EthereumETH() experienced a price rise of over 15 percent in the last two weeks. The surge in price has attracted the attention of both investors and analysts, and highlights the resilience and potential of the cryptocurrency in a volatile crypto market.
Ethereum started its upward trajectory on 10 July as regulators were ready to approve Spot Ether ETF Applications.
Ethereum reached a peak of $3.835.43 and $3.680.98 on the 10th July. Bitcoin, which was trading near $71,350 at the time, also saw a 2% increase.
Exchanges have issued certificates to their issuers. reportedly Updated their documents to indicate that the U.S. Securities and Exchange Commission may reconsider its position regarding spot Ether exchange traded funds. Although it had been thought previously that these funds wouldn’t be approved, the final decision on applications VanEck & Ark Invest is now expected.
The SEC released its May report. approved Updated 19b-4 submissions for Ethereum-based ETFs mark a major step in the direction of full approval. Most people expect that the SEC would approve Ethereum-based ETFs in this year.
Ethereum’s analysis of its price shows a dynamic path influenced by investor sentiment and market trends. Ethereum, currently priced at $3.492, has experienced a 1.8% rise in the last 24-hours. The price is likely to range between $3.500 and $3.750 over the next few months.
In May 2021, cryptocurrency reached a record high of 4,200.86 dollars.
Tornado Cash
Meanwhile, Tornado Cash — the Ethereum-based mixer — has seen a remarkable resurgence, attracting nearly $2 billion in deposits despite ongoing sanctions from the U.S. Office of Foreign Assets Control (OFAC).
Data Flipside crypto shows that Tornado Cash had around $1.9 Billion in deposits over the first six month of 2018. This represents a 50 percent increase in comparison to the deposits made for the entire year 2023.
Office of Foreign Assets Control of U.S. Treasury will begin to collect data in August of 2022. sanctioned Tornado cash, a cryptocurrency mixer, is accused of facilitating the money laundering process for cybercriminals – particularly North Korean hackers.
The activity of Tornado Cash dropped by approximately 85% between 2023 and 2024.
Although sanctionsTornado Cash remains a popular tool among illicit actors. Tornado Cash is still used by some North Korean hackers, even though they have switched to more traditional Bitcoin mixers.
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Source: crypto.news