2024 has proven to be an eventful year for the cryptocurrency industry, with significant developments in the Ethereum ecosystem. The US Securities and Exchange Commission’s approval of almost ten exchange-traded funds tracking Ethereum’s performance provided a massive validation for the second-largest digital asset. Although the ETH ETFs were greenlighted a few months prior, they were
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The launch of spot Ethereum ETFs has been met with lackluster results in the first few days. While there was a solid first day with over $106 million in net flows, the following days saw a significant trend reversal. Daily outflows increased, with large amounts being withdrawn from various Ethereum ETF products. For example, Grayscale’s
Jan van Eck, the CEO of the investment management company VanEck, has shown remarkable confidence in Bitcoin during the ongoing BTC Conference in the States. He revealed that more than 30% of his portfolio is allocated to the primary digital asset, showing a strong belief in its future potential. VanEck is known for its spot
Kennedy has recently proposed that the federal government should purchase Bitcoin until its holdings align with the value of the nation’s gold reserves. Currently, the US gold reserves amount to around 8,133 tonnes, valued at approximately $615 billion. This would translate to roughly 9.4 million BTC, accounting for nearly 45% of the total Bitcoin supply.
Ethereum saw a significant drop in price despite the launch of several ETFs. The support level at $3,300 turned into resistance as the price fell by over 10%. This could potentially lead to further downward pressure, with a target of $2,800 if buyers do not step in. The volatility created by the ETF launch may
As we approach Friday, July 26, the market is anticipating a significant event in the cryptocurrency space. Around 61,200 Bitcoin options contracts are set to expire with a notional value of approximately $4.26 billion. This particular expiry event is larger than usual expiries due to it being at the end of the month. Despite the
In a surprising turn of events, a Bitcoin mining device with a hashrate of only 500 gigahashes per second (Gh/s) managed to mine a block on July 24, earning a reward of $206,000 in Bitcoin. This feat is particularly remarkable considering the device has just a 1 in 1.1 billion chance of achieving such a
The legal battle between Ripple and the United States Securities and Exchange Commission (SEC) has been a long and drawn-out process, with the trial phase starting in April 2024, more than three years after the initial process began. Despite being in its final stage, the conclusion is yet to be reached. Ripple’s CEO has hinted
The second day of trading for the spot Ethereum ETFs saw a significant shift in investor sentiment, with over $133 million being withdrawn from the largest financial vehicles. This led to a massive price drop in the underlying asset, with Ethereum’s price plummeting by 10% in a single day. This stark reaction confirmed earlier predictions
Cynthia Lummis recently raised concerns about the Biden administration’s proposal to impose a 30% excise tax on the energy consumed by Bitcoin miners. She argues that this tax could have severe consequences for the growing Bitcoin mining industry in the U.S. Lummis believes that the administration’s concerns about environmental pollution and risks to the energy
