Ethereum (ETH) is down by 8% on the daily and weekly charts, after the Ethereum Spot ETF failed to push up the price, though this is likely to change shortly. Cardano (ADA) is also down in line with the wider crypto and financial markets, but holders are getting excited by the possibilities of the Chang Hard Fork. Meanwhile, DTX Exchange avoids market woes and attracts thousands of holders and over $1 million in investment.
DTX Exchange weathers the geopolitical storm and attracts over a million dollars of investment
It’s been a crazy week in politics and a rough few days for the financial markets. But one project remains unscathed and that’s the DTX Exchange presale. DTX Exchange aims to unite traditional finance (TradFi), with decentralized finance (DeFi). People will be able to trade both crypto and things like forex, stocks, bonds, and Contracts for Difference (CFDs), all with fast transaction speeds of 0.04 seconds.
As well as bringing all these products under one roof, the decentralized nature of the upcoming exchange will mean that traders do not need to complete KYC. This is the future that the founders of Bitcoin (BTC) and Ethereum (ETH) had in mind. A world where people have the freedom to hold and trade financial assets, away from the control of central government banks.
Although all presales contain a certain amount of risk, investors are showing that they are hungry for the new concept DTX has to offer. The team shared that there are now around 8000 different investors and that over $1.1 million has been raised so far.
DTX is in the second round of presale, approximately halfway through the stage, and the token is changing hands at $0.04. Experts predict that if successful, the coin could easily 800x from here.
Ethereum (ETH) holders encouraged to have patience
While many traders were expecting the release of the Ethereum (ETH) Spot ETFs on the 23rd of July to push Ethereum’s price to new heights, the opposite happened. However, those who were watching the price action of the BTC Spot ETFs may be less surprised.
That’s because Bitcoin’s price didn’t go up as expected in the initial phases of the Spot ETFs. The likely reason for this, and for the poor price performance of Ethereum (ETH), is due to the Grayscale trusts.
Prior to the release of the Bitcoin and Ethereum (ETH) Spot ETFs, the only way for institutional investors to get exposure to Bitcoin and Ethereum was via Grayscale. The downsides of Grayscales trusts included it not tracking the price of Ethereum (ETH) and Bitcoin (BTC) in real time, and investors only being able to sell at certain points. Such as on the Ethereum ETF Spot release date of 22nd of July. Interesting timing from the SEC and Grayscale!
It makes sense that investors first want to sell their Grayscale positions before entering Ethereum Spot ETFs. In the past two days, Grayscale has seen outflows of $811 million worth of ETH. Other factors affecting the market include the now-defunct Mt Gox paying out on day 1 of the Ethereum Spot ETFs and the wider financial markets such as the S&P 500 closing down by 2.2%
However famous analysts such as Eric Balchunas see the future as positive, noting on X that “The Eth ETFs (eg ETHA) did about as much or even a little more volume than yesterday. That’s a good sign as a lot fo times there’s a sizeable dropoff after hyped-up Day One.”
The Chang Hard Fork is bullish for Cardano (ADA)
Cardano (ADA) is now in the final stage of the Chang Hard Fork, which signals the start of the Voltaire Era. This a key step in Cardano (ADA) becoming a fully decentralized Layer 1 blockchain, as power is handed from IOG (Input Output Global – the company behind Cardano), to the community.
There are other important benefits too, including increased scalability which should raise Cardano’s TPS from 250 transactions per second, to 1000 TPS. This should translate into less congestion and cheaper transaction costs.
That said, measuring TPS accurately is always a tricky business. To give context, one of crypto’s fastest blockchains – Solana – is supposed to run at 65000 TPS, but in practice in 2023 its highest average speeds were around 1500 TPS, according to stats from Coingecko.
The Chang Hard Fork will also boost transaction speeds resulting in less latency. This means that more sophisticated apps and use cases can be run on-chain.
Enhanced security is another benefit of the Chang Hard Fork, and the developers maintain that the Fork will make it much harder for hackers to attack or exploit Cardano (ADA). Other benefits of the Chang Hard Fork may include increased staking rewards and greater transparency for Cardano (ADA). This could all signal an upcoming rise in Carano’s usage and ADA’s price.
Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the trustworthiness, quality, accuracy of any materials in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your research and invest at your own risk.