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CBOE Global Markets Lists Spot Ethereum ETFs, Confirms Launch Date

The Chicago Board Options Exchange (CBOE) has confirmed the launch date for Spot Ethereum ETFs, revealing when five Spot ETH ETFs will commence trading in the crypto market.  CBOE Finalizes Launch Date For Spot Ethereum ETFs On July 19, the CBOE released a new issue notification on its official website concerning the launch of Spot Ethereum ETFs trading. According to the notification, five Spot ETH ETFs will begin trading on the Chicago Board Options Exchange on July 23, 2024, pending regulatory effectiveness. Previously, analysts, including Bloomberg Senior ETF analyst, Eric Balchunas, had predicted that Spot ETH ETFs could start trading on July 2. However, Balchunas has since revised his forecast, suggesting in another X (formerly Twitter) post that ETH ETFs would likely launch on July 18.  Related Reading: Crypto Market Rebounds From Lows, But Why Are Cardano Holders Suffering Losses? Amid the fluctuating timelines for Spot Ethereum’s debut, the CBOE’s confirmation carries significant weight, aligning with the summer launch date projected by the United States Securities and Exchange Commission (SEC). The adjustment to a July 23 launch date is partly due to delays from several Spot Ethereum ETF issuers, who have needed to amend and resubmit their S-1 registration forms to the SEC for review and approval. The five Spot ETH ETFs set to begin trading on July 23 include Fidelity Ethereum ETF Fund (FETH), Ark 21Shares Core Ethereum ETF (CETH), Franklin Ethereum ETF (EZET), VanEck Ethereum ETF (ETHV), and Invesco Galaxy Ethereum ETF (QETH).  The launch of these Spot Ethereum ETFs represents a significant milestone in the crypto market, providing investors the opportunity to gain exposure to ETH without the significant risks of volatility often associated with cryptocurrencies. Furthermore, the introduction of Spot Ethereum ETFs is set to bring greater diversification in the crypto market, offering investors a new trading option beyond Spot Bitcoin ETFs.  While CBOE’s confirmation of Spot Ethereum ETFs launch is a promising development for the crypto market, the real focus will be on the performance and demand of these ETFs, as their success could set a precedent for more crypto ETF filings in the future.   Will ETH ETFs Match Bitcoin ETFs Demand Post Launch? The performance of Ethereum Spot ETFs has been a hot topic in the crypto space, as analysts constantly analyze whether the demand for ETH ETFs could potentially match or even surpass that of Spot Bitcoin ETFs.  Related Reading: Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In Matt Hougan, the Chief Investment Officer (CIO) of Bitwise, predicts that Ethereum Spot ETFs will be a resounding success, gathering about $15 billion in new assets within the first 18 months in the market. The Bitwise CIO also stated that the demand for ETH ETFs will surge significantly, potentially propelling the price of ETH to a $5,000 all time high.  In contrast, Samson Mow, the CEO of JAN3, a Bitcoin technology company, believes that Spot Ethereum ETFs will not be as bullish as Spot Bitcoin ETFs. He further added that Ether ETFs will massively underperform Bitcoin ETFs in the market.  While there are differing opinions regarding the success of Spot Ethereum ETFs, it remains uncertain just how well these investment products will perform following its launch.  Featured image created with Dall.E, chart from Tradingview.com

Real Estate Tokenization Platform Enters Kenyan Regulatory Sandbox

Real Estate Tokenization Platform Enters Kenyan Regulatory SandboxOwnmali, a blockchain-enabled real estate tokenization platform, has been admitted into the Capital Markets Authority of Kenya (CMA Kenya) Regulatory Sandbox. Ownmali aims to foster greater inclusivity in real estate investing by making it more affordable for younger Kenyans, regardless of their income levels. During the 12-month sandbox period, Ownmali will adhere to regulatory requirements, […]

Jordan Launches National Blockchain Technology Network

Jordan Launches National Blockchain Technology NetworkThe Ministry of Digital Economy and Entrepreneurship in Jordan has launched a national blockchain technology network in partnership with Jordanian blockchain company Blockexe. The implementation of blockchain technology in Jordan’s government sector aligns with the Jordanian Digital Transformation Strategy (2021-2025). Enhancing Trust in Government Services On July 17, the Jordanian Ministry of Digital Economy and […]

Bitcoin Price Skyrockets To $66,000 Amid Global IT Outage

The Bitcoin price has quickly recovered from its recent dip to a six-month low of $53,500 on July 5th, reclaiming the $66,000 level and setting its sights on retesting its all-time high of $73,700 reached in March. This resurgence comes as major airlines, medical facilities, corporations, and police forces worldwide grapple with a massive information technology (IT) disruption affecting Microsoft’s cloud computing services. Bitcoin Price Unaffected By Global IT Outage Cybersecurity firm CrowdStrike shed light on the cause of the outages, attributing them to a “routine software update” that went wrong. To reassure the public, CrowdStrike emphasized that the incident was not a security breach or cyberattack.  The company then quickly issued a new software update that automatically repaired some affected computers. However, some systems required manual reboots and patching, resulting in significant delays. Related Reading: ETH Derivates Volume Have Flatlined Despite Spot Ethereum ETFs Approval, What’s Going On? Microsoft, on its part, announced the recovery of its 365 apps and services late Friday morning, though some individual customers may still experience residual impact. Interestingly, amid the chaos caused by the IT outage, cryptocurrency prices remained unaffected, capturing the attention of US Senator Cynthia Lummis.  Known for her pro-crypto and Bitcoin stance, Senator Lummis took to social media platform X (formerly Twitter) to highlight the resilience of the Bitcoin price amid widespread cyber outages, stating:  “Do you know what form of currency hasn’t been affected by widespread cyber outages? Bitcoin. Vires in Numeris.” Meanwhile, speculation surrounding Bitcoin’s potential as a strategic reserve asset for the United States has been intensifying.  Anticipation has been further fueled by the upcoming appearance of former US President Donald Trump in Nashville on July 27, who some predict will announce the largest cryptocurrency on the market as a key to the US economy, potentially providing a massive boost to the Bitcoin price. Sell Signal Emerges As the Bitcoin price continues its recovery, crypto analyst Ali Martinez has detected a significant development on the Bitcoin daily chart as the TD Sequential indicator has generated a sell signal.  However, the analyst noted that the signal can be invalidated if Bitcoin manages to close above the crucial threshold of $67,500. The cryptocurrency’s current price stands at $66,666, reflecting a 5% increase within the past 24 hours and an impressive surge of over 16% in the past week alone.  Sustaining a close above the level identified by Martinez becomes paramount to avoid a potential correction on its path towards the highly anticipated $70,000 milestone. Related Reading: Bitcoin Bollinger Bands Squeezing: Is BTC Ready For $140,000? While Bitcoin’s upward trajectory is strong, it may encounter resistance at various price levels before reaching its target noted by bearish thresholds at $67,600, $68,380, and $69,700, which could pose challenges to Bitcoin’s price rise.  Conversely, Bitcoin can find support from its 200-day exponential moving average (EMA), currently positioned at $62,600, which represents a long-term trend indicator, often regarded as a robust support level. Featured image from DALL-E, chart from TradingView.com 

Dogwifhat (WIF) Sees 60% Weekly Surge But Analyst Warns Of Potential Retrace

This week, the dog-themed sensation Dogwifhat (WIF) has recovered from its drop below the $2 support zone. The Solana-based memecoin flipped Ethereum’s Layer-2 (L2) Arbitrum (ARB) and is currently testing the $2.5 resistance level. However, a crypto analyst has warned investors of a possible retrace for WIF. Related Reading: Injective (INJ) Breaches Key Resistance, Setting Stage For 1,350% Boom — Analyst WIF Puts Its Hat Back On Dogwifhat became the memecoin sensation of 2024’s first quarter (Q1), giving returns of over 2,000% earlier this year. The Solana token reached an all-time high (ATH) of $4.8 in March but has declined 45% since then. Despite this, investors remain bullish on the memecoin, some stating it has shown strength through its sharpest correction. Asad Saddique, Cryptonary’s CTO, highlighted that the token “withstood like 5 or 6 corrections of >70%.” To Saddique, Dogwifhat solidified during the retraces and “challenges” for the dog-themed memecoin throne. Notably, WIF flipped Arbitrum as the 38th largest cryptocurrency by market capitalization today with a $2.5 billion market cap. This feat was first achieved on March 31, when WIF reached its ATH and a market cap of $4.57 billion. A month ago, crypto trader Bluntz, who made several bullish forecasts for WIF during Q1, shared a bearish prediction for the memecoin. Per the trader, the Solana token was set to an “inevitable” fall to the $1 range. However, this prediction was based on a previous bullish analysis. Bluntz stated that WIF was headed for a large retrace before the next parabolic run, which could lead to a new ATH. Following the market downturn, the dog-themed memecoin saw a price reduction of over 43%. Earlier this month, WIF dropped from the $2.6 price range to as low as $1.51 on July 11. Nonetheless, it had a remarkable performance this week. The token reclaimed the $2 support zone and exhibits green numbers in several timeframes. Will It Shred Another 40% Soon? WIF surged 8% in the last 24 hours and trades at $2.54, at the time of this writing. This performance represents a 60% and 25% price increase in the weekly and monthly timeframes. The recent price action has seemingly revitalized the bullish sentiment towards the token. Crypto analyst Hornhairs claimed that the memecoin “looks solid.” To the analyst, WIF could retest the $3 resistance level if it holds above the $2.2 price range. However, another market watcher has warned investors about a potential downside for Dogwifhat. CrediBull stated that people are taking most altcoins’ bounces as “a sign of strength, but the reality is, alts and especially memes are just higher beta versions of BTC.” To the analyst, the current bounce is “nice,” but, if Bitcoin (BTC) bounces or falls, Dogwifhat will follow the flagship cryptocurrency’s movement “harder/stronger. Related Reading: FET Surges 12% Ahead Of ASI Token Merger Phase 2, Can It Hit $5? The memecoin “left a triple bottom right below us” after making a lower high on higher timeframes. This suggests to the trader that the token “is likely to follow with a 40% move back down of its own to take those triple lows.” Featured Image from Unsplash.com, Chart from TradingView.com

Chinese Billionaire Convicted of Racketeering and Wire Fraud in US

Chinese Billionaire Convicted of Racketeering and Wire Fraud in USExiled Chinese billionaire Guo Wengui, also known as Miles Guo, has been convicted by a U.S. jury on charges including racketeering conspiracy and wire fraud. Guo defrauded followers of over $1 billion, primarily through false investment schemes in cryptocurrency. U.S. Attorney Damian Williams stated that Guo faces decades in prison. His fraudulent activities funded a […]

Crypto Market Rebounds From Lows, But Why Are Cardano Holders Suffering Losses?

Despite the crypto market recovery, a large number of Cardano holders are still nursing losses, leading to speculations as to why this is the case. Data from IntoTheBlock shows that the altcoin is the worst performer in terms of profitability when it comes to the top 10 largest cryptocurrency by market cap, disappointing holders and long-term believers. Cardano Profitability Sits At Only 15% The Cardano profitability has remained low since the market crash of 2022 and even with the market recovery, the majority of investors are still underwater on their investments. This comes as the ADA price has failed to follow the market trend, beaten down at major resistances such as $0.6. and $0.7. Related Reading: Why Did The German Government Sell Off 50,000 Bitcoin In 2 Weeks Currently, IntoTheBlock data shows that only 25% of all Cardano owners are seeing any profit. On the flip side, the vast majority of 66% are currently out of the money, meaning they are in losses. The remaining 9% are sitting at neutral, meaning they are currently at breakeven as the current price is the same as the price the coins were last moved at. With around 4.5 million Cardano holders, this means that only 1.11 million holders are seeing any kind of profit on their holdings. 2.96 million addresses are currently sitting at losses and 397,740 addresses are those sitting at breakeven. From here, if the price were to fall below $0.35 again, another 138,000 addresses will be plunged into losses, further widening the profitability gap. However, if the ADA price successfully moves above $0.47, it will send a fritter 85,590 addresses back into profit. Comparing The Profitability Of Top Cryptocurrencies To show how far behind Cardano is in terms of profitability, we put it up against other top cryptocurrencies for comparison. The largest cryptocurrency in the space, Bitcoin, is currently seeing 89% of all holders in profit with only 7% seeing losses and 5% at breakeven. Ethereum, the second-largest cryptocurrency, is seeing 82% of its holders in profit, 12% in losses, and 5% at breakeven. For Dogecoin, the number is also high, with 75% of all wallets in profit, 23% seeing losses, and 3% at breakeven. Related Reading: Prophet Brandon Briggs Predicts XRP Price Explosion To $10,000 This comparison shows just how badly Cardano is performing compared to its fellow large-cap cryptocurrencies. If the ADA price continues to struggle, the profitability gap could continue to widen from this point, plunging even more Cardano investors into the red. At the time of writing, the ADA price is trending at $0.42, with a 4.4% decline in the last day. However, on the weekly chart, it is holding 5.29% gains after a recovery last week. Featured image created with Dall.E, chart from Tradingview.com

Is Bitcoin Poised for a Breakout? $100K Call Options Signal Big Expectations

While Bitcoin maintains its price above the $60,000 range, some institutional investors are positioned for a positive price trajectory with call options betting on up to $100,000 come year-end. Despite recent pressures from substantial Bitcoin liquidations by the Mt. Gox distribution and sales by the German government, Bitcoin’s price remains notably resilient. These developments indicate a strong appetite for big-money cryptocurrency investments, especially from experienced investors looking to profit off potential end-of-year rallies. Related Reading: Bitcoin (BTC) Could Be On The Verge Of a 30% Gain, Here’s Why $100,000 Call Options Signals This QCP Capital’s analysis highlights this trend, pointing out the continued confidence among institutions despite the German government’s injection of nearly 50,000 BTC into the market and the distribution of over $6 billion worth of Bitcoin to Mt. Gox creditors. These events have significantly increased the available supply of Bitcoin but have surprisingly not dampened the bullish market sentiment. Instead, they have catalyzed a strategic interest in December call options at the $100,000 strike price, underscoring a strong institutional belief in Bitcoin’s upward potential. This update signals that amid the happenings in the crypto market; institutional traders are not just passively observing but actively positioning themselves for what they believe will be a significant uptick in Bitcoin’s value. The focus on December $100,000 call options is more than speculative; it reflects a calculated bet on Bitcoin’s performance amid forthcoming market catalysts like the US elections. QCP Capital noted: This signals an even stronger conviction of a year-end rally as the odds of a Trump victory increases. Bitcoin Stabilizes in Familiar Trading Range Furthermore, QCP Capital revealed that with the perpetual funding rates stabilizing and volatility tapering, Bitcoin appears to be settling into a predictable trading range. This environment provides a relatively stable backdrop for institutions to place substantial bets. According to QCP Capital, large trades are centered around the $67,000 strike options, suggesting market players anticipate moving towards these levels before the month is out. This indicates that while the year-end may be a focus, these institutional players also see intermediate milestones. Related Reading: Watch Out Bears: Bitcoin’s Rally To This Mark Could Trigger $19 Billion Short Squeeze QCP Capital particularly noted: “Perp funding is back to flat, vols are drifting lower and BTC is back in the familiar range of 61k to 71k where it traded within for the entire of Q2 this year. While spot could range here in the near term, especially with dealers very long the 26-Jul 67k Strike, the market is definitely betting big on a breakout heading into the US elections.” Meanwhile, at the time of writing, Bitcoin still maintains its price above the $64,000 mark. Over the past 24 hours, the asset has surged by 2.6% to trade for $65,331 at the time of writing. Featured image created with DALL-E, Chart from TradingView

Binance Secures Approval To Invest US Customer Fiat Funds In US T-Bills, BNB Price Surges

Binance has received court approval allowing it to invest customer fiat funds into US Treasury Bills (T-Bills) after a year of heightened scrutiny of Binance’s operations in the United States. The decision has resulted in a notable price recovery for the exchange’s native token, Binance Coin (BNB), pushing it toward the $600 level.  Court Grants Relief To Binance BAM Subsidiary A court filing reveals that BAM Trading Services and BAM Management US Holdings, collectively known as BAM, filed a motion seeking relief from a consent order. The court, upon consideration of the motion, granted the requested relief.  As a result, Binance’s US subsidiary, BAM, is now authorized to hire third-party investment advisors to manage corporate assets, paving the way for BAM to invest client fiat funds in US Treasury Bills. Related Reading: Market Strategist Says Bitcoin Downtrend Is Finally Over, Here’s Where Price Is Headed Next Under the court-approved arrangement, BAM can invest certain customer fiat funds, currently held at BitGo, in US Treasury bills on a rolling four-week basis. However, to ensure compliance, BAM is prohibited from involving any third parties, including Binance Entities, in these investments.  Notably, BAM must maintain sufficient USD liquidity on its platform to honor customer fiat withdrawal requests during the investment period. Additionally, BAM is required to amend its terms of use and provide appropriate notice to customers, aligning with the authorized investment activities. Compliance Journey Continues Interestingly, as part of the court’s decision, BAM is now permitted to custody assets with and transfer assets to wallets provided by non-affiliated third-party custodians located in the United States.  To maintain control over customer assets, BAM Trading officers and employees based in the United States will solely direct and manage wallets’ private and administrative keys, as required by the court.  All transfers and withdrawals will require approval from both BAM Trading and the respective third-party custodian. Importantly, the Binance Entities will not have possession, custody, or control over any assets held in wallets provided by the third-party custodians. The court approval comes after Binance’s agreement in November to pay a settlement of $4.3 billion to the US government. This settlement included a forfeiture of $2.5 billion and a fine of $1.8 billion.  As part of the agreement, the former CEO, Changpeng Zhao (CZ), faced charges of violating the Bank Secrecy Act and agreed to step down from his position. CZ is currently serving a four-month sentence.  BNB Price Breaks Above 200-Day EMA Currently trading at $597, BNB’s price has risen over 5% on the news, after dropping as low as $455 on July 5. However, over the past two weeks, the token has seen significant gains in line with the overall market recovery.  In the seven- and fourteen-day time frames, BNB is up 12% and 20% respectively, coupled with a 47% increase in trading volume over the past few days to $1 billion, according to CoinGecko data. Despite this, the token is still down 17% from its all-time high of $717 set on June 6th.  Related Reading: Bitcoin Bollinger Bands Squeezing: Is BTC Ready For $140,000? Adding to the bullish momentum, BNB has surpassed the 200-day exponential moving average (EMA), which is marked by the yellow line below the current price on the BNB/USD daily chart below.  Whenever the token trades above this key indicator, further price appreciation follows as the line is a notable support for its price. Nonetheless, BNB will encounter resistance walls at the $610, $633, and $675 levels in the event of a continuation of the current price recovery.  Featured image from DALL-E, chart from TradingView.com