Archive for the ‘Ethereum’ Category

Ethereum Whale Goes Bullish, Accumulates Over 16,000 ETH Ahead of ETF Launch – Coinfomania

Ahead of the potential launch of Ethereum ETF, whales are bagging staggering amounts of ETH in expectation of a rally. In the last 24 hours, a large investor scooped more than 16,000 ETH from the Binance exchange, signaling bullish sentiment and confidence in the future price trajectory of the asset.

Interestingly, this comes amid a notable uptick that sent the price of ETH above the $3,100 mark after a long weekend downtrend. The recent accumulation by this whale has sent tongues wagging in the crypto community igniting a wave of optimism among investors. Let us take a look at this transfer in detail.

In a recent post on X (formerly Twitter), Spotonchain, an AI-based crypto insight platform, reported that it had spotted a large transaction moving a substantial amount of ETH in a single transfer. According to the data, the whale withdrew exactly 16,449 ETH from the largest crypto exchange by trade volume, Binance. Per the report, the whale initiated this transaction as the price of ETH jumped above $3,000. Notably, the total amount of this transfer amounted to $50.3 million.

Moreover, the entity has since moved all the ETH to be held in a new wallet. Spotonchain highlighted that this is the first time the whale will accumulate ETH in volume. A closer look at the whales transaction history shows that the last time it carried out a huge transaction was over a year ago when it sent about 199.9k Lido (DAO), worth $311,988 at the time, from a wallet to the digital asset trading platform Copper. As the potential launch of ETH ETF gets closer, investors are hoping for a Bitcoin-mirrored pattern in the days that led to its spot ETF approval.

Meanwhile, the global crypto market has recorded healthy gains in the last 24 hours and Ethereum is not left out. According to CoinMarketCap data, ETH has added 0.95% to its value over the previous 24 hours. At the time of writing, ETH is trading at $3,101. However, its one-day trading volume tells a different story as it has declined by 29.81% to $14.7 billion with a live market cap of $372.8 billion.

In hindsight, Ethereum has declined by 7.52% in the last seven days, trading between the range of $2,847and$3,349 within this time. Also, ETH has dropped by a significant 15.53% over the last 30 days. Ultimately, all ETF issuers have started submitting their S-1 amendments, and analysts predict that the approval is likely to happen around July 18. It will be interesting to see how the price of ETH adjusts ahead of that time.

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Ethereum Whale Goes Bullish, Accumulates Over 16,000 ETH Ahead of ETF Launch - Coinfomania

Ethereum steadies above $3k amid ETF buzz: A turnaround in sight? – AMBCrypto News

Ethereum [ETH] was trading in the green on 9th July after an eventful previous day that saw prospective issuers of a US spot Ethereum exchange-traded fund (ETF) submit their amended registration forms.

VanEck, 21Shares, Franklin Templeton, Grayscale, Fidelity and BlackRock, filed their updated form S-1s joining Bitwise, which was the first to submit its updated registration statement last Friday.

Grayscale submitted two amended filings one for its Grayscale Ethereum Trust (ETHE) and another for its Mini Trust.

Only Invesco missed the 8th July deadline set by the US Securities and Exchange Commission (SEC) last month when it returned the initial registration forms from the issuers with highlighted areas to fix before refiling.

Grayscale shared in a separate announcement to investors that the first issuance and earliest distribution of shares of its new Ethereum Mini Trust (ETH Trust) will be on 18th July.

The asset manager also confirmed in the announcement that it plans to list the ETH Trust on NYSE Arca pending approval.

Regarding the next steps, Bloomberg ETF analyst Eric Balchunas said the SEC is expected to review the refiled registration statements and get back to the issuers with a game plan for the final listing.

Balchunas wrote on X,

[The] SEC asked for the S-1s on July 8th but told issuers the fee wasnt [necessary] yet. They will give guidance back to issuers soon along with the game plan. Then the docs come will come back with fees (and every other blank) filled and then its go time.

Markets have eagerly anticipated the final greenlight, allowing spot Ethereum ETFs to begin trading.

Balchunas projected that the proposed ETFs may go live on 18th July, although a precise timeline will depend on feedback from the US federal securities regulator.

Balchunas added,

We dont have a new over/under launch date yet because we havent heard what the SECs game plan is [] But if you forced me gun to head style to give my best guess for the date Id go with July 18th.

In its digital asset fund flows weekly report published on 8th July, CoinShares noted that Ethereum-based investment products saw inflows totalling $10.2 million last week.

The report also ranked Solana top among the listed assets in terms of weekly crypto asset flows with $16.3 million inflows compared to Ethereums $10.2 million.

Worth noting, VanEck and 21Share are separately seeking approval for their spot Solana ETFs the VanEck Solana Trust and the 21Shares Core Solana ETF.

The Chicago Board Options Exchange (CBOE) filed two forms 19b-4 with the SEC for the VanEck and 21Share products on 8th July. VanEck and 21Shares earlier filed their SEC form S-1s on 27th June and 28th June, respectively.

ETH briefly retested the support zone around $2,800 to $2,850 on 8th July before bouncing above the $3,000 psychological level ahead of the daily close.

The recovery extending to press time came on the back of a successful defense of the long-held support zone, which bulls previously defended between April and mid-May.

Steadying prices in the last 24 hours back technical indicators and signals hinting at a potential rebound.

ReadEthereums [ETH] Price Prediction2024-2025

On the hourly chart, the ETH/USDT pair traced a W-shaped double-bottom pattern above the crucial support coming off the weekend, teasing a bullish turnaround.

Long-wick candles around the $2,800 $2,850 critical support further suggest seller exhaustion at the zone and a potential trend reversal to the upside.

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Ethereum steadies above $3k amid ETF buzz: A turnaround in sight? - AMBCrypto News

Ethereum Staking Heats Up, While Sentiment in LINK, DOT and KANG Rises – The Cryptonomist

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Lido Finance has observed a significant uptick in the amount of Ethereum staked on its platform. This increase in staked capital occurs in the wake of the recent classification of staking programs by the United States Securities and Exchange Commission (SEC) as securities in its lawsuit against Consensys. Sentiment in altcoins has spiked as a result, with Chainlink (LINK), Polkadot (DOT) and KangaMoon (KANG) seeing a significant uptrend.

Chainlink (LINK) has jumped back up in value after a prolonged period of price correction, and as a result sentiment on its future has shifted. During the past seven days, the Chainlink crypto has surged from $13.45 to $14.65, and at this rate it has the potential to see far more gains.

According to the Chainlink price RSI data, its above 50 which is typically an indication of neutral ground. Yet, if it regains bullish momentum, according to the Chainlink price prediction, it can end Q4 of 2024 at $19.29.

Polkadot (DOT) has risen 4% on the weekly chart, and at this rate has the potential to surpass even the $7 price barrier. Throughout the weekly time-frame, the Polkadot crypto has jumped in value from $5.70 to $6.59, and now, its MACD data is bullish.

For the Polkadot price to see even further gains, it needs to regain bullish attention, and can do so assuming it retains its current uptrend. According to the Polkadot price prediction, the crypto can end Q4 of 2024 at $8.48.

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KangaMoon distinguishes itself by integrating Social-Fi features beyond the typical P2E mechanics. To further enhance user utility, KangaMoon launched a staking program, allowing users to leverage their KANG holdings for additional returns. The project has established a presence on prominent platforms like CoinGecko and CoinMarketCap, with listings on major exchanges such as Uniswap and BitMart. These potential exchange listings represent a significant catalyst for growth, as they would significantly increase accessibility for new investors.

Early investors have witnessed a remarkable 1,900% return on investment (ROI). Financial analysts remain optimistic about KangaMoons long-term prospects, projecting a potential 100x further growth in token value. This optimism is fueled by the projects innovative approach, which merges Play-to-Earn mechanics with Social-Fi elements. KangaMoon also surpassed a market capitalization of $100 million, and can reach $1 billion by the time 2024 ends. As a result, sentiment in its future is bullish, as analysts project a 100x price increase.

While both Polkadot and Chainlink are volatile on the charts, they can indeed break past major price barriers and reach new heights in 2024. In the meantime, the KangaMoon crypto has displayed major dominance, and could provide traders with a ROi of 100x, making it a solid option for diversification.

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Ethereum Staking Heats Up, While Sentiment in LINK, DOT and KANG Rises - The Cryptonomist

The importance of L2 interoperability for the Ethereum blockchain – The Cryptonomist

By now everyone is aware of the scalability and interoperability limits of the Ethereum blockchain, which at every peak of the bull market end up damaging the user experience.

The development of the L2 chain landscape, built on top of the main L1, is partially solving these problems by offering blockspace at a reduced cost.

However, the increasingly massive presence of these second-level networks creates damage at the level of liquidity fragmentation, making the cryptographic ecosystem increasingly dispersive.

The future of the Ethereum blockchain definitely depends on L2 networks, but these must necessarily focus on increasing mutual interoperability.

Lets see everything in detail below.

The advent of the Ethereum blockchain in July 2015 completely revolutionized the landscape of digital assets by introducing a much more sophisticated layer compared to Bitcoin.

Over the years, Ethereum has powered thousands of cryptographic protocols thanks to the possibility of implementing smart contract, completely innovating the cryptographic industry.

However, 9 years after its debut on the market, this L1 chain continues to deal with its main Achilles heel: scalability.

In fact, despite Ethereum being a highly interoperable programmable blockchain thanks to its EVM nature, it does not boast a high throughput for transactions.

This is a very large limit because it prevents the blockchain from supporting a large amount of traffic, and makes its cost of use unsustainable.

Especially in bull market cycles, where the attention to cryptocurrencies is greater, Ethereum often requires enormous fees to execute transactions.

As we can see in the following Etherscan chart, the cost of using the chain, commonly referred to as gas, has often reached peaks above 200 gwei.

We remind you that gwei is the unit of measurement for gas cost: 1 gwei corresponds to 0.000000001 Ether.

If we observe this chart closely, we notice how in the last two years the situation regarding gas price on Ethereum has slightly adjusted.

The strong expansion of the L2 chain has indeed helped the main layer to distribute the traffic over more blockspace, limiting queues and high fees.

Especially from 2023 onwards, the growth of new second-layer networks has allowed for an overall increase in the scalability of the cryptographic ecosystem, while simultaneously consuming less gas.

The settlement requests on Ethereums L1 grew exponentially in the middle of the second year, when the L2 trend reached incredible levels.

According to the Coingecko ranking, there are currently 46 different L2 solutions, for a TVL of 40 billion dollars.

A lot of attention for the Ethereum L2 sector is channeled towards those networks of the Zk-EVM type, which implement the so-called zero-knowledge proofs.

Although this is actually a rather dated topic, it has only become popular in the blockchain space in recent years.

Today, most of the L2 developed on Ethereum are rollup (optimistic or zk) that shift the burden of data processing off-chain by sending verification batches to the L1.

Given the success of this cryptographic technology, Vitalik Buterin himself thought a few months ago to make Ethereum a Zk-EVM chain.

In fact, with an update, it could make this built-in feature, allowing the integration of ZK-SNARKs computational proofs also at the execution level.

This would make the main network much more scalable than it is at the moment, capable among other things of validating transactions with maximum focus on privacy.

The idea of Vitalik, as brilliant and ambitious as it is, involves very complex structural changes.

For example, a change to the rule being proposed would require the addition of a pre-state root and a post-state root to each block entering the consensus layer.

This means that each block gets a special type of cryptographic proof that shows that the transactions in the block are valid and therefore correctly updates the state of the blockchain.

Another solution would require the separation of different parts of the execution blocks, introducing the calculation via GPU to validate the ZK-SNARKS proofs.

This would make Ethereum a hybrid chain where the consensus remains on PoS and the execution of cryptographic proofs is powered by PoW.

Overall, all these possible implementations require significant trade-offs to the Ethereum blockchain.

At the moment, no decision has been made yet: the challenge of the coming years will be focused on making the chain more scalable, while keeping the code structure lean.

For now, the presence of L2 solves a substantial part of the scalability of the Ethereum blockchain, making a ZK-EVM update on L1 not strictly necessary.

The large quantity of second-layer networks seems to be sufficient at the moment to meet all the blockspace requests made by the community.

That said, in the future it will be necessary to improve the level of throughput, but for now L2 seems like an excellent compromise to avoid complicating Ethereums code too much.

The only problem that absolutely needs to be remedied concerns the fragmentation of liquidity on the various L2s, which often act as single agents.

Many rollups operate in fact in isolation without interoperability, making it complex to transfer funds from one chain to another without going through the main layer.

For example, the ZK Stack chains are interoperable only with other ZK Stack chains. Then, even within a single ecosystem, the technological implementations, wallet integrations, and user interfaces are still in a very early stage.

Approximately 40 billion dollars, according to data from L2 Beat, are fragmented across more than 50 different L2 blockchains.

To address the problem of fragmentation, end users and developers must be able to exchange information about crypto-assets between L2 economically and quickly, without having to stop Ethereum L1.

This remains one of the main challenges that Vitalik and his team must face as soon as possible if they want to make Ethereum a highly interoperable environment.

High interoperability would require that all assets on L2 can be freely moved to any network and decentralized application in the ecosystem.

This would lead to an unprecedented liquidity efficiency, capable of supporting the expansion of the blockchain sector as a whole.

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The importance of L2 interoperability for the Ethereum blockchain - The Cryptonomist

US ethereum spot ETF ruling could come as soon as this week or next – report – ForexLive

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US ethereum spot ETF ruling could come as soon as this week or next - report - ForexLive