There are two big events this week that cryptocurrency enthusiasts will enjoy. The world is watching because it could cause market volatility due to speculation. Both the opening of the Spot Ether ETF trading and Trump’s appearance on stage at the Bitcoin conference at the event, we will have to wait and see if Trump will have any “surprise” words or not!?
***Authentic! Spot Ether ETFs set to open for trading
The CBOE Securities Exchange has announced the launch of five new Spot Ether ETFs that will begin trading on CBOE on July 23, pending final regulatory approval.
The US Securities and Exchange Commission is expected to approve Ethereum ETFs on Monday, July 22, which coincides with the Federal Reserve Bank of Chicago announcing that trading in the new securities will begin the following day, a source told etf.com.
According to the new CBOE securities listing, there are 5 Spot Ether ETFs that will start trading on July 23, including the 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF.
Institutional analyst Tom Dunleavy believes that funds flowing into Ethereum ETFs could reach $10 billion this year. Having seen capital inflows of up to $1 billion per month, Cointelegraph says that this is expected to have a significant positive impact on the price of ETH. This could push the price to a new all-time high in early Q4.
***Donald Trump will speak at the Bitcoin conference on July 27.
Republican presidential candidate Donald Trump will speak at the upcoming Bitcoin Conference in Nashville, Tennessee, delivering a 30-minute speech at 2:00 p.m. ET on the final day of the conference, which will take place from July 25 to 27.
In addition to Trump, Robert F. Kennedy Jr. is an independent candidate for president. We will also be discussing crypto during the meeting, including crypto advocates Cathie Wood of ARK Investment and celebrities like Michael Saylor, the founder of Bitcoin. Precise Strategy is also an important person who will be attending the meeting
***Will there be any surprises!? At the Bitcoin conference in Nashville
There are rumors circulating that Trump is planning to announce his desire to make Bitcoin a “strategic reserve asset” for the United States! If this rumor is true, this is a huge deal that will have a positive impact on the future of the cryptocurrency industry as it reflects the global adoption of Bitcoin by major powers. Whether it is true or just a rumor, everything will be revealed that day.
Currently, the US government holds a large amount of Bitcoin, approximately 213,000 Bitcoin, most of which has been confiscated from bad actors. If Bitcoin is declared a strategic reserve asset, they could transfer these Bitcoins, which have a market cap of $14.3 billion, as a reserve fund. Without having to buy more from the market
But in practice, this is not easy to do. The president does not have sole authority to make decisions. Because any significant changes and the formation of reserve assets must be approved by parliament and involve many parties, including policymakers, economists, financial experts, the Federal Reserve, lawyers, and others, as well as analyzing geopolitical influences and aligning them with the country's economic strategy.
***What will be the market trend?
In short, if nothing changes from this timeline, the US Spot ETF will open for trading for the first time on Tuesday, July 23, which analysts expect could lead to an influx of funds into the ETF, pushing ETH to a new all-time high (ATH) in early Q4/2024, with the last ATH being 3 years ago at $4,891 on November 16, 2021 (according to Coinmarketcap, ETH is currently trading around $3,500).
As for Trump’s appearance on stage, we have to wait and see how surprising his statement will be. Because the image clearly supports the crypto industry. But what if his idea goes as far as using Bitcoin as a reserve fund, according to rumors? This is a big deal that would change the course of US history. And the future of the crypto industry is definitely going!
What will the cryptocurrency market look like in general and how will Bitcoin and Ethereum prices react? We will know next week! But in general, in the short term, the market tends to sell on the ground or be subject to selling pressure when real news comes out.
source: qz.com Cointelegraph cryptoslate com.coindesk com.insidebitcoins cryptoslate
“Reader. Infuriatingly humble coffee enthusiast. Future teen idol. Tv nerd. Explorer. Organizer. Twitter aficionado. Evil music fanatic.”