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Franklin Templeton’s Ethereum Spot ETF ticker has appeared on the Depository Trust and Clearing Corporation (DTCC) list, indicating a possible signal that the United States Securities and Exchange Commission (SEC) could approve Ethereum ETFs. 

On Friday, April 26, the proposed Ethereum Spot ETF of American multinational investment firm, Franklin Templeton made its debut on DTCC’s official website, under the ticker symbol EZET. 

Franklin Templeton’s new listing on DTCC’s platform comes amidst the ongoing deliberations of the SEC regarding approving Ethereum Spot ETFs. Earlier in January, following the approval and launch of Spot Bitcoin ETFs, many analysts anticipated the emergence of additional cryptocurrency ETFs, with speculations centering on Ethereum being the next in line to receive an ETF after Bitcoin. 

However, despite prominent financial services firms such as BlackRock, Grayscale, VanEck, Fidelity and others submitting applications for an Ethereum Spot ETF, approval from the US SEC has been delayed consistently. 

The regulatory agency disclosed in a recent filing on Tuesday, April 23, that it would be designating a longer period to decide on its appropriate mode of action regarding the Spot Ethereum ETF proposed by Franklin Templeton and Grayscale. The commission had scheduled June 11 as the new deadline to approve or reject the Ethereum Spot ETF proposals.

This move appears to be anticipated by other crypto and financial experts in the industry, as analysts from Standard Chartered as well as VanEck CEO, Jan Van Eck had previously expressed skepticism about the likelihood of the US SEC authorizing Ethereum Spot ETFs soon. 

The recent addition of Franklin Templeton’s proposed Ethereum Spot ETF in the DTCC listing is seen as an initial step in the trading process and does not guarantee approval from the SEC which holds sole authority to green light or reject such investment products. 

Before the approval of Spot Bitcoin ETFs, the DTCC had listed BlackRock’s previously proposed Spot Bitcoin ETF on its platform, fueling speculations and raising hopes of possible approval by the SEC. However, the clearing and settlement company later removed BlackRock’s Bitcoin ETF from its platform, clarifying that the listing did not imply the SEC’s endorsement of Spot Bitcoin ETF applications. 

Amidst the anticipation of an Ethereum Spot ETF approval, the US SEC has remained ambiguous about its position. Senior Bloomberg ETF analyst, Eric Balchunas also revealed earlier in March that their odds for an Ethereum ETF approval was only 25%, reflecting a rather pessimistic outlook. 

Overall, the broader crypto market is still closely monitoring the developments surrounding Franklin Templeton and other financial firm’s Ethereum Spot ETF applications along with the SEC’s final decision, acknowledging a potential approval as a significant step forward in the digital asset sector. 

Featured image from Pexels, chart from TradingView

In a recent X (formerly Twitter) post, Shiba Inu marketing lead, Lucie shared a blog highlighting the date for the upcoming launch of Shibarium’s network hard fork. According to Lucie, the new update will deliver fresh and advanced features for community members and users within the Shibarium ecosystem. 

On Friday, April 25, The Shib Magazine unveiled the dates for the highly anticipated Shibarium network hard fork. Within the Shiba Inu community, the upcoming hard fork has been a subject of discussion, with many SHIB enthusiasts eagerly anticipating the date of the upgrade.

The Shib magazine has disclosed that on Thursday, May 2, the Shibarium network would undergo the hard fork. For more clarity, a hard fork is a significant change or update to an entire blockchain protocol. It creates a new version of the network, introducing new features, benefits and an overall improvement to the network. 

The Shiba Inu team has emphasized that the initiation of the hard fork was in commitment to constantly delivering value to its rapidly growing community. Additionally, it aims to provide a user-centric and accessible ecosystem, where community members can effectively engage with its offerings. 

According to the Shib magazine, the upcoming hard fork effectively aligns with Shiba Inu’s expansion and developmental plans. The hard fork is set to pave a clearer path for SHIB’s ambitious vision, which involves preparing the network “to onboard the next billion users.”

The Shibarium’s hard fork is expected to bring new changes and improvements to its network and ecosystem.  The Shib magazine has disclosed that the upcoming hard work will significantly enhance network transaction speed and grossly reduce transaction fees. 

The Shiba Inu team has promised that users will benefit from modifications in transaction processing time, which would significantly boost Shibarium’s already efficient network, making it faster and more reliable. Additionally, Shiba Inu will introduce lower fees, making transactions more cost-effective for new and existing users. 

Notably, Shibarium’s current transaction fees are as low as $0.0000219 BONE; however, with the launch of the hard fork, the fees would potentially go even lower. The Shiba Inu team has urged users to stay prepared for the upcoming hard fork, highlighting its potential to issue in the next wave of users while creating more opportunities for improvements in scalability and efficiency in the Shibarium network.

ADA is the native cryptocurrency of the Cardano blockchain network, which is used for transactions, staking, and as a means of participating in the platform’s governance. Recently, the price of ADA has been on a downtrend, and from the look of things the token is not showing any sign of reversing anytime soon. 

As of the time of writing, ADA’s price has dropped by over 30% from its previous high of  $0.8107. The crypto asset is currently trading around $0.4604 and about 0.65% down in the last 24 hours.

Trendline And 100-Day Moving Average (MA): Using the 4-day timeframe, ADA has failed to cross over the trend, allowing the price to move further downward. If the price continues to move downward, it might break out from its previous low of $0.4000 and create a new low.

The price of ADA is also seen trending below the 100-day Simple Moving Average (SMA) after a successful crossing over at $0.5966, suggesting the continuous decline of the price.

Relative Strength Index (RSI): The 4-day RSI also shows that the price is still on a downtrend as the RSI signal line is still trending below the 50% level. Although the RSI signal line is in the oversold zone, there is still a possibility that the price could continue to drop.

Trendline And 100-Day MA: The digital asset in the 1-day timeframe continues to trend below the 100-day simple moving average and the trendline, after the failure to break above these lines.

Meanwhile, the RSI also confirms that the price is on a downtrend as the RSI signal line is trending below the 50% level and could continue to move downward for a while.

In conclusion, since ADA failed to break above the 100-day SMA and the trendline, if it continues to move downward and manages to break below its previous low of $0.4255, it might move even further toward its support level of $0.4000. On the contrary, if the price fails to move below these lows, it might start an upward movement toward its previous resistance level of $0.5243, If it manages to break above this level, the price might continue to move upward to start a new trend in the direction.

Samson Mow, CEO of Jan3, a Bitcoin adoption firm, recently reignited discussions on two crucial aspects of the cryptocurrency: user privacy and future price trajectory. In a thought-provoking conversation, Mow referenced Satoshi Nakamoto’s privacy vision from the Bitcoin white paper, emphasizing its continued relevance.

Nakamoto, the pseudonymous creator of Bitcoin, envisioned a system where privacy wouldn’t rely on trusted third parties, like traditional banks. Instead, the pioneering crypto employs a system of anonymous private keys.

While transactions are publicly recorded on the blockchain, the identities of those involved remain concealed. This approach offers a unique solution to the privacy concern that plagues many digital transactions.

However, the question of privacy in Bitcoin remains a tightrope walk. While anonymity safeguards user information, the public nature of the blockchain raises concerns about transparency. Regulators and law enforcement grapple with the potential for misuse, highlighting the need for a balanced approach.

Mow’s emphasis on privacy reflects ongoing efforts to find this equilibrium and preserve the decentralized spirit of cryptocurrencies.

Privacy can still be maintained by breaking the flow of information in another place: by keeping public keys anonymous. The public can see that someone is sending an amount to someone else, but without information linking the transaction to anyone.

– Satoshi Nakamoto

— Samson Mow (@Excellion) April 26, 2024

Beyond privacy, Mow examined the ever-volatile world of crypto price predictions. He introduced the concept of “Omega Bitcoin candles,” representing extended periods of intense market activity characterized by high price swings.

The CEO believes the recent halving, which cut block rewards in half, coupled with the demand surge from spot Bitcoin ETFs (exchange-traded funds), could trigger the emergence of these Omega candles.

The theory hinges on the interplay of supply and demand shocks. The halving creates a supply shock by limiting the number of new Bitcoins entering circulation. Simultaneously, spot ETFs are rapidly acquiring significant amounts of the cryptocurrency, creating a corresponding demand shock.

Related Reading: David Vs. Goliath? Crypto Firm Consensys Sues SEC Over Ethereum Regulation

Mow argues that this convergence has the potential to propel the crypto asset towards the highly anticipated price milestone of $1 million.

While his Omega candle theory presents an intriguing perspective, it’s crucial to acknowledge the inherent volatility of the cryptocurrency market. Accurately predicting Bitcoin’s price movements remains a formidable challenge.

Featured image from Pexels, chart from TradingView