Ethereum Surges Over 15% as ETF Excitement Grows

In the last two weeks, Ethereum (ETH) has seen its value rise by over 15%. This impressive increase has caught the attention of investors and analysts, showcasing Ethereum’s strength and promise in a volatile crypto market.

The upward movement began on July 10, driven by optimism surrounding the potential approval of spot Ether ETF applications by regulators.

Key Highlights of Ethereum's Rise

On July 10, Ethereum jumped by 9%, reaching $3,680.98, with a peak of $3,835.43 earlier that day. Bitcoin also experienced a 2% uptick, trading around $71,350.

Reports suggest that issuers and exchanges have revised their documentation, hinting at a possible shift in the U.S. Securities and Exchange Commission’s (SEC) stance on spot Ether ETFs. Previously thought unlikely to gain approval, applications from VanEck and Ark Invest are now being closely watched.

In a significant move in May, the SEC approved updated 19b-4 filings for Ethereum ETFs, paving the way for full approval. Many anticipate that the SEC will greenlight Ethereum ETFs this year.

Current Price Analysis

Ethereum's price has shown a dynamic pattern influenced by market trends and investor sentiment. Currently trading at $3,492, Ethereum has risen 1.8% in the past 24 hours. Short-term forecasts suggest it could fluctuate between $3,500 and $3,750.

Since its launch, Ethereum has experienced notable price swings, reaching an all-time high of $4,200.86 in May 2021.

Tornado Cash Sees Resurgence Despite Sanctions

In related news, Tornado Cash, an Ethereum-based mixer, has seen a resurgence, attracting nearly $2 billion in deposits despite sanctions from the U.S. Office of Foreign Assets Control (OFAC).

Data from Flipside Crypto indicates that Tornado Cash received approximately $1.9 billion in deposits in the first half of this year, a 50% increase compared to total deposits in 2023.

Sanctioned by OFAC in August 2022 for allegedly aiding money laundering by cybercriminals, including North Korean hackers, Tornado Cash experienced an 85% drop in activity in 2023.

Despite these sanctions, Tornado Cash continues to be used by illicit actors. While many North Korean hackers have shifted to traditional Bitcoin mixers, some still use Tornado Cash.

Conclusion

Ethereum's recent price surge amid ETF approval speculations highlights the cryptocurrency's resilience and potential. As the market anticipates further regulatory developments, Ethereum's trajectory remains a focal point for investors.

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