RIDDERMARK’s Post

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So currency surging high in the markets yesterday, growing optimism about the SEC's upcoming decisions on the spot Etherium ETF, the Etherium ETF saga continues to see new developments crypto rally yesterday, chiefly led by ether world second largest crypto surging more than 22% up to 3781. As for quick look at the mark at the moment, yeah, there or thereabouts no major change 378. Do let's get some reaction on this now from the market itself is speak to the partner at trade dog group. They're a group of crypto enterprises working together to accelerate mass adoption of crypto and Web 3.0 sucker error cut has been kind enough to join us live in studio sucker. Good to see you as always. It's good to see you. Good morning to everyone. Thanks for having me here to explain all to us. So let's talk about the the ether ETF saga where we at? Well, it's been 240 days since the SEC really had to decide on this. So for everyone that's listening and ETF is an exchange traded fund. This actually allows for normal people like you know, mom and pops to be able to own Bitcoin or Ethereum. The first one to go live in the web 3 crypto space was the Bitcoin ETF. The Bitcoin ETF LED with a fantastic rally of more than 50 billion being deployed to date right now, Ethereum is the next one. In line and tomorrow we're expecting the first, the first decision from the, the final decision from the SEC. In terms of I mean, the theorem is often overlooked because of the dominance of Bitcoin as there when you look at the sort of price. The charts that we've seen with with Etherium, but also the price forecast as well. Is it a good investment? Well, look, I'm not here to provide investment advice. I've said that many times, but I'm a true believer in this. Analysts are calling for $8000 Etherium by the end of the year, which isn't very far fetched given if we compared to what Bitcoin, the Bitcoin ETF did to the Bitcoin price and and if we think that the Etherium ETF will have a similar one. Now we don't really know. Will they approve it or not? Will something come out? So far they've always played the delayed. Tactics right the decision is being taken by 5 commissioners in the SEC right and and and led by Gary Gensler who chairs the SEC. Two of those commissioners are notoriously pro crypto. Two of them are notoriously against crypto right what Gary Gensler being the deciding vote and Gary Gensler is on record actually saying that Bitcoin etherium isn't a security which you know leaves people very positive but you know just a couple of days ago we we had analysts. Expecting a 25% chance that the the the ETF would be approved. That quickly changed the past couple of days because of rumblings in the market and now 75% expect that we will get a positive decision by tomorrow. Game changer from the FCC or not? Look, it's to, to someone like me that really believes in crypto and that everyone should own their own tokens. It's it, it beats the point a little bit because you know, you're ending up giving your money to a, to someone to manage it on your behalf. And the whole idea is your keys, your tokens and not your keys, not your tokens, right? Having said that, owning crypto is very, very difficult. And these ETFs make it much simpler for people to just, it's a bank transfer that you do and then you're exposed to that asset class. And we're seeing more traditional investments arrive in this space, which is very positive. Now, another thing to note is that BlackRock is one of the people that have filed for for for this Bitcoin for this Etherium ETF and they have an approval rate of 99.8%, right? So BlackRock when they apply for something, I think they know on the other side that they will get they they've applied for more than 570 ETF's and they only had one rejected, right? So it puts me in a positive mood, but you know, this market, anything is possible if the spot. E3 TF is approved and if that happens sometime soon, is that going to have a little bit we're going to see a bit of a surge on all other alt coins as well at the moment. Other alternatives because the reason I ask is again, going back to that question earlier of big focus on all things Bitcoin, but a lot of people in the industry look to Etherium as a sort of good indication of what could happen in the crypto market as a whole historically speaking in the first thing to rise as always Bitcoin. Ethereum then follows, yeah. And then the altcoins follow and, and this is very simple Etherium in, in many ways Bitcoin is deleting NDA here. It is the gold standard. But there's a lot of projects that are built on Ethereum. There's not so many Slowly but surely an ecosystem is developing around projects built on Bitcoin. But it's really a majority of projects are being captured by the Ethereum ecosystem. So that means all of these, these projects have their token pegged to Etherium in one way or the other. So natural surge will then will then happen. Let's turn our attention to Big Brother Bitcoin if we can. Soaring above $71,000 in early Tuesday trade yesterday. That was its highest level since early April of this year. Another surge being noted by the markets out there. Bitcoin has come back a little bit. It's just shy of that 70,000 mark at the moment, 69773 but trading. Active trading at the moment as well. Again, reaction. We've seen Vic, I suppose if you're talking ETF, we've seen the Bitcoin ETF. Has it gone where we expected it to go since then? I think we all expected it to go even more positive, but it's been very positive for the entire ecosystem. But what it also did is in it introduced a, a certain cell pressure because these ETF's many times just, you know, buy and sell and buy and sell to, to, to, to make sure that their, their, their book is up to date. Now it's, it's very positive because it, it is the first step towards wide scale adoption. And what's more positive is when you look at the companies that are applying for these ETF's, you know, you have the likes of. BlackRock, which is one of the largest asset managers in the world, you have Fidelity, you have Arc Invest, you have you have all of these household names that with them bring a wealth of of fund managers and wealth managers with them that then have exposure to this asset class. Bitcoin, as I mentioned, just the, you know, soaring above 71,000 sword highs of yesterday. What what prompted that rally yesterday? The market in in cryptocurrencies is is in many way dominated by by sentiment. But also geopolitical developments and when we look at the geopolitical landscape and we heard something in the news earlier as well. And you know, we've Earl all heard about, you know, what, what happened over the past couple of days. And one considers that there is a big chance that this has an impact, that it's a little bit of a relief rally. Don't forget that, you know, some analysts are calling for a 250K Bitcoin before, before 2025, right? And this is not me again, this is analyst reports that are coming out there. My point of view on this has always been clear. I think it's it's a long term asset to hold. It's something that everyone should have exposure to. It's not financial advice, but I can tell you what I'm doing. It's like we've got one minute left. Yeah, I'm not going to ask you for predictions for the rest of 24, but I'm going to ask you predictions for the summer. Traditionally Fiat currencies gonna look quiet a little slower on the markets during the summer. Same with crypto. So we are just in this, in this, in this beautiful time after the having there's a lot of we've been through a bear market over the past couple of years. So everyone is expecting a positive rally. But again, who, who knows, but we, we are seeing positive indications. A lot of investments are happening in the market. VC's have woken up again and are investing, projects are developing out there in the UAE. We now have more than 2000 projects being registered. So I'm, I'm super positive, but when wasn't I so good? Well, have a good summer nonetheless. Second Erica, always good to catch up with you very much for that. Sucker is a partner at the Trade Dog Group.