Is the Ethereum ETF’s Fall a Carbon Copy of Bitcoin’s Past?

Crypto market cap dropped 3.40%, reaching $2.43 trillion

• Hashdex is advancing its combined spot Bitcoin and Ethereum ETF application, recently submitting its S-1 filing to the SEC.

• Ripple CEO Brad Garlinghouse supports Kamala Harris, calling for open-mindedness and clear crypto regulations to boost US competitiveness.

Major Events To Watch

Crypto Fear and Greed Index:

The Crypto Fear and Greed Indicator shows market sentiment as "68 Greed" today, slightly down from "69 Greed" yesterday but up from last week's "60 Greed".

Cryptocurrency values have declined over the past 24 hours

TOP 5 Losers Coins

Latest Market Update: 

• Bitcoin (BTC) has declined this week, falling below $65,000 early Thursday.

• Major altcoins such as Ethereum, Dogecoin, Ripple, Solana, and Litecoin saw minor losses recently.

• FLOW token saw a notable gain, increasing over 7% in the last 24 hours.

• Mog Coin (MOG) was the biggest loser, with a 24-hour drop of over 11%.

• Total crypto market volume over the past 24 hours is $81.3 billion, marking a 5.69% decrease.

• DeFi market volume stands at $4.62 billion, representing 5.68% of the total crypto market volume.

• Stablecoin volume is $74.61 billion, accounting for 91.77% of the total crypto market volume.

• Bitcoin’s dominance is at 54.76%, up by 0.48% from the previous day.

Major Worldwide News Update:

• On the second day of the BlackRock iShares Ether ETF launch, the fund received 76,669 ETH from Coinbase Prime, showing strong institutional interest. However, inflows dropped to $17 million, and spot Ethereum ETFs experienced $133 million in outflows. Grayscale’s Ethereum Trust saw significant withdrawals, contributing to Ethereum's 8% price drop, with analysts predicting a potential downtrend before reaching new highs.

• Hashdex has filed an S-1 for its combined spot Bitcoin and Ethereum ETF, marking a significant step after its initial filing. The ETF will initially include Bitcoin and Ethereum, with potential future additions pending SEC approval. This follows the successful launch of spot Ethereum ETFs, highlighting growing interest in crypto investment products.

• Ripple CEO Brad Garlinghouse has urged Vice President Kamala Harris to clarify her stance on crypto regulation amid growing debate. His call highlights the crypto industry's need for supportive policies. Despite criticisms of Harris' absence from the Bitcoin Conference 2024, Garlinghouse advocates for open-minded evaluation of candidates.

• Kamala Harris has declined the invitation to speak at Bitcoin Conference 2024, according to Bitcoin Magazine CEO David Bailey. Her absence, criticized for her anti-crypto policies, has disappointed many in the crypto community who had hoped for a shift in her stance. The focus now shifts to Donald Trump's pro-crypto position.

• Anthony Scaramucci predicts that if Kamala Harris becomes the Democratic presidential candidate, she might fire SEC Chair Gary Gensler. He believes Harris, despite recent criticisms, is open to cryptocurrency and that changes in policy could benefit the sector. Scaramucci's remarks come amid broader dissatisfaction with the Biden administration’s crypto stance.

• Senator Cynthia Lummis is preparing to introduce groundbreaking legislation at Bitcoin Conference 2024, advocating for the US Federal Reserve to hold Bitcoin as a strategic reserve. This proposal seeks to embed Bitcoin within the financial system, potentially enhancing the stability of the US dollar and reinforcing Bitcoin's status as a legitimate financial asset.

COIN GABBAR Views: Will Kamala Harris and Donald Trump headline the Bitcoin Conference 2024? What impact would Kamala Harris’s attendance have on the BTC price and the broader crypto market? Given Bitcoin’s recent price decline, is bearish momentum making a return? What are the reasons behind today’s downturn in the crypto market? To get latest news Stay tuned us at coingabbar

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