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Ethereum's price has dropped over 12% recently, influenced by the US Federal Reserve's rate cut and declining interest in spot Ethereum exchange-traded funds (ETFs). After an 18-day streak of positive inflows, US-based ETH ETFs experienced significant net outflows totaling $135 million over two days, with BlackRock's Ethereum Fund leading the losses. As of now, Ethereum is priced at approximately $3,342, reflecting a 2.4% decline in the last 24 hours, highlighting the need for a return to positive ETF inflows to stabilize its value.
Ethena has surged past key resistance levels, currently trading around $1.15, indicating potential long-term growth. Analyst Alan Santana highlights the importance of closing above $1.11 to confirm the bullish trend, despite a recent 13.85% correction. The launch of USDtb, a stablecoin by Ethena Labs, further enhances its scalability and liquidity across multiple blockchains.
Colombian investors can now trade shares of the IBIT Bitcoin ETF, issued by BlackRock, in pesos, marking a significant development in the country's financial markets. This ETF, managing over 500,000 BTC and valued at $50 billion, offers regulated access to Bitcoin, facilitating portfolio diversification while lowering barriers for new participants in the crypto sector. Currently, IBIT shares are trading at an average price of 242,960 pesos, approximately 55 US dollars, reflecting its valuation in global markets.
Bitcoin has fallen below $100,000, raising questions about whether this is the end of the bull market or a healthy correction. Analysts attribute the decline to market makers' strategies and predict a bounce back to $101,000, supported by strong buying in the $93,788-$92,200 range.Meanwhile, BlackRock's significant investments in Bitcoin, including a $1.5 billion purchase, highlight institutional confidence in the cryptocurrency, contrasting with broader market selling. The Fear and Greed Index remains in the 'greed' zone, suggesting many view the dip as a buying opportunity.
The cryptocurrency market underwent a significant transformation in 2024, with Bitcoin rebounding to new heights following the launch of spot ETFs and substantial investments from Wall Street firms. Major banks now dominate trading, while regulatory changes have led to a cleaner, more professional market, integrating crypto into traditional finance.New projects and improved technology have made crypto more accessible, with gaming and NFT applications finding real-world use cases. As the market matures, institutional investment continues to grow, signaling a bright future for the crypto landscape.
Bitcoin exchange-traded funds (ETFs) experienced their largest net outflows since launch, totaling $671.9 million on December 19th, coinciding with a price drop below $100,000. Fidelity’s FBTC led the outflows with $208.5 million, while BlackRock’s IBIT remained stable. This marked the end of a 15-day inflow streak for Bitcoin ETFs and an 18-day streak for Ethereum ETFs.
Balaji Srinivasan, former CTO of Coinbase, highlights the rapid growth of Bitcoin and AI, showcasing charts that illustrate Bitcoin spot ETFs surpassing gold ETFs by 73% in assets under management. With Bitcoin's adoption reportedly outpacing that of the internet, tech veteran Alan Knitowski notes its growth is reminiscent of the internet's early days, despite having fewer than 1 million BTC addresses.
The US Securities and Exchange Commission (SEC) has approved the first hybrid Bitcoin and Ethereum index exchange-traded funds (ETFs) from Franklin Templeton and Hashdex, set to launch in January 2025. These ETFs will hold spot BTC and ETH in an 80:20 ratio, with potential for future inclusion of other cryptocurrencies pending regulatory approval. The approval reflects the SEC's alignment with the Exchange Act's criteria, emphasizing investor safeguards against fraud and manipulation.
The cryptocurrency market has faced significant liquidations, with 361,972 traders losing $1.17 billion in the past 24 hours. A notable whale lost $15.8 million as Ethereum's price dipped to $3,432.70, while another whale, linked to Longling Capital, seized the opportunity to acquire 6,000 ETH, accumulating a total of 75,400 ETH since May 2023.Institutional interest remains strong, highlighted by Ethereum spot ETFs recording a net inflow of $2.45 million over 18 consecutive days, with BlackRock’s Ethereum ETF seeing $81.9 million in net inflows. These developments reflect growing confidence in Ethereum's long-term potential amidst market volatility.
Long-term holders of Ethereum (ETH) have significantly increased their holdings to around 110 million tokens, reflecting strong conviction despite negative social sentiment. This accumulation, which rose by 50% from December 2022, suggests confidence in Ethereum's long-term value amid price volatility. Additionally, Ethereum's spot ETF experienced $145 million in net inflows, indicating growing market optimism.
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