Category: Cryptocurrency News

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After sinking roughly 30% from 2023 highs, Ethereum appears to be bouncing off from the pits of the crypto winter. Looking at candlestick arrangements in the daily and weekly charts, the coin has primary support at around $1,500 and is firm, bouncing off with decent trading volume.  At spot rates, ETH is up approximately 3% following positive developments sparked by the increasing adoption of its layer-2 scaling solution and the recent news that VanEck, a player managing billions of assets, is preparing to launch an Ethereum derivatives product. Ethereum Layer-2 Solutions Exploding Taking to X on September 28, Alex Masmej, the founder of Showtime, believes that Ethereum’s layer-2 ecosystem has expanded to such an extent that it no “longer makes sense to build on other platforms.” The development and deployment of Ethereum layer-2 solutions took center stage following network congestion, which forced gas fees to spike to record highs in the last bull run. Developers have responded to the network co-founder Vitalik Buterin’s urging. The expert believes they are quickly constructing and deploying safe, universal platforms that have gained widespread popularity.  Related Reading: Report Reveals Crypto Whale Center With Majority Of Transactions Crossing $1 Million Layer-2 platforms bundle transactions off-chain before confirming them on-chain, allowing for faster and more cost-effective operations while benefiting from the security of Ethereum. As of September 28, there were over 827,000 validators whose job is to confirm transactions and ensure that the network is secure, thanks in part to their geographic distribution.  Most layer-2 solutions use optimistic rollups, including Arbitrum, Base, and OP Mainnet. However, Masmej also said that once ZK rollups, which utilize zero-knowledge proofs to validate transactions without revealing sensitive data, are available, it will end the scalability trilemma, further boosting the capabilities of layer-2 solutions. Related Reading: Research Firm Reveals Its “Altcoin Trading Playbook” In the founder’s assessment, high throughput options, including Solana, will be a hedge. At the same time, Cosmos, which drives blockchain interoperability, will act as a long-term source of inspiration. Meanwhile, Ethereum will continue to flourish as Layer-2 options gain traction. Rising TVL And ETH Complex Products Launching According to l2Beat data, popular solutions like Arbitrum and Base, which offer faster and cheaper processing environments while remaining coupled with Ethereum and enjoying the pioneer network’s fast-move advantage, have larger total value locked (TVL). As of September 28, layer-2 platforms have a TVL of over $10.6 billion, more than Solana’s market cap, which stood at $8 billion, according to CoinMarketCap.  Beyond layer-2 adoption, ETH is being catalyzed by the news that VanEck, a global asset manager, is preparing to introduce its Ethereum futures exchange-traded fund (ETF). Specifically, the VanEck Ethereum Strategy ETF (EFUT) will invest in ETH futures contracts provided by exchanges approved by the Commodity Futures Trading Commission (CFTC). Like the Bitcoin Futures ETF product, which is already being offered, the Ethereum derivative product will allow institutions to gain exposure, boosting liquidity. Feature image from Canva, chart from TradingView

The World Federation of Exchanges, whose members handled $140 trillion in trades in 2022, has some concerns as its members adopt DLT.

Crypto market analysts tend to interpret Bitcoin miners selling their of BTC rewards as bearish, but miners countered this logic in detail at the recent Bitmain WDMS conference.

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In an unexpected turn of events, Ethereum (ETH) Futures Exchange Traded Funds (ETFs) are drawing closer to fruition, potentially becoming available for trading as early as October 3, which could be a significant catalyst for ETH price. Renowned Bloomberg ETF expert Erich Balchunas recently shared insights indicating that the Securities and Exchange Commission (SEC) might expedite its approval process to avoid potential disruptions caused by a looming government shutdown. SEC Considers Fast-Tracking Ether ETFs A government shutdown, which could go into effect if Congress and President Biden fail to reach an agreement on a budget or a short-term continuing resolution by September 30, entails suspending most federal government functions.  Related Reading: Bitcoin, XRP Price Receive Boost Following This Coinbase Announcement The implications of a shutdown extend beyond its duration, as services provided by the U.S. Department of Housing and Urban Development (HUD) may experience disruptions and delays, affecting citizens both during the shutdown and while federal agencies strive to regain momentum once it ends. NBC reports that a government shutdown is increasingly likely if Congress does not take swift action. While Congress convened on Wednesday, progress in breaking the impasse has been limited.  President Joe Biden expressed optimism, stating that a shutdown is not inevitable and urging House Republicans to fulfill their responsibilities by funding the government.  In light of these developments, Erich Balchunas believes that recent actions taken by the SEC indicate its intention to expedite decision-making processes, as evidenced by the postponement of several spot Bitcoin ETFs weeks ahead of schedule.  To potentially preempt the impact of an impending shutdown, the SEC may aim to accelerate the launch schedule for Ethereum ETFs. If this occurs, ETF issuers would likely need to submit their final prospectus this week to allow for an effective launch as early as October 2. Supporting Balchunas’ perspective, Bloomberg Intelligence analyst James Seyffart concurred:  Nothing yet but watching for filings to indicate Ethereum Futures ETFs are indeed being accelerated for launch next week. We expect a lot more filings from the SEC today as they continue to clear their desks as much as possible before the shut down. Normalcy is out the window These updates reinforce the notion that Ether futures ETFs are likely to receive approval immediately, aligning with a recent Bloomberg report that posited a 90% chance of their launch in October. However, until the SEC officially announces its decision, the crypto community remains on tenterhooks, eagerly anticipating the potential groundbreaking debut of Ether Futures ETFs by October 3. ETH Price Shows Resilience With Upward Momentum  Ethereum (ETH) has exhibited a significant upward movement in the past week, marking a positive trend extending into the past 24 hours.  Over the past seven days, ETH has recorded a gain of over 4%, while within the last 24 hours, it has seen a rise of more than 3%. As of the latest update, ETH is currently trading at $1,662. This notable surge in price comes at a crucial juncture, with the monthly close approaching.  Related Reading: Under-The-Radar Altcoin Soars Over 260% – Here’s Why A favorable outcome for Ethereum in these time frames could potentially set the stage for bullish price action in October, particularly with the prospective approval of Ether Futures Exchange Traded Funds (ETFs). Although breaking the overall downtrend structure has proven challenging for bullish investors, a close above the $1,650 mark would position the cryptocurrency favorably for a bullish October. This is a critical resistance level to overcome, and surpassing it would instill renewed optimism in the market. Featured image from iStock, chart from TradingView.com 

Some analysts have speculated the SEC will announce decisions or delays on crypto exchange-traded funds before Sept. 30 in anticipation of a U.S. government shutdown.