Ethereum
Solana and Avalanche soar as Ethereum price surpasses $3,500
Bitcoin And Ethereum are up sharply today, with the latter skyrocketing rumors that an ETH-based exchange-traded fund (ETF) could soon hit the US market.
THE Bitcoin price hit $70,000, triggering a flood of liquidationswhile ETH is negotiate over $3,500 at the time of writing. But the top two coins by market cap aren’t the only ones seeing significant gains. The entire crypto market is on the rise, with Solana And avalanche the best winners.
Solana, the fifth largest coin by market capitalization, rose over 8% over the past day and is now exchange hands for $184.17, according to CoinGecko.
However, the coin is not as close to breaking records as Bitcoin: its value still needs to increase by 29% to reach its 2021 all-time high of $259.
Elsewhere, Avalanche is also in great shape: among the top 20 coins and tokens, it is the one that is doing the best, having climbed almost 9% in 24 hours. It is now Dear at $38.24.
The coin, which runs on a network used by developers to build decentralized applicationsis the 12th largest digital asset by market capitalization and made headlines last year when JP Morgan announcement that it had used its blockchain to tokenize investment portfolios.
Further down the list of top cryptocurrencies by market cap, price surges also hit Uniswap (UNI), Pepe and Lido DAO (LDO) with 24-hour gains of over 18%, 20% and 21% , respectively.
Ethereum, the second largest cryptocurrency, is currently up 14% over the past day, to a price of $3,511. The asset soared on news that Wall Street’s biggest regulator, the Securities and Exchange Commission, may be close to approving a spot ETH ETF.
Such an investment vehicle would give people exposure to the second-largest digital currency by market capitalization via shares traded on a traditional exchange.
The second approved 11 Bitcoin ETF spot in January, but has been coy on the issue of approving an ETH equivalent.
A long list of major Wall Street firms have paperwork filed to launch a spot ETH ETF, including BlackRock, Grayscale and VanEck. Until the latest rumors, the prospects for approval seemed dim.
Edited by Ryan Ozawa.
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.
-Advertisement-
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
Ethereum Posts First Consecutive Monthly Losses Since August 2023 on New ETFs
Available exclusively via
Bitcoin ETF vs Ethereum: A Detailed Comparison of IBIT and ETHA
Andjela Radmilac · 3 days ago
CryptoSlate’s latest market report takes an in-depth look at the technical and practical differences between IBIT and BlackRock’s ETHA to explain how these products work.
-
Ethereum4 months ago
Ethereum Posts First Consecutive Monthly Losses Since August 2023 on New ETFs
-
Ethereum7 months ago
Scaling Ethereum with L2s damaged its Tokenomics. Is it possible to repair it?
-
Videos7 months ago
Nexus Chain – Ethereum L2 with the GREATEST Potential?
-
Videos7 months ago
Raoul Pal’s Crypto Predictions AFTER Bitcoin Halving in 2024 (The NEXT Solana)
-
Bitcoin7 months ago
‘Beyond’ $20 trillion by 2030 – Jack Dorsey’s plan to boost Bitcoin price
-
Videos7 months ago
BREAKING: Coinbase wins BIG cryptocurrency legal battle [Bitcoin to $170k]
-
Ethereum7 months ago
Comment deux frères auraient dérobé 25 millions de dollars lors d’un braquage d’Ethereum de 12 secondes • The Register
-
News7 months ago
Solana ranks the fastest blockchain in the world, surpassing Ethereum, Polygon ⋆ ZyCrypto
-
Videos7 months ago
The cryptocurrency market is in trouble | SEC vs. Uniswap
-
Regulation4 months ago
Think You Own Your Crypto? New UK Law Would Ensure It – DL News
-
Regulation4 months ago
Cryptocurrency Regulation in Slovenia 2024
-
Videos6 months ago
Historic steps for US cryptocurrencies! With a shocking majority vote!🚨