Massive Ethereum Update

XRP Historic Breakout Inccoming

  • Massive Ethereum Update - ETFs Launch Date ConfirmedšŸ’„

  • Bitcoin Bulls Aim for $70,000 Following Surge to $66,000

  • BTC ETFs Register 7 Day Record Inflows

  • And moreā€¦

Market Data Prices as of 5:50am ET

Price (USD)

Change (24h)

Change (YTD)

Bitcoin (BTC)

$64,703

+0.12%

+57.84%

Ethereum (ETH)

$3,447

+0.05%

+55.12%

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ETHEREUM ETFS LAUNCH
DATE CONFIRMEDšŸ’„

BREAKING: SEC Gives July 23 Approval Date to Ethereum ETFs

ethereum price predictions ahead of etf launch date

Exciting news for the Ethereum community!

The SEC has granted "preliminary approval" to Ethereum ETF applications from BlackRock, Franklin Templeton, and VanEck. Issuers must submit their final S-1 filings, including proposed fees, by Wednesday.

ethereum price predictions ahead of etf launch date

All eight potential Ethereum ETFs are scheduled to debut together, targeting a launch date of Tuesday, 23rd July.

This news has led to a 2.54% increase in Ethereumā€™s value, pushing it to around $3,423 in the last 24 hours.

ethereum price predictions ahead of etf launch date

However, there are still some steps to completeā€¦

  1. Step 1: S-1 filings needed to be submitted by Wednesday, July 17th at 5:30 pm EST.

  2. Step 2: Issuers need to request ā€œeffectivenessā€ by Monday, the 22nd.

This step ensures that all relevant details are disclosed to the public.

ETF analyst Eric Balchunas highlighted that while the 23rd July date might change if last-minute issues arise, the ETFs have been ready for approval for quite some time, suggesting minimal risk of delays.

As we await the remaining S-1s, the main concern is fees.

Why? Because higher fees mean more costs for customers to invest in these ETFs. Lower fees attract more investors, which leads to more $ETH being purchased from exchanges.

Three S-1s have been filed with specific fees so far:

  • 21Shares (CETH): 0.21%

  • VanEck (ETHV): 0%

  • Franklin Templeton (EZET): 0.19%

Filings are still pending from:

  • Blackrock (ETHA)

  • Fidelity (FETH)

  • Bitwise (ETHW)

  • Invesco (QETH)

  • Grayscale (ETHE)

A notable point: VanEck is creating a buzz with zero fees on their $ETH ETFs, though a fee might be introduced later.

Some fees are comparable to $BTC ETF fees but are lower than major asset class ETFs such as:

  • High Yield ETF (HYG 0.49%)

  • Gold ETF (GLD 0.40%)

  • Silver ETF (SLV 0.50%)

  • Small Caps ETF (IWM 0.19%)

Fee competition is expected to intensify this week with all eight contenders entering the market! šŸ”„

Currently, the SEC has given preliminary approval to at least three out of the eight asset managers.

However, all eight are expected to launch simultaneously. šŸ’„

Only one more week until the Ethereum ETF market revolution begins!

BITCOIN BULLS AIM FOR $70,000 FOLLOWING SURGE TO $66,000

Bitcoin traders are aiming for a short-term price target of $70,000 after BTC briefly surpassed $66,000 during the Asian trading hours.

ethereum price predictions ahead of etf launch date

It then pulled back to $65,000 by the European morning, yet remained 2.2% higher than the previous day.

ā€œThe rebound in Bitcoin price indicates the market has a more positive outlook on the near-term macro environment . The marketā€™s optimism was bolstered by Donald Trumpā€™s vice president selection, hinting at a more crypto-friendly future administration and policies.ā€

Lucy Hu, senior analyst at Metalpha

Additionally, Bitcoin may be experiencing heightened bullish sentiment as traders anticipate less selling pressure with the commencement of Mt. Gox creditor repayments.

Either way, sentiment looks extremely strong for Bitcoin going into the second half of 2024.

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BITCOIN ETFs REGISTER
7 DAY RECORD INFLOWS

Bitcoin ETFs have extended their seven-day winning streak, with Tuesday seeing $422.5 million in inflows, the highest since June 5.

bitcoin price boosted by record etf inflow - will ethereum price see the same

BlackRock's IBIT dominated with over $260 million.

Collectively, the ETFs have gathered over $1 billion in the last three days, underscoring increasing confidence in bitcoin's price prospects.

This period of inflows coincides with a 20% rise in Bitcoin Price.

Additional contributing factors include Donald Trump's improved presidential prospects and the end of the supply overhang from German state Saxony.

The crypto market is also catching up with the rally in technology stocks on Wall Street.

XRP HISTORIC BREAKOUT INCOMING

XRP has seen a notable increase of over 12% in the last 24 hours, significantly outpacing other major cryptocurrencies.

The wider crypto market, as indicated by the CoinDesk 20 Index, has climbed about 4.2%. Over the past week, XRP has achieved gains of roughly 40%, ending a prolonged period of underperformance compared to the broader digital asset market.

"The reversal of sentiment in crypto has sparked a rise on steroids in the once-largest altcoin."

Alex Kuptsikevich, FxPro's senior market analyst

The upward momentum for XRP began last week following the announcement by CME and CF Benchmarks of new indices and reference rates for XRP.

This news has resulted in a triangle pattern on long-term price charts, which some well-known traders predict could lead to bullish action in the upcoming weeks.

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