Web3🌗Wednesday Highlights: ETH ETF Potential, Bitcoin ETF Withdrawal, Solana Surge, Visa's Crypto Enablement
1. Standard Chartered predicts Ether will reach $4,000 with potential Spot ETH ETF approval in May.
2. Global X, an ETF provider, withdraws its application for a spot Bitcoin ETF.
3. Solana experiences a surge in network activity as crypto traders show bullish sentiment.
4. Visa introduces crypto withdrawals on debit cards across 145 countries.
Stay tuned for in-depth details🪂!
Welcome to a thrilling Wednesday in the world of Web3! Today's landscape is brimming with exciting developments that promise to shape the future of cryptocurrencies. Join us as we delve into the details of these Web3 Highlights, offering insights into the evolving crypto realm.
1. Standard Chartered predicts Ether will reach $4,000 with potential Spot ETH ETF approval in May.
Standard Chartered predicts a significant surge in Ether (ETH) to $4,000 by May 23, driven by anticipated spot ETF approvals. Drawing parallels to Bitcoin's trajectory, the bank expects the SEC to follow a similar approach, delaying decisions until the final deadline. The report underlines the market's underestimation of approval odds, emphasizing the SEC's likely treatment of ETH on par with Bitcoin. Unlike BTC, ETH may face less selling pressure post-ETF approval, given Grayscale Ethereum Fund's smaller market share. The analysts project ETH to track or outperform BTC leading up to the expected approval, echoing Bitcoin's rally following its ETF approval.
Krisztian Sandor
2. Global X, an ETF provider, withdraws its application for a spot Bitcoin ETF.
On January 30, Global X, an ETF provider, withdrew its application for a spot Bitcoin ETF, becoming the first among last year's applicants to do so. The U.S. SEC recently approved 11 spot Bitcoin ETFs, including offerings from BlackRock and Grayscale. Global X, with about $51 billion AUM globally, didn't provide specific reasons for the withdrawal. The recent SEC approvals marked a significant development for the cryptocurrency industry, providing a gateway for a broader range of investors. The move by Global X hints at the evolving dynamics and competition within the growing Bitcoin ETF market.
3. Solana experiences a surge in network activity as crypto traders show bullish sentiment.
Solana (SOL) rebounds, surging 25% to over $100 amid heightened network activity. Trading volume on Solana's DEXes surpasses Ethereum's, driven by lower fees and faster transactions. On-chain metrics, such as daily active users and new wallets, experience significant spikes. The rally precedes the January 31 launch of JUP, the official token of DEX aggregator Jupiter, contributing to SOL's 333% YoY increase. Despite a recent meme token airdrop, WEN, witnessing unclaimed tokens being burned, it faces a 52% value loss since its peak. Solana's robust performance underscores growing interest and utility in the ecosystem.
Andrew Hayward
4. Visa introduces crypto withdrawals on debit cards across 145 countries.
Visa has partnered with Web3 provider Transak to integrate cryptocurrency withdrawals and payments through Visa Direct. This collaboration enables MetaMask users to directly convert crypto to fiat on their Visa cards, fostering mainstream acceptance. Users from 145 countries, including Cyprus, Malta, Singapore, Turkey, Portugal, and the UAE, can convert over 40 cryptocurrencies without centralized exchanges. Harshit Gangwar, Transak's marketing head, sees this as a significant step towards mainstream crypto adoption, emphasizing accessibility and convenience. The integration is beneficial for decentralized platforms like MetaMask, providing users with a flexible and practical method for cryptocurrency to fiat conversions.
Helen Partz
As we conclude this riveting exploration of today's Web3 Highlights, the cryptocurrency landscape continues to unfold with promise and innovation. The anticipation of Ether reaching $4,000 with a potential Spot ETH ETF approval, the strategic decisions like Global X withdrawing its Bitcoin ETF application, the bullish strides in Solana's network activity, and the groundbreaking move by Visa enabling global crypto withdrawals—all contribute to the dynamic nature of this space. Stay tuned for more updates on these developments and beyond, as we navigate the ever-evolving world of Web3. Exciting times lie ahead, and we're here to keep you informed on the latest trends and breakthroughs.
