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Ethereum Enjoys Price Surge, ETF Anticipation Intensifies
Ethereal (ETH) has seen a price increase of over 15% in the last two weeks. This surge has caught the attention of investors and analysts, highlighting the cryptocurrency’s resilience and potential in a turbulent cryptocurrency market environment.
Ethereum began an upward trajectory on July 10, when regulators appeared poised to approve applications for spot Ether ETFs.
On July 10, Ethereum led the charge with a 9% surge, reaching $3,680.98 and peaking at $3,835.43 earlier that day. Bitcoin also followed with a 2% surge, trading around $71,350.
Issuers and exchanges have as they say have updated their filings, indicating that the U.S. Securities and Exchange Commission (SEC) may reconsider its stance on spot Ether ETFs. While it was previously thought that these funds would not be approved, the final decisions on applications from VanEck and Ark Invest are now expected.
In May, the SEC approved updated its 19b-4 filings for Ethereum ETFs, marking a significant step toward full approval. The SEC is widely expected to approve Ethereum ETFs later this year.
Ethereum price analysis reveals a dynamic trajectory influenced by market trends and investor sentiment. Currently trading at $3,492, Ethereum has seen a 1.8% increase in the past 24 hours. It is expected to fluctuate between $3,500 and $3,750 in the near term.
Since its inception, the cryptocurrency has undergone significant fluctuations, reaching an all-time high of $4,200.86 in May 2021.
Cash Tornado
Meanwhile, Ethereum-based mixer Tornado Cash has seen a remarkable recovery, attracting nearly $2 billion in deposits despite ongoing sanctions from the U.S. Office of Foreign Assets Control (OFAC).
Data Flipside Crypto’s data shows that Tornado Cash received approximately $1.9 billion in deposits in the first six months of this year, a 50% increase over total deposits for all of 2023.
In August 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash, a cryptocurrency mixer, accused of facilitating money laundering for cybercriminals, particularly North Korean hackers.
This action has caused a dramatic decline in Tornado Cash activity, with volumes expected to decline by approximately 85% in 2023.
Despite sanctionsTornado Cash has remained a tool for illicit actors. While North Korean hackers have largely switched to traditional Bitcoin mixers, some continue to use Tornado Cash.