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ethereum (eth) has seen a price increase of over 15% over the past two weeks. This surge has captured the attention of both investors and analysts, highlighting the cryptocurrency’s resilience and potential amid a turbulent cryptocurrency market environment.
ethereum began an upward trajectory on July 10 as regulators appeared ready to approve applications for spot Ether ETFs.
On July 10, ethereum led the rally by 9%, reaching $3,680.98 and hitting a high of $3,835.43 on the same day. bitcoin also followed with a 2% rise, trading around $71,350.
Issuers and exchanges have crypto-market-today.html?utm_” data-type=”link” data-id=”https://www.cnbc.com/2024/05/21/crypto-market-today.html?utm_” target=”_blank” rel=””>reportedly updated their filings, indicating that the U.S. Securities and Exchange Commission (SEC) may be reconsidering its position on spot Ether ETFs. While it was previously thought that these funds would not be approved, final decisions are now expected on the applications from VanEck and Ark Invest.
In May, the SEC approved updated 19b-4 application filings for ethereum ETFs, marking a major step toward full approval. The SEC is widely expected to approve ethereum ETFs sometime this year.
ethereum price analysis reveals a dynamic trajectory influenced by market trends and investor sentiment. ethereum, which is currently priced at $3,492, has seen a 1.8% increase over the past 24 hours. It is expected to fluctuate between $3,500 and $3,750 in the near term.
Since its inception, the cryptocurrency has seen significant fluctuations, reaching an all-time high of $4,200.86 in May 2021.
Tornado Cash
Meanwhile, ethereum-based mixer Tornado Cash has seen a remarkable resurgence, attracting nearly $2 billion in deposits despite ongoing sanctions from the US Office of Foreign Assets Control (OFAC).
Data According to Flipside crypto, Tornado Cash received around $1.9 billion in deposits in the first six months of this year, a 50% increase over total deposits for all of 2023.
In August 2022, the U.S. Treasury's Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash, a cryptocurrency mixer, for allegedly facilitating money laundering for cybercriminals, particularly North Korean hackers.
This action caused a drastic decline in Tornado Cash activity, with volumes falling by approximately 85% in 2023.
Despite sanctions, Tornado Cash remains a tool for illicit actors. While North Korean hackers have largely opted for traditional bitcoin mixers, some continue to use Tornado Cash.
