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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MEITU NOW HOLDS $100 MILLION IN BITCOIN AND ETHEREUM!! COINBASE RECORDS STAGGERING $1.8B IN REVENUE!
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Hong Kong tech company Meitu has taken the total value of its cryptocurrency holdings to approximately $100 million after the firm disclosed the purchase of an additional $10 million worth of Bitcoin (BTC) on Thursday.
Last month, Meitu racked up $90 million worth of cryptocurrency purchases split between Bitcoin and Ethereum. Following Thursdayâs latest acquisition, the firm has now purchased $49.5 million worth of BTC and $50.5 million worth of ETH.
In other trending Bitcoin News today:
Coinbase Records Staggering $1,800,000,000 in Revenue Ahead of Public Listing
Just one week before its initial public offering (IPO), top crypto exchange Coinbase is reporting a $1.8 billion quarter.
In a new blog post, the crypto exchange, which reportedly holds a $100 billion valuation ahead of its IPO, announces that it brought in approximately $1.8 billion worth of total revenue over the course of the last three months ending March 31st.
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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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BILL TO MAKE BITCOIN LEGAL TENDER PASSES IN EL SALVADOR!! MEXICO NEXT TO ADOPT BTC SAYS SENATOR!!
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The president of El Salvadorâs bill to make Bitcoin (BTC) legal tender in El Salvador passed congress with a supermajority in the Salvadoran Congress with 62 out of 84 votes just before 6 am UTC. âIt goes into effect immediately,â he said, clarifying the government would allow 90 days for the infrastructure to be put into place.
In other trending Bitcoin News today: Mexico lawmakers aim to follow the example of neighboring countries with proposed Bitcoin legislation. Eduardo Murat Hinojosa, a senator of the federal government of Mexico, has said he will be submitting a proposal to lawmakers seemingly aimed at crypto adoption in the country.
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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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https://cointelegraph.com/news/berkshire-hathaway-invests-500m-in-brazilian-digital-bank
https://cointelegraph.com/news/el-salvador-president-bitcoin-law-will-be-approved-tonight
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BRIDGEWATER BILLIONAIRE RAY DALIO RECOMMENDS BITCOIN, SAYS IT HAS PLACE IN INVESTORSâ PORTFOLIOS!!
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Bitcoin can offer protection against the âdepreciating value of money,â newly bullish BTC investor Ray Dalio says.
In a Reddit âAsk Me Anythingâ session on Dec. 8, Dalio, who last month abandoned his skepticism of Bitcoin, said that the cryptocurrency could complement gold as an investment.
âI think that Bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives, with similarities and differences to gold and other limited-supply, mobile (unlike real estate) storeholds of wealth,â he wrote.
âSo it could serve as a diversifier to gold and other such storehold of wealth assets.â
Dalio shed light on his opinion of various aspects of the global economy, including the United Statesâ current position, China and the state of fiat currency.
Continuing, he argued that money printing would spur asset inflation, implying that simply holding wealth in cash would lead to losses.
âWe are in a flood of money and credit that is lifting most asset prices and distributing wealth in a way that the system that weâve come to believe is normal is unable to, and that is threatening to the value of our money and credit,â he warned.
âMost likely that flood will not recede, so those assets will not decline when measured in the depreciating value of money. It is important to diversify well in terms of currencies and countries, as well as asset classes.â
His perspective conspicuously mimics that of Bitcoin proponents, notably Michael Saylor, CEO of MicroStrategy, who is guiding the company toward BTC reserves of nearly $1 billion.
Saylor, in an interview with The Bitcoin Standard author Saifedean Ammous in September, stressed that asset inflation was far outstripping that of cash, and that large paper money holdings were thus akin to a âmelting ice cube.â
Dalio thus departs further and further from the Bitcoin-skeptic position he held just weeks ago, which began to thaw when he admitted that he âmay be missing somethingâ about its true nature. Nonetheless, he stopped short of advocating a âfull Bitcoinâ portfolio.
âThe main thing is to have some of these type of assets (with limited supply, that are mobile, and that are storeholds of wealth), including stocks, in oneâs portfolio and to diversify among them. Not enough people do that,â he reasoned.
On the topic of gold, Dalio was more opaque. Choosing between the precious metal and Bitcoin would depend on central banksâ behavior.
âAs far bitcoin relative to gold, I have a strong preference for holding those things which central banks are going to want to hold and exchange value in when they are trying to transact,â he concluded.
In other trending Bitcoin News today:Â
Bitcoin Plunges Below $18,000 â Here Are The Levels To Watch Next
Bitcoin fell below $18,000 on Dec. 9 in the latest continuation of its bearish comedown from all-time highs.
At press time, new lows near $17,600 were appearing, with 24-hour losses totaling more than 7%.
The situation was tenuous for Bitcoin after support was lost higher up, with exchange data showing buyer interest only lined up in significant amounts at $16,200. Converse selling pressure had provided an instant rejection at close to $20,000 last week.
âThird test of support and breakdown,â summarized Cointelegraph Markets analyst MichaĂ«l van de Poppe to his Twitter followers on Wednesday.
âTesting levels multiple times doesnât make the level stronger. Downtrend likely to continue? I think so, unless $18,500â18,700 is reclaimed, I think weâll continue correcting.â
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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:
Averaged out, Bitcoin has 10x’d every 2 years.2008 .012010 .102012 1.002014 10.002016 100.002018 1000.002020 10,000.00
h/t @FreakieF
â Dan Held (@danheld) December 8, 2020
Citi downgraded MicroStrategy because of its plan to accumulate a significant amount of #Bitcoin in its corporate treasury.
Never forget this is one of the ratings agencies that rated subprime mortgages AAA right before the housing market crashed and destroyed the global economy
â Vijay Boyapati (@real_vijay) December 9, 2020
BIG UPDATE: @RayDalio, Founder of Bridgewater (world’s largest hedge fund) just said in Reddit AMA: “I think that #Bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives.”https://t.co/0yqia9frvy
â Cameron Winklevoss (@cameron) December 8, 2020
Watch how traders, shitcoiners and weak hands transfer their #bitcoin to strong hands like Grayscale, Paypal, Square, MicroStrategy etc. These BTC will disappear from the market and go into deep cold storage and stay there for years. pic.twitter.com/McpnqEelV0
â PlanB (@100trillionUSD) December 8, 2020
Third test of support & breakdown. Testing levels multiple times doesnât make the level stronger.
Downtrend likely to continue? I think so, unless $18,500-18,700 is reclaimed, I think weâll continue correcting. $BTC
â MichaĂ«l van de Poppe (@CryptoMichNL) December 9, 2020
https://cointelegraph.com/news/bitcoin-plunges-below-18-000-here-are-the-levels-to-watch-next
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