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Ethereum Cracks Record-High of $1.8K amid CME ETH Futures Listing and Bitcoin All-Time High

Ethereum, the second-largest cryptocurrency by market capitalization, has broken to a record-high of more than $1,800, increasing by 10% in the past 24 hours.

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Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has broken to a record-high of more than $1,800, increasing by 10% in the past 24 hours.

Ether’s price increase could be attributed to the fact that market sentiment in the crypto sector has been positive lately, with Bitcoin soaring to a fresh all-time high recently of $47K. The largest cryptocurrency by market cap has reclaimed the spotlight, as Tesla has been the latest corporate giant to announce a $1.5 billion dollar purchase of Bitcoin.

With Elon Musk’s car manufacturing firm backing Bitcoin, this has served to re-ignite the cryptocurrency bull run, and push Ethereum and other altcoins higher. With both leading cryptocurrencies Bitcoin and Ethereum hitting new all-time highs and entering price discovery territory once again, Meltem Demirors, the Chief Strategy Officer at coinShares, summarized the historical moment and said:

“Bad day for bears. Papa Musk goes all-in on bitcoin with Tesla treasury; $ETH futures launch on CME with much FUD (Fear, uncertainty, doubt), yet ETH rallies on the open.”

Another factor that has majorly contributed to Ethereum’s new all-time high is the listing of ETH futures going live on February 8, at 8 pm Eastern Time. The launch was conducted by CME Group, which listed Bitcoin futures first. The new addition of ETH futures is expected to facilitate and drive the inflow of institutional investments into Ethereum, just as it did for Bitcoin.

Crypto analytics platform Arcane Research pinpointed the launch of ETH Futures as a success, stating:

“The first day of trading for CME’s ETH Futures ended with over $30 million in volume and $20 million in open interest.”

Currently, the increase in Ethereum’s price is proof enough that interest in Ethereum has been renewed. With the availability of ETH futures, institutional investment is expected to pour into Ethereum. Just last week, crypto asset manager CoinShares reported that around $195 million worth of institutional inflow entered Ethereum, and that number is undoubtedly going to surge in the near future.

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With Elon Musk’s car manufacturing firm backing Bitcoin, this has served to re-ignite the cryptocurrency bull run, and push Ethereum and other altcoins higher. With both leading cryptocurrencies Bitcoin and Ethereum hitting new all-time highs and entering price discovery territory once again, Meltem Demirors, the Chief Strategy Officer at coinShares, summarized the historical moment and said:

Source: https://blockchain.news/news/ethereum-cracks-record-high-1.8k-cme-eth-futures-listing-bitcoin-all-time-high

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43% Singaporean Own Cryptocurrency, Study Says

A study released on Monday shows that 43% of own Singaporean cryptocurrencies, while most of the crypto investors range between 25 to 44 years old, according to the Independent Reserve Cryptocurren

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A study released on Monday shows that 43% of own Singaporean cryptocurrencies, while most of the crypto investors range between 25 to 44 years old, according to the Independent Reserve Cryptocurrency Index (IRCI).

This is the inaugural year for the Independent Reserve Cryptocurrency Index (ICRI) for Singapore regarding the adoption and other key factors of cryptocurrencies. Singapore, the city-state of ASEAN’s member country in Southeast Asia, scored 63 marks out of 100 in the ICRI index, higher than Australia with 47 points compared to the previous year. Singapore enjoys an open-minded and responsive regulatory environment, according to the report.

Per the report, serval highlights are shown as follows:

  • 93% of Singaporeans are aware of at least one type of cryptocurrency. Bitcoin has the most brand recognition, with 90% of respondents saying they’re aware of it, followed by Ethereum (44%) and Litecoin (33%), respectively.
  • 43% of Singaporeans own cryptocurrencies, which is remarkably high compared to regional and global average estimates—82% of respondents hodl Bitcoin.
  • 74% of crypto holders report either making a profit or breaking even in crypto-related investments.
  • Also, 76% of Singaporeans between 26 and 35 believe crypto will become widely accepted by businesses and the public.
  • The primary driver of confidence in cryptocurrency in Singapore has increased clarity of local regulation and taxation issues.
  • Almost 40% of respondents believe Bitcoin to be an investment asset, more than three times the number of those who consider it money.
  • 21% of Singaporeans intended to buy crypto in 2020 but didn’t say their purchasing decisions were directly influenced by the economic fallout of the COVID-19 crisis.
  • However, about 7% of respondents believed Bitcoin to be a scam.

Adrian Przelozny, the CEO of Independent Reserve, described Singapore as a “key hub in Asia due to its robust and well-regulated financial markets infrastructure and openness to new technologies.”

Singapore enjoys a crypto-friendly environment

Singapore enjoys a crypto-friendly environment worldwide. Earlier this month, a study ranked Singapore as the 3rd place after the United States and Cyprus in terms of the crypto-friendly index were more than 30,000 crypto searches per 100,000 people. Singaporean administration allows people to own and exchange crypto while at least ten crypto ATMs are operating.

Image source: Shutterstock

  • 43% of Singaporeans own cryptocurrencies, which is remarkably high compared to regional and global average estimates—82% of respondents hodl Bitcoin.
  • Source: https://blockchain.news/news/43-percent-singaporean-own-cryptocurrencystudy-says

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    Ethereum Has Vastly Outperformed Tech Stocks With a Staggering 171% ROI

    Ethereum’s price drop hasn’t dampened its spirits to offer an impressive return on investment (ROI) so far this year compared to tech stocks like Microsoft, Facebook, and Apple.

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    Ethereum’s price slumped from an all-time high (ATH) price of $4,350 due to the market crash witnessed in the crypto space.

    However, this hasn’t dampened its spirits to offer an impressive return on investment (ROI) so far this year compared to tech stocks like Microsoft, Facebook, and Apple, as acknowledged by IntoTheBlock. The data science firm explained:

    “Despite the recent sharp decrease in price, ETH has vastly outperformed Tech Stocks YTD. While well-known companies like Apple, Facebook, or Microsoft have seen impressive returns above 27% this year, ETH performance shows a staggering 171% ROI.”

    Ethereum’s mainstream adoption is propelled by the decentralised finance (DeFi) and non-fungible token (NFT) sectors.

    ETH is continuously making headlines because it is settling three times more value-chain than Bitcoin (BTC) daily.

    Furthermore, in late June, ETH’s daily active addresses surpassed Bitcoin for the first time in crypto history because they shot up to 649,000, whereas those of BTC stood at 580,000.

    Crypto markets experienced bearish movements in June

    According to on-chain metrics provider CryptoCompare:

    “Throughout June, the cryptocurrency markets continued to experience bearish movements as both Bitcoin and Ethereum ended the month down. Aggregate open interest across BTC futures products fell 31.8% to $9.7bn while ETH futures products also fell 29.3% to $4.2bn.”

    Things were not rosy for the crypto market in June because trading volumes in exchanges plummeted by more than 40% as Chinese authorities intensified mining crackdown implementation.

    Ethereum is, however, continuously scaling the heights because of low average fees, which recently dropped to $2.19, and this was the lowest level it had gotten since December 2020. As a result, its transactions hit $2.5 trillion in the second quarter of 2021.

    Image source: Shutterstock

    ETH is continuously making headlines because it is settling three times more value-chain than Bitcoin (BTC) daily.

    Source: https://blockchain.news/analysis/ethereum-has-vastly-outperformed-tech-stocks-a-staggering-171-percent-roi

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    Retail Momentum on the Bitcoin Network Slows Down by BTC’s Sinking Social Sentiment

    Crypto analyst Joseph Young noted that a slow down in retail momentum and miners moving out of China were affecting Bitcoin.

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    Bitcoin (BTC) was down by 6.31% during intraday trading to hit $33,182, according to CoinMarketCap. This price drop is attributed to China’s intensified law enforcement against domestic BTC mining activity, whereby more than 90% of this sector has been affected.

    These sentiments were echoed by crypto analyst Joseph Young who noted that a slow down in retail momentum and miners moving out of China affected Bitcoin. He explained:

    “I think two main things are putting pressure on Bitcoin. 1. BTC miners moving out of China – Have to fund migrations of facilities – Causing bearish sentiment in China 2. Retail momentum slowing down – China & Korea seeing less activity.”

    Young also pointed out that BTC miners have been selling (per on-chain data) in recent months, particularly FUD (fear, uncertainty, and doubt) occurred in China.

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    Therefore, many miners were migrating out of China to nearby countries to set up new mining facilities.

    As a result, the BTC miners were forced to sell their holdings to get the needed capital to establish the necessary facilities.

    On the part of retail momentum dropping, the crypto analyst acknowledged:

    “We have retail interest slowing down. There has been heavy selling pressure coming from China. Futures exchanges with lots of Chinese users have been heavily short (negative funding). Yesterday, Binance Futures even hit -0.027% funding rate for Bitcoin.”

    Bitcoin’s social sentiment on Twitter slumps

    According to Santiment, the drop in Bitcoin’s price to below $33k level has triggered social sentiment on Twitter to hit lows since 2020. The on-chain metrics provider stated:

    “Falling below $33,000, Bitcoin’s social sentiment on Twitter is at its lowest level since the start of the major crypto rally a year ago.”

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    It, therefore, remains to be seen how BTC plays out going forward because, together with Ethereum (ETH), they emerged to be the best risk-adjusted assets over the last year based on the Sharpe Ratio.

    Image source: Shutterstock

    Young also pointed out that BTC miners have been selling (per on-chain data) in recent months, particularly FUD (fear, uncertainty, and doubt) occurred in China.

    Source: https://blockchain.news/analysis/retail-momentum-the-bitcoin-network-slows-down-btc-sinking-social-sentiment

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