9 years ago.
This initial allocation took place during the Ethereum ICOwhere the participant invested in ETH at around $0.31 per coin. The initial investment, worth around $620 at the time, has now grown to millions of dollars.
Recent Transactions and Movements
The inactive account became active again with several notable output transactions. Specifically, the account transferred 1,000 ETH, 100 ETH, 10 ETH, 1 ETH, and 1 more ETH to address 0x7C21775C…2E9dCaE28 within a few minutes. Additionally, it moved 1 ETH to 0x2aa31476…f5aaCE9B.
Additionally, in the latest round of transactions, the address transferred 737,995 ETH, 50 ETH, and 100 ETH, for a total of 887,995 ETH. These recent activities highlight a significant movement of funds, sparking interest and speculation in the crypto community.
Why are whales reactivating?
It is also evident that apart from 0xE727E67E…B02B5bFC6, other previously dormant Ethereum whales are waking up with significant transfers.
In May, another dormant Ethereum whale made headlines when it staked 4,032 ETHvalued at $7.4 million, after more than two years of inactivity. This whale initially acquired 60,000 ETH during the Genesis block of Ethereum’s mainnet in 2015.
At the time, this activity could have been related to Ethereum’s upgrade known as “Shanghai,” which improved the network’s scalability and performance. This whale likely intended to capitalize on the price surge that occurred after the upgrade.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Ethereum
Only Bitcoin and Ethereum are viable for ETFs in the near future
BlackRock: Only Bitcoin and Ethereum Are Viable for ETFs in the Near Future
Bitcoin and Ethereum will be the only cryptocurrencies traded via ETFs in the near future, according to Samara Cohen, chief investment officer of ETFs and indices at BlackRock, the world’s largest asset manager.
In an interview with Bloomberg TV, Cohen explained that while Bitcoin and Ethereum have met BlackRock’s rigorous criteria for exchange-traded funds (ETFs), no other digital asset currently comes close. “We’re really looking at the investability to see what meets the criteria, what meets the criteria that we want to achieve in an ETF,” Cohen said. “Both in terms of the investability and from what we’re hearing from our clients, Bitcoin and Ethereum definitely meet those criteria, but it’s going to be a while before we see anything else.”
Cohen noted that beyond the technical challenges of launching new ETFs, the demand for other crypto ETFs, particularly Solana, is not there yet. While Solana is being touted as the next potential ETF candidate, Cohen noted that the market appetite remains lacking.
BlackRock’s interest in Bitcoin and Ethereum ETFs comes after the successful launch of Ethereum ETFs last week, which saw weekly trading volume for the crypto fund soar to $14.8 billion, the highest level since May. The success has fueled speculation about the next possible ETF, with Solana frequently mentioned as a contender.
Solana, known as a faster and cheaper alternative to Ethereum, has been the subject of two separate ETF filings in the US by VanEck and 21Shares. However, the lack of CME Solana futures, unlike Bitcoin and Ethereum, is a significant hurdle for SEC approval of a Solana ETF.
Despite these challenges, some fund managers remain optimistic about Solana’s potential. Franklin Templeton recently described Solana as an “exciting and major development that we believe will drive the crypto space forward.” Solana currently accounts for about 3% of the overall cryptocurrency market value, with a market cap of $82 billion, according to data from CoinGecko.
Meanwhile, Bitcoin investors continue to show strong support, as evidenced by substantial inflows into BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT). On July 22, IBIT reported inflows of $526.7 million, the highest single-day total since March. This impressive haul stands in stark contrast to the collective inflow of just $6.9 million seen across the remaining 10 Bitcoin ETFs, according to data from Farside Investors. The surge in IBIT inflows coincides with Bitcoin’s significant $68,000 level, just 8% off its all-time high of $73,000.
Ethereum
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