|
Reading time: 5 minutes |
News | Crypto Converter | Profit Calculator |
Spot ETF inflows expected to propel Ether to $6.5K, analyst forecasts |
|
Key points: |
Steno Research predicts net inflows of $15 billion to $20 billion into spot Ether ETFs in the first year. This inflow is expected to drive the price of Ether to $6,500 by year-end.
|
News - The launch of spot Ether ETFs in the U.S. is sparking optimism, with analysts at Steno Research predicting a significant inflow of funds that could propel the cryptocurrency's value. |
Their report, released on Thursday, challenges the current market sentiment which they view as overly pessimistic. Steno forecasts net inflows of $15 billion to $20 billion within the first year, potentially driving the price of Ether to $6,500 by year-end. |
This bullish outlook hinges on two factors: Inflows into spot ETFs and additional positive developments for the cryptocurrency itself. The report highlights Ether's inherent qualities that resonate with Wall Street investors, further fueling their optimistic forecast. |
The approval process for spot Ether ETFs appears to be nearing its conclusion. The Securities and Exchange Commission (SEC) greenlit filings from issuers last month, paving the way for the launch of these new products as soon as next week, according to reports. |
Steno's analysis suggests that even a moderate inflow into Ether ETFs could have an outsized impact compared to Bitcoin due to Ether's lower market capitalization and limited liquidity. |
Australian Tax Office ramps up crypto data collection efforts |
|
Key points: |
|
News - The Australian Tax Office (ATO) is cranking up its scrutiny of cryptocurrency transactions as the country's tax filing deadline approaches on 30 June. |
The ATO is casting a wide net this year, aiming to identify taxpayers who may have profited from crypto investments and failed to report their gains. |
"The ATO has been closely monitoring cryptocurrency activity in recent years, and this tax season is no different," said Adam Saville-Brown, general manager of crypto tax software Koinly. |
How is ATO gearing up? To enhance its data collection capabilities, the ATO has revamped its crypto data matching program. This program allows them to gather information directly from Australian cryptocurrency exchanges, spanning transactions from 2014 to 2026. |
This data collection effort is expected to encompass details like names, addresses, emails, and even social media accounts and IP addresses of an estimated 1.2 million crypto investors annually. |
While Saville-Brown believes most Australian crypto investors understand their tax filing obligations, the ATO's program is designed to catch those who remain non-compliant. |
However, a grey area exists regarding the tax implications of recent repayments from bankrupt crypto lender Celsius. These repayments, distributed in Bitcoin and Ether, leave users "confused" about potential tax consequences, according to Saville-Brown. The ATO has yet to provide clear guidance on how these repayments should be handled for tax purposes. |
Bolivia lifts ban on cryptocurrency payments to boost economic modernization |
|
Key points: |
|
News - In a move to modernize its payment system and potentially revitalize its economy, Bolivia's central bank, Banco Central de Bolivia (BCB), has lifted its longstanding ban on Bitcoin and other cryptocurrencies. |
This new policy allows financial institutions to facilitate transactions involving digital assets. The BCB hopes this shift will elevate Bolivia's economic standing and harmonize its regulations with other crypto-embracing countries in Latin America. |
Notably, the ban on crypto use in Bolivia dates back to 2014, and was further solidified by Board Resolution N°144/2020 in December 2020, which specifically prohibited banks from interacting with cryptocurrencies. |
The new regulations come with some stipulations. While banks can now engage in cryptocurrency transactions through authorized electronic channels, these digital assets are not considered legal tender in Bolivia. |
Recognizing the potential risks associated with cryptocurrency, the BCB plans to implement an Economic and Financial Education Plan. This initiative aims to educate the public about responsible crypto management. |
Tron shows strong growth in network activity, eyes further gains |
|
Key points: |
Tron's daily active addresses have surged, surpassing some top layer-1 blockchains. Network activity on Tron, including transactions and fees, is on the rise.
|
News - Tron's blockchain has been a hive of activity in recent months, boasting a significant increase in network usage and user base. |
IntoTheBlock highlighted a surge in daily active addresses on Tron, reaching an average of 2.5 million this year, surpassing even some leading layer-1 blockchains. |
An analysis by AMBCrypto confirmed this trend, revealing a steady rise in daily active addresses and transactions over the past month. Additionally, Tron's captured value appears promising, with both fees and revenue experiencing an upward swing. |
Some negative points - However, Tron's performance in DeFi wasn't as stellar. A substantial drop in TVL over the past week indicates a slowdown in DeFi activity on the Tron network. |
Despite the DeFi setback, Tron stands out as one of the few top 20 cryptocurrencies to maintain a positive weekly price chart. |
Well, adding to the positive outlook is a rise in TRX's long/short ratio, signifying increased bullish sentiment among investors. While a potential price correction could see TRX dip to $0.115 due to rising liquidation at that level, continued dominance by bulls could propel the price toward $0.13 in the near future. |
|
More stories from the crypto ecosystem |
|
Crypto Scams Uncovered |
The Blast ecosystem saw a $1.3M rug-pull on a project it had claimed had undeniable potential in a post on X. The project, RiskOnBlast, was said to be a gambling and exchange platform that raised $1M from investors in a seed round the week before the rug pull. On 25th February, Sunday, all of its social media accounts were scrapped. Of the 420 ETH raised from 750 wallets, $497k was sent to the swapping service ChangeNow. Another $360k was sent to the MEXC exchange and $187k to Bybit. AnubisDAO, the dog-inspired DeFi project, raised 13,556 ETH from investors in October 2021. Just 20 hours into the "fundraising", the project rug pulled by sending funds to different wallets, leaving investors in the mud. In July 2023, almost two years after the incident, the funds were moved in 100 transactions using TornadoCash, a decentralized protocol that allows private transactions. Developer of the Mutant Ape Planet nonfungible token Aurelien Michel, pleaded guilty in U.S. Federal Court to an international scheme to defraud buyers and agreed to pay $1.4M in forfeiture. He also faced five years in prison. The Mutant Ape Planet NFTs amassed close to $3 million before Michel, posting under the pseudonym "James", admitted to the rug pull in the community's Discord channel.
|
|
Top 3 coins of the day |
Solana (SOL) |
|
Key points: |
|
What you should know - Solana has shown bullish signs recently, climbing over 10% in the last week. However, this uptick comes amidst a larger downtrend since May, with SOL confined within a descending channel. At $171, SOL faces immediate resistance. Overcoming this key level and the psychological barrier of $170 is crucial to reaching the long-term resistance of $187. Unfortunately, the technical indicators paint a mixed picture. While the RSI at 48 suggests a market nearing neutrality, the overall trend favors the sellers. A drop to the $121 support level remains a possibility. |
Polkadot (DOT) |
|
Key points: |
DOT was following Bitcoin's movement very closely, at press time. It increased by 7% over the last day.
|
What you should know - Polkadot has shown encouraging signs after a steep decline. Following a 24% drop between 1-23 June, bulls emerged around $5.30, driving the price up 18% within four days. Technical indicators suggest this momentum could continue. The Moving Average Convergence Divergence (MACD) hints at a potential bullish divergence, often a sign of rising prices. DOT's immediate challenge is overcoming the resistance level of $7. If bulls can breach this hurdle, the price could target $9.30, a significant long-term resistance level. However, continued buying pressure is crucial to sustain the uptrend. |
Akash Network (AKT) |
|
Key points: |
AKT was up 25.14% in the last seven days. The bullish momentum was very strong, at the time of writing.
|
What you should know - AKT has been a standout performer among DePIN tokens, surging over 27% this week. However, the bulls might encounter resistance in the zone between $4.56 and $4.90. On the flip side, support is present at $2.82, an area with ample liquidity that could potentially prevent a deeper drop. The RSI currently sits at 50 and is trending upwards, indicating a market that's neither overbought nor oversold and hinting at the possibility of further price increases. Cautious optimism is warranted as bulls look to overcome the resistance zone and propel AKT to higher levels. |
How was today's newsletter? |
|
No comments:
Post a Comment