The crypto world is buzzing with excitement this week as several major developments unfold. Bitcoin has surged to amusing levels in the past seven days, while the altcoin market is brimming with positivity. The unexpected announcement that President Joe Biden is dropping out of the re-election race has sent shockwaves through the markets. Biden’s decision to withdraw from the race was seen by some analysts as a positive sign for Bitcoin and other cryptocurrencies.
Analyst Altcoin Buzz took to his latest analysis and brought to attention the wide range of reactions across the industry because the excitement doesn’t stop there. Five spot Ethereum ETFs, including those from Fidelity and VanEck, are set to launch on July 23rd, according to the CBOE exchange. Matt Hogan, Chief Investment Officer at Bitwise, believes Ethereum’s price could hit new all-time highs following the launch of the first U.S. Ether ETF.
Hogan cited three main reasons for this potential surge: Ethereum’s zero inflation rate over the past year, the fact that Ether stakers aren’t selling like Bitcoin miners, and that 28% of Ether’s supply is already off the market.
Other factors point to an incoming rally, such as the significant withdrawals of Ether from centralized exchanges. However, some analysts warned that Ether’s price might see a “sell the news” event similar to the initial Bitcoin ETF launch before starting a sustained rally.
Crypto trader Mickey Bull believes the Ether ETFs could spark the next altcoin bull market cycle. In a post, he wrote, “ETH ETFs will be a major catalyst for a massive rally, sparking a huge alt season in this cycle.”
Market analyst Josh Gilbert described Biden’s move as a win for crypto assets. He suggests that Trump’s increased chances of re-election could boost the entire asset class. He further noted that it’s challenging to envision Kamala Harris or another Democratic candidate overturning Trump’s lead with just three months left before the election. However, in politics, anything can happen.
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