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Meme coins are typically considered more speculative than other altcoins. In the ongoing cycle, meme coins on the Solana and Base chain, top assets by market capitalization like Dogecoin (DOGE), Shiba Inu (SHIB) have yielded massive gains for holders. Colin Wu, Chinese journalist recently reported that 138 meme coins were registered on Coinmarketcap in April

Meme coin secret sauce: 1,000x returns on tokens in the 2024 cycle

As the US Securities and Exchange Commission (SEC) continues to scrutinize crypto industry players, including Robinhood, Binance, Coinbase, and Ripple, the Chair of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, warns of an impending surge in enforcement actions. Crypto Faces Inevitable Wave Of Enforcement Actions At the Milken Institute’s 27th annual Global Conference, Behnam

CFTC Chair Predicts Tsunami Of Crypto Enforcement Actions In Next 2 Years

Ethereum has put on a disappointing performance for its investors over the last few weeks, leading to concerns on whether the second-largest cryptocurrency by market cap has lost its shine. The cryptocurrency continues to skirt around the $3,100 level, not making any significant breaks upward. This points to weak fundamentals that could trigger a price decline. Ethereum Fails To Make Meaningful Moves Markus Thielen, Head of Research at 10x Research, has pointed out some worrying developments with the Ethereum price. In a new report shared with NewsBTC, he explains that despite Ethereum remaining highly correlated to Bitcoin with an R-Square of 95%, it continues to perform poorly while the latter has made new all-time highs. Related Reading: Here’s Why This Crypto Analyst Believes Bitcoin Is At A ‘Prime Buy Zone’ Thielen points back to ETH’s performance in the last bull market, which was closely tied to new sectors popping out of the network, such as decentralized finance (DeFi) and non-fungible tokens (NFTs). This caused demand to skyrocket, and in turn, the price followed as users gobbled up ETH for the high gas fee required to transact on the blockchain. However, Ethereum has failed to maintain this momentum, which can be attributed to its inability to bring the upgrades that users needed in time. Thielen explains that the Dencun upgrade which helped solved the high gas fee issues had come three years too late because by 2024 when the upgrade arrived, users had moved on to Layer 2 networks. Also, during this time, other Layer 1 networks have seen a rise in users and Solana is one example of this. Source: 10x Research The researcher further explained that the weak fundamentals of ETH are now not only affecting its price but has had a spillover effect to Bitcoin. “Ethereum’s weak fundamentals are becoming a roadblock for Bitcoin as they prevent broad fiat inflow into the crypto ecosystem,” Thielen stated. Better To Short ETH Thielen’s analysis of Ethereum also spreads to the drop in stablecoin usage on the network. Back in 2021, Ethereum had dominated stablecoin transactions such as USDT and USDC. However, it seems like, with other things, the high fees have driven users towards other networks. Blockchains such as Tron (TRX) are now dominating stablecoin transactions, leaving ETH in the dust. Additionally, there is also the fact that ETH’s issuance is turning inflationary once again. After the London Hard Fork, also known as EIP-1559, was completed in 2021, the network saw its issuance turn deflationary for the first time as ETH burned quickly surpassed ETH being brought into circulation. Related Reading: Crypto Whale Spends $10.4 Million On PEPE, Do They Know Something You Don’t? However, this has now changed in the past months as there have been more ETH issued than those burned, Thielen notes. To put this in perspective, a total of 74,000 ETH were issued compared to only 43,000 ETH burned. This inflation, coupled with the fact that staking rewards have now dropped to 3%, below the 5.1% offered by Treasury Yields, Ethereum has had a hard time maintaining bullish sentiment. Given these developments, the researcher believes it is better to be bearish on Ethereum right now. “Right now, we would be more comfortable holding a short position in ETH than a long one in BTC as Ethereum’s fundamentals are fragile, which is not yet reflected in ETH prices,” Thielen concludes. ETH price fails to hold $3,100 | Source: ETHUSD on Tradingview.com Featured image from Watcher Guru, chart from Tradingview.com

Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing

In a recent interview on Bloomberg Television, Steve Eisman of Neuberger Berman, who gained prominence from “The Big Short,” shared insights on the impending U.S. election and his investment strategies. Eisman identified three significant current themes, including cryptocurrency, about which he expressed skepticism. Steve Eisman’s Take: Trump’s Re-Election and the So-Called Crypto Conundrum Steve Eisman,

‘Big Short’ Investor Calls Crypto One of the ‘Great Themes of Our Time,’ But He’s Not a Believer

A widely followed crypto analyst says that Bitcoin (BTC) may be acting as a “more volatile version” of the stock market. In a new video update, crypto strategist Benjamin Cowen tells his 801,000 YouTube subscribers that Bitcoin may be following in the footsteps of the Russell 2000 Index, NASDAQ and S&P 500. According to the The post Bitcoin Rally Could Be Short-Lived if BTC Follows Stock Market, According to Analyst Benjamin Cowen appeared first on The Daily Hodl .

Bitcoin Rally Could Be Short-Lived if BTC Follows Stock Market, According to Analyst Benjamin Cowen

Susquehanna International Group reports owning over $1 billion in Grayscale's spot Bitcoin ETF alone.

Investment Firm Discloses Over $1.8 Billion in Bitcoin ETF Holdings in SEC Filing

On Tuesday, the crypto payments processor based in Atlanta, Bitpay, revealed its collaboration with Moonpay. The partnership, Bitpay emphasized, enables users to sell bitcoin and other crypto assets directly through the Bitpay app. Bitpay Now Allows Direct Sales via Moonpay Partnership Users of the Bitpay app can now sell their crypto assets through Bitpay’s integration

Bitpay Partners With Moonpay to Enhance Crypto Selling Experience on App

For many investors, navigating the unpredictable fluctuations of Bitcoin and Ethereum can be quite challenging. However, amidst this volatility, there’s an exciting opportunity on the horizon. Enter Furrever Token (FURR), a rising star in the meme coin arena. Following its remarkable success in the presale phase, surpassing $1 million in funding within just two months, The post Ethereum and Furrever Token Attracting Crypto Whales as Bitcoin Eyes New ATH appeared first on Times Tabloid - Latest Cryptocurrency News, Bitcoin (BTC) News, Ethereum (ETH) News, Shiba Inu (SHIB) News, Ripple's XRP News .

Ethereum and Furrever Token Attracting Crypto Whales as Bitcoin Eyes New ATH

As the political temperature in the United States heats up ahead of upcoming elections, cryptocurrency is emerging as a significant topic among voters in key battleground states. An extensive online survey spearheaded by the Digital Currency Group (DCG) has highlighted the growing importance of digital currency policies in the electoral dialogue, particularly in states known

Crypto’s Electoral Impact: Over 20% Of Swing State Voters Weigh Digital Currency Policies Heavily

The cryptocurrency market has recently exhibited distinct divergences in the behavior of its two leading assets, Bitcoin and Ethereum. While Bitcoin appears to be stepping into a phase of relative stability, Ethereum’s journey paints a contrasting picture of sustained uncertainty, particularly in its options market. This divergence is highlighted by the sustained high levels of implied volatility associated with Ethereum options, signaling a cautious outlook among investors regarding its future price movements. Related Reading: Ethereum Burn Rate Hits Yearly Low: What This Means For ETH’s Future Ethereum Persisting Volatility: A Comparative Analysis Implied volatility (IV) serves as a crucial indicator in the options market, providing insights into the expected price fluctuations of an asset over a specific period. It reflects the market’s temperature, gauging the intensity of potential price movements traders anticipate. Recent analyses suggest that while Bitcoin’s implied volatility has settled down significantly post-halving, Ethereum’s has not followed suit. As Bitcoin’s IV dipped to a multi-month low, indicating a calming market, Ethereum’s IV remains stubbornly high. Contrary to the calming waves in the Bitcoin market, Ethereum wrestles with heightened volatility. According to data from Bitfinex Alpha Report, Bitcoin’s volatility index sharply declined from 72% at the time of its latest halving event to about 55%. On the other hand, Ethereum saw a more modest reduction in its volatility index, dropping from 76% to 65% in the same period. This persistent volatility in Ethereum’s market is primarily fueled by uncertainties surrounding significant upcoming regulatory decisions and broader market implications. The Ethereum market is particularly jittery in anticipation of the US Securities and Exchange Commission’s (SEC) impending decision on two spot Ethereum ETFs, slated for late May 2024. This upcoming regulatory milestone is considered a critical event that could either catalyze a major market move or exacerbate the current volatility. The Bitfinex Alpha report underscores that regulatory uncertainty is a primary driver behind Ethereum’s less significant drop in its Volatility Risk Premium (VRP) compared to Bitcoin’s. ETH And BTC Show Signs of Recovery Amid Volatility Ethereum and Bitcoin have shown signs of recovery over the past week in terms of trading performance. Bitcoin has seen a 4.1% increase, while Ethereum reported a more modest gain of 2.4%. However, the last 24 hours have been less favorable for Ethereum, with a slight dip of 0.7%, underscoring the ongoing volatility and investor caution. Moreover, Ethereum’s network dynamics also reflect a subdued activity with a marked decrease in ETH burn rate attributed to reduced transaction fees. This technical aspect further complements a cautious Ethereum market narrative, poised on the brink of potentially significant shifts depending on external regulatory actions. Related Reading: Bitcoin’s Make-Or-Break Moment: Trading Guru Predicts Rally Amid Market Uncertainty Despite all these, analysts like Ashcrypto suggest that the current volatility could set the stage for a strong rebound in the year’s third quarter. Drawing on historical patterns, Ethereum’s speculative forecast is potentially reaching the $4,000 mark, provided market conditions align favorably. Featured image from Unsplash, Chart from TradingView

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