Ethereum’s value has seen a significant rise of over 15% in the last two weeks, attracting attention from investors and experts alike. This surge showcases the cryptocurrency’s strength and potential in a volatile crypto market.
The increase began on July 10, with Ethereum leading the way by going up 9% to $3,680.98, hitting a peak of $3,835.43 on the same day. Bitcoin also saw a 2% increase, trading at approximately $71,350. The surge was fueled by the possibility of regulators approving spot Ether ETF applications, prompting issuers and exchanges to update their documents.
There is growing speculation that the U.S. Securities and Exchange Commission (SEC) might reconsider its stance on spot Ether ETFs, with applications from VanEck and Ark Invest potentially being approved. In May, the SEC gave the green light to updated 19b-4 filings for Ethereum ETFs, signaling progress towards full approval. Many anticipate that Ethereum ETFs will be approved sometime this year.
Ethereum’s current price stands at $3,492, with a 1.8% increase in the past 24 hours. Analysts predict that it will fluctuate between $3,500 and $3,750 in the coming days. The cryptocurrency has experienced significant price swings since its inception, hitting an all-time high of $4,200.86 in May 2021.
In a separate development, Tornado Cash, an Ethereum-based mixer, has seen a resurgence despite facing sanctions from the U.S. Office of Foreign Assets Control (OFAC). Data from Flipside Crypto reveals that Tornado Cash attracted nearly $2 billion in deposits in the first half of this year, marking a 50% increase compared to all deposits in 2023.
In August 2022, OFAC sanctioned Tornado Cash for allegedly aiding money laundering for cybercriminals, including North Korean hackers. This led to an 85% decline in Tornado Cash’s activity in 2023. However, the mixer remains a tool for illicit activities, with some North Korean hackers still utilizing it, even though many have switched to traditional Bitcoin mixers.
Overall, Ethereum’s recent surge and the resurgence of Tornado Cash demonstrate the evolving landscape of cryptocurrencies and the regulatory challenges they face. Investors and analysts are closely monitoring these developments to gauge the future trajectory of these digital assets in a rapidly changing environment.
