Japan’s corporate Bitcoin treasury company Metaplanet has secured almost $531 million in capital to expand its Bitcoin holdings. The company’s board has also approved a revised capital allocation policy with mNAV clause. The stock jumped almost 5% on Monday amid Bitcoin rebound to $74K. Bitcoin Proxy Metaplanet Raises $531 Million Metaplanet has raised almost $255
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]]>The largest crypto derivatives exchange Deribit is revising its fee structure for each account based on the recent monthly trading volumes. The new automated VIP fee tier system to take effect from November 1. This comes as crypto trading volumes are gradually increasing on derivatives giant CME Group, with XRP and Solana options launched earlier
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]]>The cryptocurrency market witnessed a downturn, with nearly $1 billion in liquidations in just 24 hours. This came after US Treasury Secretary Scott Bessent shared an update on the future of the government’s Bitcoin holdings. $1 Billion Liquidation Hits Long Traders Amid Treasury Update According to Coinglass data, total liquidations over the past day reached
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]]>Long-Term Cardano Critic Revises Stance, Praises ADA’s New On-Chain Governance Following Chang The Crypto Basic
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SEC Revises Binance Lawsuit: Solana, Cardano, And Polygon No Longer Considered Securities ZyCrypto
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Asset manager VanEck recently revised its prediction for Ethereum (ETH), revealing what price it believes the second-largest crypto token could reach by 2030. The firm also did well to outline what could drive Ethereum’s price to this revised price.
Ethereum To Reach $22,000 By 2030
In a recent blog post, VanEck predicted that Ethereum could reach $22,000 by 2030. Before now, the asset manager had predicted that the crypto token would hit $11,800 by 2030. However, VanEck suggested they had become more bullish on ETH in anticipation of the Spot Ethereum ETFs, which could begin trading soon.
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They noted that these Spot Ethereum ETFs have caused them to revise their earlier prediction since these funds will allow financial advisors and institutional investors to hold the crypto token. They believe this category of investors could bring new money into the Ethereum ecosystem, further driving up the crypto token’s price.
VanEck projects that the Ethereum network will likely continue to enjoy rapid share market growth thanks to interest from traditional investors and Big Tech. They believe this, along with EETH’s dominance among smart contract platforms, could lead to a “create path to $66 billion in free cash flows” for the network.
They base their projection of ETH’s valuation by 2030 on this, stating that these cash flows will accrue to Ethereum’s native token. A rise to $22,000 represents a return of around 487% from Ethereum’s current price and a compound annual growth rate (CAGR) of 37.8%. Meanwhile, Ethereum reaching $22,000 will give it a market cap of around $2.2 trillion.
Highlighting Ethereum’s Potential
VanEck sounded very bullish on the Ethereum ecosystem as it claimed that the network could disrupt existing financial businesses and the largest tech companies, including Google and Apple. Given that Ethereum has earned a reputation as the platform for decentralized applications (dApps), they factored in the market size of business sectors that blockchain technology will disrupt while determining ETH’s future valuation.
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The asset manager also highlighted how ETH benefits massively from ETH’s potential since no action can be taken on the network without the native token. Additionally, they noted how 80% of the revenues earned on the network are used to buy back and burn Ethereum tokens in circulation.
Meanwhile, VanEck believes that ETH is “a revolutionary asset with few parallels in the non-crypto financial world.” They referred to it as “Digita Oil” since it is consumed by those transacting on the Ethereum network.
The asset manager also called it “Programmable Money” and “Yield Bearing Commodity” because of how automated the Ethereum network is and that validators earn yields on the crypto token when they stake their ETH. Lastly, it was referred to as the “Internet Reserve Currency” since it serves as the “base asset” for all activity and most digital assets with the ETH ecosystem worth over $1 trillion.
WisdomTree asset management company has submitted a revised spot Bitcoin ETF prospectus (S-1 filing) to the U.S. Securities and Exchange Commission (SEC). Bloomberg ETF analyst James Seyffart explains that WisdomTree is still planning to launch an ETF, but left behind the spot Bitcoin ETF race as others have already submitted updated applications.
WisdomTree Files Updated Spot Bitcoin ETF
Bloomberg ETF analyst James Seyffart on November 17 revealed WisdomTree has amended its spot Bitcoin ETF S-1 filing with the U.S. SEC. He said it indicates WisdomTree is still planning to launch a spot Bitcoin ETF after a recent delay from the SEC.
He explained that “All issuers were expected to have to file one of these in order to potentially launch their ETF at some point. Just a step in the process. Nothing critical.”
Bloomberg senior ETF analyst said he doesn’t include WisdomTree and Franklin in the race as they filed so late and should be held back. However, he raised concerns over whether the SEC awaits till all S-1 filings are updated before second-round comments.
Also Read: Bitcoin (BTC) Price Dramatically Slumps, Top Analyst Identifies Opportunity
Other Bitcoin ETF Applications
Spot Bitcoin ETF issuers including BlackRock have already filed amended spot Bitcoin ETF applications. The SEC required details about risk disclosures, new language, seeding, and further context. VanEck highlighted plans to seed the BTC ETF with funds domiciled in physical BTC.
Bloomberg’s ETF analysts kept the odds of spot Bitcoin ETF approval at 90%. They believe the SEC is likely to approve a spot Bitcoin ETF after the deadline in January.
BTC price fell 3% in the past 24 hours, with the price currently trading at $36,433. The 24-hour low and high are $35,545 and $37,619, respectively. Furthermore, the trading volume has further decreased by 10% in the last 24 hours, indicating a decline in the interest of traders.
Also Read: Crypto Market Selloff—BTC, ETH, XRP, SOL Continue Falling After BlackRock Ether ETF News
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.
Shiba Inu Revises Low Of $0.00000645 And Is About To Rise Again CoinIdol
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Bitwise files an updated prospectus to change its Bitcoin futures ETF to a Bitcoin and Ether equal weight strategy exchange-traded fund (ETF). This is similar to a move by Valkyrie to revise its Bitcoin Strategy ETF to Bitcoin and Ether Strategy ETF amid a flurry of Ethereum-focused ETF filings.
Bitwise Converts Filing To Bitcoin And Ether Strategy ETF
According to a filing with the US SEC on August 10, Bitwise has revised its Bitcoin Strategy Optimum Roll ETF into Bitcoin and Ether Equal Weight Strategy ETF. The ticker is changed from BITF to BTOP.
Bloomberg ETF analyst James Seyffart noted that the effective date would be October 9. This is same as Valkyrie did a few days ago, changing its Bitcoin Strategy ETF to Bitcoin and Ether Strategy ETF.
“We’re in new territory. It’s been 13 days since Volatility Shares was first in a wave of Ethereum futures ETF filings. Back in 2021 it was just a couple days before SEC forced withdrawals and was just ~7 days in May of this year. The odds of launching increase as time goes by.”
Bloomberg ETF analyst Eric Balchunas also said that SEC earlier told Ether Futures ETF filers to withdraw their filing in 5-6 days after the first filing hit. However, it is now “Day 13” with no withdrawals. According to Bloomberg analysts, Ethereum-focused ETF is likely to hit market in mid-October.
BTC price fell 0.5%% in the last 24 hours, with the price currently trading at $29,389. The 24-hour low and high are $29,336 and $29,688, respectively. Meanwhile, ETH price is trading at $1846, down nearly 0.5% in the last 24 hours.
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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.
Standard Chartered Bank has revised its earlier prediction of a $100,000 Bitcoin price by 2024-end as the “crypto winter” was over. Now, the bank forecasts that Bitcoin price can reach $50,000 by the end of this year and surpass $120,000 by next year. This upward projection comes as the bank’s analysts anticipate increased hoarding of Bitcoin by miners.
Standard Chartered Raises Bitcoin Price Forecasts To $120K
$800 billion Standard Chartered Bank predicted that Bitcoin may reach $50,000 this year and $120,000 by the end of 2024. The bank predicts that rising BTC prices could encourage bitcoin miners to hold more of the Bitcoin supply.
In April, Standard Chartered released a forecast as “crypto winter” was over. It predicted Bitcoin price hitting $100,000 by the end of 2024. However, the bank’s top foreign exchange analyst Geoff Kendrick said there is a 20% upside to the earlier prediction due to Bitcoin miners holding more BTCs.
“Increased profitability for miners to mine Bitcoin means they can reduce sales while maintaining cash inflow, reducing the net supply of Bitcoin and driving up Bitcoin’s price,” said Kendrick.
In fact, crypto asset inflows for three consecutive weeks and the monthly MACD turning green indicate a positive outlook for Bitcoin price. Crypto asset investment products saw a net inflow of $136 million last week.
BTC price currently trades at $30193, moving sideways in the past 24 hours. The 24-hour low and high are $29985 and $30427, respectively. However, the trading volume has increased by 30% in the past 24 hours, indicating an interest among traders.
Also Read: South Korean Court Holds First Trial Of Terra Co-Founder
Bitcoin Hash Rate Hits ATH
While miners prepare to hold more BTCs, bitcoin mining difficulty remains challenging. On-chain data platform Glassnode reported the Bitcoin Hash Rate (7DMA) continues its upside move, reaching an ATH value of 395 EH/s. This is equivalent to 395 quintillion guesses every second in an attempt to solve a Block.
The U.S. is the largest crypto and Bitcoin mining country globally. While Bitcoin mining requires more electric power, switching to renewable sources of energy opened doors to climate change mitigation by using sources such as methane gas emissions.
Also Read: Bitcoin Price Must Clear This Resistance To Regain Bullish Momentum – Bulls Set Eyes On $48k
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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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