Cryptocurrency

Contrary to expectations that Ether’s price would surge on the day the ETFs launched, the market did not react favorably to either the token or the ETFs. The major altcoin dropped nearly 4% over the past 24 hours to a low of $3,300, its weakest price in two weeks.The decline may be due to a “buy the rumor, sell the news” scenario, where the launch was already priced into the market, prompting short-term investors to take profits.That said, the drop in Ether price coincided with a broader downturn in the U.S. stock market. The Nasdaq plunged 3.6%, and the S&P 500 slumped 2.1% due to disappointing earnings from major companies like Alphabet (NASDAQ:GOOGL) and Tesla (NASDAQ:TSLA). However, Bitcoin price remained relatively stable around the $66,000 level.The new Ether ETFs saw a combined trading volume of just over $1 billion. Of the newly launched funds, BlackRock (NYSE:BLK)’s iShares Ethereum Trust (ETHA) recorded the highest volume at $240 million, followed by the Fidelity Ethereum Fund (FETH) at $136 million.Interestingly, the trading volumes for the Ether ETFs were about 21% of the $4.66 billion seen on the first day of spot Bitcoin ETF trading back in January. But the spot Ether ETF market was more active than the futures-based Ether ETFs, which saw limited activity upon their debut in October.Bitcoin ETFs have accumulated about $17 billion in net inflows since their launch in January, a historically successful debut. However, Ether ETFs are expected to be smaller due to the relative market sizes and investor familiarity. While Bitcoin is often touted as digital gold, Ether is viewed more as a bet on the growth of blockchain technology and the broader cryptocurrency market.With the launch of Ether ETFs, traders are now shifting their focus to upcoming U.S. economic data releases on Friday and former President Donald Trump’s speech at the Nashville Bitcoin conference on Saturday.  More

By Hannah Lang and Suzanne McGee(Reuters) -U.S. exchange-traded funds (ETFs) tied to the price of ether enjoyed a strong debut on Tuesday, with $1.07 billion of shares changing hands in the products, according to CF Benchmarks, a digital asset index provider, Bitwise Asset Management and traders. The most actively traded ETFs were Grayscale’s Ethereum Trust, with more than $450 million in turnover, the iShares Ethereum Trust, with about $245 million in trading, and Fidelity Advantage Ether ETF, with $137 million, Bitwise said. Products from Franklin Templeton, VanEck, Bitwise, 21Shares and Invesco/Galaxy also began trading on Tuesday. Following the launch of nine U.S. spot bitcoin ETFs in January, the ether products mark another win for the cryptocurrency industry’s campaign to push digital assets into the mainstream, although the products are unlikely to garner the same volume of inflows, analysts said. Tuesday’s trading volumes fell short of the $4.6 billion traded in the bitcoin ETFs on their January debut. Data on ether ETF inflows will be available as of Wednesday morning. “Although ether ETFs may not attract as much inflow as bitcoin ETFs, they represent an important step in the development of the cryptocurrency market,” said Grzegorz Drozdz, market analyst at investment firm Conotoxia Ltd.The price of ether, the world’s second-largest cryptocurrency after bitcoin, trended lower on Tuesday, pulling down the prices of the new ETFs, according to CoinGecko, a cryptocurrency data firm. After market close, ether was trading flat at $3,486.75, according to CoinGecko.Market participants see the introduction of the ETFs as significant for the industry’s longstanding effort to classify ether as a commodity rather than a security. While the Securities and Exchange Commission has not explicitly said ether is a commodity, the new products are defined in filing documents as commodity-based trusts. The debut enhances the cryptocurrency market’s “legitimacy”, said Cristiano Ventricelli, senior analyst of digital assets at Moody’s (NYSE:MCO) Ratings, wrote in a Tuesday report, adding the crypto ETFs would help boost market stability and reduce volatility. The bitcoin ETF launches were the culmination of a decade-long tussle with the SEC, which had rejected the products due to market manipulation concerns. The agency was forced to green-light the ETFs after losing a court challenge brought by digital asset manager Grayscale Investments, although it warned when approving them that the products were still highly risky. The launch was one of the most successful in the ETF market’s history with the products attracting $33.1 billion in net inflows as of June, according to Morningstar Direct data.Bitcoin ETF issuers competed hard on fees, with many firms offering to waive fees entirely for a certain period of time. The ether ETF fees range from 0.19% for Franklin Templeton’s ether ETF to a high of 2.5% for Grayscale’s ether trust, which it is converting into an ETF, according to their public offering documents. The rest cluster around 0.25%.Overall, the fees are comparable to the bitcoin products, although issuers are offering fewer waivers. Grayscale rolled out a “mini” version of its ether ETF with a fee of only 0.15%. While estimates on demand for the ether products vary widely, Galaxy Research – whose research arm Galaxy Asset Management has an ether ETF with Invesco – has projected that they could attract monthly inflows of $1 billion.Matteo Greco, research analyst at Fineqia International, wrote in a note that demand for the ether ETFs will be crucial in ascertaining investor appetite for digital assets beyond bitcoin. A major issue for some investors is the SEC’s exclusion of the “staking” mechanism in the ether ETFs, a key feature on the ethereum blockchain that allows users to lock up their tokens for a certain period of time in exchange for yield. As currently constructed, the SEC will only allow the ETFs to hold regular, unstaked ether.Issuers began filing for the ether ETFs in September. Executives initially had low hopes that the SEC would approve the products, but the agency surprised the industry in May when it approved the first rule changes needed. SEC Chair Gary Gensler last month told Reuters the Grayscale ruling had influenced his thinking on approving the ether products, because the underlying market circumstances were similar.  More

MoonTaurus, the latest entrant in the cryptocurrency market, has made an impressive debut by raising $100,000 within the first two hours of its presale launch. As the presale continues, the team hopes excitement around MoonTaurus will increase, so it can be positioned as a significant player in the crypto market.MoonTaurus (MNTR) has quickly gained popularity among other memecoins due to its presale structure. The MNTR presale is structured in several tiers, with limited tokens availability in each stage and subsequent price increase. During the presale phase, the token is set to increase in value from an initial price of $0.005 to $0.07 by the end of the presale (1300% higher). For example, users can buy MNTR for $0.005 a token, after which the price will increase to $0.01 in the second phase, double the current rate.The team behind MoonTaurus (MNTR) is focused on achieving several key milestones to ensure the project’s long-term success. Their primary goal is to reach a $1 billion market capitalization, demonstrating their ambition and commitment to the project’s growth. To support this objective, the team is actively working to secure listings on decentralized exchanges (DEXs) to provide additional trading opportunities and help maintain a diverse trading ecosystem. The MNTR token features a total supply of 3 billion tokens, as a part of its tokenomics model. With a fixed total supply of 3 billion tokens, no additional tokens will be created.In addition, the team is focused on building a big community that is engaged with the project via community-building initiatives and strategic partnerships. First, MoonTaurus (MNTR) is running a $100,000 giveaway to boost community engagement. MoonTaurus will award prizes to 10 lucky winners. To enter, participants need to follow MoonTaurus on social media, join the Telegram or Discord channels, and engage in promotional activities. This giveaway aims to create excitement around the project and increase its visibility.Website: https://moontaurus.com/Linktree: https://linktr.ee/moontaurusMoontaurus is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Investing in memecoins can be a volatile activity.ContactEditorJohn MooreXENON Agencycontact@xenon.agencyThis article was originally published on Chainwire More

Since early July, Mt. Gox has shifted a total of 54,662 BTC, valued at approximately $3.44 billion. These transfers have included substantial amounts sent to various platforms, including Bitbank and Bitstamp, and a significant deposit to a wallet likely associated with Kraken.Initially, the market reacted with concern, fearing that the release of these long-held Bitcoins might trigger a sell-off, as Mt. Gox creditors have been waiting over a decade to receive their assets.However, recent analysis from CryptoQuant suggests a more positive outlook. Data reveals a notable increase in Bitcoin withdrawals from Kraken following distribution to Mt. Gox users. This trend indicates that rather than selling, many recipients are moving their Bitcoin to cold storage, potentially signaling a long-term holding strategy.Despite the large-scale transfers, the increase in withdrawals from Kraken points to a potential reduction in immediate selling pressure.Currently, 90,344 BTC, worth around $6 billion, remains in the exchange’s wallets. The ongoing question is whether this holding behavior will help stabilize or even boost Bitcoin’s price, countering initial fears and uncertainties surrounding the Mt. Gox repayments.This article was originally published on U.Today More

Bitcoin historian Pete Rizzo drew attention to Saylor’s historical statement in a recent X post. Saylor had stated at the time that “Bitcoin’s economic function is to provide property rights to 8 billion people.”Saylor’s statement then came at a crucial time, amid a “bear market” brought on by macroeconomic factors and failures within the crypto industry – initiated by Terra Luna’s collapse in May 2022.Bitcoin declined to trade around $20,000 at the time Saylor made his statement. Saylor’s declaration highlights Bitcoin’s potential beyond mere investment speculation, highlighting its role in empowering individuals globally through secure, decentralized property rights.Bitcoin has risen more than threefold since Saylor’s statement and currently trades at $67,202.Currently, the firm has amassed 226,331 Bitcoin worth over $13.3 billion, with Bitcoin up 600% from the start of its acquisition in 2020; meanwhile, Microstrategy (NASDAQ:MSTR)’s shares have skyrocketed around 1,000% since this time frame. The enterprise software company has only spent $8.3 billion on Bitcoin, resulting in an 80% paper gain on its assets.Weeks back, MicroStrategy, the largest publicly traded corporate holder of Bitcoin, announced a 10-for-1 stock split to make shares more accessible to investors and employees.This article was originally published on U.Today More

The Hash Ribbon, developed by Capriole Investments in 2019, is a technical indicator that tracks the recovery of Bitcoin’s hash rate following periods of miner capitulation. The metric identifies crucial buy signals based on the correlation between the hash rate and price recovery. Historically, such signals have been associated with strong long-term investment opportunities.The latest signal emerged as the 30-day moving average (DMA) of Bitcoin’s hash rate fell below the 60 DMA, a condition indicating a potential recovery phase after miner capitulations. This pattern has previously led to substantial price increases, reflecting periods when Bitcoin’s price experienced big discounts, but later surged.Thus, previously, he forecast a substantial long-term price target for Bitcoin, projecting a potential rise to $300,000, which would represent an increase of nearly 500% from current levels.All in all, this recent signal from the Hash Ribbon adds to the positive outlook for BTC, suggesting that the current price movement could be the start of a more substantial uptrend.This article was originally published on U.Today More

Proptokenmarket, a dynamic newcomer to the real estate and blockchain landscape, proudly unveils its global Real Estate Token Directory. This groundbreaking platform is the first to provide a third-party directory for Real Estate Tokens, offering a fresh, user-friendly approach to discovering and engaging with tokenized real estate assets from various issuers worldwide.Key Features of Proptokenmarket’s Real Estate Token Directory:1. Global Tokenized Real Estate Assets: Exploring a curated selection of tokenized real estate assets, from single-family gems to luxury apartments on exotic islands and commercial opportunities worldwide.2. Data-Driven Decision-Making: Accessing comprehensive property information, token metrics, historical performance data, and market analytics to make informed investment decisions.3. Extensive Learning Opportunities: Proptokenmarket offers a wealth of resources for both beginners and seasoned investors to learn about real estate tokens. Users can access educational articles, tutorials, and guides that cover everything from the basics of real estate tokenization to advanced blockchain knowledge. A dedicated news feed summarizes the latest developments and trends in the real estate token market, ensuring users stay informed and educated.4. User-Centric Design: Navigating with ease through an intuitive and visually appealing interface, designed for both seasoned investors and newcomers.5. Responsive Support: Proptokenmarket is committed to providing exceptional customer support, guiding users through their investment journey and promptly addressing inquiries.About ProptokenmarketProptokenmarket is a forward-thinking startup dedicated to reshaping the real estate token investment landscape by providing excellent transparency, accessibility and innovative solutions through a comprehensive global perspective on the real estate token market. Their mission is to provide transparency, security, and accessibility to investors worldwide.LinkedInContactFounderFlorian SchickProptokenmarket LLCflorian@proptokenmarket.comThis article was originally published on Chainwire More

On July 17, MEET48 released its first TON ecologic airdrop product, “CoinFish,” as part of its WEB3.0 incubation ecosystem. On August 8, MEET48 will launch the second TON ecologic airdrop product, “CoinIdols.” MEET48 plans to incubate and release a series of new TON ecologic airdrop products, such as CoinIdols and CoinGarden, at a rate of one per quarter throughout the year. Particularly noteworthy is the innovative play known as “Meme2.0” within the MEET48 ecologic airdrop.The diverse mini-game products of the TON ecosystem and full-chain airdrop will rely on the TON ecosystem while accommodating a full-network, full-chain product delivery model, reaching a broader and wider user base. The product forms will include TON mini-programs, PC, and mobile versions, enabling simultaneous multi-platform launches.Moreover, each airdrop product will be linked to a corresponding AIUGC, GameFi, or P2E product within the MEET48 content ecosystem matrix. For instance, CoinFish will connect to the Web3.0 fishing game “CoinFishing,” and CoinIdols will link to the P2E product “PICK 48.”In addition, MEME cultural packaging and community building will commence with the release of the airdrop products, focusing on the cultural and IP packaging and operation of in-game characters. Leveraging long-term content operation capabilities in AIGC (Animation, Idol, Game, Comics) cultural operations, a favorable cultural atmosphere will be created through images, videos, and live broadcasts.Overall, MEET48 will act as the core of the entire ecosystem. Users participating in MEME2.0 and TON ecologic airdrops will ultimately be guided through the MEET48 content ecosystem matrix products into MEET48’s intelligent social metaverse community. In the future, MEET48 will continuously expand its content ecosystem, promoting the deep integration of Web3.0 and AI technologies.About MEET48 MEET48 currently boasts a technical and R&D team of 500 people, covering regional operations in Singapore, Hong Kong, Taipei, Tokyo, Seoul, and Dubai. This makes it one of the largest Web3 application project teams globally. MEET48 aims to achieve the mass adoption of Web3 technology by focusing on an AI UGC content ecosystem centered on AIGC (Animation, IDOL, GAME, and Comics) Gen Z trend entertainment content and a graphical, intelligent metaverse social base.For more information users can visit MEET48’s: Official Website | Twitter (X) | Telegram | DiscordContactMarketing DirectorSiyu YangMEET48siyu@meet48.comThis article was originally published on Chainwire More