Ethereum (ETH) has seen a price surge of over 15% over the past two weeks. This surge has caught the attention of investors and analysts alike, highlighting the cryptocurrency’s resilience and potential amidst a turbulent crypto market environment.
Ethereum began its bullish trajectory on July 10 when regulators appeared poised to approve applications for spot Ethereum ETFs.
On July 10, Ethereum led the rally by 9%, reaching $3,680.98, and peaked at $3,835.43 earlier that day. Bitcoin followed suit, rising by 2%, to trade at around $71,350.
Issuers and exchanges have It said The US Securities and Exchange Commission has updated its filings, indicating that the SEC may reconsider its position on spot Ether ETFs. While it was previously thought that these funds would not be approved, a final decision is now expected on the applications submitted by VanEck and Ark Invest.
In May, the Securities and Exchange Commission approved updated 19b-4 filings for Ethereum exchange-traded funds, marking a significant step toward full approval. The SEC is widely expected to approve Ethereum exchange-traded funds sometime this year.
Ethereum price analysis reveals a dynamic trajectory influenced by market trends and investor sentiment. Ethereum is currently trading at $3,492, up 1.8% in 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 volatility, peaking at an all-time high of $4,200.86 in May 2021.
Hurricane Cash
Meanwhile, Tornado Cash — an Ethereum-based mixer — has seen a remarkable recovery, attracting nearly $2 billion in deposits despite ongoing sanctions from the US Office of Foreign Assets Control (OFAC).
Data Flipside Crypto statistics show that Tornado Cash received around $1.9 billion in deposits in the first six months of this year, which is a 50% increase over the total deposits for the entire year of 2023.
In August 2022, the US Treasury Department’s Office of Foreign Assets Control sanctioned Tornado Cash, a cryptocurrency mixing company, for facilitating money laundering for cybercriminals, particularly North Korean hackers.
This action caused a significant decline in Tornado Cash activity, with volumes down by around 85% in 2023.
Despite the sanctions, Tornado Cash has remained a tool used by illicit actors. While North Korean hackers have largely switched to traditional Bitcoin mixers, some still use Tornado Cash.