Category Archives: Ethereum
Ethereum L2 EigenLayer is last of ‘life-changing airdrops,’ experts say – Cointelegraph
An ongoing, much-hyped airdrop conducted by Ethereum restaking protocol EigenLayer continues to generate controversy over its restrictive qualifications for claiming rewards. Project founders and users from across the crypto ecosystem are chiming in as a result.
The reality is that, in all likelihood, the era of life-changing airdrops is now behind us, said Leandro Schlottchauer, co-founder and CEO of smart contract developer Kuyen Labs, in a statement. It should be clear by now that no airdrop or similar incentive can satisfy all community members, he continued, adding:
Meanwhile, Mohak Agarwal, CEO and founder of liquid-staking protocol Claystack, said EigenLayers decision to announce its airdrop as a surprise is not a workable model for the long term. While the mysterious approach may initially evoke excitement, it often leads to disappointment later on, said Agarwal. This pattern suggests a tendency for projects to announce a small airdrop supply initially, anticipating user disappointment, and then offering additional tokens to appease them a short-term fix that isnt sustainable in the long run.
In a surprise blog post on April 29, EigenLayer, the second-largest decentralized finance protocol with $15.67 billion in total value locked, unveiled its airdrop plans where among other items, only 5% of the initial token supply would be allocated to early users who participated in Season One. The remaining allocation would be distributed to users in the following seasons. In addition, users from 30 countries including the United States, Canada, China and Russia would not be able to claim EIGEN tokens.
The announcement quickly drew widespread community condemnation. Accepting stake from those countries and not rewarding them isnt right. They took a very real risk for nothing, wrote one user on social media platform X in response to the protocols geoblocking efforts. In response to community feedback, EigenLayer announced in a follow-up post on May 3 that they would airdrop an additional 28 million EIGEN to 280,000 wallets.
Despite booming development activities within the crypto ecosystem, recent airdrops often failed to follow up on their initial traction.
On April 4, cross-chain messaging platform Wormhole transferred $800 million worth of its W tokens to select users, with its post-airdrop valuation surging to a stunning $22 billion measured in fully diluted market capitalization. Since then, however, the token has lost more than 50% of its value and traded at $0.6457 at the time of publication.
Similarly, STRK, the native token of the Ethereum layer-2 scaling solution Starknet, has lost 43% of its value since its February airdrop. At the time, allegedly, 701,544 eligible wallets were controlled by airdrop farmers who claimed STRK tokens by creating duplicate developers accounts on GitHub.
Cointelegraph previously reported that due to their popularity, airdrops have been frequently targeted by farm accounts and Sybil accounts, thereby allocating large swaths of tokens to otherwise unqualified accounts instead of to genuine ecosystem users. "As a result, a projects reputation is damaged, its token supply inflates, and price manipulation may occur as a result of excessive dumping by airdrop farmers after the event is over," commented researchers at Gamic HQ regarding the practice.
Related:EigenLayer users fume over restrictive airdrop, others say its generous
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Ethereum L2 EigenLayer is last of 'life-changing airdrops,' experts say - Cointelegraph
Ethereum Forecast Today -08/05: Stable at Support (Chart) – DailyForex.com
Keep in mind that Bitcoin will continue to lead the way when it comes to anything crypto currency related, and that of course includes Ethereum. In general, this is a market that I think short-term pullbacks will continue to look attractive, and therefore its likely that we will continue to see plenty of buyers willing to step in and take advantage of cheap Ethereum. If we break above the 50-Day EMA, which sits just below the crucial $3200 level, then we could continue to go higher.
In general, this is a market that I think continues to be very noisy, and therefore I think you do have to look at dips as buying opportunities, but if we were to break down below the $2800 level, then we have to have a situation where we could drop down to the 200-Day EMA, but you also need to see the Bitcoin market drop down below its recent support level. All things being equal, this is a market that I think is noisy, and I do think that there are plenty of supporters here, but I also recognize that is not necessarily going to be an easy trade.
If we were to turn around a break above the $3325 level, then its likely that the market goes looking to the $3600 level, followed by the $4000 level. The $4000 level was a swing high, and although we have been there before, you have to keep in mind it would be a 25% gain from where we are right now, so it may take some effort to make that move. As things stand right now, I dont have any interest in trying to short crypto in general.
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Ethereum Forecast Today -08/05: Stable at Support (Chart) - DailyForex.com
Optimism Leads New Crypto Wave as it Tops Developer Activity Table, Thanks to Ethereum Dencun Upgrade – CCN.com
Key Takeaways
Ethereums efficiency-focused Layer-2 (L2), Optimism, is now the leading protocol by developer activity and 7-day net flows following Ethereums Dencun upgrade. This move comes less than two years after the platforms launch.
It has beaten Cardano, Polkadot, and other reputable chains that have long-dominated the market. But can Ethereums upgrades continue to boost Optimisms capabilities and vice versa?
Developer activity on Ethereums L2 scaling platform, Optimism, has pushed it to the top of the rankings according to the latest data from Santiment.
Optimism is a comparatively young product. Within a couple of years since launching its Open Mainnet, its overtaken the likes of Polkadot, Kusama, Hedera, and even Cardano. According to DeFi Llama, the number of core developers and Github commits has now begun to skyrocket, whilst total-value-locked (TVL) continues a steady and healthy climb.
The Optimism protocol was already proving itself popular among L2s, as evidenced by the 300,000+ transactions a day processed on its mainnet throughout 2023, and the spike of activity on March 2024 following Ethereums Dencun upgrade.
L2 platforms on Ethereum, which were struggling under the weight of the networks bottlenecks, received a huge boost in efficiency following the Dencun (EIP-4844) upgrade.
Among Dencuns numerous upgrades were new ways of processing transactions and handling data. These were proto-danksharding and Data Blobs.
With these in place, gas fees for L2 transactions shrunk considerably. According to Dune, the gas volumes consumed to settle/proof L2 activity on Ethereum fell off a cliff following the upgrade.
Considering Optimism is an L2 designed to help other projects scale on Ethereum, it was already markedly cheaper than other protocols. The Dencun upgrade amplified that efficiency even further, which is a huge draw for developers.
With the Bitcoin Halving and Dencun upgrade behind us, investors are beginning to feel confident in the markets once more. Notably, Optimism is also leading the charge in terms of venture capital funding having secured $89 million in a recent private token sale.
Furthermore, the latest seven-day net flow data shows that Optimism is consuming a large portion of Ethereums net flows.
If Ethereum continues to focus on increasing its efficiency, Optimism may continue to dominate L2 developer activity.
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Ethereum price data points to strong resistance at $3.5K – Cointelegraph
Ether (ETH) experienced a significant drop of 14.8% between April 13 and April 14 and has since been trading below $3,300. Each time the price of ETH tested the $3,000 level, buyers intervened, strengthening the support. However, some traders remain concerned that ETH might not reclaim $3,500 without a stronger narrative.
Analyst DeFiSurfer808 suggests that Ether's price weakness compared to Bitcoin (BTC) stems from a lack of fresh fundamentals, as the Ethereum native token lacks "some new narrative and flows."
Over the past two months, Ether underperformed Bitcoin by 16%, a trend that intensified on April 9 after Jan van Eck, the chief investment officer of VanEck investment firm, mentioned that U.S. requests for a spot Ether ETF might be rejected in May. Van Ecks comments follow a period of inaction by the U.S. SEC concerning seven pending applications for spot Ether ETFs, as reported by Cointelegraph.
Even if Ether is classified as a non-security asset, ongoing disputes between regulators and exchanges dampen investors enthusiasm for the broader Ethereum ecosystem, including layer-2 solutions, decentralized finance (DeFi), and nonfungible token (NFT) marketplaces.
On April 11, Uniswap Labs announced that it was "ready to fight" after receiving a potential enforcement notice from the U.S. Securities and Exchange Commission (SEC). Although Uniswap Labs did not disclose the precise details of the Wells notice, it asserted in a blog post that UNI was not a security and emphasized that its platform does not meet U.S. legal definitions of a securities exchange or broker.
Meanwhile, the regulatory landscape appears to be shifting. Michael Welsh and Joseph Watkins, lead SEC attorneys in the lawsuit against crypto platform DEBT Box, resigned on April 22 after a Bloomberg report revealed findings of "gross abuse" of power in the case. In March, federal Judge Robert J. Shelby penalized the SEC for making false statements and misrepresentations in its lawsuit.
Additionally, the Blockchain Association and the Crypto Freedom Alliance of Texas have initiated a lawsuit against the SEC in the Northern District of Texas. They are challenging the regulator's broad interpretation of the term "dealer" within the Securities Exchange Act of 1934, claiming that this expansion creates a vague and burdensome regulatory landscape for digital asset businesses.
Related: Ripple contests $2B SEC fine, says penalty shouldnt exceed $10M
On April 23, Ether's price rose above $3,200, supported by increased demand for Ethereum decentralized applications (DApps). According to DefiLlama, the networks smart contract deposits, measured by the total value locked (TVL), reached their highest level since July 2022 at 30.2 million ETH on April 22, marking an 8% increase from the previous month.
Highlights of Ethereum's TVL growth include innovative platforms such as EigenLayer staking solution, the decentralized exchange Uniswap, automated yield provider Pendle, and Renzo, a liquid staking application. In contrast, the Tron blockchain's TVL saw a 5% decrease in TRX (TRX) terms over the past 30 days, with its largest DeFi application, JustLend, experiencing an 11% reduction in deposits.
To understand if professional traders flipped bearish after Ethers price underperformance, one should use the ETH options 25% delta skew as a proxy. A skew metric rising above 7% indicates anticipations of a price drop, whereas a negative 7% skew typically reflects bullish sentiment.
The Ether options skew metric showed an increase between April 9 and April 18, suggesting that traders were becoming less risk-averse. However, this trend reversed on April 19 as ETH traded below $3,000. Current data reveal a balanced dynamic between call (buy) and put (sell) options, indicating a neutral market sentiment.
On-chain metrics for Ethereum and ETH derivatives demonstrate resilience, even though Ethers price has recently struggled to maintain the $3,000 support level. Nevertheless, it seems premature to anticipate a bull run surpassing $3,500, given the subdued investor enthusiasm regarding the prospects for a U.S. spot Ethereum ETF approval.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Ethereum price data points to strong resistance at $3.5K - Cointelegraph
Ethereum price today: ETH is trading at $3,281.00 – USA TODAY
What is the price of ethereum today?
The price of ethereum, or 1 ETH, traded at $3,281.00, as of 8 a.m. ET. The highest intraday price that ethereum reached in the past year was $4,088.00 on March 12, 2024.
The chart above is pulling data as of 8 a.m. ET daily and doesnt display intraday highs or lows.
Even though ethereum is not the first altcoin, its the most popular and successful. The cryptocurrency was launched in 2015. Its blockchain has generated tremendous growth and returns over the past nine years.
*The return comparisons are as of 8 a.m. ET.
Ethereums 52-week intraday high was on March 12, 2024, trading at $4,088.00 per ETH. Its 52-week intraday low was $1,500.00 on Aug. 17, 2023.
The leading altcoin has shifted global financial markets and amassed a global market capitalization of $379.18 billion. ETH is currently up 71.38% year over year.
Today, ethereum's $379.18 billion market capitalization is second to bitcoin's. Bitcoin and ethereum represent 69.50% of the entire cryptocurrency market. Behind ethereum, the third-largest crypto is BNB, with a market cap of just $89.84 billion.
Bitcoin and ethereum's combined crypto market dominance has fluctuated over the years. But it has trended steadily higher since late 2022.
Ethereum's market cap of $379.18 billion is slightly more than some major blue-chip stocks, such as Home Depot (HD) at $333.10 billion and Johnson & Johnson (JNJ) at $359.35 billion.
Ethereum is a blockchain-based network created to facilitate secure, decentralized financial transactions. The network's native cryptocurrency is ether.
Unlike bitcoin, ethereums programmable blockchain allows users to securely verify and execute code, including smart contracts and decentralized applications. Smart contracts on the ethereum network are software applications that run automatically on the blockchain when certain predetermined conditions are met.
The ethereum network's decentralized nature allows developers to run programs without relying on Big Tech companies or other third parties. Rather than running software on cloud servers housed in massive data centers owned by Google, ethereum users can run applications by leveraging ethereum's large network of small, private computers.
Applications on the ethereum blockchain include gaming, socializing, gambling and decentralized finance options. The ethereum blockchain is also home to the world's most significant non-fungible tokens. NFTs are unique digital creations representing ownership of digital property, such as a work of art, song or video.
Ethereum gas is the fee network users pay to process transactions or use smart contracts on the network. Gas fees are akin to highway tolls. Users pay these fees to use the ethereum blockchain.
The unit of measurement for gas fees is gwei. One gwei equals one billionth of one ETH.
Like bitcoin and other leading cryptocurrencies, ethereum had humble beginnings. Shortly after its launch in July 2015, ETH hit its all-time low of 42 cents in October 2015.
The popularity and trading volumes of cryptocurrencies started to snowball in 2017. ETH prices reached $1,000 for the first time in January 2018. The crypto ultimately peaked at around $1,300 less than two weeks later.
CME Group's announcement that it would launch bitcoin futures contracts drove ethereums 2017 rally. They were the first cryptocurrency-related products offered by a regulated U.S. financial institution.
Enthusiasm for cryptocurrency died down in 2018. That led to one of several crypto winters in the past decade.
The next crypto boom began in 2020. This time, ETH's parabolic rise was partly driven by government shutdowns of sports, casinos, and other leisure and entertainment options. Multiple government stimulus checks also left many Americans with extra disposable income to buy crypto.
Ethereum prices reached $4,891.70 on Nov. 16, 2021. But rising interest rates cooled investor enthusiasm for risk assets in 2022. A string of crypto industry layoffs and bankruptcies weighed on crypto prices, culminating in the bankruptcy of leading cryptocurrency exchange FTX in November 2022. ETH prices dipped below $900 during the 2022 crypto winter.
The ethereum rally resumed in 2023 and into 2024 as investors grew more optimistic about the U.S. economic outlook. The Securities and Exchange Commissions approval of several bitcoin spot ETFs in January 2024 further bolstered ethereum prices. Many crypto enthusiasts see this as an encouraging sign for the approval of ethereum spot ETFs.
Since ethereums launch in 2015, there's no question that bitcoin and ETH have been spectacular investments.
The past years enthusiasm for bitcoin spot ETFs has reversed the performance gap between the two major cryptos. The price of bitcoin is up 106.09% year over year, compared to a 43.64% gain for ethereum.
You can buy ethereum on popular cryptocurrency exchanges like Binance, Coinbase and Kraken. Ethereum trades under the symbol ETH. There are also online brokerages that support cryptocurrency trading, such as Robinhood, Interactive Brokers and Webull.
In addition, you can buy ethereum through leading payment apps Venmo and PayPal. Finally, ethereum can be bought directly by searching for a physical cryptocurrency ATM that sells ether.
Anyone buying ethereum directly must store their ETH in a cryptocurrency wallet. This is much like storing paper money in a physical wallet.
The private keys are needed to send or receive cryptocurrency in a digital wallet. A person who controls a wallet's private keys controls all the cryptocurrency associated with the wallet.
Ethereum wallets can be hardware wallets resembling USB sticks or software wallet apps that store ETH on a smartphone or another device. Hot wallets are connected to the internet, while cold wallets are not. Hot wallets are generally considered more convenient, but cold wallets can be safer and more secure.
In addition to buying ethereum directly, you can indirectly speculate on the ethereum market via ethereum funds.
The SEC approved the first wave of ethereum futures ETFs in late 2023. These ETFs don't invest in ethereum directly but instead hold ethereum futures contracts. Leading ethereum futures ETFs include the VanEck Ethereum Strategy ETF (EFUT), the ProShares Ether Strategy ETF (EETH) and the Bitwise Ethereum Strategy ETF (AETH).
The popular Grayscale Ethereum Trust (ETHE) tracks the price of ETH. But Grayscale can only trade over the counter in the U.S. until it receives approval to convert into an ETF. That conversion is contingent on the SECs approval.
Ultimately, ethereum investors hope that the SEC will approve spot ethereum ETFs. Spot ETFs invest directly in the underlying cryptocurrency rather than futures contracts or other derivatives. Grayscale and BlackRock are among several companies that have applied for SEC approval.
Ethereum does not represent ownership of assets with tangible value and does not generate earnings, revenue or cash flow. ETHs price is determined exclusively by supply and demand. If the popularity of the ethereum network continues to grow in the long term, demand for ethereum will likely grow over time.
No. Since the ethereum network upgraded from a proof-of-work model to a proof-of-stake model, ethereum mining is no longer necessary. But ethereum investors can still profit from the proof-of-stake system by staking ETH.
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Ethereum price today: ETH is trading at $3,281.00 - USA TODAY
SEC Expected to Deny Spot Ethereum ETF Next Month – Watcher Guru
The US Securities and Exchange Commission (SEC) is expected to deny Spot Ethereum ETF approval next month, according to insiders. Indeed, a report from Reuters notes that the ongoing meetings between issuers and the SEC have dampened expectations, with rejection likely in May.
The report fortifies industry-wide expectations of Ether ETF rejections next month. That was first forecasted by Standard Chartered, and corroborated by insider testimony. However, the description of the ongoing meetings regarding the investment offering leaves little optimism of an impending approval.
JUST IN: SEC expected to deny spot Ethereum ETFs next month, Reuters reports.
Also Read: Hong Kong Bitcoin & Ethereum ETFs to Begin Trading April 30th
Since the arrival of Spot Bitcoin ETFs at the start of the year, the market has awaited what assets could be next. The positive impact that BTC offerings have had on the market as a whole has led many to opine about what another ETF could mean for furthering the industry.
However, such an approval has seemingly reached a critical point. According to a report today, Ethereum ETF approval is increasingly doubtful as noted by insiders with knowledge of the ongoing meetings. Specifically, they have assured that an approval is not to take place in the coming month.
Also Read: Ethereum ETFs To Face Rejection By May, VanEck CEO Claims
However, that is all the more disheartening by the reports of discussion in meetings between the SEC and issuers. The report describes those meetings as one-sided with the agency not discussing substantive details about the proposed product.
Those developments greatly contradict what took place before Bitcoins Spot ETF approval. The meetings in the lead-up to that decision featured intensive and detailed discussions between both sides. Subseuqnlety, it showed the seriousness of the SEC in finally reversing its position on the investment offering.
The positive taking place for an Ethereum ETF signals a far gap between the SECs willingness and issuers desire. Subseuqnlety, a plethora of issers have already re-filled applications amid yet another delay from the agency. These ongoing discussions should continue to describe the timeline of when an Ether ETF could see approval.
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SEC Expected to Deny Spot Ethereum ETF Next Month - Watcher Guru
SEC likely to reject Ethereum spot ETF applications, insiders say – Crypto Briefing
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Spot Bitcoin exchange-traded funds (ETFs) got the green light, but spot Ethereum ETFs might hit the red light. According to a Reuters report published today, sources familiar with recent talks between ETF issuers and the SEC suggest the agency is likely to reject spot Ethereum ETFs during their final review next month.
The SECs decisions on VanEcks and ARKs filings are due May 23 and May 24, respectively. Unlike the discussions preceding the SECs approval of spot Bitcoin funds, recent talks have lacked substance, with SEC staff not engaging in detailed conversations about the proposed Ethereum ETFs, according to four people reportedly involved in the meetings with the SEC.
Sources also noted that despite ETF issuers arguments that the approved spot Bitcoin ETFs and Ethereum futures-based ETFs set a precedent, the SECs silence on specific concerns suggests a likely rejection.
According to SEC records and sources familiar with the matter, the SEC has not had many meetings regarding the spot Ethereum ETF review. Of the few meetings, only one has been made public. This meeting was with Coinbase, concerning Grayscales bid to turn its Ethereum Trust into an ETF. Coinbase would act as the custodian for this ETF.
If the SEC were to reject Ethereum ETFs, applicants anticipate the reason would likely be broader issues, such as concerns about the quality and depth of market data regarding Ethereum.
Matt Hougan, Chief Investment Officer at Bitwise Asset Management, one of the spot Ethereum ETF applicants, suggests that the SEC might want more time to study the Ethereum futures market before making a decision.
The SECs approach to spot Ethereum ETF filings is sharply different from the past, where there was intensive and detailed dialogue before the SECs approval of spot bitcoin ETFs in January.
The securities agency had historically rejected spot bitcoin ETFs over concerns about market manipulation. However, they were eventually compelled to approve them following a successful court challenge by Grayscale Investments.
In their previous comments, analysts at JPMorgan suggested that if the SEC denies the spot Ethereum filings, the ETF issuers may initiate legal lawsuits against the agency, which could end up forcing the SEC to review and eventually approve the trading of these products.
Due to the currently frustrating situation, VanEck CEO Jan van Eck expressed a similar expectation of denial. In his recent interview with CNBC, he said VanEcks application and that of ARK Invest would be rejected first.
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SEC likely to reject Ethereum spot ETF applications, insiders say - Crypto Briefing
Bitcoin ETF and Ethereum Officially Approved in China to Begin trading on April 30 – 99Bitcoins
The Hong Kong crypto hub is heating up after the approval of Ethereum ETF and Bitcoin ETF triggers a landmark moment in the China cryptocurrency market lets dig in.
All-time highs not seen for Bitcoin and Ethereum in four years may come this summer, based on the news of Hong Kong launching spot ETH and BTC ETFs next week.
Following the United States sizable leap into the crypto with 11 Spot Bitcoin ETFs back in January, Hong Kong decided it needed to move fast to catch up in an unfolding geopolitical battle over crypto regulations.
This has led to the Securities and Futures Commission of Hong Kong giving the green light for a lineup of Bitcoin and Ethereum spot ETFs to hit the market.
Both ETFs will make their debut Hong Kong Stock Exchange this Tuesday, April 30, 2024.
Hong Kongs seal of approval on the Ethereum and Bitcoin ETF side marks a significant stride forward, especially considering that the US SEC is hitting the pause button on Ethereum spot ETFs until June.
Despite banning cryptocurrency mining once, (actually 30 times off and on in China), China Asset Management (China AMC) executives now welcome Web3 with open arms.
At the heart of these ETFs is their regulated status, which adds convenience, efficiency, and safety to BTC and ETH, making them attractive for retail and institutional investors alike.
Among approved ETFs are the Bosera Hashkey Bitcoin ETF, Bosera Hashkey Ether ETF, China AMC Bitcoin ETF, China AMC Ether ETF, Harvest Bitcoin Spot ETF, and Harvest Ether Spot ETF. Its a digital smorgasbord within the comforting confines of regulation.
(Bloomberg Media)
Crypto is awash with news to be bullish about in 2024.
Investors like Arthur Hayes say we dont have imagination for whats coming. Here are a few recent updates:
As our analysts at 99Bitcoins have told you, the rest of 2024 will be macro summer.
With ETFs slowing pouring in liquidity, both Ethereum and Bitcoin have the catalysts for new all-time highs.
EXPLORE:3 No-Brainer DePIN Crypto Projects to Watch Out For
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Bitcoin ETF and Ethereum Officially Approved in China to Begin trading on April 30 - 99Bitcoins
BlackRock and Grayscale’s Spot Ethereum ETF Plans Blasted By SEC, Now Expecting June – 99Bitcoins
Deep dive into this investigation into recent news around Blackrock and Grayscale Ethereum ETF applications discover the latest from the Securities and Exchange Commission (SEC.)
January ushered in the Bitcoin ETF era, with BlackRock amassing a hefty 273,892.57 BTC stash for their IShares Bitcoin Trust at an eye-popping $18.18 bn.
This blockbuster debut got investors itching for an Ethereum ETF. But, true to form, the SEC just hit the snooze pushing Ethereum ETFs further back.
In this article, well tell you when the BlackRock ETF is coming and what exactly happened to HBAR BlackRock this week.
Initially slated for an April 24 verdict on ETH ETFs, BlackRock and Grayscales S-1 application to morph its ETH Trust into a spot ETH exchange-traded product now has until June 23 to woo or win SECs approval.
The SEC unveiled qualms with the proposals this week, zeroing in on share creation and redemption mechanics for the ETFs.
BlackRock, the behemoth with $10.5 trillion assets under management, doesnt always get the SECs celebrity treatment.
After filing an S-1 application for a spot ETH ETF last November, BlackRock was forced to amend its focus on share creation and redemption mechanisms.
Many investors predict an Ethereum ETF will be bigger for crypto than Bitcoin as it opens the floodgates for many top protocols to get one.
Amidst the uncertainty surrounding ETH ETFs, BlackRocks Ishares Bitcoin Trust (IBIT) shines as a beacon of success, boasting 70 days of uninterrupted inflows.
This remarkable streak catapults IBIT to the forefront of the U.S. spot ETF landscape, nestling it firmly among the top 10 ETFs for daily inflow streaks.
A fake HBAR BlackRock RWA story shook the crypto world last night.
Like wildfire, fake news of an HBAR Blackrock RWA partnership sent the HBAR token into a frenzy, doubling its value overnight. By daybreak, the frenzy cooled but left HBAR perched 43.8% higher, basking in the afterglow.
As a response to this price action, HBARs competitor, Ethereum, has been following along with the 20-day SMA, which recently acted as a support level at $3,270. If the price stays above this line, itll be a positive sign for things to come.
(ETHUSDT)
The delays in SEC decisions have cast a shadow of suspense over the future of ETH ETFs, with many interpreting this hesitancy as an ominous sign. Fake HBAR BlackRock stories add to the case that crypto is still the wild west.
However, Grayscale and BlackRocks previous legal victory against the SEC over its Bitcoin ETF application sparks a glimmer of hope for a favorable outcome come June.
EXPLORE: Stacks (STX) Unveils Roll-Out of Nakamoto Layer 2 Upgrade
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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BlackRock and Grayscale's Spot Ethereum ETF Plans Blasted By SEC, Now Expecting June - 99Bitcoins
Ethereum Spot ETFs Is Likely Face SEC Denial in May: Reports – BSC NEWS
Some experts remain optimistic about future approvals and the positive effect they could have on Ethereum's valuation despite this anticipated setback.
The Securities and Exchange Commission (SEC) is expected to deny several applications for Ethereum spot exchange-traded funds (ETFs) this May, according to anApril 24 report from Reuters.
Recent interactions hint at a disapproving stance from the agency, which remains skeptical of the cryptocurrency sector under Chair Gary Genslers leadership.
Several applicants expect the SEC to reject ether ETFs due to issues such as the nature and depth of statistics regarding ether's underlying market.
U.S. issuers, including notable firms VanEck and ARK Investment Management, anticipate rejections after unproductive discussions with the SEC. The decision deadline for VanEck and ARK's applications is set for May 23 and May 24, respectively.
Issuers cite the approval of Bitcoin spot ETFs as example, arguing the SEC should have a consistent approach. However, the SEC's rigorous examination of these earlier products contrasts sharply with its current stance on Ethereum ETFs, which may reflect its ongoing concerns about market manipulation and the maturity of underlying market mechanisms.
Standard Chartered also recently noted that investors cannot expect the Securities and Exchange Commission to approve Ethereum's ether (ETH) ETFs in May, as previously predicted.
Despite potential setbacks, some industry experts like Jupiter Zheng from HashKey Capital remain optimistic. Even if Ethereum ETFs are rejected, it may merely be a bump in the road rather than a roadblock, suggested Zheng in an interview withCoinTelegraph.
Likewise, Zheng expressed optimism about the potential bullish effects of an approved ETF, especially one that includes staking, which could trigger a wave of short liquidations and further drive Ethereum's price higher. Crypto investors like Jelle highlight potential bullish trends for Ethereum, drawing parallels to previous market cycles around Bitcoin halving events.
Crypto analysts have adjusted their forecasts, with Bloombergs Eric Balchunas suggesting only a 35% chance of approval. This skepticism mirrors the broader sentiment among financial analysts, pointing to the SECs consistent hesitancy to fully embrace the crypto sector.
Even with potential rejections, the pursuit of Ethereum spot ETFs is likely to persist. Issuers are preparing additional disclosures in hopes of keeping discussions with the SEC alive.
The anticipated denial is already affecting Ethereum's market performance, which lags behind Bitcoins yearly gains. Ethereum $ETH is down by 5.6% in the last 24 hours andtrading at $3086,as of writing.
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Ethereum Spot ETFs Is Likely Face SEC Denial in May: Reports - BSC NEWS