BlackRock’s Spot Ethereum ETF Surpasses $1 Billion for the First Time
BlackRock’s spot Ethereum ETF has reached net asset value above $1 billion for the first time. U.S.-based spot Ethereum ETFs saw their highest inflows since early August, reversing a six-week trend of net outflows. The milestones came on Friday, with $58.7 million in inflows, $42.5 million from Fidelity’s FETH fund and $11.5 million from BlackRock’s ETHA fund. The increase puts BlackRock’s fund in the top 20% of the more than 3,700 ETFs in the U.S. market, while all ether funds combined have a combined net asset value of $7.4 billion, the most since late August.
Bitcoin Correlation With US Stock Markets Reaches 2-Year High
Bitcoin’s correlation with U.S. stock markets reached a two-year high earlier this week. This high level of correlation comes at a time when several major U.S. stock market indexes are recording all-time highs. The U.S. Federal Reserve’s rate cut had a positive impact on both cryptocurrencies and Wall Street, with Bitcoin’s price rising above $66,500 for the first time in two months. Historically, the fourth quarter has been a positive one for Bitcoin, with October and November being among its most bullish months, suggesting that a new all-time high could be imminent.
Senator Lummis Predicts Major Crypto Changes in 2024
Senator Cynthia Lummis has criticized the US Securities and Exchange Commission’s (SEC) cryptocurrency regulations, stating that Congress needs to take action before the 2024 elections. Lummis criticized SEC Chairman Gary Gensler’s approach to classifying crypto assets as securities and argued that Bitcoin and Ethereum should be recognized as commodities. She also emphasized that the vagueness of current regulations is pushing companies out of the US, which could weaken the US’s position in the global financial market. Lummis emphasized that Congress needs to provide guidance to the crypto industry by setting clear rules. While Gensler’s future as SEC chair remains uncertain, Lummis and other members of Congress are calling for clearer regulations.
Vitalik Buterin Proposes Metrics to Measure Ethereum Adoption
Ethereum co-founder Vitalik Buterin suggests creating metrics to measure how well projects align with Ethereum’s core values. Buterin emphasizes that the ecosystem should feel unified rather than fragmented, and suggests considering criteria such as open-source status, interoperability, decentralization, and community benefits. Buterin emphasizes the importance of Ethereum maintaining its neutrality, and warns that marketing practices can create a divisive environment. Despite Buterin’s influence in direction and decision-making, concerns remain about Ethereum becoming overly reliant on him.
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BITCOIN (BTC)
BTC is priced at $64,500 with a 1.66% loss in value as of the morning hours. $66,500 was seen but could not be sustained above it. Pricing between 63,000 – 65,000 can be seen. If permanence is achieved above 66,000, the price can go up to 70,000. A pullback to 63,000 can occur in pricing below 64,500.
ETHEREUM (ETH)
ETH is priced at $2633 with a 0.91% loss in value as of the morning hours. After an increase to $2700, a pullback occurred and the rise is currently continuing. A move to $2800 can be seen if priced above $2700. In the pullback, $2550 appears to be a strong support.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.6480 with a 1.06% gain. XRP is trading at 0.6480 on the 4-hour chart and is showing an upward trend. The price broke the middle resistance at 0.6100 and is currently consolidating at the 0.64 resistance. Breaking the 0.66 resistance is critical for the continuation of the rise. If this resistance is not overcome, the price is likely to fall back to the additional support point at 0.63. If this support level is broken, the risk of XRP falling back to the stronger support area at 0.58 may increase.
AVALANCHE (AVAX)
AVAX is priced at $28.62 with a 1.41% loss in value as of the morning hours. The 30.80 level was seen. Permanence could not be achieved at first, but there is a movement towards that level again. If pricing above $30 is seen, an increase to $33 can be seen. As the first support, 28.00 seems strong.
SOLANA (SOL)
SOL is priced at $156.62 with a 1.15% loss in value as of the morning hours. It rose to $162. After falling to $154, the rise continues. If it is sustained above $160, a rise to $170 can be seen. As the first support, 154 seems strong.
OUNCE GOLD
The ounce of gold is priced at $2658 with a 0.02% loss in value as of the morning hours. ATH was refreshed on the 4-hour chart and the level of 2686 was seen. $2600 – $2620 works as a major support. $2700 can be seen in the continuation of the rise. In pullbacks, $2640 – $2620 seems to be a strong support.
OUNCE SILVER
Silver is priced at $31.60 with a 0.80% gain as of the morning hours. On the 4-hour chart, the price broke the 31.19 resistance level. It is likely to encounter resistance at 32.50 and pullback. In a possible pullback, the price is expected to fall towards the 31.20 and then 28.700 support levels. If the rising band is broken upwards, the rise will likely continue.
