Category Archives: Ethereum
A $17.7 Trillion Crypto Window Just Quietly Opened Amid Huge Bitcoin, Ethereum And XRP Price Surge – Forbes
BitcoinBTC and other major cryptocurrenciesincluding ethereum and XRPXRPhave rocketed higher this week (despite serious warnings that BlackRock and the U.S. government could be about to "kill" bitcoin).
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The bitcoin price has topped $36,000 per bitcoin, putting $40,000 in touching distance for the first time since May 2022 and helping add $600 billion to the combined bitcoin, etheruem XRP and crypto market since January ahead of an imminent "watershed moment."
Now, amid fears of a sudden bitcoin "rug pull," a "window" has quietly opened that could see Wall Street giants that look after $17.7 trillion flow into the bitcoin and crypto market.
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This week saw the opening of an eight-day window between November 9 and November 17 in which all 12 U.S. bitcoin spot exchange-traded fund (ETF) filings currently lodged with the U.S. Securities and Exchange Commission (SEC) could be approved, according to Bloomberg Intelligence analysts James Seyffart and Eric Balchunas.
BlackRock's June bitcoin spot ETF filing kicked off a race among some of Wall Street's biggest asset managerslooking after a combined $17.7 trillionto bring a fully-fledged bitcoin fund to market following years of SEC denials.
Delay orders were issued by the SEC for BlackRockBLK, Bitwise, VanEck, WisdomTree, InvescoIVZ, Fidelity & Valkyrie at the same time," Seyffart wrote in an X (Twitter) post. "We still believe 90% chance by January 10 for spot bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants could occur."
Along with BlackRock's bitcoin spot ETF filing blowing up expectations that the SEC could be about to approve a long-await bitcoin fund, crypto asset manager Grayscale won a significant legal victory over the SEC in its battle to convert its flagship bitcoin trust to a bitcoin spot ETF.
In August, Grayscale's legal challenge to the SEC's denial of its bid to convert its GBTC fund into a bitcoin spot ETF was upheld by a court, ordering the SEC to review the application.
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"If the agency wants to allow all 12 filers to launchas we believethis is the first available window since Grayscale's court victory was affirmed," Seyffart added.
Ahead of any decision from the SEC, the bitcoin, ethereum, XRP and crypto market has regained ground not seen for over a year, with technical analysis of the bitcoin price suggesting bitcoin could breach $40,000.
"Bitcoin has broken out of a long consolidation range and is approaching the next round level of $37,000," Alex Kuptsikevich, senior market analyst at FxPro, said in emailed comments.
"The technical implementation of this pattern suggests a rise to $41,000 to $45,000, depending on which point we choose as the start of the last impulse. The upper limit looks like a suitable target with a pivot point close to it. Near it, in April 2022, the corrective rebound ended, and the most relentless phase of the sell-off began."
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.
Bitcoin approaches $38,000 and Ethereum crosses $2,000 as ETF fever continues to buoy the crypto market – Fortune
The worlds largest cryptocurrency by market capitalization continued to push past year-long highs, as Bitcoin approached $38,000 late Thursday morning, an approximately 7% increase in the past 24 hours, according to data from CoinGecko. Its peak of $37,935 was the highest the coin has reached in more than 18 months.
Ether, the token for the Ethereum blockchain and second-largest cryptocurrency by market capitalization, was also up, crossing the $2,000 mark for the first time since July on the back of an 8% day-over-day price upswing.
The market capitalization for all cryptocurrencies increased approximately 5.4% day-over-day to $1.45 trillion, as some of the other largest coins on the market saw large gains as of Thursday morning, including Cardano (8.2%), Solana (9.9%), and Chainlink (12.7%). The movements in the crypto markets far outpaced the stock indices, with the NASDAQ and S&P 500 basically flat over the past 24 hours.
Bitcoins recent upswing is mainly due to optimism around a near-term spot Bitcoin ETF approval and a resulting short-squeeze, Brian Rudick, a senior strategist at crypto trading firm GSR, told Fortune, referring to a Bitcoin-based financial product that traditional investors can trade. And on Thursday morning, BlackRock registered the name iShares Ethereum Trust in Delaware, an indication that it is likely to file a spot ether ETF application soon, he added.
David Lawant, head of research at crypto brokerage and trading platform FalconX, echoed Rudicks assessment. Bitcoin continues to perform well as the market focuses on the U.S. spot ETF approval process, he told Fortune, adding that the big star of the day has been Ethereum, following news of BlackRocks registration of the iShares Ethereum Trust name.
View the Bitcoin's Price Over The Past 24 Hours chart
The rapid rise in the prices of major cryptocurrencies continues a month-long rally in the digital assets market. The total market capitalization for all cryptocurrencies has rocketed about 30% since Oct. 9, rising alongside optimism over the likely approval of a spot Bitcoin ETF, or exchange-traded fund.
Traditional investors, who manage trillions of dollars in capital, are largely constrained by the investment products available on portfolio management platforms like Vanguard or TD Ameritrade. If the Securities and Exchange Commission were to approve a spot Bitcoin ETF, which lets traditional investors trade on current Bitcoin prices, crypto industry boosters are betting that tremendous amounts of capital would flow into the Bitcoinand cryptomarkets.
While the industry has repeatedly tried and failed to convince the SEC to approve a spot Bitcoin ETF, BlackRock, the largest asset manager in the world, filed an application for its own spot Bitcoin ETF in June. Since then, the crypto markets have rallied, and other financial institutions have filed their own ETF applications, hoping to cash in if the SEC were to approve the application from BlackRock, which has a sterling record of past ETF approvals.
And starting Thursday, a brief period for the SEC to approve a spot Bitcoin ETF opened, according to Bloomberg Intelligence analysts, who believe that, even if approvals don't come in November, there is a 90% chance of approval by January.
"There is significant hype surrounding the recent comments from Bloomberg regarding the ETF 'window,'" James Butterfill, head of research at CoinShares, told Fortune. "Admittedly, it is always a little worrying when prices rise so sharply. That said, as we enter into this new bull market, it is worth reflecting on the point that we remain well below the all-time-highs seen in 2021."
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In recent years, the solana solana Blockchain Network blockchain witnessed a series of challenges from network halts to the crypto winter and the downfall of the FTX exchange.
However, its making a comeback with 100% uptime this year and a significant increase in total value locked (TVL) in decentralized finance (DeFi), reaching $415 million from $210 million at the start of 2023. Perhaps some believe that Solana could be the Next Ethereum.
Solana is making a comeback, catching the eye of sceptics who are now cheering for SOL. After a recent price surge that saw $SOL jump almost 400% from its lows in late 2022, critics are turning into supporters. But, when stacked against Ethereum, many believe that it could be the next Ethereum or surpass it.
Even though Solanas TVL has aggressively climbed, reaching $415 million at the beginning of 2023, its important to note that it still has quite a journey ahead to hit its all-time highs. Comparatively, its nowhere near Ethereums impressive $24.4 billion.
Meanwhile, in terms of developer activity Solana rank 5th among the most developed ecosystem, but it trails behind Ethereum, Polkadot, and Cosmos, sitting 50% lower than a year ago.
Notable companies have already taken this step, with Visa announcing in September 2023 that it would incorporate Solana as a settlement layer to enhance cross-border USDC stablecoin payments.
Additionally, global e-commerce giant Shopify revealed its integration of the Solana Pay system in collaboration with Mastercard. These strategic moves by major players signal a growing acceptance of Solanas capabilities and potential impact on the broader financial landscape.
Solana shines in daily transactions, surpassing Ethereum by 15-20 times, thanks to low fees and fast transaction times. However, when focusing on actual users, Solana needs more users to catch up with Ethereum.
Even with Layer2 networks on Ethereum, the scale of activity and transaction value remains higher in Ethereums favor.
As Solana keeps going, its showing it can handle challenges and grow. But calling it the next Ethereum means it has to fill some big gaps in different things. The surge in support and positive metrics signals potential, but a balanced perspective is essential when assessing its progress.
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Ethereum's micro wallet segment surpasses 100,000, marking a significant milestone in the diversification and growth of the Ethereum network
Ethereum's micro addresses holding less than 0.1 ETH have surpassed the 100,000 wallet mark for the first time, according to data from Santiment.
This milestone highlights the growing adoption and diversification of Ethereum holdings, even as larger wallet categories, including those holding between 0.1-10 ETH and over 10,000 ETH, also see an uptick in numbers.
Whales, or large holders of Ethereum, currently account for a 32.94% concentration, holding about 40.83 million ETH, according to data provided by IntoTheBlock.
Smaller investors boast combined holdings that account for 12.48% of the market, equivalent to 15.47 million ETH.
The recent trends in Ethereum's address holdings indicate a growing interest from small-scale investors (as evidenced by the increase in the smallest wallet categories).
In contrast, larger wallet categories are experiencing a decrease, suggesting a strategic redistribution or liquidity-seeking behavior
Adding to the excitement in the Ethereum market is the news that asset management behemoth BlackRock plans to launch an Ethereum exchange-traded fund.
This move is widely speculated as a precursor to filing for an Ethereum-based exchange-traded fund (ETF). Following BlackRock's registration of the iShares Ethereum Trust, the price of Ethereum soared above the $2,000 level, marking its highest level since April.
This development echoes a similar pattern observed earlier in the year when BlackRock registered a Bitcoin trust, followed by a proposal for a spot Bitcoin ETF.
About the author
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. Hes particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at email@example.com.
The RSI, significantly above the 70 threshold, signals overbought conditions, yet it underscores the strong current buyers interest. While the MACD corroborates this sentiment, with a noticeable bullish divergence,
Ethereums stance above the 50 EMA at $1876.66 further bolsters a bullish outlook. Consequently, Ethereums trajectory remains decisively positive above $1979, with expectations to challenge higher resistances shortly.
Ripple (XRP) trajectory has taken a bearish turn, with the digital currency shedding 5.21% off its value, now trading at $0.6511. The current sentiment is bearish as XRP has dipped below the pivotal $0.67328 mark.
Technical indicators offer a mixed view; the RSI at 61 suggests a neutral to slightly bullish sentiment but must be viewed cautiously in the context of recent price declines. The MACDs negative values hint at a potential for further downside, signaling that sellers are currently in control.
XRPs break below the 38.2% Fibonacci retracement level casts a shadow on its short-term prospects, indicating that it may seek support at the 61.8% retracement. With the price hovering just below the 50 EMA of $0.6531, XRPs position is precarious, and the bearish outlook will be reinforced unless it can reclaim the level above $0.67328.
As of now, the downward pressure seems to have the upper hand, with expectations of XRP testing further supports unless a decisive reversal occurs.
Solana (SOL/USD) rides a bullish wave in todays market, marking a notable ascent of 4.80% to a price of $45.17. On a 4-hour chart perspective, the crypto asset is pushing against the winds of resistance, having surpassed the pivot point at $42.80 and is now steering towards the $48.07 mark.
The Relative Strength Index (RSI) soars at 82, signaling an overheated market typically a precursor to a retracement or consolidation; however, it currently reflects a strong bullish grip.
The MACDs bullish crossover amplifies this sentiment, suggesting that the upward momentum has not yet exhausted. Further credence to the bullish outlook is given by SOLs position above the 50 EMA, set at $41.26, indicating that short-term sentiment is tilted towards buying.
Chart patterns reveal an upward trendline, bolstering support around the $42.50 area. With these technical affirmations, SOLs trend remains bullish above $42, setting the stage for a potential rally to test further resistances in the imminent sessions.
For a look at all of todays economic events, check out our economic calendar.
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Bitcoin Price Bolts To $37000; Ethereum Rallies On BlackRock Filing; Crypto Stocks Surge – Investor’s Business Daily
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Published Nov 10, 2023 02:33AM ET
Bitcoin and Ethereum experienced a rise in prices and market caps, with Bitcoin seeing a slight increase to $36,707.10 and Ethereum significantly rising by 11.25% to $2,133.67. The cryptocurrency market is currently influenced by the anticipation of Bitcoin ETFs approval and the upcoming halving event.
In the broader cryptocurrency market, tokens such as BNB, XRP, Cardano, and Dogecoin showed mixed trends today. Solana, Polka Dot, Shiba Inu, and Polygon registered weekly gains. Among the top gainers were ORDI, Rocket Pool (NASDAQ:POOL), Lido DAO, Huobi Token, and THORChain. Conversely, Conflux, Toncoin, PancakeSwap, Trust Wallet Token, and Bitcoin SV were among the biggest losers.
Stablecoins also underwent value changes today. Tether and USD Coin saw a decrease in value while Binance USD experienced an increase. DeFi tokens followed a similar pattern with Chainlink dropping in value while Wrapped Bitcoin and Dai increased. Avalanche and Uniswap also gained.
The NFT market showed varied trends with Internet Computer declining while Immutable, Stacks, Theta Network, and Axie Infinity gained in value.
The total crypto market volume surged by 85.81% to reach $95 billion today. Concurrently, the global crypto market cap increased by 3.89% to $1.4 trillion. These changes come amidst rising interest rates and potential market declines which are casting uncertainty over Bitcoin's future.
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Fees, as measured by median gas prices, spiked to as high as 270 gwei late on Thursday, temporarily touching a level last seen in June 2022. That pushed up costs of trading swaps to anywhere from $60 to $100 for a few hours. Gwei is a small unit of ether (ETH) equal to one-billionth of an ETH and is used to denominate gas prices. Gas refers to the fees Ethereum users pay to ensure their transactions are included in the earliest block by network validators.
Ethereum cofounder's transfer not necessarily bearish, here's why
Ethereum has witnessed a notable price movement, breaching the $2,000 threshold. The significant market activity coincides with Ethereum cofounder Vitalik Buterin's recent transfer of 50 ETH, valued at approximately $106,000, to Coinbase Custody. It is important to note that such a transfer does not inherently indicate an intent to sell the assets; instead, it might reflect a strategic move for security or part of a broader financial strategy.
Coinbase Custody is a service offered by Coinbase, which is specifically designed to provide secure storage for cryptocurrency assets. It is targeted at institutional clients and offers a range of features, including insurance coverage and third-party auditing. The service is built on the premise of providing a secure haven for large cryptocurrency holdings, away from the risks associated with exchange wallets.
The transfer of funds by notable figures such as Buterin often garners attention, potentially influencing market sentiment. However, attributing Ethereum's price surge solely to these transfers would be an oversimplification. A myriad of factors contribute to the price dynamics of cryptocurrencies, including investor sentiment, market trends and significant developments within the ecosystem.
One such development is the news that BlackRock, the world's largest asset manager, is exploring the creation of an exchange-traded fund (ETF) that would include Ethereum's ether. This move underscores the growing interest and acceptance of cryptocurrencies among institutional investors. BlackRock's engagement with Ethereum could be seen as a vote of confidence, potentially attracting more institutional money into the cryptocurrency space and contributing to the bullish momentum of ETH.
Ethereum's growth also comes amid a broader trend of increasing institutional interest in cryptocurrencies. As traditional financial entities seek exposure to digital assets, the market is likely to continue to expand and evolve.
About the author
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.
Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.
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