Ethereum’s Price Surge Driven by ETF Anticipation
Ethereum (ETH) has witnessed a growth of more than 15% within a brief period of two weeks, and this recent increase in value has indeed given investors and market analysts a reason to remind themselves of the currency’s strength, thus affirming its survival amidst the current crypto world turbulence of a market.
Regulatory Shifts Boosting Market Confidence
Ethereum made a soaring flight which crop-dropping began on July 10 when the authorities were visible to consent to spot Ether ETF approvals.
On July 10, the performance was startled when Ethereum was the biggest gainer with a 9% increase, thus, stepping into the threshold of $3,680.98 and almost superseding the $3,835.43 level which it had attempted earlier that day. Bitcoin also exhibited its gain also adding 2%, selling at around $71,350.
Based on the reports, the issuers and the exchanges have told them that the documents were updated in the U.S. Securities and Exchange Commission (SEC) territory, so that might have meant that the spot Ether ETF consideration was being restaged. Whereas the earlier concept was that these funds might not have been subscribed to, lately the prospects for the applications from the likes of VanEck and Ark Invest are awaited that could make the final decisions.
SEC Approval on the Horizon
In May the updates on the 19b-4 filings for Ethereum ETFs filed by the SEC were approved, which, in fact, was a major and a vital stage in the achievement of the approvals. It is not any longer felt to be a surprise that the SEC will finally be making the green light for Ethereum ETFs to sail in the air of this year.
According to the latest price analysis, Ethereum has experienced fast changes in the market scenario and the reactions by traders. By the close of the trade today, Ethereum was trading for less than 3,500 dollars, with an uptick of 1.8% since the last twenty-four hours. It will be within the limits of $3,500 and $3,750 in the short run.
Past its formation, the cryptocurrency has had a lot of fluctuations, making an all-time high of $4,202.86 in May 2021.
Tornado Cash: A Resilient Controversy
Conversely, the once-persecuted Tornado Cash, which is an Ethereum-based mixer, has now been the main star of a phoenix-like situation, with almost $2 billion in deposits collected, in contradiction to persistent U.S. Office of Foreign Assets Control (OFAC) sanctions.
As Flipside Crypto’s data shows, Tornado Cash got something like $1.9 billion in deposits in this year’s first six months, which was an amazing 50% leap compared to the total deposits of 2023.
Last year, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) accused Tornado Cash, a crypto mixer, of supposedly being a tool for money launderers, especially North Korean hackers, and that is when the sanctions started.
This move, in turn, caused a shrink in the total movement of Tornado Cash by 85% in 2023.
Despite the prohibitions, Tornado Cash is still an instrument of illegal actors. While most of the hackers from North Korea have now moved mostly to more classic Bitcoin mixers, some are still using Tornado Cash.
