Here are some of the major developments from the world of crypto over the past few days.
According to the analysts of K33 Research which offers data-driven research and analysis in the area of Bitcoin and digital assets, the highly awaited listing of spot Ethereum ETH exchange-traded funds would be the impetus that skyrockets its price and give it a chance to outperform Bitcoin BTC in coming weeks.
Vetle Lunde and David Zimmerman touched upon the development in stating that launch at the earliest on July 8. On the opposite side, they think Bitcoin might see some selling pressure as $8.5 billion worth of BTC is returned to creditors of the collapsed it is a "golden egg" for ETH's price, according to the exchange-traded fund(ETF) Mt. Gox exchange.
While Ethereum underperformed Bitcoin for over a year, analysts think this is about to flip once the ETFs go live. Inflows into the Ethereum ETFs could boost its price, just like what occurred in the case of the Bitcoin ETFs, they add.
"ETFs are a solid catalyst for relative ETH strength as the summer progresses and flows accumulate, and I firmly view current ETH/BTC prices as a bargain for the patient trader," said Lunde.
The analysts say that, notwithstanding the scepticism about this market, the surge in Ethereum shows that traders are betting on ETH's potential price and action ahead of the ETF launch.
CleanSpark Crosses 20 EH/s Hash Rate, Mints 445 Bitcoin in June
CleanSpark announced incredible operational results for June 2024. They mined 445 Bitcoins during this period and got a total of 3,614 Bitcoins minted in the year 2024. CleanSpark has just exceeded its mid-year declaration on the operational hash rating website.
They increased a hash rate worth a targeted figure of 20 exahashes per second (EH/s) and have been operating bigger than two times concerning their hashrate of December 2023. The company managed to gain five new sites in Georgia which were, in particular, a 60 MW increase in infrastructure and 1.7 EH/s contribution to the hash rate.
In meeting the business targets, CEO Zach Bradford remarked that CleanSpark carefully worked to surpass its competitors, constantly driving up the Bitcoin mining hash rate and the consequent revenues. The next target the company has is the 50 EH/s barrier. Even the share of CleanSparks, after such an impressive performance, the stock plummeted more than 5.5 per cent on the 2nd of July 2024. It was over 247.6 per cent last year, but in the first half of 2024, it has gone up to 55.6 per cent.
It is now considered a top contender in the Bitcoin mining sector by both the experts in the field and the company itself having set ambitious hash rate targets for the near future.
South Korean Exchanges Allay Fears of Mass Crypto Delisting
A group of 20 South Korean crypto exchanges moved to dispel fears of mass delisting of cryptocurrencies, saying such a scenario is unlikely. According to the country's new crypto user protection laws, exchanges will have to review 1,333 cryptocurrencies within the next six months.
The Digital Asset Exchange Alliance (DAXA) said that the new token listings would be screened under the Protection of Virtual Asset Users Act, which takes effect on July 19, and a more lenient "alternative screening plan" would apply to digital assets that have traded for at least two years in "eligible overseas virtual asset markets with sufficient regulation."
South Korea is one of the largest crypto markets in the world. Its currency, the won, remained the most traded fiat currency pair for the first quarter of the year, while its largest exchange, Upbit, currently sits in the top 20 exchanges by daily volume.