Bitcoin
Ether jumps 20% on renewed optimism for an ETF, bitcoin also rises
- The price of ether continued to rise, after spiking 20% on Monday.
- The rally comes amid a late surge in optimism that the SEC could give the green light to localizing ether ETFs before its first deadline later this week.
- The previous consensus was that the funds were unlikely to be approved.
Omar Marques | Light Rocket | Getty Images
Cryptocurrencies rose on Tuesday amid a late surge in optimism surrounding the U.S. Securities and Exchange Commission’s rulings on spot ether exchange-traded fund applications, the first of which will be released this week.
Ether led the rally, rising 12% to $3,785.42, according to Coin Metrics, after soaring 20% on Monday.
“This sudden shift in expectations is an unexpected boon for investors clamoring for a boost after the [Bitcoin] halving has been approved and bitcoin ETFs have been launched in the US and Hong Kong,” said Antoni Trenchev, co-founder and managing partner of Nexo. “If spot ETH ETFs are approved, altcoins should take off as ether is often a leading indicator for the rest of the crypto market.”
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Ether Rebounds on ETF Optimism
About that, Bitcoin added 2% and traded at around $71,350, extending a 7% gain from the previous day. The main cryptocurrency was rising from last week’s April CPI reading showed inflation eased compared to the previous monthwhich could open the door again for rate cuts in the US. This week’s rally pushed bitcoin above $70,000 for the first time in more than a month.
Crypto-related stocks rode the wave. Coin base It is Robinhoodstrong representatives of the crypto trading ecosystem each rose around 2% in pre-market trading, adding to Monday’s gains of 8% and 9%, respectively. Microstrategy, which is more of a proxy for the price of bitcoin, added 1%. Bitcoin miners also gained slightly, with Riot Platforms It is Irene (formerly known as Iris Energy), each advancing 2%, and Digital Marathon It is CleanSpark each increasing by 1%.
The rally began suddenly on Monday amid reports that the SEC requested updates to key documents from potential ETF issuers and exchanges. An SEC spokesperson said the agency does not comment on individual filings.
Now, investors are reconsidering the likelihood of the SEC greenlighting ether ETF applications. O previous consensus was that the SEC was unlikely to approve the funds, based on the agency’s lack of involvement in the filings. On the other hand, in the weeks leading up to approvals for bitcoin ETFs, it was reported that the SEC was actively engaging with fund issuers.
Final decisions on VanEck and Ark Invest’s applications will be released this Thursday and Friday, respectively.
BlackRock, Fidelity, Invesco, Grayscale and Bitwise Asset Management also have applications awaiting decision this year.
Approval of the Ethereum ETF could put an end to the lull in crypto, according to Trenchev – which several investors and analysts expected to last another three to five months.
“Crypto has been dormant since March and we are still in this sideways space,” he said. “We need [bitcoin] break the record before we can categorically say we’ve gone off track.”
“Bitcoin should ride Ethereum’s coattails if we get approval, but let’s not get too ahead of ourselves,” he added. “A month is not summer. We are in a data-centric market. If we get a hot CPI number or a really strong jobs report, you could see the doldrums continue.”
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Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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