Grayscale files to convert its Ethereum Trust into a spot Ethereum ETF

  • Grayscale is seeking for SEC’s approval to convert its Ethereum Trust to an Ethereum ETF.
  • Grayscale’s Ethereum Trust manages nearly $5 billion in Ethereum assets.
  • Transition to spot ETF offers direct and regulated cryptocurrency exposure.

Grayscale Investments, a global leader in digital asset investment, is making headlines again as it seeks approval from the US Securities and Exchange Commission (SEC) to convert its Grayscale Ethereum Trust (ETHE) into a spot Ethereum exchange-traded fund (ETF).

The move, which is in partnership with NYSE Arca, marks a significant step toward bringing cryptocurrencies further into the mainstream financial landscape.

Grayscale’s Ethereum Trust

Grayscale’s Ethereum Trust (ETHE) currently stands as the world’s largest Ethereum investment product, boasting a substantial $5 billion in assets under management. The trust gives investors exposure to Ethereum, one of the leading cryptocurrencies, by holding Ethereum on their behalf.

However, the proposed conversion into a spot ETF would change the game.

The rising appetite for crypto ETFs

A spot ETF represents a more direct approach to cryptocurrency investment compared to trusts that rely on futures contracts.

In a spot ETF, investors own the underlying asset itself, in this case, Ethereum, rather than futures contracts. This approach offers increased transparency and security for investors, making it an attractive option for those seeking to participate in the crypto market with regulatory oversight.

Grayscale’s forays into crypto Investment

Michael Sonnenshein, the CEO of Grayscale Investments, expressed the company’s commitment to providing traditional investment products with cryptocurrency exposure.

Grayscale Investments is no stranger to the SEC, having recently won a legal battle that may shape the future of cryptocurrency ETFs. The ruling provided essential guidelines for how regulators should handle forthcoming crypto ETF applications, setting the stage for further developments in the cryptocurrency industry.

As the cryptocurrency market continues to evolve, Grayscale’s application for an Ethereum spot ETF represents another milestone in the integration of cryptocurrencies into mainstream finance. If approved, it would join the Purpose Bitcoin ETF, which gained approval earlier this year, in offering a regulated and direct path for investors to access digital assets.

The development could attract more institutional capital and enhance market liquidity, paving the way for a new era in cryptocurrency investment.

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7 best DeFi crypto tokens to 10x

In DeFi, discovering tokens with the potential for significant returns is similar to finding a diamond in the rough. Within the labyrinth of the DeFi market, certain trailblazers are shifting paradigms, holding the promise of exponential financial gains and pioneering shifts in the Web3 ecosystem. 

Use cases range from platforms reshaping the traditional method of business financing using innovative NFT mechanisms to DeFi projects unravelling the interplay between art, AI, and finance. 

We spotlight seven DeFi crypto altcoins positioned to soar and perhaps 10x in the upcoming bull run. If you take your time to read through and understand the fundamentals behind each of the tokens in this article you might stumble upon your next best crypto investment.

Borroe Finance (ROE) cryptocurrency ICO 

Borroe Finance (ROE) is emerging as a standout player in the DeFi market, recognized for its groundbreaking AI-powered funding marketplace tailored for content creators and Web3 enthusiasts. It’s not just another cryptocurrency ICO but a platform changing the game for Web3 business financing. With $ROE tokens operating on the Polygon chain, an Ethereum sidechain, Borroe allows businesses to mint and sell NFTs representing future earnings. 

For buyers, this means instant cash flow by acquiring discounted invoice NFTs, further tradable on secondary platforms. What sets Borroe apart is its alignment with Web3 principles, championing equitable value distribution and empowering users. This platform promises easy invoice trading, AI-driven risk evaluation, blockchain security, and efficient crypto and fiat transactions.

Additionally, the tokenomics or “Roenomics” of Borroe has a deflationary nature, ensuring scalability and limited transaction fees. Given these attributes and Borroe’s unique value in bridging traditional funding gaps, it’s no wonder industry experts tag it among the top cryptos to buy now. Experts anticipate $ROE to increase by 350% after the presale. To participate in the presale, visit Borroe.Finance Presale

InQubeta (QUBE) DeFi coin

InQubeta (QUBE) is quickly emerging as a game-changer in the DeFi tokens space, positioning itself as the world’s first Web3 crowdfunding platform tailored specifically for AI startups. Pioneering the landscape, InQubeta offers fractionalized investment options, with each AI investment venture represented as an NFT. Whether you’re eyeing the next big thing like MidJourney, QUBE grants you the golden ticket. The Ethereum (ERC-20) based QUBE isn’t just a regular altcoin. It’s a deflationary token, ensuring scarcity and value appreciation. Plus, experts anticipate that QUBE’s price will increase by 400% after the presale. 

Furthermore, QUBE continues to impress as a governance token, it promotes democratic participation. Staking QUBE promises passive income, thanks to its dedicated reward pool, ensuring long-term holders get their fair share.

To purchase the QUBE token, visit InQubeta Presale

Domini (DOMI) altcoin

Domini ($DOMI) is making waves in the DeFi cryptocurrency space, blurring the lines between high-end art and decentralized finance. Positioned on Ethereum’s ERC-20 network, Domini introduces a visionary art marketplace where blockchain technology seamlessly integrates with traditional artistry. This game-changer transforms the elitist blue-chip art domain by tokenizing artworks into unique NFTs, enabling fractional ownership. 

Consequently, even an average Joe can invest in esteemed artworks, removing antiquated barriers. Every tokenized artwork guarantees unwavering ownership records, strengthening trust and diversifying the art market. A salient feature of Domini? The Domini Marketplace is an original NFT platform allowing stakeholders to trade their art shares or scout for alluring art fragments to beef up their collection. 

More than just the best coin to invest in, $DOMI provides passive income, courtesy of its 7% buy and sell tax, divided meticulously to fund burn processes, marketing drives, and ensure liquidity. Investing in $DOMI is simple, thanks to the extensive payment gateway that accepts top cryptocurrencies. 

Stacks (STX) – Bitcoin alternative

Bitcoin-centric scaling solutions have seen heightened interest, driven by a growing urge to harness Bitcoin beyond mere transfers. Amidst this narrative, Stacks (STX) presents itself as an emerging frontrunner. With its Nakamoto upgrade expected later this year, STX offers potential as the native token of the Bitcoin L2, Stacks. Notably, stackers of STX enjoy passive BTC yield, the rise of which correlates with increased Stacks usage. 

However, the STX community faced a setback in April 2023 when a critical bug facilitated a skewed representation of the STX stack balance for a particular address, consequently leading to an unauthorized $425k gain. This flaw compromised the security of sBTC. Another challenge is the exploitation of the Proof-of-Transfer (PoX) consensus mechanism by a player, overshadowing its competitors claiming more STX rewards than due. 

Stacks adopts economic disincentives to synchronize its ecosystem participants; however, the efficacy of this strategy in ensuring a solid BTC bridge and a consistent native price oracle is still under scrutiny. Investors should be discerning given the recent challenges faced by the network and the infancy of Bitcoin scaling solutions. For newcomers and those thinking about the big question of which crypto to buy today for the long-term, considering the evolving landscape of the DeFi market, Stacks indeed offers a promising investment opportunity.

Render (RNDR) – a popular Metaverse project

Born from the Ethereum blockchain and OctaneRender fusion, RNDR embodies decentralization in 3D rendering. Render Network, often abbreviated as RNDR, is a remarkable peer-to-peer GPU marketplace that pivots on enabling individuals to allot their idle GPU prowess to the execution of 3D rendering of motion graphics and visuals. 

What sets it apart? A straightforward ROI in the form of RNDR, the platform’s intrinsic utility token. The elegance of RNDR lies in its optimization of traditional rendering protocols, positioning it as a cornerstone for digital prodigies in the burgeoning metaverse. Amid the digital entertainment era, where 3D visuals are the norm, from the immersive world of online gaming to the mesmerizing crypto metaverse, the demand for advanced rendering – the meticulous transformation of a 3D blueprint into a textured visual treat – is surging. The protocol’s decentralized nature promises scalability beyond comparison, with its robust GPU rendering network capable of massive expansion aligned with evolving project requisites. 

It’s not just about computational might; RNDR offers users a rich palette of choices, whether outsourcing tasks or harnessing surplus GPU energy, driving operational efficiency through the roof. And remember blockchain security ensures unmatched IP safety, safeguarding the creator’s rights, a rarity in today’s centralized platforms. For crypto novices seeking the next best DeFi coins or thinking about what crypto to invest in, RNDR emerges as a fascinating blend of next-gen tech with vast potential. Making it a top contender in the best crypto to invest list.

Hedera (HBAR) – a leading altcoin

Hedera Hashgraph, or HBAR, is a unique entry in the ever-growing DeFi cryptocurrency sector. At its core, Hedera aims to provide a versatile platform, different from typical erc20 tokens, on which individuals can transact or develop applications under the watchful eyes of a conglomerate of businesses. Unlike many decentralized systems on the decentralized cryptocurrency list, it sets itself apart with distinct design choices. While it offers impressive transaction speeds for its HBAR cryptocurrency, it only permits selected nodes to have a say in transaction history. 

Such a model ensures rapid finality, minimizing the potential for subsequent changes to transaction states. This structure assures businesses, offering them the confidence to act based on this reliable data. Beyond its operational features, Hedera has caught the attention of giants such as LG, IBM, and Boeing, which have integrated as nodes in this system. Founded by Leemon Baird and Mance Harmon and having raised $124 million from its HBAR sales, this network’s prominence in the best crypto-to-invest category continues to rise.

Lido Dao (LDO) 

Lido Dao (LDO) stands out as a revolutionary protocol in the cryptocurrency for beginners’ landscape, showcasing innovative solutions to Ethereum’s staking challenges. Born just before Ethereum’s iconic “Merge,” Lido’s Liquid Staking innovation addresses the daunting 32 Ether staking requirement, permitting users to tap into the staked tokens’ locked value. This is achieved through stTokens, acting as placeholders, granting users the flexibility to engage in the Decentralised Finance (DeFi) market and boost their yields. 

Unlike conventional staking methods, Lido offers the advantage of asset liquidity, ensuring assets can be utilized across various DeFi applications and top crypto coins. Not restricted to Ethereum, Lido has extended its wings to other notable Proof of Stake blockchains, including Polygon and Solana. Governed by its community through the LDO token, Lido stays committed to its mission: simplifying decentralized staking, making it accessible and appealing to a vast audience.

Conclusion

As the epoch of decentralization unfolds, Web3 platforms continue to entice, allure, and, more importantly, revolutionize traditional financial constructs. While cryptocurrency trading might seem daunting for beginners, altcoins, like those in this article, paint a promising future picture. Whether the innovation-laden Borroe or the fusion of art and finance in Domini, the DeFi space is brimming with opportunities. 

However, as with all investments, prudence is key. Let this article guide you in ensuring the best DeFi tokens are in your portfolios. After all, today’s informed choice could be the stepping stone to tomorrow’s financial windfall. Consider the nuances when discovering opportunities such as the coolest NFTs or altcoins that can lead to massive returns.

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Whale dumps Ethereum (ETH) for Maker (MKR), is this trending DeFi token next?

Whales often make moves that capture the attention of the entire crypto community. One such intriguing manoeuvre unfolded recently when a prominent whale decided to swap Ethereum (ETH) for Maker (MKR), raising questions about their investment strategy and preferences. 

As we delve into this notable shift, we also explore the growing interest among these influential players in DeFi tokens like Borroe.Finance ($ROE).

Maker (MKR) accumulation by a whale

On September 4, an address under the pseudonym “0x3737” held a substantial crypto portfolio valued at over $20.37 million. While this address engages in trades across various cryptocurrencies, what caught the eye of many was their decision to part with Ethereum (ETH) in favour of Maker (MKR). 

A closer examination of the address’s holdings reveals that Ethereum was the cornerstone of their portfolio, representing over 75% of their total assets.

With a whopping 10,000 ETH in their possession, equivalent to approximately $16.3 million at current market rates, this whale had clearly placed a significant bet on Ethereum’s potential. However, the allure of Maker (MKR) proved compelling, with the address holding MKR tokens worth $1.1 million, alongside other assets like Arbitrum (ARB), valued at $2.9 million.

Maker (MKR) stands as the native token of MakerDAO, a decentralized autonomous organization (DAO) pivotal in controlling the creation of DAI, an algorithmic stablecoin native to the Ethereum blockchain. MKR holders play a crucial role in the governance of the DAO, actively participating in decision-making processes that influence the stability and functioning of DAI.

In recent months, Maker (MKR) has experienced a remarkable surge in value, with its price more than doubling since June. This impressive rally saw MKR reach an all-time high of approximately $1,300 in early August, and it currently maintains a trading price above $1,100, marking a 13% increase from its August lows.

Borroe.Finance ($ROE) attracts attention

While the ETH-MKR swap showcases the whale’s strategic investment choices, it also underscores the shifting dynamics within the cryptocurrency market. DeFi tokens, in particular, have garnered increasing interest from whales and retail investors alike. One project that has been gaining recognition in this realm is Borroe.Finance ($ROE).

Borroe.Finance sets itself apart with its innovative approach as an AI-powered funding marketplace. This platform empowers content creators and participants in the Web3 ecosystem to access immediate cash by trading their future earnings. Notably, Borroe.Finance covers a wide spectrum of income streams, including subscriptions, invoices, royalties, and more.

As the cryptocurrency landscape continues to evolve, Borroe.Finance emerges as a promising contender in the DeFi space. Its unique value proposition and ability to cater to diverse financial needs make it an attractive choice for those seeking the best crypto investment opportunities.

Borroe.Finance’s presale

For investors keen on identifying the best crypto investments for long-term gains, Borroe.Finance’s presale offers an enticing proposition. With more than 94 million $ROE tokens already secured and each priced at a mere $0.0150 per token, this presale represents a compelling entry point into the cryptocurrency market.

As the crypto market witnesses intriguing moves by whales and emerging opportunities in the DeFi sector, Borroe.Finance’s presale beckons as an opportunity that should not be overlooked. 

In the quest for the best crypto investments, exploring innovative projects like Borroe.Finance is a step toward securing one’s position in the ever-evolving world of digital assets. For those seeking the best crypto to buy today for long-term gains, Borroe.Finance ($ROE) emerges as one of the top crypto coins to watch and consider. 

Learn more about Borroe.Finance ($ROE), visit Borroe.Finance Presale or Join The Telegram Group or Follow Borroe on Twitter

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Ethereum remains under pressure as the dollar strengthens

  • The US dollar strengthened following the FOMC September meeting
  • The Fed sees the funds rate higher for longer
  • Ethereum should hold above $1,400 for the bullish bias to persist

This year had two distinct parts for financial market participants – one characterized by the dollar’s weakness and one dominated by the dollar’s strength. 

The US dollar runs the show both in the traditional and cryptocurrency markets. EUR/USD is the best example of the correlation between the two markets. 

It opened the year at 1.06, rallied to 1.12, where it peaked during the summer, and then gave up its gains. The same dollar cycle may be seen in many cryptocurrencies. 

For example, Ethereum rallied from the start of the trading year, peaked at $2,000, where it met resistance, and then corrected. Therefore, cryptocurrency traders may want to focus on the dollar’s direction in order to position on the right side of the cryptocurrency market. 

The Federal Reserve’s September meeting did not change the dollar’s course

On Wednesday, the United States Federal Reserve released its monetary policy decision. It chose to keep the funds rate unchanged as the latest inflation news is encouraging. 

Market participants wildly expected the decision, so the focus shifted to the press conference. Jerome Powell was hawkish during the conference in the sense that it kept all the options on the table, including further rate hikes. The hawkish part was that he implied that future rate cuts may not be as many as in the past. In other words, interest rates would remain higher for longer. 

Naturally, the dollar rallied. 

Ethereum is trapped in a tight range

Ethereum is one of the most popular cryptocurrencies. Also, it is very liquid compared to other cryptocurrencies. 

Before the rally that started in 2023, Ethereum formed a contracting triangle. The good news is that such triangles appear at the end of complex corrections. 

Ethereum chart by TradingView

It means that if they act as reversal patterns, as is the case here, the new move that follows is part of a different pattern. 

The chart above shows that Ethereum corrected 50% from its highs but remains in a relatively tight range. By tight, one should refer to the historically high volatility in the cryptocurrency market. 

Bulls may want to wait for Ethereum to close above $2,000 before going long. Also, they would want to see Ethereum holding above the $1,400 support area. 

On the other hand, bears may want to see the market dropping below the support area provided by the $1,400 level. A drop to $1,000 might be in the cards on such a move. 

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Ethereum (ETH) price: Here’s why the rising US inflation matters

  • Ethereum price has bounced back in the past two days.

  • Franklin Resources became the other company to file for a Bitcoin ETF.

  • US published strong consumer inflation numbers.

Ethereum price rose for the second straight day even after the US published strong consumer price index (CPI) data. The price jumped to a high of $1,595, a few points above this week’s low of $1,530. In all, the coin has dropped by more than 25% from the highest level this year.

Bitcoin ETF applications

Ethereum price bounced back after Franklin Templeton became the first big financial services company to file for a spot Bitcoin ETF. The other major Wall Street firms that have done that are Blackrock, Invesco, Ark Invest, and Fidelity.

Analysts believe that these companies have a higher chance of gaining the approval of launching these funds. For one, these companies have put in place strict surveillance clauses to prevent market manipulation.

Most importantly, the Securities and Exchange Commission (SEC) will likely want to avoid another embarrassing court case. Two weeks ago, the regulator suffered a big blow when Grayscale won a major lawsuit in the US.

A Bitcoin ETF is seen as a positive thing for Ethereum, the second-biggest cryptocurrency in the world. For one, if the SEC approves the fund, these companies will come back with an ETF that tracks Ethereum.

This explains why the discount of Grayscale’s Ethereum Trust (ETHE) to NAV has narrowed recently. Ark Invest, the company owned by Cathie Wood, has also already applied for an Ethereum ETF.

US inflation data

Meanwhile, Ethereum price jumped even after the strong US inflation data. According to the statistics agency, the headline inflation jumped to 3.7% in August, the biggest increase in months. Core inflation, which excludes the volatile products fell to 4.3%.

These numbers have an implication for Ethereum and other cryptocurrencies. First, the data mean that the Federal Reserve could deliver another 0.25% interest rate hike next week. In most periods, Ethereum tends to underperform when the Fed is hiking interest rate. Before the inflation numbers, most analysts were expecting the Fed to pause its hikes.

Second, higher inflation rates will lead to better cash returns. Recent data shows that money market funds are yielding over 5.5%. Therefore, we could see an increased move from Ethereum to cash. 

Most importantly, cash is now yielding higher than most Ethereum DeFi products like Aave, Compound, and Maker. As a result, the total value locked (TVL) in Ethereum’s DeFi protocol has dropped by 11% in the past 30 days to $55 billion.

Therefore, I suspect that Ethereum price will likely resume the bearish trend in the coming weeks.

How to buy Ethereum

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