Bloomberg’s senior ETF analyst has updated his prediction regarding the launch of ether exchange-traded funds (ETFs), noting delays due to the U.S. Securities and Exchange Commission (SEC)’s review process during the holiday week. Despite the approval of 19b-4 filings for eight ether ETFs in May, the S-1 registration statements are still pending. SEC Chair Gary […]
Bitcoin News
Sealana Sets July 2 Date for Airdrop, Last Chance to Invest Before DEX Launch
The crypto community is buzzing as Sealana (SEAL) prepares for its July 2 airdrop and DEX listing. With the presale entering its final days, investors are scrambling for a last-minute chance to buy SEAL tokens before they hit the open market. Sealana’s Presale Journey Nears Its Climax Sealana’s presale journey has been quite the ride […]
Bitcoin News
Is Ethereum About To Take Off? Analysts Weigh In Amid ETF Approval Date Rumors
Ethereum (ETH)’s struggles to regain the last cycle’s heights have brewed a bearish sentiment among some sectors of the crypto community. Its performance during Q2 has seemingly continued to fuel the sentiment. However, with rumors of an ETH ETF (Exchange-Traded Fund) approval being around the corner, analysts believe the ‘King of Altcoins’ is about to hit the “ETH season.”
Will Ethereum Spot ETF Come Next Week?
On Wednesday, Reuters revealed sources close to some investment firms believe that Ethereum ETFs will be approved next week. The rumors follow the Securities and Exchange Commission (SEC) Chair, Gary Gensler, comments regarding the investment products’ approval.
Earlier this week, Gensler spoke at the Bloomberg Invest Summit, revealing that the approval process is “working smoothly.” The launch of the highly anticipated products is expected to come this summer and could be as early as July.
According to Reuters, industry executives and lawyers involved with the applicants believe the Ethereum ETF could be approved within the next two weeks. Per the report, the ETH approval could come as soon as July 4.
A month ago, ETH’s price soared by over 30% in anticipation of an SEC’s approval, going from the ,000 mark to the ,900 price range. Since then, the second-largest cryptocurrency has retraced to the ,200 support zone.
Nonetheless, the ‘King of Altcoins’ saw a positive impact from the recent ETF rumors. Ethereum rose by 2.5% following the news, recovering the ,400 support zone it lost at the beginning of the week.
Is ‘ETH Season’ Around The Corner?
Crypto analyst Jelle believes that ETH might be ready for take-off despite the expectations of “an underwhelming ETF launch.” To the analyst, ETH “looks ready for a massive push higher” as it tests key levels the week before the alleged approval.
Per his chart, the cryptocurrency is testing the support of a downtrend within the accumulation range. Jelle considers that if ETH pushes into ,000 again, it might not “stop anytime soon.” To him, the “nearly three years in the making breakout” into the expansion zone will kickstart the “ETH season.”
Similarly, Daan Crypto Trades pointed out that Ethereum is still consolidating against a “massive 2-year-long downtrend line.” Per the trader, the May pump highs are the place to break. A “higher high above 0.0575” would “flip the market structure to bullish.”
Moreover, Crypto Yoddha highlighted the falling wedge pattern in the ETHBTC chart. The trader suggested that a breakout will come “anytime now.” This analysis was also shared by trader Miky Bull, who considers Ethereum “fully ripe for a rally from the retest of fib .618 level.”
Despite being down by over 10% from the May pump, ETH has seen a 3.6% increase in the last 24 hours. As of this writing, the ‘King of Altcoins’ is exchanging hands at ,450.
Bloomberg Analyst Doubles Down on July 2 Spot Ether ETF Launch Date Amidst Surge in S-1 Filings
Bloomberg’s senior ETF analyst has reaffirmed his prediction of a July 2 launch date for U.S. spot ethereum exchange-traded funds (ETFs) after observing a surge in amended S-1 (registration statement) filings on Friday. U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has indicated that spot ether ETFs will launch this summer, pending the SEC’s […]
Bitcoin News
Latam Insights: Paraguay Shuts Down Largest Illegal Bitcoin Mining Farm to Date, Argentina and El Salvador Discuss Bitcoin
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Paraguay shut down the largest illegal bitcoin mining operation to date, Argentine and Salvadoran officials met to discuss bitcoin issues, and Ocean launched a global hub in El Salvador. Paraguayan Authorities Shut Down […]
Bitcoin News
Paraguayan Authorities Shut Down 2,700 Miners in Largest Anti-Illegal Bitcoin Mining Intervention to Date
Paraguayan authorities detected and shut down an illegal bitcoin mining farm that had over 2,700 miners connected directly to the country’s power grid. The operation, carried out in the city of Saltos de Guaira and situated near a national power facility, was deemed by authorities as the largest operation of its kind. Paraguayan Authorities Bust […]
Bitcoin News
$400 XRP Price Point: Analyst Breaks Down The Future Surge Date
Amid the XRP price unfavorable market sentiment, Changelly, a prominent global cryptocurrency exchange, has sparked new optimism by predicting a potential surge in the token’s price. The crypto exchange has projected new all-time highs for the cryptocurrency in the upcoming years.
XRP 2024 Price Prediction
On Wednesday, February, Changelly released a research report projecting XRP’s monthly prices for 2024. The crypto exchange emphasized XRP’s historical challenges, recounting significant declines that caused the cryptocurrency to trade well below its 2018 all-time high of .84.
Following an extensive analysis of XRP, Changelly has predicted a 23.71% increase in the price of XRP, surpassing current resistance levels at .5 and reaching .667 by February 16, 2024.
The crypto exchange noted that current technical indicators signal a 28% bearish bullish market sentiment on the token, alongside a Fear and Greed index reflecting high Greed at 74.
Changelly has also reported a positive seven-day upward trend for XRP, noting a .01 increase in the past 24 hours. The cryptocurrency platform foresees the average price of XRP reaching .617 by March, with a projected price range of .550 to .685.
Changelly forecasts that XRP will trade above the .50 mark in April and May, reaching average price values of .562 and .573, respectively. From June to September, the cryptocurrency is expected to gradually approach the .60 mark, with the average price values of XRP ranging from .55 to .59 during these months.
By November, the token is anticipated to break past resistance levels, maintaining an average price of .662, with a minimum and maximum value of .569 and .755, respectively. Meanwhile, Changelly has predicted a surge in the average XRP price to .695 for December, potentially reaching a peak value of .829.
Massive Price Surge In Upcoming Years
In its research report, Changelly provided a forecast of the token from 2025 to 2050. The crypto exchange platform anticipates big gains for the cryptocurrency, expecting its price to exceed 0 in the coming decades. Specifically for 2025 and 2026, Changelly projects XRP to surpass the mark and trade at an average price of .18 and .72, respectively.
The cryptocurrency is expected to slowly increase over the years, surging past mark in 2027 and surpassing its all-time high of 3.84 for the first time to reach an average price of .04 in 2028.
In the decade from 2030 to 2040, Changelly has predicted that XRP would trade at an average price of .39 in 2030, rapidly gaining more momentum over the years to reach a maximum level of 0.23 and a minimum of 3.15 in 2040.
By 2050, XRP is projected to surpass the 0 mark and trade at 5.74, with a maximum and minimum value of 0.55 and 5.36, respectively.
Chart from Tradingview
Ethereum ETFs Approval Date Set For May 23, Forecasts Suggest ETH Could Reach $4,000
The Securities and Exchange Commission (SEC) is poised to follow a similar approach to approving spot Bitcoin (BTC) exchange-traded funds (ETFs) for spot Ethereum ETFs, with the expectation that approval will be granted on the initial final deadline of May 23, as per Standard Chartered Bank analysis.
Ethereum ETFs Face Delays, Approval Remains Likely
According to a report by The Block, Geoffrey Kendrick, head of forex and digital asset research at Standard Chartered Bank, stated that they expect pending applications for spot Ethereum ETFs to be approved on May 23, which is considered the equivalent date to January 10 for Bitcoin ETFs.
Furthermore, Kendrick predicts that if Ethereum prices follow a similar trajectory to Bitcoin leading up to ETF approval, Ethereum could trade as high as ,000 by the specified date.
Kendrick further supports the approval of spot Ethereum ETFs based on the SEC’s classification of ether as a non-security in its legal actions against crypto companies.
Additionally, the fact that Ethereum is listed as a regulated futures contract on the Chicago Mercantile Exchange (CME) adds weight to the expectation of approval.
Following the same line, Scott Johnsson, a financial lawyer, offered insights into the potential roadmap for Ethereum ETFs. Johnsson emphasized that while long-term approval for spot Ethereum ETFs is highly likely, there may be short-term delays due to ongoing regulatory actions involving Coinbase/Binance securities exchanges.
Shorter Path For ETH ETF Approvals?
Johnsson highlighted the regulatory path from a plain spot digital asset to a spot ETF offering, using Bitcoin as an example. Johnsson noted that the process for Bitcoin took seven years, involving multiple steps and disapprovals along the way.
However, Johnsson noted that the timeline for Ethereum is compressing, with applications open for both futures ETFs and spot ETFs. He suggested certain prerequisites that Johnsson believes may no longer be necessary for spot approval, such as Step 3, which requires the SEC to issue a formal 19b-4 approval for the futures ETF.
Johnsson highlighted two key factors to understand the SEC’s current approach to future approvals, including Ethereum. Firstly, he discussed the threshold question in the context of the Grayscale ruling, which focused on correlation analysis.
Secondly, Johnsson emphasized the SEC’s view, as bounded by the recent BTC approval order, which considers correlation with the CME, a lengthy sample period, intra-day trading data, and consistency throughout the sample period.
While the specific threshold for sufficiency remains unknown, the correlation analysis for Bitcoin is within an acceptable range. Therefore, it is expected that Ethereum will likely meet this threshold in the foreseeable future, Johnsson suggests.
Once the required level of correlation is achieved, Johnsson believes that approval for spot Ethereum ETFs is likely to follow shortly after that, with May being the expected month of approval.
Overall, industry analysts and experts suggest that the SEC’s approval of spot Ethereum ETFs is a matter of time, barring any major legal shifts.
ETH is currently trading at ,370, up more than 2% in the past 24 hours and more than 7% in the past seven days, following Bitcoin’s lead.
Featured image from Shutterstock, chart from TradingView.com
Judge Kaplan Rejects Bankman-Fried’s Request for Sentencing Delay, Affirms March 2024 Date
In a recent development in the high-profile case of Sam Bankman-Fried, the founder of the now-defunct crypto exchange FTX, a request for postponement of the sentencing hearing was firmly denied by U.S. District Judge Lewis Kaplan. Bankman-Fried’s legal team had sought a four to six-week adjournment, citing the need for additional preparation time. However, the court’s refusal to grant this extension marks a significant moment in this ongoing legal saga.
Sam Bankman-Fried Sentencing Date Proceeds as Kaplan Denies Delay
The defense, representing Sam Bankman-Fried (SBF), submitted a formal request for the adjournment of the sentencing hearing, originally scheduled for March 28, 2024. This plea was grounded in the defense’s requirement for more time to gather necessary materials and prepare adequately for the upcoming presentence interview. The defense emphasized the importance of this additional time for a thorough and fair preparation process.
“The defense requires the additional time to collect materials necessary for the sentencing submission and to prepare for the presentence interview,” the letter from Cohen & Gresser LLP’s Mark Cohen and Christian Everdell details.
Furthermore, SBF’s defense highlighted the issue of unresolved counts in the indictment, scheduled for trial on March 11, 2024. They argued that proceeding with the sentencing on the current counts, without resolving the severed counts, could lead to procedural complications and inefficiencies. This situation, they contended, warranted a delay in the sentencing process.
In their communication, SBF’s lawyers articulated concerns over the potential for a separate presentence investigation report (PSR) and an additional sentencing hearing. They emphasized the need for fairness and efficiency, suggesting that all relevant conduct be considered in a single, comprehensive sentencing hearing.
Accordingly, the defense proposed a new timeline, requesting that the sentencing hearing be postponed to an early to mid-May 2024 date. This adjustment would also entail corresponding shifts in the dates for the first and second disclosures of the PSR, aligning with the proposed new schedule for the sentencing hearing.
The request for a delay is reflective of the complex nature of SBF’s case, which involves multiple charges and intricate financial dealings. The defense’s argument for postponement was rooted in the premise of ensuring a fair and complete evaluation of all factors involved in the case.
However, U.S. District Judge Lewis Kaplan, overseeing SBF criminal fraud case, denied the request for the adjournment. The denial signifies the court’s intent to proceed with the existing timeline, indicating the urgency and significance attributed to this case. Kaplan detailed that the defense did not initially object to the current date which led to the latest decision on Dec. 20, 2023.
The denial of the extension request marks a pivotal moment in SBF’s legal journey, setting the stage for the upcoming sentencing in March 2024. As the legal proceedings continue to unfold, the crypto community and the wider financial world remain closely attuned to the outcomes of this landmark case.
What do you think about Judge Kaplan rejecting SBF’s sentence delay request? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin ETF Approval Date Hinted By Expert: SEC Decision Expected January 5th – 10th, 2024
Anticipation is building as major asset managers’ predicted approval date for Bitcoin ETF applications approaches 2024. Experts have now issued bold predictions, with Bloomberg exchange-traded fund (ETF) expert James Seyffart pinpointing the potential approval window from January 5th to January 10th.
The significance of this timeframe has sparked excitement within the cryptocurrency community, as the approval could mark a major milestone for the industry. However, experts emphasize that failure to approve during this window could have significant implications for the SEC and potential ETF applicants.
Bitcoin ETF Approval Expected On January 8th
According to James Seyffart, any potential approval orders for the Bitcoin (BTC) ETF are likely to occur on Monday, January 8th, Tuesday, January 9th, or Wednesday, January 10th. Seyffart and expert Eric Balchunas estimate a 10% chance or less that the approval will fall outside this window.
Furthermore, Seyffart believes that failure to approve the ETF during the predicted window could indicate a significant shift in the SEC’s stance on cryptocurrency-related financial products.
This would suggest that either SEC Chairman Gary Gensler and the regulator have taken an aggressive approach or believe the market is not ready for a spot Bitcoin ETF. In the latter scenario, it is possible that ETF applicants such as ARK Invest and 21Shares have voluntarily withdrawn their applications with assurances of future consideration.
Caitlin Long, founder and CEO of Custodia Bank, believes that if the predicted approval window holds true, there will be an intense marketing battle among Bitcoin spot ETF issuers.
Long highlights that the spotlight will be on these issuers as they compete for investors’ attention and navigate the post-approval landscape. This development is expected to generate excitement among mainstream investors, with many expressing curiosity about Bitcoin’s resurgence following previous periods of doubt.
The potential approval timing aligns with the April halving event and the US presidential election, adding further intrigue to the market dynamics.
BTC Hits New Yearly High Amidst High Probability Of Approval
According to insider sources, the SEC has conducted extensive meetings with Bitcoin spot ETF issuers. These discussions have indicated a high probability of approval, with a reported 99% confidence level.
The SEC is said to meticulously review all applications, ensuring that every detail is thoroughly examined and all necessary requirements are met. In the meantime, Grayscale, a prominent cryptocurrency asset management firm, is actively pursuing the possibility of being the first to offer a conversion-based ETF, contingent on a court decision.
Moreover, Bitcoin has recently achieved a new yearly high, solidifying its position as the leading cryptocurrency in the market. The cryptocurrency has been consistently gaining ground, forming higher lows and demonstrating an upward trend, as evidenced by the 1-day chart below.
Presently, BTC has surpassed the ,800 mark, surpassing its previous milestone by over 0. The next target in sight is the ,000 level, which has not been reached since April 2022.
Over the past 24 hours, the bullish momentum has remained strong, with BTC extending its gains by 2.9%, and over the past 7 days, it has seen a 1.7% increase.
As the date of the ETF approvals approaches, it remains to be seen how Bitcoin’s price will respond. Additionally, market participants are eagerly observing how the cryptocurrency will perform during the final stretch of the year.
Featured image from Shutterstock, chart from TradingView.com