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Hong Kong has approved spot Bitcoin (BTC) and Ethereum (ETH) ETF (Exchange Traded Fund) applications. The region is the second to do so in 2024, following the SECs (Securities and Exchange Commission) historic decision to approve 11 spot BTC ETFs in the US. However, although the US has approved 11 spot Bitcoin ETFs, the country has yet to greenlight an Ethereum ETF. According to some analysts, a spot ETH ETF could be approved in the US later this year.

JUST IN: Hong Kong approves spot #Bitcoin& Ethereum ETF application.

Also Read: 3 Cryptocurrencies to Buy Before They Hit the Big Post Bitcoin Halving

The approval of spot ETH and BTC ETFs may lead to another rally for the cryptocurrency markets. The US spot BTC ETFs played a significant role in BTC hitting a new all-time high earlier this year. BTC hit $73,737 in early March with a rally fuelled by increased inflows into spot BTC ETFs.

Given that the US spot BTC ETFs were responsible for BTC hitting a new all-time high, there is a high probability that a similar pattern will unfold after the Hong Kong approvals.

According to CoinCodex, Bitcoin (BTC) will reclaim its all-time high later this month. Moreover, the platform anticipates BTC to continue on a bullish trajectory for the next few weeks, predicting it to hit $85,906 on May 13, 2024. Hitting $85,906 from current levels would translate to a growth of about 32%.

On the other hand, CoinCodex anticipates Ethereums (ETH) price to consolidate at around current levels, predicting it to trade at $3242.95 on May 1, 2024.

With Bitcoins (BTC) halving just around the corner, we may witness another massive rally in the crypto market. Both Bitcoin (BTC) and Ethereum (ETH) could hit new all-time highs, fuelled by the Hong Kong spot ETFs and BTCs halving later this month.

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Hong Kong Approves Spot Bitcoin and Ethereum Application - Watcher Guru

A significant trend is emerging in the web 3 industry, which means that the number of adherents not of cryptocurrency, but of a wide variety of crypto projects, is growing.

From the very beginning of their creation, the leaders of the crypto industry, and in particular the Ethereum blockchain platform, operated with a large amounts of money and it seemed that this was quite enough for their lasting and long-term success.

However, the problem of scalability began to manifest itself more and more acutely, and many IT companies and specialists began to think about how they could help Ethereum to minimize it.

It was then that the first signs of solutions related to scalability management began to appear, and the Rollups method rightfully took its destiny place among them.

It should be noted that Rollups provide a safe and targeted scaling solution, as they generate the best features of previous methods, such as L2 and side chains.

It is obvious that a large number of projects based on the Ethereum blockchain network are interested in optimizing problems associated with network throughput, and therefore urgently need not just Rollups solutions, but rollups as a service.

We already know that the Rollup method is aimed at optimizing the throughput of the Ethereum blockchain network, and when using it, transactions are performed on the external chain (L2) outside the main network (L1).

At the same time, the data on the results of transactions is managed by smart contracts and placed on L1. The result of this approach is a short transaction time, as well as low fees for them.

Another advantage of this approach is the fact that if something unexpected happens to L2, it will not have a negative impact on the contents of the blockchain, since smart contracts with transaction data are located on the main network.

The Rollups family includes two types: Optimistic Rollups and ZK-Rollups. Speaking about the fact that the Rollup solution should ensure not only the scalability of the blockchain network, but also its security, it should be noted how each of the two types of Rollups implement the security function.

Optimistic Rollups do not verify every transaction at the second level, since the network by default optimistically assumes that every transaction is correct, provided that no one disputes this.

Therefore, calculations only occur if problems arise and when fraud is proven. In addition to implementing its core principle, Optimistic Rollups offer a 100x increase in network scalability.

Unlike Optimistic Rollups, ZK-Rollups aggregate hundreds of off-chain transactions and generate a zero-knowledge mathematical proof of their authenticity.

This approach guarantees a high level of privacy, especially in public blockchain networks. In traditional blockchain operation, security is ensured by the fact that each network participant performs calculations and operations that are provided for by the blockchain protocols.

If the calculation results of the majority of participants coincide with each other, then such a network is safe and trusted. In other words, this situation is called a blockchain network consensus has been reached.

With the ZK-Rollups solution, there is no need to carry out calculations for each network participant, spending a large amount of time and resources.

By delegating this work to one network participant, all of them receive a mathematically provable statement of the correctness of the transactions while maintaining absolute privacy.

It should be noted that Rollup technology has several disadvantages, and one of them is the low level of compatibility of some smart contracts.

Composability is a weak point of Rollups, because if a transaction using multiple protocols is to be processed, it is necessary that these protocols reside on the same Rollup.

The bottleneck of Rollups is also considered to be that they provoke unstable liquidity of the Ethereum network, and this, in turn, leads to worse execution of transactions.

Despite the fact that developers are actively working on eliminating the shortcomings of Rollups, a considerable number of skeptics claim that some Rollups solutions may eventually turn into a kind of Fata Morgana of the Ethereum blockchain.

However, the creators of Ethereum do not share this point of view. They are full of optimism and believe that Rollup technology and, in particular, solutions related to ZK-Rollups, are the best answer to the challenges associated with the scalability and security of the blockchain ecosystem.

And devoted adherents of ZK-Rollups even position this solution as absolutely magical, which can change the rules of the game of the entire crypto industry.

There is also a lot of controversy about the assertion of some experts that Rollups can be hostile towards side chains and will gradually push them out of the blockchain.

Of course, there are some grounds for such statements, but most experts still believe that both Rollups and side chains will occupy their own niches and not come into conflict with each other.

Rollup technology, particularly Optimistic and ZK-Rollups, offers promising solutions to the scalability and security challenges of the Ethereum blockchain.

While there are concerns about smart contract compatibility and liquidity, the ongoing development and optimism surrounding these technologies suggest a transformative potential for enhancing blockchain efficiency and functionality.

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Rollups - Technology for Ethereum The Rolla Daily News - - The Rolla Daily News

Ethereum users may no longer need to worry about losing their seed phrases ever again after the Pectra hard fork thanks to a new social recovery feature part of the planned Ethereum Improvement Proposal (EIP) 3074 upgrade.

EIP-3074 was confirmed as a new addition to the Pectra hard fork by Ethereum core developer Tim Beiko in an April 11 X post.

The upgrade will see a supercharging of ordinary Ethereum wallets (externally owned accounts) with several new smart contracts capabilities, including the ability to recover assets, Ethereum Foundation researcher Domothy explained in a March 25 blog post.

However, to leverage the social recovery tool, users must first have transferred ownership of their assets to an invoker contract via a digital signature, which will perform future transactions and function calls on the users behalf.

While ownership is delegated, the message in the digital signature will enable the user to retrieve their assets if they lose or forget their seed phrase.

The feature will be made possible by the implementation of the AUTH and AUTHCALL opcodes, cryptocurrency commentator Cygaar explained in an April 11 X post.

AUTH will take a users signature and intended action and verify it was signed properly. AUTHCALL will then call the target contract to carry out the transaction but will assign the user as the caller instead of the invoker contract.

Domothy, however, shared concerns that funds could be drained if users delegate their assets to a malicious invoker contract, though he also expects a few formally verified and fully audited invoker contracts to become available after the Pectra upgrade.

It has been estimated that billions of dollars worth of cryptocurrency have been lost over the years due to users forgetting or losing their private keys.

Related: Key elements to watch on the Ethereum network roadmap

Meanwhile, another key advantage of EIP-3074 is that users wont need any Ether (ETH)in their wallet to send transactions, as the entity behind the invoker contract can pay for that upfront.

This could be huge for gaining mass retail adoption, Cygaar noted.

It will also enable multiple actions to be taken in one transaction.

[But] with 3074, these two actions can be batched into a single tx, Cygaar added.

The Pectra hard fork is reportedly expected to occur in late 2024 or early 2025.

Magazine: Account abstraction supercharges Ethereum wallets: Dummies guide

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Ethereum's next hard fork could make lost private keys a thing of the past - Cointelegraph

Investing.com - Ethereum was trading at $3,151.48 by 14:36 (18:36 GMT) on the Investing.com Index on Friday, down 10.09% on the day. It was the largest one-day percentage loss since November 9, 2022.

The move downwards pushed Ethereum's market cap down to $399.60B, or 15.99% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $569.58B.

Ethereum had traded in a range of $3,150.92 to $3,551.22 in the previous twenty-four hours.

Over the past seven days, Ethereum has seen a stagnation in value, as it only moved 0.16%. The volume of Ethereum traded in the twenty-four hours to time of writing was $14.47B or 16.09% of the total volume of all cryptocurrencies. It has traded in a range of $3,150.9238 to $3,727.8689 in the past 7 days.

At its current price, Ethereum is still down 35.21% from its all-time high of $4,864.06 set on November 10, 2021.

Bitcoin was last at $65,942.3 on the Investing.com Index, down 5.10% on the day.

Tether USDt was trading at $0.9998 on the Investing.com Index, a loss of 0.03%.

Bitcoin's market cap was last at $1,338.23B or 53.53% of the total cryptocurrency market cap, while Tether USDt's market cap totaled $107.24B or 4.29% of the total cryptocurrency market value.

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Ethereum Falls 10% In Selloff By Investing.com - Investing.com

Furrever Token

New York, NY, April 12, 2024 (GLOBE NEWSWIRE) -- The cryptocurrency market continues to evolve with significant movements in key digital currencies, including Bitcoin (BTC), Ethereum (ETH), and the emergingFurrever Token (FURR). This article provides a detailed analysis of these cryptocurrencies, highlighting their current market positions, underlying value propositions, and potential future directions.

Bitcoin's Market Value: A Comparative Analysis

On April 10, 2024, the value of a single bitcoin reached an impressive milestone, exceeding $70,000, with a specific value of $70,665. The total circulation of bitcoin at this time was over 19.68 million, culminating in a market capitalization exceeding $1.39 trillion. This marks a significant increase from the previous year, where the market cap was around $472 billion with approximately 19.35 million bitcoins in circulation.

To understand the proportion of global wealth represented by bitcoin, it's crucial to consider the overall monetary wealth. According to calculations by Credit Suisse, global wealth was estimated at $454.4 trillion by the end of 2022. Assuming a steady growth rate, the total global wealth by 2024 would be around $469.8 trillion, placing bitcoin at 0.3% of this figure.

Gold has traditionally been seen as the ultimate safe-haven asset. With an estimated 244,000 tons of gold discovered to date and a price per ounce of $2,334.90 as of April 10, 2024, the total value of all gold amounted to approximately $18.23 trillion. In this context, bitcoin's total value represented about 7.6% of the total value of all gold.

While bitcoin is the most well-known cryptocurrency, it is far from the only one. Including other major cryptocurrencies like Litecoin, Monero, and Ethereum, the total market cap for cryptocurrencies was around $2.6 trillion as of April 10, 2024. This constituted roughly 0.56% of the total global money supply.

Cryptocurrencies, including bitcoin, are known for their volatility, liquidity issues, and susceptibility to price manipulation. Potential investors are advised to thoroughly understand the risks associated with these digital assets.

Bitcoin, as a pioneering cryptocurrency, occupies a unique position in the global financial ecosystem. Its comparison to traditional assets like gold highlights its growing relevance and potential as a store of value, despite constituting a small fraction of the world's total monetary wealth. As the digital currency landscape evolves, bitcoin continues to be a significant player, reflecting broader trends in the move towards virtual assets.

Story continues

Ethereum's Price Recovery: A Path to $3,600

Ethereum has shown resilience by holding above the crucial $3,400 support zone, indicating a possible recovery from recent losses. However, to sustain an upward trajectory in the near term, it must breach the $3,600 mark.

The digital currency witnessed a downturn, dipping below the $3,500 threshold and momentarily breaching the $3,450 support level. Ethereum found its lowest point at $3,408 before initiating a recovery, paralleling Bitcoin's upward movement. This recovery saw Ethereum surpass the $3,500 resistance, reaching the 50% Fibonacci retracement level from its previous high of $3,726 to its low of $3,408. Additionally, Ethereum managed to break through a downward trend line on the ETH/USD hourly chart, signaling a potential reversal of the bearish trend.

Ethereum currently hovers around the $3,500 mark, closely aligned with the 100-hourly Simple Moving Average, suggesting a balanced market sentiment. Immediate resistance is identified near $3,600, correlating with the 61.8% Fibonacci retracement level from the recent high to low swing.

Should Ethereum overcome the $3,650 resistance, it might target the $3,725 level, setting the stage for a possible move towards $3,780. A decisive break above $3,800 could catalyze a bullish momentum, possibly propelling the price to the $3,880 zone and, in an optimistic scenario, to the $4,000 mark.

Conversely, failure to surpass the $3,600 resistance could trigger a new round of selling. Immediate support is found near $3,520, with significant support at the $3,500 and $3,400 levels. A breach below $3,400 might lead to a decline towards $3,320, and further losses could potentially push the price down to $3,240.

Furrever Token: A Charming Alternative in the Cryptocurrency World

In the dynamic realm of cryptocurrency,Furrever Token (FURR)is making waves as an innovative alternative to the more traditional altcoins. Standing out with a unique blend of charm and community spirit, FURR is distinguishing itself amidst giants like Solana (SOL) and Ethereum (ETH).

What sets Furrever Token apart is its commitment to adding a touch of charisma to the crypto industry. Moving beyond mere transactions and functionalities, FURR captures the hearts of its users with enchanting digital cat imagery, offering an enjoyable and lighthearted experience. This not only differentiates FURR from its counterparts but also fosters a sense of community and collective enjoyment among its enthusiasts.

At its heart, Furrever Token prioritizes creating a welcoming and inclusive community. The introduction of cat-themed visuals, stickers, and emojis into its platform not only enhances user engagement but also promotes a sense of unity and camaraderie among its members. This focus on community building is a cornerstone of FURR's strategy, making it more than just a cryptocurrency but a shared experience.

Furrever Token's approach to token distribution is equally impressive, with about 9 billion tokens in total supply. A significant 65% of these tokens are allocated for a presale, aimed at ensuring a broad and fair distribution. Additionally, locking 10% of the total supply for a year underscores the team's dedication to the project's longevity and the trust of its community.

The market has responded favorably to Furrever Token, with over $720,000 raised within a month of its launch. This remarkable feat underscores FURR's growing appeal and its viability as an investment in the crypto market. With its price currently at $0.00048, Furrever Token demonstrates a steadily increasing value, attracting the attention of investors and cryptocurrency enthusiasts alike.

Furrever Token (FURR) presents a compelling case for those looking for an alternative in the cryptocurrency space. Through its unique charm, strong community focus, and thoughtful tokenomics, FURR is carving out a niche for itself against competitors like Solana and Ethereum. As it continues to build momentum, Furrever Token stands as a testament to the potential of innovative and engaging approaches in the world of digital currencies.

Wrapping Up

The cryptocurrency market remains a dynamic and complex ecosystem, with Bitcoin and Ethereum continuing to dominate the landscape, while new entrants like Furrever Token offer fresh perspectives and opportunities. As these digital currencies evolve, they reflect broader trends towards virtual assets and the increasing integration of cryptocurrencies into the global financial system. Investors and enthusiasts alike are advised to stay informed and consider the unique characteristics and potential of each cryptocurrency. The future of the cryptocurrency market holds both challenges and opportunities, with innovation and community engagement at the heart of its growth and sustainability.

Discover one of the exclusive opportunities in the 2024 pre-sale stage now:

Furrever Token Official Website|Visit Furrever Token Presale

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Disclaimer:The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

Read more from the original source:

The Latest in Crypto: A Spotlight on Bitcoin (BTC), Ethereum (ETH), and Furrever Token Today - Yahoo Finance