Ethereum enjoys price increase as ETF anticipation intensifies

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As a seasoned researcher with a background in cryptocurrency markets and trends, I have witnessed Ethereum’s remarkable resilience and potential firsthand. Over the past two weeks, I have closely monitored the surge in Ethereum’s price, which has captured the attention of investors and analysts alike. The 15% increase is a testament to Ethereum’s strength amidst a turbulent crypto market environment.

In the last fortnight, Ethereum (ETH) has seen a noteworthy price growth of over 15%. This significant rise has piqued the interest of investors and market observers, showcasing Ethereum’s robustness and promise in the face of a volatile crypto market landscape.

Starting on July 10, Ethereum saw a surge in value as regulators indicated their intent to greenlight the filing of spot Ether Exchange-Traded Funds (ETFs).

On July 10, Ethereum took the lead, experiencing a 9% growth and reaching a peak price of $3,835.43, which was its highest at that point in the day. Meanwhile, Bitcoin also rose by 2%, settling around $71,350.

Recent reports suggest that both issuers and exchanges have made adjustments to their documents, potentially signaling a change in the U.S. Securities and Exchange Commission (SEC) stance towards approving spot Ether exchange-traded funds (ETFs). Previously, it was believed that these applications from VanEck and Ark Invest would be denied, but now, final decisions are expected to be made.

In May, the Securities and Exchange Commission (SEC) gave the green light to revised 19b-4 applications for Ethereum exchange-traded funds (ETFs). This approval represents a major milestone towards final authorization. The SEC is believed to grant approval for Ethereum ETFs sometime in 2023.

The price trend of Ethereum displays continuous change influenced by market fluctuations and investor attitudes. At present, it is valued at $3,492. Over the past day, Ethereum has experienced a 1.8% growth. In the short term, experts forecast that its value may oscillate between $3,500 and $3,750.

As a cryptocurrency analyst, I’ve observed its ups and downs since its creation. The most remarkable peak occurred back in May 2021, reaching an astounding all-time high of $4,200.86.

Tornado Cash

Currently, Tornado.css on Ethereum, which is a privacy tool, has experienced a significant revival. It has drawn in almost $2 billion in deposits, an impressive figure, despite ongoing restrictions from the United States’ Office of Foreign Assets Control (OFAC).

According to data from Flipside Crypto, approximately $1.9 billion was deposited into Tornado Cash during the first half of this year. This represents a substantial 50% rise compared to the total deposits recorded in all of 2023.

In August 2022, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions on Tornado Cash, a cryptocurrency tumbler, due to accusations that it has been used to launder ill-gotten funds, with a significant number of these transactions linked to North Korean cybercriminals.

In the year 2023, there was a significant decrease in transactions on Tornado Cash, amounting to around an 85% reduction compared to previous levels.

In spite of the imposed sanctions, Tornado Cash has persisted as a preferred platform for individuals engaging in unlawful activities. Although most North Korean cybercriminals have moved towards utilizing conventional Bitcoin tumblers, a subset of them still employs Tornado Cash.

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2024-07-20 19:56