Category Archives: Ethereum
Ethereum price today: ETH is trading at $3,514.39 – USA TODAY
What is the current price of ethereum?
The price of ethereum, or 1 ETH, traded at $3,514.39, 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 $422.09 billion. ETH is currently up 114% year over year.
Today, ethereum's $422.09 billion market capitalization is second to bitcoin's. Together, bitcoin and ethereum represent 71% of the entire cryptocurrency market. While ethereum is the leading altcoin, other altcoins have relatively high market capitalizations. A few include solana with a market cap of $85.57 billion, XRP at $47.81 billion and everyones favorite meme coin DOGE at $20.59 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 $422.09 billion is similar to some major blue-chip stocks, such as UnitedHealthcare Group (UNH) at $457.71 billion and Mastercard (MA) at $413.68 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.
On May 23, 2024, the SEC approved applications to allow the CBOE, Nasdaq and NYSE to list ether ETFs. The decision affects funds proposed by the following fund houses: Fidelity, Ark 21 Shares, Grayscale, BlackRock, Franklin, Invesco and VanEck.
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 168% year over year, compared to a 114% 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.
Private keys are needed to send or receive cryptocurrency in a digital wallet. The 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. Currently, the fund holds about $11 billion in assets.
In May 2024, the SEC made a landmark decision that would allow ETFs to buy and hold ethereum. A similar decision was made for bitcoin ETFs in January 2024 in terms of spot holdings. The approval of ether ETFs indicates a softening toward some cryptos in their legal fights.
Ethereums all-time intraday high was $4,891.70, which it reached on Nov. 16, 2021.
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 $3,514.39 - USA TODAY
Ethereum L3 Xai Sets New Record with 101.72 TPS – BeInCrypto
The Ethereum ecosystem recently saw an unprecedented surge in transactions per second (TPS). According to L2beat data, on June 16, Ethereums scaling networks, including both layer-2 (L2) and layer-3 (L3) solutions, achieved a combined 245.87 TPS. This figure translates to approximately 21.2 million transactions in a single day.
Interestingly, this surge was driven by the achievements of Xai, a new Ethereum L3 solution.
Xai is an L3 solution powered by Offchain Labs, the creators of the Arbitrum One blockchain. This protocol focuses on gaming applications.
Since June 12, Xai has seen a meteoric rise in TPS, from just one transaction per day to an impressive 101.72 TPS on June 16. Xais recent performance has also set new standards for the highest daily TPS among L2 and L3 solutions in the Ethereum network.
Read more:A Beginners Guide to Layer-2 Scaling Solutions
Moreover, Xai surpassed Degen Chains April record for the highest TPS rate within the ecosystem. Following Xai, Base is second with 32.97 TPS, and Arbitrum came in third, marking 20.65 TPS as of June 16.
Despite the impressive TPS numbers, the total value locked (TVL) in Xai remains modest at $1.33 million. This figure contrasts sharply with Arbitrum One and Base, which hold $17.78 billion and $7.54 billion, respectively.
Xais new achievement highlights the significant role of L3 solutions in enhancing Ethereums scalability. The emergence of L3 technologies has sparked discussions about their being a critical component in blockchain technology infrastructure. Many believe L3 can improve the scalability and efficiency of blockchain networks and facilitate the creation of new decentralized applications (Dapps).
L3 technologies represent a groundbreaking stride beyond the existing layer-1 (L1) and L2 solutions. L1, the blockchain base layer like Ethereum, provides fundamental security and decentralization.
Meanwhile, L2 operates on top of L1 to enhance scalability. On the other hand, L3 aims to further scale blockchain networks by anchoring them into L2 for security. This potentially offers exponential scalability benefits.
In his 2022 blog post, Vitalik Buterin, the co-founder of Ethereum, discussed the potential of L3 technologies. He explained that L2 is primarily for scaling, while L3 is for customized functionality like privacy.
In this vision, there is no attempt to provide scalability squared; rather, there is one layer of the stack that helps applications scale, and then separate layers for customized functionality needs of different use cases, Buterin wrote.
Buterin elaborated that L3, which is for customized scaling, might come in different forms. He pointed out specialized applications that use something other than the EVM (Ethereum Virtual Machine) for their computation or rollups optimized for specific data formats, for example. He also mentioned the potential of validiums, systems using SNARKs for computation verification but relying on trusted third parties for data availability, as a viable L3 solution.
However, some industry experts criticize the discourse around L3, including Marc Boiron, CEO of Polygon Labs, the company behind the L2 project Polygon. Boiron argues that L3 may siphon value from Ethereums ecosystem to the L2s they build upon.
Read more: What Is Validium and How Does it Make Ethereum More Scalable?
Despite varying viewpoints, the discussion around L3 and its potential remains among the most fascinating topics in the decentralized finance (DeFi) industry. As L3 is still in its early stages, its effectiveness and impact are yet to be fully realized. The industry will closely watch how L3 solutions like Xai develop and shape the future of Dapps and scalability.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.
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Ethereum L3 Xai Sets New Record with 101.72 TPS - BeInCrypto
ETF su Ethereum: the forecast of Bloomberg anticipates the launch on July 2nd – The Cryptonomist
The Bloomberg analyst, Eric Balchunas, continues to update the general public on the highly anticipated launch of spot Ethereum ETFs in the USA, moving his prediction to July 2.
The latest update from Eric Balchunas, analyst at Bloomberg, states a new forecast for the launch of spot Ethereum ETFs in the USA for July 2.
This is an anticipation compared to what was previously stated, which was July 4th.
UPDATE: we are moving our launch date for the Ether Spot ETF to July 2, having heard that the Staff sent comments on the S-1s to issuers today, and that they are quite light, nothing major, asking them to return within a week. There is a good chance they are working to declare it effective the following week and get it out of the way before the holidays. Anything is possible, but this is our best guess at the moment.
In practice, the new forecast date for the launch of spot ETFs on Ethereum, by Bloombergs analyst, is based on the comments from the staff of the United States Securities and Exchange Commission (SEC).
Such comments are addressed to the issuers of the Ethereum spot ETFs, who are awaiting a response on their S-1s, for which it seems there is a good chance that the SEC will work on them for implementation as early as next week.
Just the day before the publication of this update, Balchunas di Bloomberg had shared something quite different.
In fact, the issuers of spot Ethereum ETFs had not yet received a response, and for this reason, the analyst had postponed his previous forecast of July 4th.
The journalist from FOX Business, Eleanor Terrett, had also published the details on this topic. Basically, it seems that Gary Gensler, Chairman of the SEC, would have stated during this summer and Senator Bill Hagerty by the end of this summer.
It was May 23 when the SEC had approved the eight 19b-4 filings for the listing of spot ETFs on Ether in various US exchanges. Unfortunately, however, the real launch on the stock exchange can only occur when there are approvals for the S-1 registration statement.
In the meantime, Mark Cuban, the pro-bitcoin and crypto billionaire investor, has publicly stated his thoughts on the SEC Chairman, Gary Gensler.
In practice, Cuban sees that Genslers actions are an obstacle for Joe Bidens election to the presidency of the USA.
This is because the President of the SEC continues to act against crypto, leaving that the young crypto holder voters will pass their vote to other candidates.
On the contrary, in fact, there is Donald Trump who seems to use the crypto sector as an integral part of his election campaign, declaring himself in favor of its growth.
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ETF su Ethereum: the forecast of Bloomberg anticipates the launch on July 2nd - The Cryptonomist
Traders: Ethereum is the ‘most bullish altcoin’ as ETH reclaims $3.5K – Cointelegraph
Ethersprice is trading 15% below the multi-year high of $4,091, reached on March 21. The second-largest cryptocurrency by market capitalization has been on a downtrend, losing 7.5% of its value over the last seven days.
Despite this performance, analysts believe that Ether (ETH)still remains one of the altcoins displaying the most upside potential at the moment.
Im betting on the ETH ecosystem, and it holds a crucial support level, MN Capital founder Michal van de Poppe wrote in a June 14 post on the X social media network.
Van de Poppe was referring to the recent drawdown in Ethers price a few days after the approval of spot Ether exchange-traded funds (ETFs)by the United States Securities and Exchange Commission (SEC). ETH fell 13% to set a swing low at $3,426 on June 13, and the analyst believes that the uptrend will build up slowly as the momentum toward listing the Ethereum ETF will start to emerge.
Data from market intelligence firm IntoTheBlock shows that ETH sits on relatively robust support just below the $3,400 level. The In/Out of the Money Around Price (IOMAP) chart below reveals that the demand zone between $3,266 and $3,371, where approximately 1.36 million ETH w previously bought by roughly 2.86 million addresses, has the potential to absorb any selling pressure threatening to push the price lower.
Drawing from the price action on the 12-day timeframe, pseudonymous technical analyst Yoddha observed that ETH had bounced off this support level in the recent past to produce a candlestick close above its yearly highs.
Historically, Ethers return above yearly highs has preceded exponential price growth, as shown in the chart below. Yoddha suggested that if history repeats itself, ETH will embark on a parabolic uptrend with the upside target set around $20,000, making it one of the most bullish cryptocurrencies.
Ethers bullishness is supported by increased investor accumulation, evidenced by massive outflows from centralized exchanges. This accumulation activity may be due to bullish events on the horizon, like the expectation of a spot Ether ETF market debut in the coming months.
Data from CryptoQuant reveals that about 460,000 ETH valued at $1.58 billion at current rates was withdrawn from centralized exchanges between June 9 and June 11. This marks the fifth time in 2024 that the exchanges have seen a single-day outflow of more than 400,000 ETH, signifying a highly bullish momentum for the smart contract token.
Similar observations were made by crypto analyst Daan Crypto Trades, who observed a massive net outflow of ETH from the U.S.-based crypto exchange Coinbase on June 11, the day the altcoin saw the largest correction since April 30.
This could be explained by a variety of things, the analyst said in a June 13 post on X, adding, Regardless, net outflows have been going up for ETH, which is always good to see.
It could also be due to increased whale activity, as Ali Martinez observed on Tuesday. Whales have taken advantage of recent dips to accumulate more Ether.
This suggests that high demand-side pressure arising from increased whale accumulation and reduced supply on exchanges will create a supply deficit that eventually pushes Ethers price above $4,000 and into a parabolic uptrend.
Cointelegraph does not endorse the content of this article nor any product mentioned herein. Readers should do their own research before taking any action related to any product or company mentioned and carry full responsibility for their decisions.
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Traders: Ethereum is the 'most bullish altcoin' as ETH reclaims $3.5K - Cointelegraph
SEC’s Gensler sees Ethereum ETF S1 approval this summer, trading to follow – Crypto Briefing
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SEC's Gensler sees Ethereum ETF S1 approval this summer, trading to follow - Crypto Briefing
Ethereum rally to $3,700? Unlikely, say 2 derivatives metrics – Cointelegraph
Ether (ETH) traders experienced a shock when its price approached the $3,500 mark on June 11, leading to $90 million in ETH leveraged longs being liquidated within 48 hours. Although the decline was largely influenced by macroeconomic developments, including a revised outlook by the United States central bank and data on U.S. jobless claims, Ether investors have now turned bearish, as indicated by two specific metrics.
On June 12, the U.S. Federal Reserve disclosed its interest rate projections, revealing that four officials foresee no changes until the end of 2024. The remaining 15 officials were divided, expecting either one or two cuts by the years end. This proved somewhat disappointing for risk-on investors, as it reduced the incentives to move away from fixed-income assets. Nevertheless, Fed Chair Jerome Powell emphasized that the labor market and price stability would remain key drivers of monetary policy decisions.
The U.S. Labor Department reported on June 13 that the number of Americans filing for new unemployment benefits had surged to a 10-month high of 242,000 the previous week. Oliver Allen, senior U.S. economist at Pantheon Macroeconomics, commented to Yahoo Finance, High long-term rates, tight credit conditions and a gradual softening in demand are starting to weigh more heavily on businesses, and on small companies in particular.
Weak macroeconomic indicators are generally favorable for risk-on assets like Ether, as they could compel the Fed to consider interest rate cuts sooner if economic weaknesses persist. However, theres no certainty that investors will turn to alternative assets like cryptocurrencies in a challenging economic climate, and the lack of a U.S. spot Ether exchange-traded fund (ETF) only adds to the uncertainty.
According to Fox Business journalist Eleanor Terrett, Gary Gensler, chair of the U.S. Securities and Exchange Commission, has indicated that it could take up to three months to approve the S-1 filings for individual Ether ETFs. This delay is partially why investors are becoming increasingly cautious about purchasing bullish ETH derivatives, alongside other factors such as a decline in decentralized application activity.
The delta skew measures the relative demand for bullish versus bearish options. A negative skew indicates a higher demand for call options (buy), while a positive skew suggests a preference for put options (sell). Neutral markets typically exhibit a delta skew ranging from -7% to +7%, signifying balanced pricing between call and put options.
Between June 11 and June 12, the Ether 25% delta skew entered the bullish territory as it dropped below -7%. However, this optimistic sentiment faded on June 13 after Ether failed to hold above the $3,600 mark, leading traders to price in similar probabilities of positive and negative ETH price movements.
Retail traders often opt for perpetual futures, a type of derivative that closely tracks the price movements of the underlying spot markets. To manage balanced risk exposure, exchanges enforce a fee every eight hours, known as the funding rate. This rate becomes positive when buyers (longs) demand more leverage and turns negative when sellers (shorts) require additional leverage.
Related: Analyst targets $91.5K Bitcoin next despite Feds hawkish tone
Currently, the Ether perpetual funding rate has stabilized at 0.01% per eight-hour period, translating to 0.2% per week. Such a rate is generally considered neutral, particularly since periods of heightened activity can drive the weekly cost for leveraged long positions up to 1.2%. Notably, the funding rate was at 0.035% per week on June 6, indicating that sentiment has deteriorated over the past week.
Given that Ether derivatives were unable to maintain elevated optimism levels, despite the potential catalyst of an upcoming U.S. spot ETF and macroeconomic data indicating a weakening job market, the likelihood of ETH surpassing $3,700 in the near term appears diminished.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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Ethereum rally to $3,700? Unlikely, say 2 derivatives metrics - Cointelegraph
Trading system: the mean reverting strategy on Ethereum (ETH) – The Cryptonomist
In order to diversify the basket of systematic trading strategies, this article will attempt to evaluate whether it is possible to approach trading on Ethereum (ETH) with a mean reverting strategy based on false breakouts. Like most cryptocurrencies, Ethereum has historically shown a predominantly trend following behavior, therefore seeking trend reversals might seem like a counterproductive choice.
With the recent evolution of the crypto market, it might be useful to consider incorporating a strategy into your portfolio that takes advantage of the mean reverting trend, which seems to be increasingly present in this market as well, fueled by growing liquidity.
To do this, an attempt will be made to define a trading system that can take advantage of false breakouts at the previous sessions low levels, which increasingly often result in rebounds rather than downward trend extensions. Upon breaking the previous days low, the condition will be met to enter long if the price returns to the just-broken low level.
The strategy, which will be built only on the long side, assumes entering after bearish market movements with the idea that breaking the previous days low could lead to a rebound.
The session is calculated using the exchanges time (normally Greenwich Mean Time, GMT) from midnight to 11:59 PM, considering a historical data series from 2016 to today (May 2024). A fixed amount of $10,000 per trade is set, with an initial stop loss of $3,000.
Positive results are obtained right from the start, with a growing equity line. In the following figures, it can be seen how the total profit of the system exceeds $71,000 in just 75 trades, with an average trade of $1,100. These results might seem overly positive, but in reality, they indicate a still rough strategy, given the few very long-duration trades, as confirmed by the high value of the average trade.
Although it provides interesting metrics, the low number of operations makes the statistic not very robust, in addition to being not very applicable in real trading given the long duration of many trades.
It is therefore appropriate to limit the duration of the trades, perhaps finding a compromise between average trade and number of operations through an optimization of the parameters used.
As a first step, we will try to limit the duration of the trades by imposing closure after a certain number of days. By optimizing between 5 and 120 days, the values in figure 4 are found. As noted from the graph in figure 5, around 55 days there is an area with good values of average trade and net profit on drawdown. This is still a rather long duration compared to the event that generates the market entry (false breakout of the previous lows), but the optimization shows that it is not possible to achieve noteworthy results with shorter duration trades. Therefore, as an example, we will choose to close the trades at most after 55 days.
The total profit of the system has dropped to about $46,000 with an average trade of $130, values lower than the previous ones, but definitely more realistic considering that they are obtained in 354 operations, a number that makes the statistics more robust and the trade time horizon more sustainable. However, there might still be room to improve the metrics and get closer to a strategy that can be considered for live trading. For example, one could filter the entries with price patterns, trying to operate only when there are ideal conditions.
In this regard, a proprietary list will be used that brings together many price combinations, different from each other, which will serve to understand in which situations Ethereum (ETH) seems to work best with the logic of false break out being tested.
The case PtnNeutYes=4 (figure 6) identifies the days following a session with little conviction. These are days in which the body of the daily candle (open-close) was not greater than 75% of the total range of the daily candle (high-low). Therefore, one would want to avoid those situations where the body is greater than 75% of the total range of the session.
It is noted how in fact MyPtn number 4 manages to increase the average trade (152$) and the net profit (49,209$). The drawdown also decreases and stands at -6,697$. A good improvement, also visible from the shape of the equity which is decidedly more regular (figure 7).
These good results are certainly far from those that would have been achieved with the simple buy & hold of Ethereum (ETH) from 2016 to today (figure 9) in terms of absolute profits. But it must be considered that the fluctuations of the buy & hold are not comparable to those experienced by the trading system, making the former a definitely less sustainable approach. In addition to this, it should be noted that the trading system uses a fixed size, while applying the buy & hold is like reinvesting the profits obtained.
In conclusion, it has been shown how it is possible to operate with a mean reverting approach even on an instrument like Ethereum, typically trend following, which with the general growth of the mercato crypto presents more and more opportunities for reversal. The trading system developed in this article is certainly not ready for live trading, but the reader is left with the task of further experimenting and optimizing this idea to refine it and transform it into a real operational strategy.
See you next time and happy trading!
Andrea Unger
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Trading system: the mean reverting strategy on Ethereum (ETH) - The Cryptonomist
Ethereum powered by BlackRock: A 100 million alliance that changes everything – Cointribune EN
Sat 15 Jun 2024 3 min of reading by Ariela R.
The world of traditional finance is in the midst of a transformation with BlackRocks decision to favor public blockchains, especially Ethereum, for its blockchain-based financial products. This major shift marks a turning point in the adoption of public blockchains. It also opens the door to a deeper integration of this technology into the workings of financial markets.
Until now, BlackRock tended to favor private blockchains. However, experience has shown that public blockchains, like Ethereum, offer significant advantages in terms of transparency, accessibility, and governance.
Transactions on Ethereum are visible to everyone, allowing investors to track capital flows in real-time and ensure the proper execution of operations. This increased transparency is essential for:
Public blockchains (like Ethereum) are open to everyone. This allows anyone to participate in the network and interact with decentralized applications (dApps) built on them. This open accessibility fosters innovation and the creation of new financial products.
Ethereum and all other public blockchains are managed in a decentralized manner.
Explanation: users have a say in the development and evolution of the platform. This participatory governance promotes accountability.
To solidify its commitment to public blockchains, BlackRock launched its first tokenization project on the Ethereum blockchain.
This project involves converting a traditional investment fund, Institutional Digital Liquidity, into digital tokens based on Ethereum. These digital tokens, denominated in USD Coin (USDC), provide investors with transparent and secure access to portfolio diversification.
BlackRocks decision to adopt Ethereum is a strong signal of the growing maturity of the cryptocurrency market.
Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.
Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rdaction web depuis maintenant 7 ans. Je n'ai dcouvert le trading et la cryptomonnaie que depuis quelques annes. Mais c'est un univers qui m'intresse beaucoup. Et les sujets traits au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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Ethereum powered by BlackRock: A 100 million alliance that changes everything - Cointribune EN
Ethereum Price Forecast: Volatility Ahead amid Surge in ETH Sell Pressure – The Crypto Basic
Ethereum price rapidly tumbled to a 25-day low of $3,428 on June 13, 2024, amid intense volatility in the wake of the US Fed rate pause announcement; on-chain data trends suggest more downside ahead.
The crypto market has been in a consolidation phase for the better part of the past month. During that period, ETH managed to outperform the market average thanks to bullish tailwinds from the ETF approval from the US SEC in late May.
However, three weeks after the official approval verdict, the fund sponsors are still stuck, making final adjustments to filings before the official market listing of the Ethereum ETFs.
After another week of little progress, with no tentative listing date in sight, investors now seem to be growing impatient. This led to a major price downswing on June 14, after the US Fed announced a hawkish rate pause, ending hopes of an H1 2024 cut as many bullish analysts had expected.
As seen above ETH price fell 9.71% within the weekly time-frame, surrendering most of gains earned in the wake of the ETF approval. The chart shows that as ETH tumbling towards $3,362 on June 14, before rebound towards the $3,550 mark at the time of writing on Saturday June 15.
But notably, the last time ETH price traded below $3,400 was May 21, before the rally that greeted the de-facto ETH ETF approval news broken by the Bloomberg Analysts. This shows that the delays surround the ETFs official launch has adversely impacted demand for Ethereum this week, raising the risk of more price downside.
Evidently, the recent Ethereum market demand is now in decline as bulls have grown fatigued amid the 3-week hiatus around the official ETH ETF launch.
However, looking at the on-chain data, recent activity among existing ETH holders shows the market volatility may not be over yet.
Santiments Mean Coin Age data tracks the average amount of days that all ETH coins in circulation have spent in their current addresses. A decline in Mean Coin Age occurs when a large number of long-term holders are actively selling, and vice versa.
The chart above illustrates how the ETH Mean Coin Age (365d) has been in a rapid decline since May 29, as it became evident that the Ethereum ETFs would take weeks to launch after the official SEC verdict on May 24.
Between May 29 and the time of publication on June 15, Ethereums mean coin age has declined 10% from 172.23 to 164 average days held.
Such a significant decline within a short period shows a growing selling trend among long-term Ethereum investors who had previously held their coins unmoved for one year or more. This suggests that they have been selling their coins behind the scenes, capitalizing on the price surge in the aftermath of the ETF approval.
With a significant number of coins locked-up for over year now is circulation again, ETH price is likely to experience more volatility in the days ahead.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Ethereum Price Forecast: Volatility Ahead amid Surge in ETH Sell Pressure - The Crypto Basic
Spot Ethereum ETF issuers still waiting on SEC for first round of S-1 comments: Sources – The Block
Funds June 10, 2024, 7:15PM EDT Published 5 minutes earlier on
Prospective spot Ethereum ETH -2.60% ETF issuers are still waiting on the SEC to provide comments on their S-1 filings after they submitted first drafts on May 31, according to two sources.
The issuers had been anticipating the SEC would provide comments on these drafts on June 7, according to one source based on conversations with the agency. Yet, at least two issuers have not received anything yet. One source said they now anticipate comments to come back this week.
This comes after SEC Chair Gary Gensler said on CNBC that the approvals of the S-1 forms would take some time.
Its unclear exactly how long the process will take. One source previously told The Block that they expect the S-1 forms to go through at least two more rounds of draft filings before they are ready.
The S-1 forms are the second step in a two-step process toward making the spot Ethereum ETFs go live for trading. The first step was the approval of the 19b-4 forms, which happened on May 23.
The draft filings also reveal a few details. BlackRock is seeding its ETF with $10 million, while Franklin Templeton plans to start with a 0.19% fee.
When the spot Ethereum ETFs go live, a key question will be whether they can try to replicate the success of the spot Bitcoin ETFs. Bitfinex Head of Derivatives Jag Kooner estimates that they will bring in around 10-20% of the flows that have been going into spot Bitcoin ETFs.
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Spot Ethereum ETF issuers still waiting on SEC for first round of S-1 comments: Sources - The Block