Altcoin
Early Ethereum Investor Buys $24M ETH Ahead SEC Verdict
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In a significant move ahead of the SEC’s impending decision on the Vaneck Spot Ether ETF, an Ethereum whale has made a major move. James Fickel, renowned for his early investments in Ethereum (ETH) and founder of the Amaranth Foundation, has made a significant ETH acquisition.
Is James Fickel Betting On Ether ETF?
On May 23, 2024, Fickel purchased 2,642 ETH worth approximately $24.4 million as the Ethereum price rallied over $3,800. He utilized $10.1 million USDC and other crypto reserves, including Wrapped Bitcoin (WBTC), according to Spot On Chain data. Whilst, Fickel executed this transaction at an average price of $3,820 per ETH.
Moreover, the latest purchase is part of a larger strategy by Fickel, who has accumulated 14,494 ETH over the past three days. Moreover, he financed his recent acquisitions, totaling $53.3 million, through a combination of 390 WBTC and 26.1 million USDC, with an average price of $3,675 per ETH.
Fickel’s aggressive buying spree underscores his bullish stance on Ethereum, particularly in light of the SEC’s decision on the Ether ETF. However, Fickel’s confidence in Ethereum is not new. Since December 30, 2023, he has been strategically positioning himself in the ETH/BTC trading pair.
Over this period, he borrowed and exchanged 2,741 WBTC for 50,688 ETH at an ETH/BTC ratio cost of 0.054, further demonstrating his belief in Ethereum’s potential over Bitcoin. Moreover, as the May 23 deadline for SEC’s Ether ETF decision is here, his accumulation mirrors the growing market optimism.
The SEC’s verdict on the Vaneck Ethereum ETF is highly anticipated. Hence, many investors like Fickel positioning themselves to capitalize on a potential approval. Moreover, the introduction of an Ether ETF could significantly boost Ethereum’s accessibility to institutional investors, potentially driving up its value.
Ethereum ETF Approval In Jeopardy
However, the approval process for an Ether ETF is facing substantial uncertainty as not everyone is optimistic on the SEC decision. Financial analyst Charles Gasparino recently pointed out significant risks, suggesting that regulatory challenges could cause delays or even halt the approval process.
Gasparino explained the Ethereum ETF approval procedure, indicating that it requires two approvals for issuance. These include one from the Trading and Markets (T&M) division for trading, and another from either Corporate Finance (Corp Fin) or Investment Management (Inv Mgmt) depending on the type of issuance.
Moreover, a regulatory insider highlighted that only the T&M approval has a fixed deadline. This means that even if T&M approval is granted, delays in issuance approval from Corp Fin or Inv Mgmt could still occur. Meanwhile, analysts Gautam Chhugani and Mahika Sapra from Bernstein estimate that the approval of a spot Ethereum ETF could lead to a 75% increase in Ethereum’s price.
Hence, the ETH price could potentially reach $6,600. They referenced the SEC’s approval of similar Bitcoin funds in January, which resulted in a 75% rise in BTC price in the weeks following, and they anticipate a similar outcome for Ethereum. In case the prediction comes true, ETH investors like Fickel could nab massive profits from the anticipated Ether ETF launch.
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
Can Bitcoin Erase US Debt By 2049? VanEck Research Weighs In
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VanEck has announced a bold prediction that Bitcoin will play a critical role in managing the United States’ rising national debt. The study, based on Senator Cynthia Lummis’ proposed Bitcoin Act, shows that a strategic Bitcoin reserve may partially balance the country’s debt by 2049. But how feasible is this concept?
The Potential Impact Of Strategic Bitcoin Reserves
The study examines a scenario in which the US government obtains up to 1 million BTC during a five-year period. If this strategy comes to fruition, VanEck believes that such a reserve may help balance almost $21 trillion in national debt by 2049. Based on forecasts of future debt growth, this equates to around 18% of the expected total debt at the time.
However, this positive forecast is heavily reliant on Bitcoin’s price trajectory. VanEck’s model forecasts that BTC will grow at a 25% compounded annual rate (CAGR). Starting with an estimated acquisition price of $100,000 per unit in 2025, the crypto would need to see sustained price increases over the next two decades.
Source: VanEck
Debt Growth Versus Bitcoin Appreciation
The study considers the expected 5% annual rate of increase in US debt trajectory. Any effort to balance the predicted $100 trillion national debt by 2049 will need assets with big appreciation potential.
Though highly volatile, Bitcoin presents both a challenge and an opportunity. A 25% CAGR is an ambitious aim considering past pricing volatility, regulatory uncertainties, and industry acceptance patterns. Should the slow down in the crypto’s expansion, the reserve might not meet expectations, therefore lessening its value in addressing national debt.
Bitcoin As A Government Asset
VanEck’s view is consistent with a broader discussion concerning the leading digital currency’s role in national economies. Countries such as El Salvador have already adopted the top coin into their financial plans, albeit on a far lesser scale. If the US took a similar strategy, it would be an unparalleled shift in monetary policy.
The practicality of building such a massive Bitcoin reserve raises concerns. Would the government buy the crypto asset gradually or in bulk? How would it safeguard and govern such an asset? These uncertainties complicate VanEck’s vision.
A High-Risk Gamble Or A Financial Breakthrough?
VanEck’s research presents an intriguing possibility, despite these obstacles. The potential of BTC as a long-term wealth reserve is still a topic of debate among economists and policymakers. It may be feasible to employ the digital asset to mitigate national debt if its value continues to increase.
For now, the feasibility of this strategy remains uncertain. The US government has yet to indicate any concrete plans to acquire the alpha crypto on a large scale. But with national debt rising and Bitcoin’s influence growing, discussions around this unconventional solution are far from over.
Featured image from Gemini Imagen, chart from TradingView
Altcoin
Ethereum Community Split Over Onchain Rollback Amid Bybit Hack
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As Bybit picks up the pieces from its jarring security breach, the Ethereum (ETF) community has been buzzing with speculation over the network’s future. One side of the divide makes a case for a blockchain rollback designed to eliminate malicious transactions, while the purists argue that the move will “kill” Ethereum’s credibility.
Forging Ahead With a Rollback
BitMEX co-founder Arthur Hayes has declared support for a rollback for the top layer 1 network, pitching his tent on the premise of Ethereum’s hard fork in 2016. For Hayes, since the network has undergone a previous hardfork, a rollback to stifle the ability of North Korean hackers to use stolen assets should be an easy choice for validators.
Samson Mow, Jan3 CEO, endorsed the proposed rollback in conversations with Ethereum co-founder Vitalik Buterin. Mow’s theory proposes the $ETH ticker for the rolled-back chain and renaming the current chain $ETHNK, urging Coinbase and other exchanges to delist the token from their platforms.
While the debate rages on, hardliners in the Ethereum community may be swayed by claims that the stolen ETH by state-sponsored hackers will be used to fund North Korea’s nuclear weapon programs. The $1.5 billion pilfered from the Bybit hack surpasses previous security breaches in scale, dwarfing the top five biggest hacks of 2024 by a country mile.
A blockchain rollback is an event that reverses confirmed transactions on a network to a previous state. Traditionally, the concept involves chain deployment after security breaches, and it takes several forms, including forks and chain reorganizations.
Ethereum Community Against The Rollback
Amid the Bybit hack, blockchain proponents in the Ethereum community are adopting a hard stance against a rollback proposal, citing the grim potential of eroding Ethereum’s credibility in the grand scheme.
“A rollback can only happen if you split the chain. Ethereum’s reliability and neutrality would be at risk,” said pseudonymous crypto trader Borovik on X. “This should never happen, under no circumstances.”
Borovik’s argument has received support from Bitcoin proponent Jimmy Song, who notes that the Bybit incident is significantly different from 2016’s DAO hack. Song’s claim against a rollback hinges on the fact that the Bybit hack is a settled affair, while the DAO hack took a month to execute.
“I know people are expecting the Ethereum Foundation to roll back the chain, but I suspect it’s already too much of a mess to do it cleanly,” said Song
Disclaimer: 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
Analyst Reveals Two XRP Price Levels To Watch, Is $250 On?
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XRP price has continued its bearish consolidation as Ripple community investors continue to weigh the impacts of the recent Bybit hack. Against some visible trends, XRP has maintained its price drawdown but has stayed above the $2.5 mark despite the massive selloff. In light of this crypto technical analysis platform, More Crypto Online, the coin remains neutral and indecisive. This outlook has introduced a major twist in the expectation that the coin could hit $250 in the near long term.
XRP Price Trading Within Very Tight Range
According to an update on X More Crypto Online, XRP remains rangebound, holding above the invalidation point at $2.47. At the time of writing, the coin was changing hands for $2.592, down by 0.63% in the past 24 hours. The coin has moved from a low of $2.512 to a high of $2.597 before settling at the current level.
Per the analytical platform, the bullish structure of XRP remains technically intact despite the latest offsets. However, the current outlook shows the coin has not made a major move to break above the resistance point at $2.8. This implies the coin will likely see the bearish scenario play out for a few more days.
The analysis outfit issued two primary price levels for traders to watch. This includes the $2.47 invalidation level and the $2.75 breakout zone. Breaching these two levels can imply a further dropdown or rally for the coin.
Is the $250 Price Target Still Feasible?
In an earlier XRP price analysis, CoinGape reported that market analyst XRP Captain predicted the coin may hit $250 between now and 2026. This forecast is hinged on the premise that Ripple whales were accumulating the coin rapidly.
While analysts are generally optimistic regarding Ripple, this is by far the most ambitious projection for the coin. As reported earlier, the influence of the coin’s supply was showcased as a major bane toward achieving this massive projection.
However, the environment remains promising, considering the pro-crypto outlook of the United States government.
Ripple Lawsuit Impact
Bringing the Ripple Labs versus United States Securities and Exchange Commission (SEC) lawsuit is key to the future of the XRP price. Earlier, Coinbase and the US SEC agreed to dismiss their lawsuit, which is pending the commission’s approval. The community is optimistic that the Ripple Labs lawsuit will be the next in line to be dismissed.
Beyond this, the impact of the potential XRP ETF approval on the coin’s price is also profound. Despite the effects of the Bybit hack and the current consolidation, the optimism for a massive breakout is high.
Disclaimer: 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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