Web3🌗Midweek Highlights: Ethereum’s $4K Target, Turkey’s Crypto Crackdown, and BlackRock’s ETF Exodus

Happy Wednesday, Web3 enthusiasts! The crypto world is buzzing with updates this week, and we’ve got the highlights you can’t miss. Ethereum is eyeing the $4,000 mark, but there’s a key resistance to clear first. Meanwhile, Turkey is tightening the reins on crypto with stricter AML regulations, Coinbase insiders are making headlines with billions tied to election influence, and BlackRock’s Bitcoin ETF is experiencing a massive $1.5 billion outflow in just four days. Dive in as we unpack these stories and explore what they mean for the ever-evolving Web3 space!

1. Ethereum (ETH) on track to hit $4K once resistance clears

Ethereum (ETH) is striving to reclaim the $4,000 mark after a 5% price surge, though resistance at $3,508 remains a key hurdle. Strong support is evident at $3,352, where 3.34 million addresses hold 3.18 million ETH in profit. Rising holding time, up 332% in the past week, indicates bullish sentiment as investors hold their positions. Additionally, ETH has risen above the Ichimoku Cloud, signaling potential for further gains. If momentum holds, ETH could rise to $4,500. However, bearish pressure could pull the price down to $3,111 or even below $3,000 if selling intensifies. The next moves remain crucial.

Ethereum (ETH) Return to $4,000 Imminent Once It Clears This Resistance

Since Ethereum’s (ETH) price fell below $4,000 on December 17, it has struggled to reclaim that level, fueling speculation that ETH might not return to the zone before the end of 2024.However, a 5% pr

InsightsBeincrypto

2. Turkey rolls out stricter crypto AML rules

Turkey will implement new cryptocurrency regulations on February 25, 2025, requiring ID verification for transactions exceeding $425 to prevent money laundering and terrorism financing. Unregistered wallet transfers may be deemed “risky,” allowing crypto service providers to halt such transactions. These rules come as Turkey ranks as the fourth-largest crypto market globally, with a trading volume of $170 billion in 2023. While crypto trading is allowed, using digital assets for payments has been banned since 2021. The country is also considering a 0.03% transaction tax to support its national budget, marking a significant step in Turkey’s evolving crypto regulatory framework.

Turkey introduces stricter crypto AML regulations

Turkey has introduced new AML crypto regulations that will require user information for transactions above $425, starting from Feb. 25, 2025.

CointelegraphZoltan Vardai

3. Coinbase CEO & insiders grow billions richer steering elections

Brian Armstrong, CEO of Coinbase, cashed in $437 million from stock sales following pro-crypto election wins, earning an extra $129 million as Coinbase’s value surged by $21 billion. Armstrong’s strategic sales were part of a plan set before the election, designed to diversify his portfolio. Other crypto leaders, like Ripple's Brad Garlinghouse and Andreessen Horowitz, also saw massive financial gains from political contributions. Their backing helped fuel the rise of crypto-friendly lawmakers, boosting industry value. These election outcomes have significantly enriched key crypto figures, including Armstrong, whose wealth increased by $2 billion post-election.

Coinbase CEO, Other Crypto Insiders Billions Richer After Seeking to Steer Elections

Brian Armstrong, the Coinbase boss, already cleared an extra $129 million in personal stock sales over the pre-election price, and his stake in the company is up over $2 billion.

CoinDeskJesse Hamilton

4. BlackRock’s Bitcoin ETF faces $1.5B outflow in just 4 days

BlackRock’s Bitcoin ETF (IBIT) experienced a record $188.7 million in outflows on Christmas Eve, breaking its previous record of $72.7 million set on December 20. This marked the fourth consecutive day of outflows from U.S. Bitcoin funds, totaling over $1.5 billion since December 19. Other Bitcoin ETFs, including Fidelity’s and ARK’s, also saw significant outflows, while the Bitwise Bitcoin ETF was the only one to gain inflows. In contrast, Ether ETFs had a strong performance with two consecutive days of inflows, and analysts predict Ether may outperform Bitcoin in January 2025.

BlackRock’s Bitcoin ETF sees record outflow as funds bleed $1.5B in 4 days

BlackRock’s Bitcoin ETF clocked its largest-ever daily outflow on Christmas Eve as the US Bitcoin funds bled for the fourth trading day in a row.

CointelegraphCiaran Lyons

As Web3 continues to reshape the financial and technological landscape, stories like these remind us how fast the space evolves. Whether it’s Ethereum’s potential breakout, regulatory shifts in Turkey, or billion-dollar moves by industry giants like Coinbase and BlackRock, the crypto world is never short on action. Stay tuned for more updates as we keep you informed on the latest trends and insights shaping the future of blockchain and beyond. Until next time, stay curious and keep exploring the Web3 revolution!

WEB3 AI ML