Cryptocurrency

The Securities and Exchange Commission (SEC) has approved filings from at least three issuers, with a total of eight Ethereum ETFs expected to launch at the same time.Talking to Investing.com, Saul (Shauli) Rejwan, managing partner at Masterkey VC, said he believes the launch of Spot Ether ETFs has the potential to drive Ethereum’s price to new all-time highs, similar to what happened with Bitcoin.“It’s funny to think about it, but the main market driver isn’t meme coins, Elon Musk, Larry Fink’s admiration for Bitcoin, or the opportunities AI and infrastructure present for crypto. It’s actually the USA politics that have pushed for regulation after many years of resistance,” said Rejwan.The major altcoin started its rally in earnest in June as it became clearer that the Ether funds would soon be approved.Rejwan attributed this to “increased accessibility and legitimacy,” which could attract a broader range of investors. However, he cautioned that market dynamics and broader economic conditions will also play crucial roles in determining price movements.Rejwan acknowledges the possibility. “It’s possible that the launch of Ether ETFs could follow the ‘buy the rumor, sell the news’ pattern. Just before May, Ethereum’s price was around $2.5k, indicating that some of the news is already priced in.”“However, I’m not sure all the news is out there. The presidential campaign has just shifted gears, and I’d say more developments are on the horizon. My eyes are on the Nakamoto stage in Nashville later this month.” He notes that market participants often anticipate such events and price in their expectations beforehand. “When the actual event occurs, some investors might take profits, leading to short-term volatility. Nonetheless, the long-term impact of Ether ETFs is likely to be positive due to the structural support they provide.”The January launch of U.S.-based spot bitcoin exchange-traded funds was one of the most successful in the ETF history, attracting around $16 billion in lifetime net inflows. By late June, those funds tracking the spot price of Bitcoin had nearly $38 billion in assets. However, the holdings of Grayscale fund, which converted its $27 billion Bitcoin trust into an ETF, dipped by over a third. Rejwan expects Ethereum ETF inflows post-approval to differ from Bitcoin’s experience due to Ethereum’s unique value propositions. Although Ether has become something of a blue-chip coin, its ETFs could be smaller, at least initially, compared to their Bitcoin counterparts as features like smart contracts and decentralized applications attract a different investor base. “While the initial inflows might not mirror Bitcoin’s exactly, we anticipate substantial interest from both institutional and retail investors,” he said.Rejwan believes that the successful launch of Ether ETFs could pave the way for Solana ETFs and other crypto exchange-traded products. “Once the regulatory and market frameworks are established for one major asset, it becomes easier to introduce additional products,” he stated. This could lead to “a more diverse and robust market” for crypto-based ETFs, broadening investor participation and further legitimizing the space. More

Lately, XRP has been soaring, effortlessly surmounting numerous barriers. The asset’s bullish outlook is reinforced by the recent spike in trading volume. The $1 level is the next significant psychological target for XRP, which is presently trading at $0.61.Reaching this benchmark would be important for the XRP community and might indicate a robust comeback following an extended phase of consolidation. The bullish momentum of XRP is the result of multiple factors. First off, the general optimism on the cryptocurrency market has created a generative environment for the price movement of XRP.Altcoins like XRP are profiting from the general market upswing as long as Bitcoin and Ethereum continue to demonstrate strength. Additionally, rumors about XRP can push its value much higher in the future. A positive resolution in this case might serve as a major trigger for XRP, sending it skyrocketing.Also working in XRP’s favor are technical indicators. The asset has crossed above the 200-day moving average, which is a crucial resistance level and frequently indicates a bullish trend. Furthermore, there appears to be significant buying pressure as the relative strength index is currently in the overbought area.Above all, the acceptance of the Ethereum ETF has the potential to be revolutionary. Approval of an ETF is expected to bring in a healthy dose of institutional capital, which would give Bitcoin a much-needed boost. A development of this magnitude could easily push Bitcoin over the $70,000 threshold. Additionally, the full Mt. Gox picture is still undetermined. Since the exchange has a sizable holding of Bitcoin, any significant liquidation could put pressure on prices to drop.Both the price and the trading volume are exhibiting resilience, indicating that investors are keeping a close eye on the next significant move. It is encouraging that Bitcoin has been able to hold its position above the 50 EMA, which has proven to be a significant resistance level.Solana has demonstrated strong bullish momentum recently, rising steadily and breaking through multiple important resistance levels. The market’s sentiment has improved, as seen by the upward turn in the 50-day moving average. Robust trading volumes also bolster this upward trend, indicating growing investor interest in SOL. Potentially significant resistance might be found at $173. Price levels around this point have historically seen a lot of trading activity, which has resulted in consolidation or a retracement. In order to potentially reach the next psychological level of $200, Solana may need to overcome this resistance to see additional gains. Nonetheless, a number of variables may affect Solana’s capacity to continue growing.For example, larger market movements influenced by Ethereum and Bitcoin frequently affect altcoins such as Solana.Solana appears to be getting closer to overbought territory based on the relative strength index. This can point to a possible consolidation or pullback stage prior to the next leg up. If a retracement takes place, keeping an eye on support levels at $150 may also reveal prospective buying opportunities.This article was originally published on U.Today More

This article was originally published on U.Today More

This happened while the world’s largest digital currency continues to make attempts to overcome the recently regained and then again lost $65,000 price mark.Michael Saylor has been a long-standing Bitcoin supporter and investor. Since August 2020, his company MicroStrategy has been making regular acquisitions of the digital gold, with Saylor constantly shilling BTC on various podcasts and interviews with leading TV channels and mainstream media. At present, MicroStrategy owns 226,331 Bitcoin, which is the equivalent of a whopping $7.538 billion.This year, in March and June, the company offered convertible senior notes to investors in order to acquire more Bitcoin via these debt offerings. In June, MicroStrategy first aimed at raising $500 million but then increased the target to a staggering $700 million.On Tuesday, Saylor shared a Fox Business video about Bitcoin and called BTC “the number 1 performing asset.”The last time the current Bitcoin price level was seen roughly a month ago – on June 20. After that, a series of major sales and large BTC movements pushed BTC even lower. Over the past few weeks, the German government has sold approximately 50,000 BTC worth $3,240,020,000.Then, recently, Mt. Gox began shoveling billions worth of Bitcoin first to new wallets and then, earlier this week, to crypto exchanges. It was the preparation of compensation payments in BTC and BCH to its creditors, who have been waiting since 2014 to retrieve their crypto lost in a major hack.This article was originally published on U.Today More

Schiff, known for his bearish stance on Bitcoin, dismissed the recent price surge: “Gold is up another $8 now, trading at a new record high just shy of $2,480. Just as gold started to move higher, Bitcoin started to move lower.”Schiff, comparing the performance of Bitcoin and gold, claimed that the two assets have a strong negative correlation. “It really seems that Bitcoin has developed a strong negative correlation to gold. That means for Bitcoin to succeed, gold must fail,” Schiff added.Schiff’s comments come at a time when Bitcoin’s next price movements are closely watched following its spectacular rise since the weekend.BTC briefly rose above $66,000 earlier in today’s session, reaching highs of $66,139 following five consecutive days of gains. Bitcoin subsequently dipped near $64,000, still up 1.32% in the last 24 hours ago to stand at $64,688 at press time.Bitcoin appears to be benefiting from increased bullish sentiment as traders anticipate less selling pressure in the long run as Mt. Gox reimbursements to creditors begin.Bitcoin ETFs also extended their seven-day winning streak on Tuesday, attracting $422.5 million in inflows, the highest single-day total since June 5. Bitcoin ETFs have raised more than $1 billion in the last three days, indicating an increase in confidence in Bitcoin’s price prospects.The recent price surge past $66,000 has reignited optimism in the crypto community, who view it as a signal for further potential growth. However, Schiff’s criticism might be a reminder that not everyone is convinced by Bitcoin’s recent price increase.This article was originally published on U.Today More

Long-time supporter of Bitcoin Michael Saylor has made many statements about Bitcoin. His optimistic outlook is based on the special qualities of Bitcoin, which is a limited-edition decentralized digital asset. Saylor thinks that when it comes to storing value Bitcoin is a better option than traditional fiat currencies, which are vulnerable to inflation. Because of this viewpoint, his company has amassed a sizable portfolio of Bitcoin, placing MicroStrategy among the biggest corporate holders of the digital currency.Bitcoin has outperformed other significant asset classes over the past 10 years, as demonstrated on Fox Business. Saylor is convinced of Bitcoin’s long-term potential due to its proven track record of high returns and growing acceptance as a reliable financial asset. The recent performance of Bitcoin has been remarkably resilient and growing.According to the most recent charts, Bitcoin is trading at roughly $65,203. The general market recovery and growing institutional interest in Bitcoin are two factors contributing to this rally. The potential acceptance of an Ethereum ETF next week and regulated selling pressure from Mt. Gox might drive up the price of Bitcoin.Saylor’s investment strategy is demonstrated by the performance of his portfolio. His total Bitcoin holdings are estimated to be worth $14.79 billion based on the most recent data. His Bitcoin holdings have grown significantly, as evidenced by the average market price of $65,187 for these holdings.This article was originally published on U.Today More

The oldest is “1NidF,” which was first activated on Dec. 18, 2012. They bought 99 BTC, and then another 85 two weeks later. The cost at the time was $12,000. Now the profit of this whale is 99,354.5%, or $11.91 million.The conventional wisdom is that such reappearances are bearish. Many market participants believe that old holders are waking up to take profits, especially when they reach the thousands of percentage points.However, the awakening may also be related to the desire of legacy Bitcoin users to change the storage method or wallet type.Speaking of profit-taking, it is worth noting that the price of BTC reached $66,000 today. This came after a dip to the mid $50,000s less than a week ago. The sentiment was terrible, and as is often the case on the crypto markets, the FUD marked the bottom and preceded the pump.The price of Bitcoin is still well away from its all-time high of $74,000. But if the cryptocurrency continues on its current trajectory, that peak does not look out of reach.This article was originally published on U.Today More

As he frequently does, Markus added a pinch of irony to his opinion, but this is apparently how he continues to attract the interest of his 2.1 million X followers.The figures revealed by Markus hint that, so far, millennials’ retirement savings are nowhere near their target and equal approximately one Bitcoin.However, Markus added, millennials have a plan to retire by the time they turn 59, posting a “grimacing face” emoji. Taking into account the statistic that millennials (the generation born between 1981 and 1996) have reached the ages of 28-43 years old, those who were born in 1981 or slightly later will perhaps hardly manage to set aside $1.65 million by age 59. This seems to be Billy Markus’s message, which triggered a heated discussion in the comments, where X users posted mixed reactions – from agreeing to Markus’s take with humor to sharing arguments as to whether millennials will have to retire about 10 years after they turn 59 or with less money saved.Many also raised the issues of current inflation in the U.S., and the growing state debt, which can hardly have a good financial impact on average people’s bank balance.Earlier this year, he even admitted he would rather have one whole Bitcoin than one Dogecoin. Thus, he could be hinting at BTC and millennials’ love for this new fintech when mentioning the sum of $62,600.This article was originally published on U.Today More