Altcoin
Here’s Why ETH, SOL, XRP, DOGE, & PEPE Prices Are Falling
![](https://coin2049.io/wp-content/uploads/2024/05/Crypto-Market-Is-Down-Today.jpg)
Crypto Market Selloff: The digital asset space witnessed a sharp decline today, with the majority of altcoins failing to maintain a positive momentum. While Bitcoin price stayed near the bay, major altcoins and meme coins like Ethereum, Solana, XRP, Dogecoin, Pepe Coin, and others, have witnessed a selloff today. So, let’s take a look at the recent market developments and see the potential reasons behind the recent selloff.
Crypto Market Selloff: Why Are Altcoins Witnessing A Slump Today?
A flurry of reasons could be behind the recent plunge in the crypto market, especially among the altcoins. Here we explore some of the top reasons behind the recent selloff.
Whales Booking Profit
The crypto market has witnessed robust gains over the past few days, with soaring anticipation over the Spot Ethereum ETF and other regulatory developments in the space. In addition, the pro-crypto sentiment amid the U.S. Presidential election buzz has also bolstered the sentiment of the market watchers.
Considering that, several investors seem to be shifting their focus towards the profit-booking strategy due to the recent surge. For context, a notable Ethereum whale transaction has raised eyebrows today.
According to the report, whale address 0xAeb…AED31 moved 4062 Ethereum from Lido to Binance, signaling a potential profit of $3.12 million upon sale. This move follows a trend where the whale previously shifted 18,446 ETH from Binance, ultimately selling a portion for a significant profit two months prior.
The transaction highlights whales potentially cashing out on substantial gains, contributing to market volatility. Such profit-taking activities by large holders often trigger selloffs among retail investors, underscoring the impact of whale movements on crypto markets.
Distinct Views Over Ethereum ETF
The Spot Ethereum ETF hype, especially after the regulatory nod by the SEC, has sent the Ethereum price higher over the past few weeks. However, despite the soaring optimism, several crypto market analysts have provided different outlook over the potential performance of the investment instrument.
While several market watchers are bullish on the Ethereum price following the start of the Ethereum ETF trading, some have argued a different picture. For context, some market pundits anticipate that the U.S. Spot Ethereum ETF will not get as much traction as the U.S. Bitcoin ETFs.
In addition, a recent report from the prominent research firm, Kaiko suggests that upon the Ether ETF launch, Ethereum may witness a $110 million outflow. Kaiko has suggested the scenario comparing it with the Bitcoin ETF trading, and due to significant outflow from GrayScale.
Also Read: Vanguard Receives Backlash Over Ethereum ETF Ban But There’s A Catch
Cautions In The Meme Coin Sector
According to recent reports, Ark Invest CEO Cathie Wood has provided a mixed outlook on the SEC’s stance on the ETF approval process. Cathie Wood suggests that the regulatory nod for the Ethereum ETF could be only due to the U.S. election issue.
In addition, she also said that although an ETF for Solana might get approved by the SEC, but meme coins ETF are unlikely to follow the same path. Amid this meme coins like Dogecoin, Shiba Inu, Pepe Coin, and others, have noted sharp declines today.
On the other hand, the recent surge in meme coins has also provided a profit-booking opportunity for the crypto market participants. According to a recent report by Lookonchain data, a whale has deposited 660.7 billion of Pepe Coin, worth $9.52 million, to Binance today.
Notably, Pepe Coin has reached a new high recently, and it allowed the whale to book a profit of $4.95 million with his recent selling, with an ROI of 52%. According to IntoTheBlock data, 90% of the PEPE holders are now in profit, making it one of the most “profitable among major meme coins”.
Crypto Market Performance
The crypto market has been volatile lately, with investors seeking more clarity on the sector. In addition, the recent surge in crypto prices, especially meme coins, has provided an opportunity to liquidate the holdings to book substantial profit for the investors.
As of writing, the global crypto market cap was down about 2% to $2.51 trillion, after reaching $2.57 trillion over the last 24 hours. Talking about the individual cryptos, Ethereum price was down 2.51% to $3,716.64, while Solana price witnessed a slump of 2.37% to $165.12.
According to CoinGlass data, 72,546 traders were liquidated in the last 24 hours, with the total liquidation amount totaling $155.26 million. Over the last 24 hours, Ethereum has noted a liquidation of $26.82 million, with long-liquidation at $18.60 million, and short liquidation at $8.22 million.
Also Read: XRP Is Primed For A Breakout, Ex-Ripple Director Predicts
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
VanEck Files Spot Ethereum ETF S-1 Amendment
![](https://coin2049.io/wp-content/uploads/2024/07/Ethereum-ETF-1.jpg)
Investment management firm VanEck has filed its amended spot Ethereum ETF S-1 to the Securities and Exchange Commission (SEC). This comes after the Commission returned forms to issuers seeking minor changes. As the race to a potential listing in the summer nears, issuers place final touches on these investment vehicles.
VanEck Amends Ethereum ETF S-1
VanEck has filed its amended S-1 with the financial regulator with experts pointing to a near final approval date. The SEC approved 19b-4 filings of eight potential issuers in May but has delayed the final S-1 application with Gary Gensler point to a date this summer.
As investors anticipate trading spot Ethereum ETFs in the United States, firms are set to release updates to their fee structure. VanEck is aiming to trade under the “ETHV” ticker as users expect low fees. This development sparked a frenzy along social media spaces as bulls look to a future change in market sentiments.
Last week, Bitwise filed its S-1 amendment with a 6-month waiver of up to $500 million while other issuers are expected to submit applications today. Nate Geraci, the President of ETF Store noted that with amendments, institutions are gearing up for a potential launch in a week or two.
VanEck spot eth ETF S-1 amendment is in…
Already knew fee… 20bps. https://t.co/kUUfNg4Fpq pic.twitter.com/seMJzkv88Y
— Nate Geraci (@NateGeraci) July 8, 2024
Similarly, Bloomberg’s analyst Eric Balchunas who previously expressed a near-term approval time frame for these products added that they put the ball in the regulator’s court. “First S-1 just rolled in today from VanEck.. they already had their fee so nothing to see here really, they just putting the ball back in SEC’s court. Expecting the rest today except for Bitwise who did theirs last week.”
Users Anticipate Approvals
Ethereum users look forward to spot ETF listings in a bid to attract massive institutional inflows to the asset. Drawing lines with the approval of Bitcoin ETFs, ETH holders anticipate price upswings to wipe out previous losses. Ethereum trades at $2,983, down 20% from the approval of 19b-4 applications.
Also Read: UBS Raises NVIDIA Price Target to $150, How Will AI Coins React
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Chainlink Whales Bag Over 6.2M Coins Amid LINK Weekly Correction, Rebound Ahead?
![](https://coin2049.io/wp-content/uploads/2024/07/Chainlink-1.png)
Chainlink whales have taken the crypto market by storm, accumulating colossal amounts of LINK amid a weekly correction taken by the token. In a post shared by the renowned crypto market analyst Ali Martinez today, July 8, it was pointed out that whales bagged a staggering 6.2 million LINK over the past week.
This on-chain data has glimmered significant optimism on the crypto’s future price run. Here’s a brief report on the data and why it adds a bullish tint to LINK.
Whales Sack $76M Worth Coins
According to data spotlighted by Ali Martinez, Chainlink whales took action to hoard over 6.2 million LINK, worth $76.88 million, in the past seven days. LINK’s weekly chart illustrated a 9.71% fall at press time, with price dipping as low as $11.17 in the past seven days, per CoinMarketCap’s data.
This waning price action appears to have urged a potential buy-the-dip strategy among crypto market whales, driving the abovementioned accumulation. Usual market sentiments convey optimism for the crypto, hinting at large-scale investors’ confidence in the asset’s potential to pump ahead.
Meanwhile, recent data by Santiment highlighted that LINK’s 30-day MVRV rested at 11.1%, hinting that the asset is an opportunity zone. For context, the lower the MVRV, the more undervalued an asset, paving the path for buyers to enter the LINK market and pump the coin.
Also, despite the weekly dip in price, LINK has regained an upward momentum today, aligning with the accumulations and MVRV.
Also Read: XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline
LINK Price Soars
At press time, the LINK price showed a 4.71% upswing in the past 24 hours and is currently resting at $13.44. The token’s 24-hour slumps and peaks were $11.83 and $13.44, underlining the presence of turbulency in tandem with broader market trends.
Nonetheless, Coinglass data spotlighted a market uptrend for Chainlink, as its Futures OI and derivatives volume surged remarkably. LINK’s OI jumped 5.60% to 157.16 million, whereas the derivatives volume surged 56.70% to $423.68 million. This data indicated increased investor interest in the asset and increased derivatives market activity.
However, the RSI rested along the 46 mark, hinting at broader asset neutrality. This hints at an uncertain movement for the token ahead, although on-chain data has projected a ray of optimism on the coin’s long-term prospects.
CoinGape Media’s recent price analysis hinted that Chainlink (LINK) price might even be poised to hit $20 amid bullish support gained by on-chain factors.
Also Read: German Govt Moves 1000 Bitcoin To Coinbase & Other Addresses
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Matrixport Reveals Ethereum ETF Launch Timeline, Bernstein Targets ETH To $6,600
![](https://coin2049.io/wp-content/uploads/2024/05/Spot-Ethereum-ETF_1.jpg)
With all eyes on a spot Ethereum ETF approval for listing and trading by the U.S. SEC, experts predict high odds of approval this month. Crypto financial services firm Matrixport believes the Securities and Exchange Commission might approve Ether ETF by this week as the deadline for issuers to submit amended S-1 filings is Monday.
Ethereum ETF Approval Likely This Week
In a new update on July 8, Matrixport reported that the SEC will likely approve Ether ETF this week. The United States will have an exchange-traded fund tracking the spot price of Ethereum.
Matrixport expects swift progress similar to May when the SEC suddenly asked spot Ethereum ETF issuers to revise their applications. After 19b-4 filings by issuers, the SEC instantly approved them in the next three days. The S-1 applications were probably delayed due to the July 4 holiday and the long weekend.
CoinGape reported that the SEC delayed Ethereum ETF launch with a few comments, pushing the S-1 deadline to July 8. ETFstore President Nate Geraci said the last round of S-1 revisions was quite “light” and believes Ethereum ETFs will start trading in the next two weeks.
BlackRock, Fidelity, Grayscale, Hashdex, VanEck, and Invesco are anticipated to submit S-1 filing to the U.S. Securities and Exchange Commission (SEC).
Also Read: EtherFi Foundation Buys ETHFI, Passes Major Staking Proposal On Ethereum Mainnet
ETH Price To Witness Massive Rally?
Matrixport predicts a recovery in Ethereum price to $3,400 after the approval by SEC. The company forecasting a nearly 12% sharp jump based on analysis that ETH price rallied 20% after the SEC approved 19-b filings.
Whereas, $725 billion asset manager Bernstein earlier gave a long-term ETH price target of $6,600. The firm reported that ETH will reach this price after spot Ethereum ETFs approval by the SEC. Notably, the estimate is based on a 75% rally in Bitcoin products in January following weeks of ETFs approval. Bernstein analysts expect a similar price action for Ethereum.
ETH price rose 2% in the past 24 hours, with the price currently trading at $3,068. The 24-hour low and high are $2,826 and $3,090, respectively. Furthermore, the trading volume has increased further by 57% in the last 24 hours, indicating a rise in interest among traders.
Also Read: XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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