On July 23, 2024, the U.S. Securities and Exchange Commission (SEC) approved nine Ethereum exchange-traded funds (ETFs), marking a significant milestone in the cryptocurrency market. These ETFs, which track the price of ether, the native cryptocurrency of the Ethereum blockchain, saw substantial interest from investors on their first day of trading.
The launch was met with strong inflows, totaling approximately $107 million. BlackRock’s iShares Ethereum Trust (ETHA) topped the list with $273 million in investments, while the Bitwise Ethereum ETF (ETHW) came in second with $204 million. The Fidelity Ethereum Fund (FETH) also saw significant interest, securing $71 million in assets.
This launch comes after the successful introduction of Bitcoin ETFs earlier in the year, which set a precedent for cryptocurrency-based ETFs. The approval of Ethereum ETFs is expected to make ether more accessible to traditional investors, as these funds can be bought and sold through conventional brokerage accounts.
The trading volume for these new ETFs reached nearly $1.1 billion on the first day, indicating robust market interest. Despite the strong start, the Grayscale Ethereum Trust (ETHE) experienced outflows of $484 million, highlighting a shift in investor preference towards the newly launched ETFs.
The introduction of Ethereum ETFs is seen as a pivotal moment for the cryptocurrency market, potentially driving further adoption and investment in digital assets. Analysts predict that these ETFs could attract up to $10 billion in inflows over the coming months, potentially pushing the price of ether to new highs by the end of the year.
This development underscores the growing acceptance of cryptocurrencies in mainstream finance and the increasing demand for diversified investment options in the digital asset space.
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MICHAEL SAYLOR PREDICTS BITCOIN TO HIT $5,000,000 AND SAYS BTC IS A ‘SCREAMING BUY’ SIGNAL!!
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MicroStrategy CEO Michael Saylor believes the Bitcoin price can easily hit the seven-digit mark.
In a new interview with FamilyOffice, Saylor says Bitcoin could appreciate a hundredfold to reach a price of $5 million per BTC.
“I can see bitcoin going to a million. I can see it going to $5 million… because if it simply replaces all the indexes as a monetary index money, why shouldn’t it go to $100 trillion in market cap or something?”
Saylor, whose company MicroStrategy now owns 91,326 Bitcoin, points out that the flagship crypto asset is currently a “screaming signal” to investors, and this is aided by a rapid expansion in the money supply globally and the dominance of its blockchain network.
“In my life I’ve never seen something that was such a screaming signal. You’ve got a $200 to $300 trillion addressable market. You’ve got a problem – money is not sound. You’ve got engineered thermodynamically sound money. You’ve got a dominant network. Everybody’s decided it’s the network. It’s exploding.
The signal that is exploding is it’s growing 200% a year every year for 12 years running. That’s the signal.”
Saylor predicts that the flagship crypto asset’s growth rate is unlikely to be replicated by the FAANG (Facebook, Amazon, Apple, Netflix, Google) tech behemoths going forward, making Bitcoin the better bet.
“Now do I think Apple, Amazon, Facebook or Google are going to go up by a factor of 10 from this point? Not really. I think they’re plus 20, minus 20, plus 100… maybe they will double, maybe they will triple.”
Saylor adds that Bitcoin’s potential became far easier to understand following the economic fallout and increase in money printing that began early last year.
“[Bitcoin] got to be a much easier trade in March of 2020. And every month since March of 2020, it’s been de-risked exponentially, and then the need is exploding.”
In other trending Bitcoin News today:
Bitcoin Falls to Two-Week Lows as $6 Billion In Options Set to Expire – What’s Next?
Bitcoin’s (BTC) price has been in retreat, down 20% since the recent all-time high at $62,000 in mid-March. As crypto markets are frequently volatile, this may very well be another normal pullback within the current bull cycle.
Corrections are needed to generate strength for further upward momentum as markets can’t go up in a straight line. Additionally, a record $6 billion expiration of options is expected on March 26, which often brings some volatility.
It is also quite common for the market’s momentum to shift momentum once the options expiration date comes and goes.
The 4-hour chart shows an apparent downtrend since the recent all-time high at $62,000 with bearish support/resistance flips.
Regardless, Bitcoin’s price has rejected the critical resistance zone at $56,500 in the latest rally after Tesla announced it has started accepting (and holding) BTC in the United States for its vehicles.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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Billionaire Bitcoin Investor Gives 3 Catalysts That Could Send BTC Price Flying | Crypto News Today
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Bitcoin has undoubtedly been on a tear over the past 45 or so days.
Since hitting $6,400 in December, the BTC price has surged by almost 50%, hitting a local high of $9,550 on Thursday.
According to Mike Novogratz – a Wall Street name who used to be a partner at Goldman Sachs and now heads Crypto fund Galaxy Digital – there is a confluence of reasons why the Bitcoin price will continue higher in the months to come.
He conveyed these reasons, or catalysts, in a recent interview with Bloomberg, though he was hesitant to give a BTC price prediction on air.
These Things Could Send Bitcoin Price Soaring In 2020
1. The debasement of fiat money
2. Becoming digital gold
3. Increasing levels of infrastructure
In other Crypto news today…
I share 10 exceptionally bullish factors which confirm a new Crypto bull market has officially begun.
Two full years of a bear market has left Cryptocurrency investors scorn and beaten down, which has mentally conditioned the market to expect more downside regardless of where their long term beliefs toward Bitcoin (BTC) and altcoins may lie.
When markets experience a full cycle, bull markets turn from irrational exuberance and hope to bear markets where fear and anger dominate.
As things turn bullish once again, investors are often left in disbelief, assuming that any up
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
10 Factors Confirm a New Crypto Bull Market Has Officially Begun
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All Eyes On ,000: Why Bitcoin Price Needs to Clear This Crucial Level | China’s Digital Currency
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Bitcoin Price Needs to Break Past $8,000!
In a recent TradingView analysis, cryptocurrency analyst Filb Filb drew attention to the importance of $8,000, a BTC price point which he stated has the “worst cluster of resistance seen since the bear market of 2018.”
Indeed, he noted that the following technical levels are currently situated at $8,000 (subject to change over the next few weeks):
- The 200-day moving average.
- The 100-day moving average.
- The 50-day moving average.
- The 20-month moving average.
- Bitcoin’s 61.8% Fibonacci Retracement of the February high to the $3,800 bottom.
- And the yearly pivot level.
The pertinent question remains — does Bitcoin (BTC) have the potential to clear $8,000?
Analysts, unfortunately, are divided about this question.
Per previous reports from NewsBTC, Bitcoin is in the midst of following the bump-and-run-reversal bottom schematic found in Thomas Bulkowski’s Encyclopedia of Chart Patterns.
As it stands, BTC is in the fourth phase of the BARR bottom, which should be followed by a surge past the phase one highs around $9,000 in the coming week or two, meaning the whole capitulation could be shortly reversed.
The thing is, there remains the overhead risk of traditional markets continuing to fall, which could depress Bitcoin.
As explained by Chris Burnisike, partner at Placeholder Capital:
This theory has been echoed by trader Cantering Clark, who remarked that the “moment equities s**t the bed again Bitcoin will follow,” explaining that the reality is some of the world’s “largest and most fundamentally important industries” are being adversely affected by the coronavirus outbreak, making it unlikely crypto will be spared.
China Is Drafting Laws for the Circulation of National Digital Currency Amid the coronavirus pandemic, China’s central bank has reportedly completed the basic development of the nation’s central bank digital currency.
The central bank is now drafting legislation for its circulation, according to local media.
A number of patents have revealed what the digital yuan will be like.
China’s central bank, the People’s Bank of China (PBOC), is reportedly closer to issuing its own digital currency, Chinese publication Global Times reported on Tuesday, citing an unnamed industry insider.
The central bank, in collaboration with private companies, “has completed development of the sovereign digital currency’s basic function and is now drafting relevant laws to pave the way for its circulation,” the publication detailed.
The insider elaborated: As more central banks around the world are cutting interest rates to zero or even entering negative territory to release liquidity into the market amid the coronavirus (covid-19) pandemic, China should accelerate the launch of its digital currency.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://www.tradingview.com/chart/BTCUSD/S1p3CQYW-Bitcoin-Death-Cross-but-is-that-it/
https://news.bitcoin.com/china-digital-currency/
https://www.newsbtc.com/2020/03/26/all-eyes-on-8000-why-bitcoin-needs-to-clear-this-crucial-level/
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