TL;DR
- Ethereum remains stable after the approval of its ETFs in the U.S., registering a slight increase of 0.42% and settling around $3,460.
- Bitcoin shows volatility, falling to $66,000 due to Mt. Gox transfers, and a distribution of $9 billion in BTC to creditors is expected.
- Citi upgrades Coinbase’s rating to ‘buy’ with a price target of $345, anticipating a more favorable regulatory environment and greater confidence in its legal strategy.
The cryptocurrency market has experienced interesting movements in recent days. Ethereum (ETH) has shown some stability following the recent approval of its ETFs in the United States. Despite the anticipated financial product, the price of Ethereum remained almost unchanged, with a slight increase of 0.42% in the last 24 hours, settling around $3,460.
Some analysts have an optimistic long-term view, suggesting that the approval of the ETFs could push the price of ETH up to $6,500. However, expectations for capital inflows into these funds are not as high as those observed in Bitcoin ETFs, which have captured between $15 billion and $20 billion in their first seven months. Steno Research predicts that Ethereum ETFs could attract a similar amount in their first year.
On the other hand, Bitcoin has shown some volatility recently. After recovering the $68,000 mark, BTC retreated to $66,000, affected by the latest BTC transfers made by Mt. Gox to Bitstamp. These transactions are part of the payments to creditors affected by the 2014 hack, which at the time shook the crypto market. Currently, BTC is trading slightly below $66,600, showing a 0.9% decrease in the last 24 hours. In the coming weeks, more than $9 billion in BTC and $73 million in Bitcoin Cash (BCH) will be distributed to creditors, which could have a considerable impact on the market.
Ethereum Stable, Altcoins Slightly Down
In the corporate sphere, Citi has upgraded its rating for Coinbase shares from neutral to buy and increased its price target to $345 from $260. This upgrade is based on a potentially more favorable regulatory environment resulting from the upcoming elections in the United States and growing confidence in Coinbase’s legal strategy, especially after the recent overturning of the Chevron Doctrine by the Supreme Court. Citi analysts, led by Peter Christiansen, believe that the improvement in the regulatory and legal outlook could unlock institutional capital and foster greater collaboration between traditional and crypto finance.
As for other altcoins, they have had a slightly bearish performance. BNB (BNB) is trading at $583.8 with a daily drop of 1.7%. Solana (SOL) remains around $173 and has fallen 2.1% in the last 24 hours. Ripple (XRP) also fell 2.1%, and its current value is $0.5967. Dogecoin (DOGE) lost 3.8% of its value and is trading at $0.1326. Toncoin (TON) dropped 1.1%, and its value is around $6.9. Finally, Cardano (ADA) fell 3% and is trading at $0.4195.
Although the approval of Ethereum ETFs has not had an immediate impact on prices, long-term expectations remain positive. The community remains attentive to developments that could influence market prices.
