Are you prepared for the influx of money into Ethereum (ETH) | Wakeel on Binance Square

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Are you prepared for the influx of money into Ethereum (ETH) and other alternative cryptocurrencies (altcoins) soon?

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The Reason Behind Bitcoin’s Price Crash: Arthur Hayes Speculates Bitcoin’s price crashed toward $53,000, losing more than $17,000 since last Monday. This has been one of the cryptocurrency’s worst weekly performances in its entire history. In the past 24 hours alone, a whopping $840 million worth of leverage positions were liquidated due to the market crash. Earlier in the week, CryptoPotato outlined three possible reasons behind the bloodbath, including the weak US economy, the uncertainty regarding the fiscal policy of the US Federal Reserve, as well as funds flowing out of exchange-traded funds. Now, Arthur Hayes, the former CEO and one of the co-founders of what was once the largest derivatives trading platform in the cryptocurrency industry, is speculating about another possible reason.

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The US government has reportedly moved more than $2 billion worth of Bitcoin (BTC) seized from the illicit online marketplace known as the Silk Road. The blockchain de-anonymizing platform Arkham Intelligence notes the government sent 10,000 BTC worth $669.35 million to one address and 19,800 BTC worth $1.33 billion to another. Arkham says the coin shifting likely represents “a 10,000 BTC deposit to an institutional custody/service.” The move comes as multiple presidential candidates outline their plans for the government’s Bitcoin holdings. Former President Donald Trump said over the weekend that he plans to stop the government from selling off its seized BTC on the open market and would instead strategically hold the asset as an investment. Independent presidential candidate Robert F. Kennedy said he’d sign an executive order on his first day in office directing the U.S. Department of Justice (DOJ) and the Marshals Service to transfer the Bitcoin in their possession to the Department of the Treasury for holding.

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Last week, U.S. regulators gave final approval for spot exchange-traded funds (ETFs) that hold Ethereum blockchain’s ether (ETH) cryptocurrency. Cryptocurrency watchers hail the move as a pivotal moment for the digital asset sector. Like it did with Bitcoin ETFs, ETH ETFs will make the ETH crypto more accessible to traditional investors. This approval gives legitimacy to the second biggest crypto, and should boost investor confidence. Some of the crypto experts we spoke to expect ETH ETFs to mirror the success of Bitcoin ETFs. They believe ETH ETFs will have the same impact on the market as Bitcoin ETFs. “Individuals and institutions are looking for ways to do allocations into digital assets and these ETFs provide a safe and familiar way for them to do so,” says Justin Newton, CEO, Netki Inc. “Like it did for Bitcoin, this will provide some additional stability to ETH pricing as well as an influx of capital that will provide a natural floor to the price of the asset.”

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As former President Donald Trump prepares for campaign appearances in front of pro-crypto and Bitcoin crowds, one tech investor and Silicon Valley insider is explaining why the Republican nominee could churn a crypto renaissance. "President Trump and JD Vance are going to be the first crypto presidency and the first crypto administration," Sherpa Capital and Edisonalpha founder and CEO Shervin Pishevar said on "Mornings with Maria" Tuesday, "as opposed to Biden and Harris' activists that they've appointed all over the government. Including in the FCC and the SEC and the FDA," he listed, "where they've appointed these activists that have really hurt our economy and caused so many problems for so many innovative companies.

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Crypto: Ethereum ETFs hit the market this July 23, 2024! The full approval of Ethereum ETFs by the SEC on July 22 comes after years of deliberations and repeated requests from fund issuers. This decision follows the success of the Bitcoin ETFs, which were approved in January and quickly attracted billions of dollars in investments. Ethereum ETFs are seen as an opportunity for traditional investors to easily access crypto through conventional brokerage accounts.

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