Here are some of the major developments from the world of crypto over the past few days.
After the much-awaited release of Ethereum exchange-traded funds (ETFs) in the US, a recent Kaiko analysis suggests that Ether may do better than Bitcoin. The ETH $3,441 to BTC $64,101 Price Ratio a statistic that indicates how much BTC is needed to buy one ETH was one of the report's highlights.
An impending ETH bull run might be sparked by Ether's 1% market depth, according to the research. The level of liquidity in a market is gauged by its depth. A possible supply shock from institutional demand for Ethereum ETFs is indicated by the Ethereum Exchange Reserve's multi-year lows which might lead to higher prices.
According to Balchunas, the SEC requested that applicants submit updated S-1 forms by July 16 ahead of a projected July 23 debut date. Ether's classification as a commodity or security is fiercely discussed. More recently, Rostin Behnam, chairman of the Commodities Futures Trading Commission (CFTC) asserted that ETH is a commodity that is subject to his agency's jurisdiction.
The Securities and Exchange Commission (SEC) of the United States has allegedly issued final instructions to asset managers planning to establish Ether exchange-traded funds (ETFs). According to Bloomberg analyst Eric Balchunas, the Commission asked issuers to submit their final S-1 files by July 16, with the new funds expected to begin on July 23.
Several prominent financial companies, including BlackRock, Grayscale, Fidelity, ARK 21Shares, Invesco Galaxy, VanEck, Hashdex and Franklin Templeton, are vying to develop Ether ETFs. The fee structures for these ETFs will differ; VanEck and Franklin Templeton will charge 0.20% and 0.19%, respectively, while Invesco and Galaxy will charge 0.25%.
The SEC's clearance procedure for Ether ETFs is expected to follow a similar pattern as that for Bitcoin ETFs. Analysts expect that Ether ETFs will draw considerable investor interest, with much to $10 billion in new inflows in the months after its introduction. At the time of writing, Ether ETH $3,458 was trading at $3,394, a 6.1% increase.
Plaintiffs in a long-running class-action lawsuit against Tether and Bitfinix have filed an amended complaint accusing the companies of manipulating cryptocurrency prices through a deceptive scheme involving USDT $1.00 Tether dollar-backed stablecoin, according to court documents filed in the Southern District of New York.
The companies claimed to have paid for these transactions with billions of dollars in USDT, which was not, despite Tether's repeated claims, backed dollar for dollar by US dollars. According to the Plaintiffs, Tether and Bitfinix violated both the Sherman Antitrust Act and the Commodities Exchange Act (CEA) in the process.
Tether and Bitfinex contested the Plaintiff's 2023 request to revise the lawsuit, claiming it was an attempt to salvage a dying legal battle. According to the petition, Bitfinex and Tether issued unbacked USDT, which the plaintiffs claim expert analysis demonstrates was utilized to purchase significant quantities of cryptocurrency commodities.