Many crypto enthusiasts see this correction as temporary, as Bitcoin has strong potential to lead the market higher in 2024. The halving event is a major catalyst, and with peak interest rates, a potential 2024 rate cut could drive a rally in risky assets. Market prices show this optimism, too, and not just for Grayscale’s bitcoin product. The Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) had traded at massive discounts to NAV – industry jargon for the value of all the bitcoin and ether, respectively, that they hold.
- The Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) had traded at massive discounts to NAV – industry jargon for the value of all the bitcoin and ether, respectively, that they hold.
- And Grayscale itself has said it plans to convert ETHE and other products to ETFs.
- The final test run before Ethereum users can withdraw staked ETH has been successfully completed.The final test run before Ethereum users can withdraw staked ETH has been successfully completed.
- An ETH break above the 50-day EMA would give the bulls a run at the 200-day EMA and $1,746 resistance level.
- A break below the $1,626 support level would give the bears a look at sub-$1,600.
/CNW/ — Base’s new killer DApp, the decentralized social network Friend.tech, is breaking transaction records with record adoption, but is being targeted by… Check live rates, send money securely, set rate alerts, receive notifications and more. The Xe Rate Alerts will let you know when the rate you need is triggered on your selected currency pairs. Etheruem may have given birth to the DeFi revolution, but it wasn’t its speed that got it there.Etheruem may have given birth wyckoff market cycle to the DeFi revolution, but it wasn’t its speed that got it there. The final test run before Ethereum users can withdraw staked ETH has been successfully completed.The final test run before Ethereum users can withdraw staked ETH has been successfully completed. Investors are concerned that the unstaking of ETH, which was previously locked, could prompt a sell off.Investors are concerned that the unstaking of ETH, which was previously locked, could prompt a sell off.
Total Value Locked (TVL) surged from $13.95 billion to $20.83 billion on April 5, and LDO hit $4.90 on that day. The 14-Daily RSI reading of 53.54 supports an ETH break above the 50-day EMA and a return to $1,700 before entering overbought territory. The 14-Daily RSI reading of 58.79 suggests a BTC break above the $28,187 resistance level before entering overbought territory. BTC movement will likely hinge on BTC-spot ETF-related news. Updates from the ongoing SEC cases against Ripple and Coinbase (COIN) will influence investor sentiment. You’re reading Crypto Long & Short, our weekly newsletter featuring insights, news and analysis for the professional investor.
The decision has many analysts now pricing in approval of a spot bitcoin ETF sooner rather than later. Analysts at Bloomberg put the odds of approval this year at 75%. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. Our currency rankings show that the most popular Ethereum exchange rate is the ETH to USD rate. These percentages show how much the exchange rate has fluctuated over the last 30 and 90-day periods. These are the lowest points the exchange rate has been at in the last 30 and 90-day periods.
Despite growing AI integration in web browsers like Microsoft’s Edge, Brave Browser maintains its popularity among users who value ad-blocking and privacy features. While AI, like ChatGPT, gains traction, the Brave community also seeks to incorporate such technology into their platform. The Lido DAO (LDO-USD) oversees the Lido liquidity staking protocol, simplifying staking for the crypto community. With over $8.5 billion staked, Lido plays a key role of introducing newcomers to the decentralized economy. The upcoming halving event, just over six months away, is seen as a potential catalyst for all-time highs.
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The company simplifies staking for PoS networks, allowing users to earn rewards by delegating tokens to trusted validators who maintain network integrity and share rewards. Also, it ensures security through third-party audits, making it a trustworthy platform for liquid staking services. Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now. So, with everyone penciling in a bitcoin ETF as a matter of when and not if, bullish investors should just buy GBTC, and wait for a final approval, right? The theory goes that the discount will all but evaporate (as open-ended ETFs typically only trade at narrow differences to NAV), and as a bonus the underlying asset (bitcoin) might catch a bid – win/win.
An ETH break above the 50-day EMA would give the bulls a run at the 200-day EMA and $1,746 resistance level. BTC remained above the 50-day and 200-day EMAs, sending bullish price signals. Significantly, the 50-day EMA converged on the 200-day timeframe or time frame EMA, signaling a possible bullish cross. The lackluster start to the US ETH-Futures ETF market likely contributed to the broad-based crypto reversal. The total crypto market cap slid by $22.79 billion (-2.09%) to $1,066 billion.
- The theory goes that the discount will all but evaporate (as open-ended ETFs typically only trade at narrow differences to NAV), and as a bonus the underlying asset (bitcoin) might catch a bid – win/win.
- Plus, with founder Vitalik Buterin’s announcement of 55% progress on Ethereum’s upcoming merge, the company has ample potential for rapid growth.
- The halving event is a major catalyst, and with peak interest rates, a potential 2024 rate cut could drive a rally in risky assets.
- Google Finance is currently unavailable as some international data providers no longer support your region.
In fact, ethereum ETFs launched within weeks of the first bitcoin ETF. Regulators in Canada were comfortable with the product because there is a regulated futures market for ETH, allowing market makers to hedge risk while creating and redeeming units. I suspect that following a BTC approval, an ETH approval would not be far behind. ETHE’s discount is greater than GBTC’s, meaning a far greater arbitrage opportunity. Also, ETH markets are less liquid than BTC, so the incremental buying from an ETF could have a more material impact on price.
Users earn BAT while browsing, making it unique and revolutionizing online advertising. Ethereum boasts quick payments and innovative smart contracts. Also, its transition to an eco-friendly proof-of-stake system positions it as an environmental leader. Plus, with founder Vitalik Buterin’s announcement of 55% progress on Ethereum’s upcoming merge, the company has ample potential for rapid growth. ETH futures and spot ETF-related news would influence price sentiment. On Monday, VanEck, ProShares, and Bitwise launched ETH-futures and ETH + BTC-futures ETFs.
But the bigger opportunity could be Grayscale’s Ethereum Trust. Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective. Still, the crypto landscape is evolving with legal challenges and SEC reviews. BlackRock’s surprising court win for its Bitcoin ETF adds hope.
Most big cryptocurrencies increase as Uniswap rallies
Valkyrie may add ETH futures to the Bitcoin Strategy ETF (BTF) this week, with Kelly and VolShares launching ETH-futures ETFs this week. They’re a safe, sensible solution for investors and like many, I expect they’ll be approved. Create a chart for any currency pair in the world to see their currency history. These currency charts use live mid-market rates, are easy to use, and are very reliable.
Sam Bankman-Fried’s Trial Is a Reminder for Crypto Traders to Be Wary
My view is if a U.S. spot bitcoin ETF gets approved, there should be little argument for holding up a spot ether ETF. And Grayscale itself has said it plans to convert ETHE and other products to ETFs. I wouldn’t hold your breath when it comes to SOL, ATOM or any other smaller crypto asset, but we have first-hand knowledge that ETH ETFs work.
There’s a better trade than buying Grayscale’s GBTC if you’re optimistic the SEC will approve crypto ETFs.
And, BitQuant is even more bullish, projecting Bitcoin will surpass its 2021 peak before April and reach $250,000 per coin in the next halving cycle. Considering the rise of digital assets, crypto investment is tempting but requires caution due to high volatility. With numerous cryptocurrencies available, start with the top forex pairs ten by market cap for familiarity and stability. The following have shown strong performance over the past two months with a history of growth. However, failure to break above the 50-day EMA would leave the $1,626 support level in play. A break below the $1,626 support level would give the bears a look at sub-$1,600.
These are the highest points the exchange rate has been at in the last 30 and 90-day periods. Basic Attention (BAT-USD), integrated with Brave browser, offers privacy, ad rewards in BAT tokens, and direct payments to creators. It transforms online ads by empowering users, extending its network beyond Brave.
GBTC went from trading at a 46% discount to only 21%, while ETHE went from 59% to 29%. These are the average exchange rates of these two currencies for the last 30 and 90 days. The ARB token will be listed by major crypto exchanges including Binance and Coinbase.The ARB token will be listed by major crypto exchanges including Binance and Coinbase.
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The U.S. Securities and Exchange Commission (SEC) has extended its deadline to rule on applications for %Ethereum (ETH) spot exchange-traded funds (ETF) until after Christmas this year. Google Finance is currently unavailable as some international data providers no longer support your region. For the best MarketWatch.com experience, please update to a modern browser. In July, Basic Attention founder Brendan Eich announced on-chain BAT payouts without KYC, a privacy-focused step in BAT’s roadmap to improve user experience. Lido initially faced a price drop in early 2022 but rebounded in March after integrating with Polygon.