Donald Trump’s prospects of winning the 2024 election have risen, with the prediction market Polymarket reporting his odds at 66% as of July 2, 2024. Meanwhile, a wager worth 4 million indicates that incumbent President Joe Biden’s chances stand at 18%. Trump Favored Over Biden in 2024 Election According to Prediction Markets The Polygon-powered prediction […]
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Spot Ether ETF Approval Expected to Enhance Crypto Asset’s Legitimacy and Utility, Says Hedera Council President
While lobbying is likely to play an important role in shaping crypto policy, just as it has done in the early days of most industries, Charles Adkins, President of the Hedera Council, believes showcasing the tangible benefits of blockchain technology is a far more sustainable approach. Therefore, instead of relying solely on lobbying efforts or […]
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Spot Ethereum ETFs Expected To Begin Trading On July 2, Can This Propel ETH To $10,000?
Discussions around when the Spot Ethereum ETFs will likely begin trading have continued to heat up. This time, Bloomberg analyst Eric Balchunas and fellow Bloomberg analyst James Seyffart have shared an update on when they expect these funds to begin trading.
Spot Ethereum ETFs To Begin Trading By July 2
Balchunas stated in an X (formerly Twitter) post that they are moving their “over/under date” for the launch of the Spot Ethereum ETFs to July 2. He revealed they had heard that the Securities and Exchange Commission (SEC) sent fund issuers comments on their respective S-1 filings. These comments are said to be “pretty light” and nothing major, with fund issuers set to file their amended registration statements within a week.
The Bloomberg analyst claimed that there is a decent chance that the SEC will declare these S-1 filings effective the next week and that the Commission will work towards approving them before the holiday weekend. He added that anything is possible but that is the timeline they are working with for now.
These Bloomberg analysts had previously put July 4th as their over/under date for the launch of the Spot Ethereum ETFs. Balchunas acknowledged that the recent shift from July 4th to 2nd wasn’t a major one but was still significant, considering it was beginning to feel like it could take longer before the Spot Ethereum ETFs launch.
He also clarified that they decided on July 2nd as the over/under date because this is when they remain undecided about whether to go lower or higher. Their latest projection is also good news, considering that SEC Chair Gary Gensler had thrown the crypto community into a bit of limbo with his latest comment.
While addressing the Senate Banking Committee on June 13, Gensler told Senator Bill Hagerty that the S-1 filings for the Spot Ethereum ETFs will likely be approved “over the course of this summer.” This statement raised the possibility of these funds not being approved until the end of the summer, which will be sometime in September.
Spot ETFs To Propel ETH To ,000
The Spot Ethereum ETFs are expected to have a huge impact on Ethereum’s price once they begin trading. Crypto expert Ash Crypto recently mentioned that Ethereum reaching ,000 is just a “matter of time,” with these funds set to start trading soon. Crypto analyst Eljaboom also alluded to the Spot Ethereum ETFs when he stated that ,000 is “programmed” for Ethereum in this cycle.
Crypto analyst CrediBULL Crypto stated that ,000 is his minimum target for Ethereum in this bull run and added that the second-largest crypto token could even rise to ,000 because it matches Bitcoin’s top in the 2017 bull run.
Bitcoin Expected To Peak Soon? Analyst Forecasts Timeline, Here’s When
As the cryptocurrency market continues to witness heightened optimism and confidence from investors, Crypto Con, a popular crypto analyst, and enthusiast has predicted the timeline for Bitcoin to reach its peak in the ongoing bull cycle, based on past BTC runs and their cumulative peaks.
Bitcoin Peak To Happen Less Than A Year
By analyzing historical data, Crypto Con has identified trends that might pinpoint the time the largest cryptocurrency asset by market reaches its highest point in this cycle. According to the expert, the Stochastic Momentum Index (SMI) Ergodic Indicator shows that Bitcoin is exactly where it should be in the current bull cycle.
At this point, Crypto Con believes there is still a lot of room for growth in the upcoming days. Thus, BTC’s current position, which is around a year from cycle peaks, places this cycle’s peak between January and February of 2025. However, December 2024 remains the analyst’s focus, which, at the current rate, is expected to be the cycle’s top month.
Crypto Con further hinted at the recent recovery from a perfectly healthy correction observed in the crypto market as a potential catalyst to drive the price of Bitcoin higher.
The post read:
The SMI tells us that Bitcoin is right where it should be in the cycle, with much more room for growth. Our current position lines up at about 1 year from cycle tops, which would make this cycle’s top in Jan – Feb 2025. My eye is still on December 2024, a likely cycle top month at our current rate.
Given that the analyst previously predicted BTC to reach 9,000 by the end of the year, it could mean the expert expects the asset to top out at the level by December. “Bitcoin is still on track for a layer 7 price target of 9,000 by the end of this year,” he stated.
Crypto Con’s prediction is in line with the most precise measurements for Log Regression Curves and the cycle tops in 2021. By then, the more cautious layer 6, which is the layer that denoted the 2013 cycle top, aims to reach the 8,000 level.
During the prediction, the expert highlighted a price consolidation, which is a new development in this cycle. However, as volatility decreases, this consolidation is accurate.
Determining BTC’s Peak Through Fibonacci Extension
Crypto Con has also utilized the Fibonacci Extensions to determine the Bitcoin price peak this cycle. According to cycle retraces highlighted in his chart, the first two cycles approached the 2.618 extension quite closely, while the last struck the 1.618 extension.
On the possibility that the 1.618 point will repeat itself this cycle, BTC’s price will be at 9,128. “This is one of the many perspectives to be balanced in the basket of possibilities, and I would consider this estimate to be on the optimistic for this cycle,” he added.
At the time of writing, Bitcoin is slowly gaining momentum toward ,000, indicating a 5% increase in the past week. Its market cap is down by 0.25%, while its trading volume is down by 12% in the past 24 hours.
Hong Kong Bitcoin ETF Readies For Stellar Debut, Expected To Outshine $125M US Launch
The eagerly anticipated Hong Kong Bitcoin ETF market is scheduled to commence trading on Tuesday, marking a significant milestone in the increasing adoption of the leading cryptocurrency and building upon the success of the US ETF market.
With their approval, the newly regulated index funds are poised for a noteworthy debut, surpassing the first-day inflows in the United States.
HK Bitcoin ETF Market Poised For Record-Breaking Debut
Zhu Haokang, the Digital Asset Management Supervisor and Family Wealth Supervisor at Warsaw Fund expressed great confidence in the trading volume of Hong Kong Bitcoin ETFs on its inaugural day.
This volume exceeded the scale achieved during the US launch on January 10th of this year, which amounted to over 125 million US dollars.
Haokang further stated that Huaxia, one of the three ETF issuers, is confident in becoming the largest ETF issuer on the first day of trading. At the same time, OSL, a digital asset platform, has already completed the initial fundraising with two funds, including Huaxia.
Furthermore, the capital inflow during the Hong Kong spot Bitcoin ETF’s first-day listing transaction has surpassed that of the US spot ETF market.
According to Haokang, this difference can be attributed to two factors: the purchase and redemption of spot and in-kind transactions, which are unavailable in the US spot Bitcoin ETF.
Unprecedented Investment Options
One unique aspect of the China Summer Fund’s Hong Kong spot ETF is its incorporation of Hong Kong dollars, US dollars, and dual counter offers (RMB counters), distinguishing it from the other two offerings.
Additionally, the fund features a non-listed share alongside the listed share, further setting it apart from its counterparts. Given the physical purchase method, investors, including Bitcoin miners, can directly acquire the Hong Kong virtual asset spot ETF using the Bitcoin they already hold.
Moreover, outreach efforts have reportedly been made to attract investors from countries and regions without ETF offerings, such as Singapore and the Middle East, generating significant interest.
Despite the substantial market size of the current US spot Bitcoin ETF market, Hong Kong’s utilization of cash and in-kind subscriptions, coupled with the appeal of open trading during Asian market hours, is expected to attract numerous American investors, according to Haokang.
Mainland Chinese Investors Restricted
Wayne Huang, OSL ETF and Trusteeship Business Manager, highlighted that Victory Securities could facilitate physical purchases, and the winning securities in China can also leverage OSL’s support.
Three vouchers enable physical purchases, with more expected to follow suit. Following the ETF’s listing, various voucher chambers of commerce are likely to participate, increasing the overall ecosystem of the Bitcoin ETF market in May.
On the other hand, Zhu Haokang also clarified that mainland Chinese investors are currently restricted from investing in Hong Kong’s spot ETF market. However, qualified investors, institutional investors, retail investors, and qualified international investors in Hong Kong can participate in the spot ETF race.
Individuals seeking further details are advised to consult voucher providers and sales channels while closely monitoring potential regulatory adjustments and the development of a specific regulatory framework in the future.
Currently, BTC is trading at ,000 after failing to consolidate above the key ,000 level in recent days. However, the launch of the ETF market in Hong Kong is expected to significantly impact the price of BTC in the long run.
Featured image from Shutterstock, chart from TradingView.com
Severe Impact Expected for Miners With Outdated Hardware in Upcoming Bitcoin Halving
Following the downturn in bitcoin’s price on Friday, the hashprice of bitcoin has declined from slightly above 9 per petahash per second to marginally over 6 per PH/s on a daily basis. Should the prices remain low leading up to the forthcoming halving event scheduled for next week, certain mining devices may only be viable […]
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Russian Central Bank Chief: Mass Adoption of Digital Ruble Expected in 5 to 7 Years
Elvira Nabiullina, head of the Russian central bank, has stated that the mass launch of the digital ruble will take five to seven years. This appears to contradict recent suggestions by the chairman of the State Duma Committee on the Financial Market that the launch will begin next year. No Decision Before 2025 Elvira Nabiullina, […]
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Bitcoin Pre-Halving Dip Expected: Will BTC Rally Before US Fed Decision?
Bitcoin remains under pressure when writing and is within a bearish formation following sharp losses on March 19. While prices tank, one analyst on X thinks this retracement aligns with historical performance, especially as the network prepares to slash miner rewards in April 2024.
Bitcoin Retracement Similar To Pre-Halving Cool-Off Of 2020
Based on the analyst’s assessment, BTC is currently down roughly 18% from its recent swing high. This retracement is at the same level as the ballpark 19% decline observed before the previous halving event in 2020.
It’s worth noting that Bitcoin has historically corrected lower after posting fresh highs before halving. Afterward, the coin rallies to fresh all-time highs following halving, driven by a decrease in supply. In this cycle, BTC soared to a new all-time high of ,800 in the first two weeks of March before cooling off to spot rate, a deviation from the usual trend.
As the Bitcoin network gears up for the halving event in mid-April 2024, it’s crucial to note the potential market implications. Some market observers speculate that the current drop could offer entries for investors looking to accumulate at a lower price in anticipation of future price gains.
From the Bitcoin candlestick arrangement in the daily chart, the least resistance path appears southwards. Specifically, following the dip on March 19, the coin remains in a bearish breakout pattern, finding strong rejections from the middle Bollinger Band (BB) or the 20-day moving average. The BB is a technical indicator for gauging volatility.
Will The Federal Reserve Revive BTC Demand?
Currently, Bitcoin is steady. Even so, only time will tell whether prices will recover, breaking above the ,000 level in the days leading up to the halving event in less than a month. Further losses from spot rates mean the dip before halving and after the pre-halving rally was much sharper than in 2020.
As history clearly shows, halving is an important event in Bitcoin. It has repeatedly proven to be a major price catalyst for Bitcoin, as seen in the last bull cycle when prices rose to roughly ,000.
Accordingly, the coming days will shape how Bitcoin prices evolve in the medium to long term. One key driver of crypto and BTC valuation will be fundamental events, especially pronouncements from the United States Federal Reserve (Fed). The central bank will relay its decision on interest rates on March 20. Earlier in 2022, when interest rates were hiked, prices tanked.
INJ Price Soars 13% As Injective Unveils ‘inEVM,’ Ethereum And Solana Integration Expected
In a recent announcement, Layer 2 (L2) protocol Injective (INJ) has reached a major milestone with the launch of its inEVM Layer 2 rollup solution on the mainnet. This technology introduces an Ethereum Virtual Machine (EVM) environment to the Injective ecosystem, opening up new prospects for developers and blockchain interoperability.
By integrating with Ethereum (ETH), Cosmos (ATOM), and Solana (SOL), inEVM establishes a multi-chain ecosystem that combines the advantages of different virtual machine environments.
inEVM For Ethereum, Cosmos, And Solana
According to the March 7 announcement, InEVM, which stands for inEVM Layer 2 rollup solution, allows developers to build applications using the Ethereum programming language Solidity within Injective’s platform.
This technology connects different blockchain networks by achieving composability across Cosmos and Solana. InEVM leverages Caldera as the rollup provider, Hyperlane as the messaging layer, LayerZero for data and asset transfer, Celestia as the Data Availability (DA) layer, and Pyth as the Oracle provider.
These collaborations were reportedly designed to ensure a “secure and robust” environment for developers to deploy their projects.
Furthermore, by incorporating inEVM, Injective will enable Ethereum developers to onboard onto its platform while retaining compatibility with the broader blockchain space.
As announced, developers can now take advantage of Injective’s benefits, including the protocol’s transaction speeds, near-zero fees, and access to the Inter-Blockchain Communication (IBC) network.
The protocol also claims that InEVM will serve as a sandbox for developers to become familiar with the broader Injective ecosystem, providing a bridge between Ethereum’s EVM world and Injective’s WebAssembly (WASM) backbone.
TimeSwap And Thetanauts Make Waves In Injective Platform
Another key feature of Injective’s inEVM is its stated integration with Caldera, Hyperlane, LayerZero, Celestia, and Pyth, ensuring compatibility with existing smart contract standards, infrastructure, and oracles.
This integration aims to facilitate interoperability and collaboration across virtual machine environments, paving the way for a “unified blockchain ecosystem.”
The release states that developers will also benefit from the ability to create synergies and leverage the strengths of Ethereum, Cosmos, and Solana while maintaining true composability and interoperability.
Lastly, the protocol has announced that several projects have already adopted inEVM and deployed on the Injective platform. Notable among them is the TimeSwap lending protocol, which has raised significant funding of over 0 million from investors, including Polychain Capital, Delphi Digital, and Bain Capital Crypto. In addition, Thetanauts, an on-chain options protocol, has also chosen to build on the inEVM.
Currently, Injective’s native token INJ has seen a notable uptick in price after stagnating and dropping 3% over the past seven days. Currently, INJ is trading at .20, up over 13% on announcing the launch of Injective’s inEVM.
This marks the continuation of the token’s upward trend registered over the rest of the time frames. The token recorded a tremendous surge of over 1240% year-to-date, 37% in the past 30 days, and 23% in the past fourteen days, which led the token to reach its current all-time high (ATH) of on March 2nd.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin Price Could Hit $250,000 ‘Sooner’ Than Expected, Says Bitwise CEO
The chief executive of Bitwise Asset Management expects the price of bitcoin to hit 0,000 sooner than most people would imagine. Moreover, he believes that bitcoin is going to eat into gold’s total addressable market “faster than people expect.” He opined: “Bitcoin ETFs were bitcoin’s IPO moment. It’s now available to any investor with the […]
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