Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Ethereum Spikes, Whales Swiftly Scoops 8,000 ETH: More Gains Incoming? appeared on bitcoinist.com by Dalmas Ngetich.
Immediately after Ethereum spiked on August 29, a whale bought 8,000 ETH at $1,709, spending 13.66 million USDC. ETH prices continue to rise, trading at around $1,740 when writing.
The coin may post even more gains in the sessions following a shift in trader sentiment after a favorable appellate court ruling in the case pitting Grayscale, the issuer of several trusts, including the Bitcoin Trust, versus the United States Securities and Exchange Commission (SEC).
The Grayscale Catalyst
The United States District of Columbia Court of Appeals faulted the SEC for not allowing Grayscale to convert the billions worth of over-the-counter (OTC) Bitcoin Trust to a Bitcoin spot Exchange-Traded Fund (ETF). The SEC has already approved a Bitcoin Futures ETF that doesn’t track the price of Bitcoin directly.
In their argument, Grayscale asserts that measures implemented to ensure that prices aggregated for the Bitcoin index used to guide the Bitcoin Futures ETF are safe. As such, the same could be applied in guaranteeing the credibility of data streams used as input for a Bitcoin spot ETF.
Grayscale added that their surveillance sharing agreements with the Chicago Mercantile Exchange (CME) should effectively flag and stamp out any attempt to manipulate Bitcoin prices.
Will The SEC Approve An Ethereum Futures ETF?
Following this development, it is likely that the SEC will approve a Bitcoin spot ETF in the coming months. However, nothing is guaranteed, as the asset manager still needs to complete a process controlled by the regulator.
This DOES NOT automatically mean GBTC is immediately converting into an ETF. It just means — as the court states — that the SEC failed to explain why it approved Bitcoin futures ETPs and not the Grayscale’s proposed product.
There is a process ahead…
— Sonali Basak (@sonalibasak) August 29, 2023
Meanwhile, several firms have applied for an Ethereum futures ETF. As of early August, six entities, including Bitwise, VanEck, and Grayscale, wanted to offer these products to investors. The SEC has yet to approve any Ethereum futures ETF.
It is unclear whether the SEC will proceed and allow the market to trade an Ethereum derivative this year. However, if the regulator is satisfied with all applications and green light them depending on their filing dates, Volatility Shares Ethereum futures ETF would be the first to hit the market as early as October 12.
Presently, Bitcoin is trending higher after finding support at around $25,800. The expansion of BTC prices has benefited altcoins, and Ethereum is firm, breaking out. Looking at the candlestick arrangement in the daily chart, ETH prices have broken above last week’s resistance at $1,700.
The surge in ETH’s price as of August 29 displays rising trading volumes, and the associated breakout bar is also wide-ranging. This could suggest that ETH buyers are engaged, and the coin may surge even higher in the days ahead. Looking at price action, the whale bought the breakout, around the $1,700 round number, and is currently in the money.
Feature image from Canva, chart from TradingView
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on bitcoinist.com by Dalmas Ngetich – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!