Analysts speculate the Securities and Exchange Commission could be stalling until it creates listing standards for crypto ETFs, or is trying to stop its sole Democrat commissioner from disrupting the approval process.

SEC approves, then instantly pauses Bitwise’s ETF conversion

Crypto analyst Xanrox has declared that the Ethereum price is on the brink of 
recording a parabolic rally to $5,500, a new all-time high (ATH). He also 
outlined factors that could drive the ETH rally to this target. Ethereum Price 
Eyes Rally To $5,500 In The Short Term In a TradingView post, Xanrox predicted 
that the Ethereum price could rally to $5,500 in the short term because banks 
and states are buying. He also claimed that ETH is part of the USA crypto 
reserve, which is bullish for the altcoin. Meanwhile, the analyst also alluded 
to the Ethereum ETFs, as another factor that could drive demand for ETH. 
Related Reading: Ethereum ATH Above $4,800? Here’s How High It Will Go If 2021 
Repeats According to him, these institutional investors count ETH as the 
future of the crypto industry, which is a positive for the Ethereum price. 
These institutional investors have recently been warming up to ETH amid 
optimism that these funds could soon include a staking feature following the 
SEC’s approval. For the first time last week, these funds beat the Bitcoin 
ETFs in daily flows. Xanrox is also bullish on the Ethereum price from a 
technical analysis perspective. He noted that the altcoin is currently inside 
an ascending channel and breaking out with strong bullish momentum. The 
analyst also indicated that this was still a good time to buy ETH despite how 
much it has rallied this month, reaching a six-month high. He claimed that the 
Ethereum price is somewhere in the middle. As such, those who buy now can get 
to sell when ETH reaches $5,500. Xanrox added that the $5,500 level is likely 
where the altcoin will consolidate for a long time before going higher. 
Interestingly, his accompanying chart showed that Ethereum could even rally to 
as high as $113,000 at some point. A Demand Shock Is Coming For ETH In an X 
post, Bitwise Chief Investment Officer (CIO) Matt Hougan declared that a 
demand shock is coming for ETH, which is why he predicts that the Ethereum 
price will continue to rally. He noted that the altcoin is up over 50% in the 
past month and more than 150% since its lows in April, thanks to overwhelming 
demand from ETFs and corporate treasuries. Related Reading: Ethereum Road To 
$10,000: Replay Of May’s Playbook Predicts Another Breakout Matt Hougan 
expects this demand to keep rising. He noted that ETF investors remain 
significantly underweight in terms of their ETH-to-BTC holdings ratio. The 
market expert further stated that although ETH’s market cap is about 19% the 
size of BTC, the Ethereum funds have amassed less than 12% of the assets that 
the Bitcoin ETFs hold. As such, he expects these investors to allocate more 
ETH, which is bullish for the Ethereum price. The Bitwise CIO predicted that 
Ethereum ETFs and treasury companies could purchase up to $20 billion of ETH 
in the next year, equivalent to 5.33 million ETH at today’s prices. Meanwhile, 
the Ethereum network is expected to produce around 800,000 ETH over the same 
period, resulting in demand that is seven times greater than supply. At the 
time of writing, the Ethereum price is trading at around $3,700, up in the 
last 24 hours, according to data from CoinMarketCap. Featured image from 
Pixabay, chart from Tradingview.com

Ethereum Price On The Verge: Banks And State Buy To Push ETH Above $5,500?

HBAR is transitioning into a broader range, with support at $0.12 and 
resistance at $0.26. If price continues to close daily candles below this 
resistance, the likelihood of further downside increases.

HBAR rejected from key resistance: A correction toward this support is likely

Tron Inc.&#8217;s Nasdaq debut could enhance blockchain adoption and investor 
interest, potentially boosting TRX&#8217;s market position and value.
The post Justin Sun-backed Tron Inc. to ring Nasdaq bell tomorrow following 
reverse merger appeared first on Crypto Briefing.

Justin Sun-backed Tron Inc. to ring Nasdaq bell tomorrow following reverse merger

EDXM International has launched a new perpetual futures exchange targeting 
institutional market participants. EDXM Enters the Crypto Liquidity Wars The 
platform offers perpetual futures contracts on 44 trading pairs, including 
bitcoin ( BTC), ethereum ( ETH), solana ( SOL), and XRP. It is backed by 
several financial institutions and venture capital firms. In the announcement 
[…]

EDXM Just Opened the Doors to Institutional Crypto—Here’s Why It Matters

VERT, a Brazil-based capital markets firm, has joined the growing trend of 
companies looking to tap into tokenization with a new solution on XRP Ledger. 
The fund management firm’s move comes as Wall Street giants such as Goldman 
Sachs, BNY…