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Ethereum Could Outperform Bitcoin Once ETFs Approved - Analyst
Jul 16, 2024
Ethereum could outperform Bitcoin after the launch of spot ETFs in the US. This is according to a new Kaiko report. The launch could happen as soon as July 23. The report focuses on the Ethereum to Bitcoin Price Ratio. This metric measures how much BTC you need to buy one ETH. Right now, it's at 0.05. That's up from 0.045 before the SEC greenlit spot Ether ETFs. Ethereum's 1% market depth is another factor to watch. It's pretty low at the moment. This could lead to higher volatility. But it could also fuel a bull run. The Ethereum Exchange Reserve is at multi-year lows. This metric tracks how much Ether is available on exchanges. Low reserves could signal a supply crunch coming. Institutional demand for Ethereum ETFs might drive prices up. It's a big deal. Eric Balchunas, a Bloomberg ETF analyst, predicts a July launch. He says the SEC asked for amended S-1 forms by July 16. Tom Dunleavy, an institutional investor, has some bold predictions. He told Cointelegraph he expects $10 billion in inflows. That's roughly $1 billion per month. Ethereum's regulatory status has been a hot potato. Is it a commodity or a security? The SEC dropped its investigation into Ethereum in June. Laura Brookover, a Consensys attorney, reckons they did it to save face. The CFTC has thrown its hat in the ring too. Its chairman, Rostin Behnam, argues that ETH is a commodity. He thinks it falls under his agency's jurisdiction. All this buzz is creating a perfect storm for Ethereum. Low liquidity, potential ETF approval, and regulatory clarity could send prices soaring. But as always in crypto, it's anyone's guess. Investors are on the edge of their seats. July 23 could be a game-changer for Ethereum. Will it live up to the hype? Only time will tell.
Black Rock CEO No Longer Bitcoin Skeptic, Calls BTC 'Legitimate'
Jul 15, 2024
Larry Fink, CEO of BlackRock, dropped a bombshell saying he changed his mind about Bitcoin. That might have also influenced BTC recent price movement. Bitcoin's price held steady above $63,000 on July 15. This came after a weekend rally. The cryptocurrency gained 3.5% in a day. It's up 10% since Friday. Traders are eyeing further gains. Some analysts believe the downtrend is over. Peter Brandt, a veteran trader, sees a potential bullish pattern forming. "Bitcoin could be unfolding its often-repeated Hump...Slump...Bump...Dump...Pump chart construction," Brandt said on social media. He added that bears might be trapped. A close below $56,000 would negate this view. Rekt Capital, another popular analyst, was more confident. "The Bitcoin Downtrend is over," he declared. Some traders are drawing parallels with post-halving price action in previous cycles. Henrik Zeberg, an economist at Swissblock, chimed in. "The final phase of the BlowOffTop has begun!" he exclaimed. Zeberg pointed to a bullish divergence in the relative strength index. But it's not just chart watchers getting excited. Larry Fink, CEO of BlackRock, dropped a bombshell. In a CNBC interview, he admitted to changing his mind about Bitcoin. "I was a skeptic. I was a proud skeptic," Fink confessed. "And I studied it, learned about it, and I came away saying, 'OK, you know, my opinion five years ago was wrong.'" Fink now believes Bitcoin is "legitimate". This is a big deal. BlackRock, the world's largest asset manager, runs the biggest spot Bitcoin ETF by assets. Eric Balchunas, a Bloomberg ETF analyst, weighed in. He stressed the significance of Fink's endorsement. "Buy in from BlackRock - as well as other legacy firms like Fidelity - gives boomer advisors comfort and cover to make the allocation," Balchunas noted. The crypto world is buzzing. With big names jumping on board, Bitcoin's future looks brighter than ever. But as always in crypto, expect the unexpected. This rollercoaster ride is far from over.
Is Solana the Next Ethereum? One Analyst Thinks So
Jul 12, 2024
Solana (SOL) is currently in bearish territory. Prices are up at spot rates. The downtrend persists. Bulls need to push prices above $155, then $190, to change this outlook. One analyst on X is bullish on SOL. They predict significant gains in coming months. The analyst sees parallels with Ethereum's 2018 performance. SOL might outperform the broader market. The analyst targets at least $2,800 in the next bull cycle. This forecast is based on SOL's recent price action. Ethereum hit $1,400 in 2018. It then crashed below $100. Solana peaked at $240 in 2021. It later plummeted to $8 in November 2022. FTX's collapse worsened the dump. The analyst noted ETH's sharp rally after its crash. It surged over 20X within 660 days. SOL's retracement depth mirrors ETH's 2018 drop. This similarity fuels the bullish prediction. Several factors drive this optimism. Solana's rising prominence is key. Developers are flocking to the network. Low fees and high scalability are the main draws. Meme coins are booming on Solana. BONK and BOME, worth billions, run on the platform. This trend is boosting Solana's profile. At some point Solana might turn out to be the ultimate place for all the leading meme coins to live, and that's going to be a really big deal. Recent ETF developments are another positive sign. VanEck and 21Shares have applied for spot Solana ETFs. These filings are still early-stage. The SEC will review them rigorously. Hopes are high due to recent spot Ethereum ETF developments, though nobody can tell for sure that this is about to happen with a high level of certainty. If approved, a spot Solana ETF could be a game-changer. It would allow institutional exposure to SOL. This institutional interest could push prices higher. The analyst's $2,800 target suddenly doesn't look so crazy. But as always in crypto, only time will tell.
Ethereum Whale Suddenly Moves $50M Amid ETF Anticipation
Jul 10, 2024
A significant Ethereum transaction has caught the market's attention. It comes as the US nears approval of a spot Ether ETF. The move could shape Ethereum's trajectory in the weeks ahead. An Ethereum whale has withdrawn 16,449 ETH from Binance. The transaction is valued at roughly $50.3 million. It coincides with Ethereum's price rebounding above $3,000. Spot On Chain, an onchain data provider, highlighted the whale's activity. "This marks their first major Ether accumulation," they noted. The funds now sit in a new wallet. The timing is crucial. It aligns with the expected launch of Ether ETFs next week. Spot On Chain pondered on X: "Could this large transfer signal bullish sentiment for Ethereum?" ETF introduction typically boosts institutional interest. This often drives up prices. The whale activity and impending ETF launch suggest heightened interest in Ethereum. Ether's price jumped 10.11% on July 9. It hit $3,113, up from about $2,830 the previous day. This rally coincided with positive fund flows. CoinShares reported $10.2 million inflows to Ether-linked funds. This was for the week ending July 5. VanEck and 21Shares recently updated their SEC registrations. They aim for July approval to list and trade spot Ether ETF shares. 21Shares also revised its Core Ethereum ETF form. Neither filing specified an exact launch date. Both stated they'd launch "as soon as practicable after the effective date". Competition among ETF sponsors is heating up. Invesco and Galaxy set a 0.25% management fee for their Ethereum ETF. They filed this with US regulators on July 9. The SEC greenlit spot Ether ETFs in May. Yet, investors pulled $61 million from Ether investment products between June 24 and 29. This brought June's total outflows to $37 million. The market's on edge. Will the whale's move and upcoming ETFs give Ethereum a boost? Only time will tell.

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