BlackRock has expanded its cryptocurrency product offerings in Brazil by launching an Ethereum exchange-traded fund (ETF). The iShares Ethereum Trust (ETHA), listed on Brazil's B3 stock exchange under the ticker ETHA39, allows both retail and institutional investors to trade Ethereum-based securities through a depositary receipt. This depositary receipt represents shares of the Ethereum ETF and is traded in the local currency.
The shares of the Ethereum ETF are priced at one-third of their original value, and the management fees are set at 0.25% per year. However, for the first year or until the ETF reaches $2.5 billion in assets, these fees will be reduced to 0.12%.
This launch follows BlackRock's earlier introduction of its iShares Bitcoin Trust in Brazil, which also saw significant demand. According to BlackRock’s director in Brazil, Cristiano Castro, there is a growing demand for crypto assets in the country, and BlackRock aims to provide easier access to these digital products through the capital market.
Brazil is becoming a significant market for crypto products, with around 180,000 investors holding crypto assets worth about 5.5 billion Brazilian reais (~$1 billion). The crypto trading volume in Brazil reached $6 billion in the first five months of 2024, showing a 30% increase from the previous year. Additionally, Brazil was among the first to allow crypto-tied products on its stock exchange and is set to launch the world’s first spot Solana-based ETF soon.
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Earlier today, more than 30,000 Bitcoins were transferred to Binance, raising concerns about potential market moves. In a previous article, we talked about the best-case scenario for Bitcoin, but ignoring the worst-case scenario can be a mistake. The cryptocurrency market, including Bitcoin, is known for its unpredictability, whether it’s going up or down. It's always wise to consider all possible outcomes.
Currently, many altcoins are dropping below their baseline levels, which were set around January 2024 prices. Some are even falling back to their October 2023 levels, the period before the major bullish wave of 2023-2024. Some projects have dropped even further, hitting new all-time lows below their May/June 2022 levels.
Bitcoin, on the other hand, is trading at a high level, similar to where it was in April/March 2024. The longer it stays high without a drop, the stronger the potential for a bearish move, known as bearish consolidation. This phase often involves large Bitcoin holders selling off their coins, which can lead to a significant market downturn. Just as a long bullish phase led to a sharp rise in prices, a long bearish phase could lead to a sharp crash.
Bitcoin has performed better than most altcoins, with only a few projects reaching new all-time highs. However, Ethereum's recent struggles show that even major cryptocurrencies are not immune to downturns. Some entities are buying large amounts of Ethereum to sell at lower prices, which could lead to further market instability.
For Bitcoin, the best-case scenario might see a correction bottom around $40,000. A more significant drop could push prices down to the $33,000 - $36,000 range. In a worst-case scenario, Bitcoin could fall to between $26,000 and $33,000, levels seen in October 2023 before the last major price surge.
Despite the potential for a significant correction, such a move wouldn’t necessarily change Bitcoin's long-term growth prospects. Unexpected events could trigger a downturn, but historically, strong corrections have been followed by strong recoveries. These market movements serve as lessons for participants, reinforcing the idea that Bitcoin remains a long-term player in the financial landscape.
While there’s no certainty that Bitcoin will drop to $26,000, it's wise to be prepared for any scenario. As always, hope for the best but prepare for the worst.
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The cryptocurrency market is feeling the pressure as it follows the downturn in US stocks, specifically the Nasdaq 100. With Nvidia’s upcoming earnings report in focus, the correlation between the crypto market and the Nasdaq 100 is becoming more apparent, causing concern for bullish investors.
Nvidia's slower growth impacts both Nasdaq and crypto
Market expectations for Nvidia are high, with analysts predicting second-quarter earnings of about 65 cents per share and revenue of $28.74 billion. While this represents significant growth compared to the same period last year, it also marks a slowdown from the company’s explosive growth earlier in 2023. This uncertainty has led to volatility in Nvidia's stock and, by extension, the Nasdaq 100. Given the crypto market's positive correlation with the Nasdaq 100, cryptocurrencies have also seen declines.
Long liquidations exceed shorts, accelerating market downturn
Over the past 24 hours, the crypto market has seen $143.70 million in liquidations, with $126.34 million coming from long positions. This indicates that many traders were overly optimistic and leveraged. As prices fall, these long positions are forced to liquidate, creating a domino effect that accelerates the downward trend. Additionally, a 1.80% decrease in open interest for crypto futures suggests traders are closing positions and stepping back from the market.
Despite the sell-off, funding rates for major cryptocurrencies like Bitcoin and Ether remain positive, suggesting a lingering bullish sentiment among traders still active in the market.
Technical factors contributing to the pullback
The current decline is part of a broader technical pullback, as the market hits resistance at the upper trendline of its descending channel pattern—a trend seen in previous months. As of August 27, the total crypto market cap is breaking below its 200-day EMA, signaling potential further declines toward the $1.80-1.72 trillion range.
Stay updated with the latest in crypto market news and trends, and keep an eye on key technical levels for potential opportunities.
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Bitcoin's recent surge to $65,000 over the weekend has faded, leaving the crypto market stuck in a five-month "structurally ordered downtrend." Despite expectations from some that the Federal Reserve's plan to cut interest rates in 2024 might bolster BTC, the gains were short-lived.
🔍 Market Analysis:
- BTC Price Action: Bitcoin briefly rallied to $65,000 from $49,500, extending a three-week recovery. However, as BTC returned to $61,943, traders are questioning whether the market will consolidate or see new highs.
- DXY and BTC Relationship: A weak US Dollar Index (DXY), which hit a year-to-date low, initially correlated with Bitcoin’s rise. However, the sustained downtrend suggests this correlation is weakening.
- Fed Impact: The announcement of a future rate cut by Fed Chair Jerome Powell caused a brief spike in BTC, but the lack of specifics and ongoing market conditions limited the rally's impact.
📊 Key Indicators:
- Glassnode’s MVRV Deviation Bands: Bitcoin is reportedly back in a zone of "equilibrium," indicating that investor profitability has reset after the excitement of the ETF launch cooled off.
- Declining Demand: Data from CryptoQuant shows muted demand for Bitcoin. Since April, demand has slowed significantly, even turning negative in recent weeks, correlating with BTC’s price drop from over $70,000 to a low of $49,000.
- Investor Sentiment: Risk appetite appears subdued, with declining liquidation volumes and a cautious approach to leverage trading.
🌐 Outlook:
While the crypto market remains in a downtrend, the upcoming Fed rate cuts and potential shifts in macroeconomic factors could influence Bitcoin’s trajectory. However, current data suggests that BTC demand and investor enthusiasm are waning, signaling caution for the near term.
Stay informed on market developments and analyze the data carefully to navigate this uncertain period in the crypto landscape! 🚀

Blockchain database firm SxT Labs has secured $20 million in a Series A funding round led by Framework Ventures! Other notable investors include Lightspeed Faction, Arrington Capital, Hivemind Capital, Microsoft’s M12 Ventures, and OKX Ventures.

🔗 About SxT Labs: The company is pioneering a verifiable computing layer that combines AI and blockchain technology. Their innovative Proof of SQL, a zero-knowledge (ZK) circuit, enables smart contract developers to verify data integrity in real time, making it a game-changer for decentralized finance (DeFi).

💡 Key Highlights:
- Total Funding: $50 million to date, aimed at accelerating engineering and product development.
- Technological Milestone: Proof of SQL stack in beta since April 2023, processing over 5.3 billion database requests, generating $4.5 million in annual recurring revenue.
- Future Potential: Positioned to transform onchain and offchain data verification for DeFi, using SQL queries to analyze blockchain data and centralized databases.

🌐 Why It Matters: As the blockchain industry evolves, solutions like those from SxT Labs are crucial for ensuring data integrity and building trustless systems. With the rise of AI and increased institutional interest, the future looks bright for blockchain technology!

Stay tuned for more updates from the cutting edge of blockchain innovation! 💥