This week is going to be interesting for the cryptocurrency world as spot Ether ETFs will be launched. Also, the presumptive Republican presidential nominee, Donald Trump, is scheduled to speak at the upcoming Bitcoin Conference in Nashville, Tennessee, which is set for July 25-27. This will affect the price movement of cryptocurrencies, and investors have been keeping a close watch on them.
Bitcoin faced resistance at the beginning of July, but it has bounced back with a gain of over 7% in the past week. One reason for this is that investors have been investing in the spot Bitcoin ETF, and there have been no outflows from the fund. Bitcoin’s price is currently sitting at over $67,000.
Ether is poised to take the spotlight with the potential launch of spot Ether ETFs. This development will mark a significant milestone in the history of cryptocurrencies, as unlike the Bitcoin blockchain, the Ethereum blockchain network is known for offering multiple use cases. The second-largest cryptocurrency is hovering around $3,500, with a 5% gain in a week.
While Ether’s spot ETFs are ready for launch, its rival Solana is awaiting approval for its spot ETFs. The crypto has been surging for the past few days and may continue to do so. Crypto analyst Lark Davis has predicted that the value of Solana will increase ninefold if a Solana ETF is approved. Solana is 20% up from the past week, trading around $180.
The launch of spot Ether ETFs is expected to have a positive impact on other cryptocurrencies linked to Ether. One prominent cryptocurrency in this category is Polygon, whose blockchain network runs alongside the Ethereum blockchain, allowing speedy transactions and low fees. In the past week, Polygon has gained nearly 3%, trading at $0.54.
Popular memecoin Dogecoin is experiencing a surge for several reasons, including the possibility of interest rate cuts in September and the anticipation of a potential pro-crypto stance from Donald Trump. Additionally, Trump is scheduled to give a keynote address at the Bitcoin 2024 conference, during which he may talk about plans for crypto-friendly regulations if he is reelected, which could further boost Dogecoin’s price. The crypto is trading at $0.13, with a 17% increase in the past seven days.
