<img src=""> 
<ul> 
 <li><strong>Institutional attention towards Ethereum has been growing fast with ETH investment products seeing major inflows over the last two weeks.</strong></li> 
 <li><strong>Ethereum developers are working on an upgrade, called Cancun-Deneb, which will introduce a new feature called "blob-carrying transactions."</strong></li> 
</ul>  Along with Bitcoin and the broader cryptocurrency market, the world's second-largest cryptocurrency Ethereum (ETH) has made strong gains inching closer to $2,000. As of press time, ETH is trading at $1,960 with a market cap of $235 billion. On the weekly time frame, the ETH price is up by 4 percent. [mcrypto id="21799"] With major euphoria in the altcoin market, Ethereum continues to make progress. It continues to enjoy a fair share of institutional attention with digital asset investment products recording major inflows. While Bitcoin continues to lead the way, the Ethereum investment products saw <a href="https://blog.coinshares.com/volume-138-digital-asset-fund-flows-weekly-report-e3fcb270729" target="_blank" rel="nofollow noopener">inflows</a> of $2.7 million last week, as per data from CoinShares. EDX Markets, a new cryptocurrency exchange <a href="https://www.crypto-news-flash.com/bitcoin-ethereum-ltc-and-bitcoin-cash-can-be-considered-non-securities-as-wall-street-giant-citadel-backed-edx-lists-all-of-them/" target="_blank" rel="noopener">supported</a> by industry leaders Charles Schwab, Citadel, and Fidelity, has introduced Ethereum trading to its users. In addition to Ethereum, the exchange allows trading for three other cryptocurrencies: Bitcoin, Bitcoin Cash, and Litecoin. Experts believe that with Ethereum getting sudden institutional attention, there's a possibility that the SEC won't be labeling it as a security. The market is experiencing rapid growth because economic data shows that inflation is decreasing. The Federal Reserve, which controls interest rates, recently stopped increasing rates. If the central bank continues to move away from its strict approach, the prices of ETH and other altcoins could increase significantly. 
<h3 id="ethereum-upgrade-ahead-in-sight">Ethereum Upgrade Ahead In Sight</h3> This month, there has been a growing interest in liquid staking tokens (LSTs) as we approach the highly anticipated Ethereum upgrade in the second half of the year. The upgrade, called Cancun-Deneb is expected to be implemented in the fourth quarter of this year. It will introduce a new feature called "blob-carrying transactions." The EIP-4844 upgrade to the Ethereum blockchain will allow the larger "blobs" of data to be transmitted to Ethereum nodes for a limited period of time. This is opposed to hosting the data permanently on the Layer-1 chain. Nodes retain the data for a sufficient duration to verify the performance of provers from layer-2 rollups. These provers ensure the accuracy of transactions on the L2 chain. “With the upcoming Cancun upgrade, L2 sequencers can anticipate considerably higher profit margins as L1 data costs are set to decrease substantially,” <a href="https://members.delphidigital.io/feed/cancun-upgrade-incoming-eip-4844-to-benefit-l2s?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=launch" target="_blank" rel="nofollow noopener">said</a> Delphi analyst Joo Kian. According to Kian, sequencers, who are responsible for receiving and organizing transactions to lessen the burden on the main Ethereum blockchain, would gain the ability to operate with improved efficiency and profitability. On the other hand, giant whales have already started betting in the second half of the year. Data from Greeks.live notes: Today, there was a notable increase in block calls for ETH, specifically Buy-DEC-2200C/2400C and Sell-DEC-3000C, which involved bull spreads. More than 12,500 sets were traded, amounting to a notional value exceeding $50 million. Additionally, there was considerable active buying of out-of-the-money JUL calls, indicating a buyer-initiated transaction. https://twitter.com/GreeksLive/status/1676212891102625797 &nbsp;

Ethereum Price Inches Closer to $2K as Bullish Momentum Dominates Crypto Market

Table of Contents

Crypto News Flash

Other articles published on Jul 5, 2023

Why Did Blackrock Include Coinbase in Its Bitcoin ETF?

Bitcoin prepares for impending breakout

Qatar Airways Introduces Immersive Travel Previews to Its QVerse Metaverse

Altcoin Season Surges: Exploring the Potential of Cardano, Polygon, XRP, Floki Inu, and DogeMiyagi

Litecoin Bulls Set to Roar: Anticipated 13% Rally Looms as Key Resistance Level Beckons

UK Lords Pass Bill That Will Help Authorities Seize and Freeze Crypto Used for Crime

Join our free newsletter for daily crypto updates!