Ethereum
How will the market react?
Furrever Token
New York, NY, May 20, 2024 (GLOBE NEWSWIRE) —
Investors are happy with this week as most cryptos have surged during this period. Bitcoin climbed an impressive 10%, and Ethereum followed suit with a 5% increase, signaling strong bullish sentiment in the market. Amid these gains, Furrever Token has attracted considerable attention with its promise of up to 15X returns after launch. As these developments unfold, the crypto community is abuzz with speculation on how the market will react to these exciting prospects.
Bitcoin jumped 10% in 7 days: optimism amid market dynamics
The past week has proven to be remarkably bullish for cryptocurrencies after a long period of uncertainty. Despite higher-than-expected Producer Price Index (PPI) data, US inflation for April was reported lower, offering relief to risk markets previously jittery over news fears. Fed interest rate hikes. Attention now turns to the release of upcoming data, including on employment and other economic indicators, leading up to the June 12 meeting.
Labor market numbers are weakening, while the latest wage growth data supports risk markets. Overall, with inflation numbers gradually slowing over the past few months, the likelihood of further Fed tightening and an extension of maximum interest rates is diminishing.
Regarding Bitcoin spot ETFs, this week’s data has been favorable for Bitcoin. We are now seeing inflows rather than outflows in the GBTC space, pushing the total ETF value above $12.4 billion. If we see further inflows into the IBIT and FBTC spaces totaling hundreds of millions of dollars, this could signal a more impressive resurgence, similar to the rapid ascent seen through mid-March.
Ethereum’s 5% Rally Caught Attention: Exciting Market Outlook and Potential Catalysts
Ethereum (ETH) is currently valued at around $3,098.41, down slightly by 1.2% from yesterday, while seeing a notable increase of over 5% from the previous week. Despite Ethereum’s recent performance, it has continued to lag behind Bitcoin throughout 2024, as indicated by the ETH/BTC ratio hitting a three-year low of 0.044. However, following Ethereum’s transition to proof-of-stake (the merge), its correlation with Bitcoin saw a drop of 45%, decreasing the likelihood of the long-awaited “reversal”.
However, despite the obstacles encountered, market sentiment remains cautiously optimistic. Analyst Michael van de Poppe suggests that Ethereum is poised for an upward trajectory, especially in adverse market conditions. Coinbase shares this positive outlook, highlighting minimal supply-side pressures for Ethereum and the potential approval of a spot Ethereum ETF. Regulatory clarity, particularly regarding the SEC’s ETF decision, is of paramount importance. While the initial rejection is plausible, Coinbase says legal action could potentially overturn it.
The story continues
Approval of a spot Ethereum ETF would mark a significant milestone, likely attracting increased institutional interest and investment into Ethereum, which could increase its price. The current ETH/BTC ratio, at a three-year low, indicates growth potential if Ethereum closes the gap with Bitcoin. Overall, market sentiment shows cautious optimism, with analysts anticipating Ethereum’s resilience, especially amid potential regulatory advancements.
Furrever Token Sparks Excitement in Crypto Industry
Amid the recent market rally seen in leading cryptocurrencies such as Bitcoin and Ethereum, a new competitor has entered the scene, attracting the attention of the crypto community due to its distinctive appeal and promising prospects . Furrever Token, characterized by its endearing feline identity and intuitive interface, has quickly generated excitement and intrigue among investors and enthusiasts.
Furrever Token stands out in the crowded crypto space by offering a whimsical and heartwarming experience that goes beyond traditional use cases. Its mission to integrate cute cat-themed stickers, emojis, and visuals into its ecosystem has resonated with a wide audience, making crypto engaging and fun. This lightweight approach, combined with strong fundamentals, has helped Furrever Token carve out a niche in the market.
Furrever Token’s tokenomics are strategically designed to ensure growth and stability. With a total supply of 9 billion tokens, 65% allocated to presale, 25% to DEX allocation, and 10% to team allocation (locked for one year), the project demonstrates a commitment to safety and longevity. The recent success of the pre-sale, raising over $1.1 million and approaching final stages, highlights growing investor confidence.
Adding to the excitement is Furrever Token’s promise of returns of up to 15X, a compelling proposition for those looking to capitalize on new opportunities. The ongoing competition for the highest total purchases of $20,000 further encourages participation, fostering a vibrant and engaged community. This competition ends on 05/27/24 at 12:00 UTC, giving investors a limited time to join the race for meaningful rewards.
With its current price of $0.000648 and exclusive availability on its official website, furrevertoken.com, Furrever Token is poised to make a significant impact. As the crypto industry seethes with anticipation, all eyes are on how this charming newcomer will fare in the dynamic market landscape.
Join the Furrever Token Presale Now:
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Media Contact:
Robert Smith
https://furrevertoken.com/
support@furrevertoken.com
Disclaimer: The information provided in this press release does not constitute an investment solicitation nor is it intended to constitute investment advice, financial advice or trading advice. It is strongly recommended that you perform due diligence, including consulting a professional financial advisor, before investing in or trading cryptocurrencies and securities.
CONTACT: Robert Smith support at furrevertoken.com
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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