Bitcoin
Ethereum Price Rises 22% as ETF Approval Odds Rise, Bitcoin Record Possible
- Ethereum has jumped in the last 24 hours as chances of an imminent ETF approval have increased.
- Positive signs have come from the SEC, which needs to make a final decision on two proposals this week.
- The approval could also be a catalyst for bitcoin to reach new records, according to Standard Chartered.
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Ethereum soared 22% on Tuesday on rising confidence that cryptocurrency-linked ETFs could be approved as soon as this week.
Just as was done for Bitcoin In January, efforts were made to establish an Ethereum spot exchange-traded fund, making the cryptocurrency available to a wider range of investors.
Although investors have long expected regulatory resistance, the Securities and Exchange Commission recently asked potential issuers to update their registrations, Bloomberg reported. That’s a positive sign ahead of decision deadlines for at least two spot ETFs, one from VanEck and the other from Ark 21Shares.
The odds of approval, according to Eric Balchunas, an ETF analyst at Bloomberg Intelligence, jumped from 25% to 75% in a single day on Monday. Meanwhile, the chances of approval by May 31 increased from 10% to 61% in the Polymarket betting platform.
According to Geoff Kendrick, head of foreign exchange research at Standard Chartered, the ETF approvals would cement Ether’s chances of reaching $8,000 by the end of this year.
The optimistic forecast has been maintained since March, arguing that approval of the funds would generate inflows of US$15 billion to US$45 billion into the token. Eventually, Ether could reach $14,000 by the end of 2025, he reiterated in new research on Tuesday.
Furthermore, ETFs would largely avoid the same situation as bitcoin funds, which have seen outflows and considerable price swings after an initial period of expansion, he added.
On the one hand, Kendrick says inflow volatility will be minimal because Ether lacks investment alternatives that can compete with ETFs, such as an Microstrategy equivalent. This company’s huge inventory of bitcoins means its shares move in line with the token.
Secondly, large exits are also less likely to be a problem for Ether, Kendrick highlighted. This was a challenge for bitcoin after its ETFs hit the markets, as the funds became Bitcoin’s main competitors. Pre-existing Grayscale Bitcoin Trustleading to a wave of sales.
“The ETH Grayscale Trust is smaller by percentage of market capitalization than BTC, so any forced selling, as occurred with BTC after the ETF was approved, should be less important,” Kendrick said in written comments.
Once Ether funds are established, the high prices they could reach bode well for Bitcoin, Kendrick added. The apex token has already jumped 6.7% this week due to Ether gains.
“An approval of the ETH ETF will further legitimize the sector and therefore also be positive for BTC. I would expect a new all-time high in BTC over the weekend (up to the $73,798 level from March 14),” Kendrick wrote.
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.
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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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