Ethereum
Ethereum Enjoys Price Surge, ETF Anticipation Intensifies
Ethereum (ETH) has seen a price increase of more than 15% over the past two weeks. This surge has caught the attention of investors and analysts, highlighting the cryptocurrency’s resilience and potential in a turbulent market environment.
Ethereum began an upward trajectory on July 10, as regulators appeared ready to approve applications for spot Ether ETFs.
On July 10, Ethereum led the charge with a 9% surge, reaching $3,680.98 and peaking at $3,835.43 earlier in the day. Bitcoin also followed with a 2% surge, trading around $71,350.
Issuers and exchanges have apparently have updated their filings, indicating that the U.S. Securities and Exchange Commission (SEC) may reconsider its stance 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 expected.
In May, the SEC approved Updated 19b-4 filings for Ethereum ETFs, marking a major step toward full approval. The SEC is widely expected to approve Ethereum ETFs later this year.
Ethereum price analysis reveals a dynamic trajectory influenced by market trends and investor sentiment. Currently trading at $3,492, Ethereum has seen a 1.8% increase in the last 24 hours. It is expected to fluctuate between $3,500 and $3,750 in the near term.
Since its inception, the cryptocurrency has experienced significant fluctuations, reaching an all-time high of $4,200.86 in May 2021.
Tornado in cash
Meanwhile, Ethereum-based mixer Tornado Cash 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 Flipside Crypto’s data shows that Tornado Cash received approximately $1.9 billion in deposits in the first six months of this year, a 50% increase over total deposits for the entire year of 2023.
In August 2022, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash, a cryptocurrency mixer, allegedly facilitated money laundering for cybercriminals, particularly North Korean hackers.
This action caused a dramatic decline in Tornado Cash’s business, with volumes down approximately 85% in 2023.
Despite punishmentsTornado Cash has remained a tool for illicit actors. While North Korean hackers have largely turned to traditional Bitcoin mixers, some continue to use Tornado Cash.