Egypt's PM heads to Japan for TICAD 9 Africa development summit    National Council for Childhood reviews plan to combat child labour    Egypt's Supreme Organ Transplant Committee strengthens oversight, standards    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    African agribusiness market expected to reach $1tr by 2030    Price cuts underway across Egypt, says trade federation report    Zelenskyy seeks US security guarantees as Trump says he can 'end war now'    Israelis protest for hostage deal amid growing pressure on Netanyahu    Serbia's Vucic vows 'tough measures' against protesters after unrest    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt delivers over 30 million health services through public hospitals in H1 2025    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Ether sets sights on record highs amid US ETF buzz
Published in Amwal Al Ghad on 27 - 05 - 2024

Investor optimism for Ether is growing following a surprising shift in US regulatory stance towards approving exchange-traded funds (ETFs) for the digital asset, despite uncertainties regarding demand for such products, Bloomberg reported on Monday.
The move by the US Securities and Exchange Commission (SEC) triggered a 26 per cent surge in Ether over the past seven days, marking its largest weekly gain since the 2021 crypto bull market, as per Bloomberg data.
The recent success of US spot-Bitcoin ETFs, which have accumulated $59 billion in assets since their record-breaking January debut, may have emboldened speculators. However, Ether's lesser recognition compared to Bitcoin complicates the assessment of investor interest in ETF exposure.
Spot-Ether ETFs will not participate in staking, a factor that could dampen enthusiasm for the funds compared to holding actual tokens. Moreover, further SEC approvals are necessary before major issuers like BlackRock Inc. and Fidelity Investments can launch products, with the timeline remaining uncertain.
As of Monday morning in London, Ether was trading around $3,900, up about 1 per cent, while Bitcoin remained relatively stable at $68,500.
According to Chris Weston, Head of Research at Pepperstone Group, the risk in Ether continues to favour the upside, presenting buying opportunities during pullbacks.
Analysts observe bullish options bets suggesting that Ether could reach $5,000 or higher, based on data from the Deribit trading platform. The current spot-ether record stands at $4,866 as of November 2021.
The gap between the T3 Ether Volatility Index and its Bitcoin counterpart indicates that speculators anticipate larger price swings in Ether compared to Bitcoin, hinting at heightened volatility.
However, the level of institutional engagement with Ether futures hosted by CME Group Inc. remains lower than that of CME Bitcoin futures, suggesting potentially lower initial inflows into Ether ETFs upon launch.


Clic here to read the story from its source.