Ethereum

The global crypto markets recorded a major downturn over the past 24 hours. The ongoing slide is triggered by the U.S. Securities and Exchange Commission’s (SEC) X account hack and the dissemination of <a href="https://news.todayq.com/sec-to-face-probe-as-false-etf-approval-tweet-pumps-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">false information</a> about spot Bitcoin ETF approvals. However, Ethereum stood out nearing yearly highs, while other major cryptocurrencies, including Bitcoin, retreated. Ethereum jump while Bitcoin declines 
When SEC’s fake news surfaced, crypto derivatives provider Greeks Live reported substantial volatility in Bitcoin markets. Despite the bizarre nature of the incident,implied volatility, a measure of future expected volatility, decreased.&nbsp; 
The SEC's fake news farce caused significant volatility of BTC, and the drama was even more bizarre than expected.The sharp volatility drove the RV up significantly, but the IV fell slightly instead. The logic of the data here is different from the usual, because the ETF has…
Investors observed that the impact of the ETF news, whether genuine or fake, had limited effects on <a href="https://news.todayq.com/bitcoin-traders-brace-for-secs-etf-decision-with-hedging-surge/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>, prompting a widespread reduction in leverage and positions in what analysts described as an ‘early sell the news’ event. Bitcoin’s price move after the announcement was relatively modest, with the asset currently trading down 1.6% at below $46,000.
Contrary to the market trend, Ethereum’s price showcased resilience, surging more than 5% since the fake news incident. Consequently, ETH prices closed in on their 21-month high of $2,400. A crypto trader, known as ‘Nebraskangooner,’ noted, “Ethereum over here just doing whatever it wants through all this.”
Industry experts posit a potential turnaround in ETH’s recent underperformance, with some asserting it is currently ‘insanely undervalued.’ Valkyrie chief investment officer Steven McClurg, thinks Ethereum might soon join a special market club. Other crypto experts agree. Ethereum’s strengths and expert predictions 
Gnosis co-founder Martin Köppelmann highlighted Ethereum’s value, emphasizing on its utility-driven nature. As a platform, Ethereum offers block space, and users are currently paying around $2.5 billion per year for this utility. Moreover, the total value locked across the ETH layer-2 ecosystem reached an all-time high of $21 billion, indicating a growing demand for ETH-based services.
The staking mechanism fortifies ETH’s narrative, with around $68 billion worth, or 24% of the supply, currently securing the network. The deflationary nature of ETH, with 339,000 ETH burnt since ‘The Merge’ in September 2022, adds to its appeal.
Some experts foresee a potential ETH price surge, particularly if Bitcoin traders keep ‘selling the news’. The stage may be set for Ethereum’s upward momentum. ETH’s resilience in market turbulence and strong fundamentals position it well in today’s crypto scene.
While the broader crypto market grapples with uncertainties, Ethereum stands out, showing that amidst volatility, certain digital assets can weather the storm and even thrive. As the industry continues to evolve, Ethereum’s unique features and growing demand may pave the way for further appreciation in its value.
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Ethereum decouples from market turbulence, prints green

Todayq News

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