The Bank of Russia is considering approving stablecoins for cross-border trades, as local businesses explore alternative methods to conduct trade with China amid sanctions. Russia‘s central bank, the Bank of Russia, is considering the legalization of stablecoins for cross-border transactions…
The Bank of Russia is considering approving stablecoins for cross-border trades, as local businesses explore alternative methods to conduct trade with China amid sanctions. Russia‘s central bank, the Bank of Russia, is considering the legalization of stablecoins for cross-border transactions…
The Ethereum blockchain is sitting at the top spot by one-year revenue, surpassing all major blockchains. According to data provided by Lookonchain, Ethereum generated a one-year revenue of $2.72 billion, surpassing the Bitcoin network by a $1.42 billion margin. Data…
The Ethereum blockchain is sitting at the top spot by one-year revenue, surpassing all major blockchains. According to data provided by Lookonchain, Ethereum generated a one-year revenue of $2.72 billion, surpassing the Bitcoin network by a $1.42 billion margin. Data…
Mantra Chain and Dubai’s MAG Group are collaborating to tokenize $500 million worth of real estate, aiming to democratize access to high-end Dubai properties through blockchain technology. The partnership will initially focus on the Keturah Reserve development, a luxury residential project in Dubai’s Meydan district. “This partnership sets a new paradigm for real estate investment,
Key Takeaways Polkadot (DOT), known for its innovative multichain protocol architecture, demonstrates significant growth and resilience in a fluctuating cryptocurrency market. Currently priced around $7, DOT has maintained a positive trajectory, outperforming many peers with a 3% increase in the past week. This performance indicates its robust foundation and the confidence investors have in its
Renowned financial analyst Charles Edwards warns of multiple bearish signals for Bitcoin (BTC). Recent data indicates a significant price drop in BTC over the last 24 hours, sparking concern among investors. Edwards’ insights into intra-chain metrics and long-term holder behavior highlight potential market turning points. Discover critical insights into recent Bitcoin market dynamics with expert
The crypto industry is on the verge of a potentially significant development as key figures in the sector hint at the imminent approval of a spot Ethereum ETF in the United States, possibly triggering a notable price rally for ETH. Nate Geraci, president of The ETF Store, shared insights into the expected timeline for the launch of the first spot Ethereum ETF. According to Geraci, current forecasts by Bloomberg predict a mid-July launch. He detailed the procedural timeline via X, stating, “Wen spot eth ETF? BBG sticking w/ mid-July. Amended S-1s due July 8th. Potential final S-1s by July 12th. Would theoretically mean launch week of July 15th.” In parallel, Steve Kurz, head of asset management at Galaxy Digital, confirmed to Bloomberg on July 2 that the U.S. Securities and Exchange Commission (SEC) might greenlight a spot Ethereum ETF before the month’s end. Related Reading: ETH Price Dips As Ethereum ETF Approval Faces Delay Kurz emphasized the extensive groundwork laid in collaboration with the SEC, drawing parallels between the proposed Ethereum ETF and Galaxy’s existing spot Bitcoin ETF (BTCO), created with Invesco. Kurz expressed confidence in their preparedness, remarking, “We know the plumbing, we know the process… The SEC is engaged.” Bloomberg ETF analyst Eric Balchunas also chimed in, aligning with the mid-July expectations. He highlighted the SEC’s recent instructions to Ethereum ETF issuers for amending their S-1 registration forms by July 8, suggesting possible further amendments. Notably, the SEC approved rule changes under 19-b4 in May, facilitating the listing and trading of such funds, though the issuance of funds remained pending final approvals. Ethereum Price Holds Above Key Support The anticipation of these approvals appears to be having a stabilizing effect on Ethereum prices. Crypto analyst IncomeSharks, commenting on Ethereum’s current price trajectory via X, noted optimism for a near-term breakout, stating, “ETH – Looking more optimistic for a Q3 breakout. Liking the chances of a run towards $4,000 this or next month.” According to the chart shared by him, ETH price needs to hold the region of $3,300 to $3,350 in order to rally to $4,000. Supporting this sentiment, Cold Blooded Shiller highlighted the crucial need for Ethereum to demonstrate momentum at the current price levels, specifically around the $3,400 mark, as a key indicator for a potential high-time-frame impulse. Related Reading: Ethereum Suffers 3rd Straight Weekly Outflows, Becomes 2024’s Worst Performer “ETH is still in a fine position but it really needs to start showing some momentum soon. LTF divergences around this $3400 low are probably where I take one stab at trying to capture any HTF impulse away from the consolidation,” he remarked via X. Adding historical perspective, analyst Jelle (@CryptoJelleNL) compared the current market phase to Ethereum’s long consolidation in 2016-2017 before its massive rally, urging persistence and optimism: “In 2016-2017, ETH consolidated for 50+ weeks before rallying nearly 12000 percent. Today, people are giving up after less than 20 weeks, with ETH ETFs right around the corner. Stick to the plan boys. The best is yet to come.” At press time, ETH traded at $3,353. Featured image created with DALL·E, chart from TradingView.com
Analyst Pentoshi shares optimistic long-term outlook for Bitcoin. Bitcoin could drop 20-25% to $48,000-$51,000 range. Continue Reading: Analyst Predicts Bitcoin’s Potential Growth Despite Short-Term Corrections
Asset managers are showing a positive outlook on potential SEC approval for the first U.S. ETFs directly investing in Ethereum, targeting mid-July. The SEC has set a deadline of July 8 for ETF applicants to submit updated paperwork and amended S-1 filings. There may be another round of filings after the submission due on July