In yet another victory for cryptocurrencies, the SEC has withdrawn its investigation into Ethereum, paving the way for Ethereum Spot ETF approvals.
This signals to the world that blockchain and DeFi are here to stay, and could well push the entire market higher.
This will set the stage for a new crypto, DTX Exchange, which is combining the best of TradFi exchanges and DEXes, and then adding extra functionality. Meanwhile, the upcoming Chang Hard Fork is making ADA fans extremely bullish about the potential of Cardano’s price.
Ethereum Spot ETF to be approved soon, as the SEC decides the coin is not a security
In a blow for the SEC, but a win for crypto, the SEC has capitulated in its pursuit of Ethereum.
“ETHEREUM SURVIVES THE SEC” tweeted Consenys, major Ethereum developers and owners of MetaMask, Infura, and more.
The SEC has been investigating what was once known as ‘Ethereum 2.0” to see if it is, in fact, a security or a commodity. Ethereum 2.0 comprises a series of updates that saw the chain shift from energy-heavy PoW (Proof of Work) to PoS (Proof of Stake). This has enabled Ethereum to become more scalable.
This clears the way for US-approved Ethereum Spot ETFs. Meanwhile, Hong Kong approved an Ethereum Spot ETF in April.
If the Bitcoin Spot ETF is anything to go by, the Ethereum Spot ETF has the potential to push up prices to new heights, perhaps exceeding the last bull run’s ATH (All Time High) of $4,878.
The news implying the likelihood of an imminent approval for the Ethereum Spot ETF has already sent the coin from sub $3400 to $3516 in just a matter of hours.
Asset managers VanEck have predicted a $22,000 target for Ethereum, in six years, assuming the Spot ETF is approved.
DTX Exchange bulls see the Ethereum news as “extremely exciting” for the token launch
DTX is a new project in presale that analysts are getting excited about. But why is DTX perceived as so bullish?
As crypto becomes more mainstream and accepted, (as we see from the recent Bitcoin and Ethereum Spot ETF news), traders need a place on the blockchain where they can bet on not just cryptocurrencies, but the entire financial market. And DTX exchange is planning to provide exactly that.
So whether people are bullish on Nvidia or bearish on the SNP 500, they’ll be able to quickly and easily trade on DTX Exchange with its sleek UI. In total, over 120 thousand financial instruments are being offered on DTX, and some with leverage as high as 1000x.
One of the key benefits is that because DTX Exchange is decentralized, traders will have full privacy, and will not need to provide personal information used for TradFi KYC (Know Your Customer) requirements.
If the Ethereum Spot ETF is approved soon, this will set the perfect conditions for the launch of DTX, which is currently trading at $0.04 and will launch at $0.12. After that, the price is predicted to soar by as much as 100x.
Cardano’s Price set to rally in June and could do a 13x in the future
The recent turmoil in the crypto markets has beaten down Cardano’s price, but don’t count ADA out yet. Historical data shows this Cardano’s price always bounces back after market sell-offs.
Technical analysis using Elliot waves suggests Cardano’s price could find short-term support around $0.35, allowing for a relief rally towards $0.57-$0.60 over the next few weeks.
This is slightly more bullish than Changelly’s Cardano price prediction for in June which predicts a range of $0.466 – $0.501
In the long term, based on historical cycles, some traders are targeting a run to at least $5.34.
Why else does Cardano’s price potential look so bullish?
Cardano’s upcoming upgrade, known as the ‘Chang Fork’, focuses on improving governance and scalability, and its devoted community is incredibly bullish.
Founder Charles Hoskins tweeted that the Chang Fork will make Cardano into “a decentralized civilization spanning the entire world with millions of residents” and will become “the most advanced blockchain governance system”.
While these may be lofty claims, if the community is behind him and the tech is on point, Cardano’s price may be set for a huge rally.
