Bitcoin
Ether Jumps Over 20% in Two Days on Renewed Optimism for an ETF
- The price of ether extended its gains, soaring 20% in two days.
- The rally comes amid rising optimism that the SEC could give the green light to identifying ether ETFs before its first deadline later this week.
- The previous consensus was that the funds were unlikely to be approved.
Omar Marques | Light Rocket | Getty Images
Cryptocurrencies rose on Tuesday amid a late surge in optimism surrounding U.S. Securities and Exchange Commission decisions on spot ether exchange-traded fund applications, the first of which is expected this week.
Ether led the rally, rising more than 20% in two days to $3,710.31, according to Coin Metrics. It previously rose to $3,835.43.
“This sudden change in expectations is an unexpected benefit for [crypto] investors clamoring for a driver after the [Bitcoin] reduce by half have been approved and bitcoin ETFs have been launched in the US and Hong Kong,” said Antoni Trenchev, co-founder of cryptocurrency exchange Nexo. “If spot ETH ETFs are approved, altcoins should take off, as ether is often a important indicator for the rest of the crypto market.”
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Ether Rebounds on ETF Optimism
The demonstration began suddenly on Monday, in the middle of reports that the SEC has requested updates to important documents from potential ETF issuers and exchanges. An SEC spokesperson said the agency does not comment on individual filings.
Now, investors are considering the chances of the SEC greenlighting ether ETF applications. O previous consensus was that the agency was unlikely to approve the funds, based on the agency’s lack of involvement in the records. On the other hand, in the weeks leading up to approvals for bitcoin ETFs, it was reported that the SEC was actively engaging with fund issuers.
Final decisions on VanEck and Ark Invest’s applications will be released this Thursday and Friday, respectively. BlackRock, Fidelity, Invesco, Grayscale and Bitwise Asset Management also have applications awaiting decision this year.
Ether Futures ETFs first hit the US market in Octoberjust a few weeks after the courts ruled against the SEC in a landmark case brought by Grayscale which paved the way for spot bitcoin ETFs and may have set a precedent for spot ether ETFs.
The court said the SEC’s denial of Grayscale’s proposal to convert its popular bitcoin fund into an ETF was “arbitrary and capricious” and that the agency failed to adequately explain why it approved the listing of two bitcoin futures exchange-traded products. bitcoin, or ETPs, but not Grayscale’s proposed bitcoin ETP.
Bitcoin hits the brakes
As the ether recovered for the second day, Bitcoin and crypto stocks lagged. The top cryptocurrency was little changed on Tuesday, maintaining a 7% gain from the previous day that pushed it above $70,000 for the first time in more than a month. Bitcoin has been rising from last week’s April CPI reading showed inflation eased compared to the previous monthwhich could once again open the door to lower interest rates in the US
Crypto-related stocks initially rode the bullish wave but also retreated on Tuesday. Coin base It is RobinhoodBoth plays in cryptocurrency trading changed little, building on gains of 8% and 9%, respectively, from the previous session. Microstrategywhich is more of a proxy for the price of bitcoin, fell 4%.
See the graph…
Bitcoin initially jumped with ether on Monday but has since retreated
An approval of the Ethereum ETF could end the lull in crypto, according to Trenchev. Bitcoin has been trading between $60,000 and $70,000 for several weeks now, and investors and analysts have been expecting this trend last another three to five months.
“Crypto has been dormant since March and we are still in this sideways space,” he said. “We need [bitcoin] break the record before we can categorically say we’ve gone off track.”
“Bitcoin should rise in the wake of Ethereum if we can achieve a [ETF] approval, but let’s not get too hasty,” he added. “One month doesn’t make summer. We are in a data-centric market. If we get a hot CPI number or a really strong jobs report, you could see the lull continue.”
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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