Altcoin
ETH/BTC Pair Eyes Major Breakout With Ethereum ETF on Horizon, What’s Next?
Along with Bitcoin, the Ethereum price has come under selling pressure dropping all the way under $3,400. With a 3.5% drop on the weekly chart against Bitcoin’s 5.8%, ETH has been holding relatively well against BTC recently. As per the technical chart, the ETH/BTC pair is reportedly on the verge of a major breakout just before the spot Ethereum ETF goes live next week.
ETH Price to Rally with Spot Ethereum ETF Approval?
Crypto market analyst Ali Martinez showed that ETH/BTC is finally moving above the 365 simple moving average. This development shows an early sign of the impending altcoins season going ahead.
$ETH / $BTC is finally moving above the 365 simple moving average, showing early — very early — signs of an impeding #altseason! pic.twitter.com/HSP1Dm5bjm
— Ali (@ali_charts) June 28, 2024
Crypto analyst Michael van de Poppe also shared a similar view stating that the bull market has already begun and would gain significant momentum if the Ethereum price breaks through the 0.06 BTC level.
On breaking these key levels, Poppe expects a significant influx of capital into the Ethereum ecosystem. The launch of the spot Ethereum ETF next week in the US could prove to be a major catalyst in this direction.
Also Read: PEPE Whale Shifts Focus To Ethereum As ETF Optimism Builds
Poppe added that the Ethereum ETF remains the most undervalued and underhyped event of the year. He added that, unlike the Bitcoin ETF, there is not the same excitement with the Ethereum ETF approval. “The Ethereum ETF is basically everything in reversal. Zero expectations, zero hype, and if there is any expectation” wrote Poppe.
Poppe stated that although the Ether ETF is likely to attract fewer inflows in comparison to the Bitcoin ETF, it can have a significantly greater impact “as the stock-to-flow of Ethereum is less than that of Bitcoin due to the huge amount of staked Ether and the deflationary concept of Ethereum”.
Entire Ether Ecosystem to Benefit
Poppe believes that as the ETH/BTC price pushes higher, the entire Ethereum ecosystem would benefit out of it, driving more usage, liquidity, and developers towards it.
Popper further explained that altcoin cycles typically show a weaker performance during the first half of the year. However, from June onwards, the cycle would reverse and momentum would build in favor of the altcoins presenting opportunities for greater returns.
Also Read: Are Spot Ethereum ETFs Set To Launch In 14 Days Post-S-1 Amendments?
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.
Solana (SOL) has gained traction as crypto assets start the week with slight gains. A look at the market shows crypto prices attempt a breakout after previous losses. At press time, the total market cap grew to $2.31 trillion, a 2.33% increase in the last 24 hours sparking a wider bullish projection.
Assets like Solana outpaced the market in the last attempted rebound as price fluctuations continued. Today, SOL price maintains a lead in weekly gains among the top 10 assets rallying on the heels of previous inflows after two ETF applications. While bulls eye the $150 mark, bears opine that poor sentiments and volatility might make the mark unsustainable.
Solana To Climb?
Solana’s price has moved above other assets in the top 10 cryptos by market cap except for Cardano (ADA). SOL trades at $148.15, a 3.78% increase in the last 24 hours behind only ADA with a 5% rebound. The asset’s growth takes its market cap above $68.5 billion while daily trading volumes jumped a massive 45.8% to $1.89 billion.
The weekly growth of Solana points to a renewed upswing as it notched over 16% gains while monthly figures are still in the red zone. Based on recent on-chain data, market analysts have projected an upward trajectory for the asset.
At the moment, SOL is behind previously hit resistance levels after taking a tumble with the wider market. As a result, a reduced uptick was recorded in Solana meme coins and decentralized finance numbers, bearish traders argue.
Bulls Look To Spot ETF
The recent filing of spot Solana ETFs remains a major driving factor for the asset’s price. This year, ETFs have rallied the crypto market following huge institutional investments in the sector. Spot Bitcoin ETF approval in January changed the dynamics after the asset soared to an all-time high above $73,000. Ethereum products are also expected this summer which also ignited bullish activity. Solana holders point to institutional inflows as a pathway to sustained growth.
Also Read: Dogecoin Price To Attempt $2 With Memecoin Supercycle Says Analyst
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.
Coinbase Prime has landed a $32.5 million contract with the U.S. Marshals Service (USMS). The partnership mandates Coinbase Prime to custody and manage large-cap digital assets. This collaboration marks a critical step in utilizing blockchain technology for government asset management and reflects a strengthening trust in digital currencies’ viability and security.
Coinbase Prime Secures Major Government Contract
Coinbase Prime will offer advanced trading services and custody solutions, managing the considerable volume of digital assets seized under the US government’s forfeiture programs. The selection of Coinbase for this role followed a thorough competitive evaluation, showcasing its capability to operate securely on a large scale. The agency has emphasized the need for professional, lawful management and disposal of cryptocurrency assets, which must align with the stringent policies of the Department of Justice and USMS.
Moreover, the contract aims to enhance the efficiency of the processes involved in handling digital assets. By consolidating custody and management operations, the USMS intends to improve the administration and liquidation of these assets. The arrangement also supports the diversification of cryptocurrency types that the government can manage and dispose of, broadening the scope of its digital asset capabilities.
Also Read: Circle Bags MiCA’s E-Money License For USDC and EURC
Coinbase Sues U.S. Agencies Amid Challenges
The agreement with the USMS comes when Coinbase has faced significant scrutiny and legal challenges from U.S. regulators, including the Securities and Exchange Commission (SEC). Last year, the SEC filed a lawsuit against Coinbase for operating without proper registration, a case still progressing through the judicial system. Despite these hurdles, Coinbase continues to assert its presence in the digital asset space, recently suing several federal agencies over alleged discriminatory practices against the cryptocurrency sector.
Despite these controversies, Coinbase Prime has demonstrated robust performance in institutional trading. As of the first quarter of 2024, the platform safeguarded assets worth approximately $330 billion and recorded significant institutional trading volume. This ongoing success and the new partnership with the USMS underline growing institutional confidence in Coinbase’s capabilities and cryptocurrency’s legitimacy as a substantial asset class.
Also Read: Metaplanet Boosts Bitcoin Strategy With 10:1 Share Consolidation Amid Key Changes
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.
The tap-to-earn game on Telegram, Hamster Kombat, has maintained its position as a hot trend in the crypto realm. Notably, the P2E (play to earn) game that emerged recently, eyeing launch on the TON (The Open Network) blockchain, has unveiled developments for the month of July and ahead. Here’s a brief report on what the Telegram-based P2E game promises to bring to its users in the future.
TGE & Token In-game Utility: What’s The Scoop?
Hamster Kombat’s official site reveals one of the most vital updates for the project in July. Notably, the TGE (Token Generation Event) and in-game utility for the token are set to be unveiled this month.
This means users might see a Hamster Kombat token airdrop in the coming days, expected to occur on the TON blockchain.
Meanwhile, upon playing the game on Telegram, one can clearly see that the ‘airdrop’ tab says that the listing is underway. Users might have to complete specific tasks to participate in the airdrop, as mentioned on the site. One such task on the platform was connecting users’ TON wallet to Hamster Kombat. However, more tasks are expected to be rolled out in the coming days.
Further, in-game utility for the token, referring to the various use cases of a token within a GameFi ecosystem, is to be revealed this month. This offers increased user appeal, in turn aiding the project in gaining significant traction across the industry.
Simultaneously, the upcoming Q3 2024 upgrades included new characters and skins, time-limited events, live events, etc. In addition, the project also promised many more developmental upgrades in Q4, leaving market participants excited.
Also Read: Ethereum ICO Whale Dumps 7K ETH After $60 Million Selloff by Institutions
Hamster Kombat P2E Game
Hamster Kombat, a game on Telegram where one literally taps to earn coins as rewards, has captured noteworthy attention in tandem with the rise of Telegram-based P2E games, such as Notcoin.
The game facilitates earning coins, which users can mine on the platform to gain passive income via unique cards. Also, completing various tasks provides additional opportunities for users to earn more coins. “The journey from a shaved hamster to the CEO,” is the boasted gameplay.
Also Read: Tether Reveals Major Partnership For USDT Adoption
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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