Ethereum
Top CEO bets on Biden crypto-shock reversal as Congress rushes to ‘crucial’ vote that could explode price of Bitcoin, Ethereum and XRP
Updated 5/20 below. This article was originally published on May 18
Bitcoin
Bitcoin
and cryptocurrencies, including major coins Ethereum and XRP
XRP
-are preparing for a game-changing vote in Washington next week (even as a Bitcoin storm on Wall Street brews).
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The price of bitcoin has climbed 10% over the past week, back to $70,000 per bitcoin and driving up the price of Ethereum, XRP and other cryptocurrencies. as Twitter founder Jack Dorsey reveals his plan to explode the price of Bitcoin.
NOW, after Shark Tank billionaire Mark Cuban issues harsh warning to President Joe Biden over cryptoUS lawmakers are poised for a historic vote on crypto that some of the biggest crypto companies have called “crucial” for the future of the US industry.
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US President Joe Biden has vowed to block the game-changing crypto bill, with another described as… [+] “crucial” to the price of bitcoin, ethereum, XRP and crypto by some of the biggest crypto companies.
AFP via Getty Images
Next week, House lawmakers will vote on the Financial Innovation and Technology for the 21st Century Act, known as Fit21, which would make the Commodity Futures Trading Commission (CFTC) a major crypto regulator and would determine which areas of the bitcoin and crypto market. are supervised by the Securities and Exchange Commission (SEC).
It would also establish guardrails against risky behavior and establish protections for consumers regarding the custody of cryptocurrencies and how they should be treated in bankruptcy.
“By passing this legislation, we can accelerate the growth of blockchain technology and digital assets, driving financial inclusion and protecting national security,” said the Crypto Council for Innovation, a coalition of companies and organizations crypto that also includes major exchanges Coinbase and Kraken. as investor Andreessen Horowitz and the sprawling crypto empire the Digital Currency Group wrote in an open letter to legislators. “It is crucial that the United States maintains its leadership in financial innovation.”
Some crypto companies have threatened to abandon the United States altogether due to the lack of clear crypto rules and regulations, with industry executives complaining that there is no authorized path to market for cryptographic financial products.
This week, Congress reversed an SEC crypto accounting policy that had blocked Wall Street’s largest banks and equally tightly regulated financial firms from holding bitcoin and other cryptocurrencies, with the resolution gaining support of a dozen Democrats despite President Joe Biden’s promise to do so. vote for it if it reaches his desk.
“This is a big deal,” Noelle Acheson, author of the newsletter Crypto is Macro Now, wrote in a note. “At the risk of buying too much into the glee of the crypto echo chamber, this feels like a political signal that suggests a growing division within the Democratic Party.”
President Biden now has about ten days to veto the bill or sign it once it reaches his desk. If he does not veto, the text will be adopted without his signature.
Updated 5/20: Some believe Biden may reverse the promised veto due to former president and 2024 Republican candidate Donald Trump’s recent support for crypto.
“I’m 90% sure that Joe Biden will back down this week from the veto threat of SAB 121,” said Ryan Selkis, chief executive of crypto data firm Messari, who recently endorsed Trump because of his support for the crypto industry. job to X, adding that he believes the Democrats are “losing [an] a huge amount of political capital over an “accounting rule”.
Asset, which caused the price of a small cryptocurrency to suddenly rise this monthalso announced that it would begin accepting crypto campaign donations.
Trump’s sudden reversal on bitcoin and cryptocurrencies, culminating with an event at Mar-a-Lago that week in which he told attendees “if you’re in favor of crypto, you’d better vote for Trump” and “Democrats are strongly opposed to it.” comes after him declared he wasn’t a fan of bitcoin or crypto in 2019.
Trump’s remarks were describe by Politico as a “new weapon against Biden,” and follow the former president selling various digital trading card collections to his supporters using cryptocurrency over the past two years.
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The price of bitcoin has skyrocketed over the past year, pushing bitcoin, ethereum, XRP and others… [+] cryptocurrencies are coming back to the forefront.
Forbes Digital Assets
Sen. Cynthia Lummis, a Wyoming Republican and crypto supporter who pushed for the resolution in the Senate, said the bulletin was “a disaster” that failed to protect consumers.
“This is a victory for financial innovation and a clear rebuke of how the Biden administration and its President Gary Gensler have treated crypto assets and is the first time that both chambers of the Congress adopts standalone crypto legislation,” Lummis said in a statement.
The bulletin was thrust into the spotlight by the approval of a fleet of spot Bitcoin exchange-traded funds (ETFs) on Wall Street in January, which created the possibility of huge fees for crypto custodians.
The long-awaited Bitcoin spot ETFs were only approved by the SEC following a court order.
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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