Welcome to Crypto Investing Daily! I’m your host, Alex Benfield, and today’s edition is one of the most exciting yet.

I can confidently say last week was one of the top three most thrilling weeks in my crypto journey. From the developments surrounding the Ethereum (ETH) exchange-traded fund (ETF) to significant policy and regulatory updates, there’s a lot to cover. Let’s dive in.

I’ve recorded a short video that covers some of the exciting developments from this week. Feel free to watch the video or read along below.

Ethereum: A Meteoric Rise

The Recent Correction and Rebound

Ethereum has been on a wild ride. Since mid-March, Ethereum had been in a correction, falling over 30% to a little over $2800. Historically, during bull markets, both Bitcoin and Ethereum often experience multiple 30% corrections before reaching new all-time highs. This recent correction seemed to have bottomed out, and then this week, the price action has been nothing short of explosive.

The ETF Buzz

On Monday, the excitement began. Two Bloomberg analysts dramatically increased their prediction for the approval odds of an Ethereum ETF from 25% to 75%. This surge in confidence came after they received indications that the SEC was reversing its stance on cryptocurrencies, essentially performing a 180-degree turn. This change appears to stem from top-down directives from the Biden administration, influenced by recent pro-crypto sentiments expressed by former President Trump.

Market Reaction

The impact on Ethereum’s price was immediate and profound. On Monday, Ethereum’s price shot up 20%, marking one of the most significant single-day gains. The anticipation is palpable as tonight at 8 PM, the SEC is set to announce its decision on the Ethereum ETF. This decision could propel Ethereum to break its yearly high of around $4000 set in mid-March.

Ondo: A Star in Real-World Assets

Real-World Asset Tokenization

Amid the excitement around Ethereum, another noteworthy development involves Ondo (ONDO). Ondo is part of the real-world asset sector of the crypto market, focusing on the tokenization of real-world items and placing them on the blockchain. This sector is gaining traction for its potential to bridge traditional finance and decentralized finance (DeFi).

Market Performance

Ondo has held its value remarkably well during recent market corrections and is now approaching its yearly high. Tradable on Coinbase, Ondo is a prime example of an altcoin that is performing well, showcasing the diverse opportunities within the crypto market beyond the major players like Bitcoin and Ethereum.

Policy and Regulatory Updates

A Favorable Shift

This week has seen unprecedented changes in the regulatory landscape for cryptocurrencies. The hostile stance that had characterized much of the Biden administration’s approach appears to be softening. This shift became evident following a meeting held by former President Trump with crypto industry insiders at Mar-a-Lago, which prompted a quick response from the Biden administration to adopt a more crypto-friendly stance.

Key Developments

1. Ethereum ETF Optimism: The increased odds of ETF approval have created a bullish sentiment in the market.
2. FDIC Leadership Change: Anti-crypto FDIC Chair Marty Gruenberg stepped down amid accusations of creating a hostile work environment. His departure is seen as a move to remove a major hostile figure in crypto regulation.
3. Pro-Crypto Moves by Political Leaders: Both the Trump and Biden administrations have signaled support for cryptocurrency donations, reflecting a broader acceptance and potential integration of crypto into mainstream financial systems.

Implications for the Market

These regulatory changes are monumental. Bitcoin’s rise from $16,000 in late 2022 to its current price of over $68,000 has occurred despite a hostile regulatory environment. With these recent developments suggesting a more favorable regulatory climate, the potential for further growth in Bitcoin and the broader crypto market is substantial.

Conclusion

This week has been a turning point for the crypto industry, with significant developments in both market performance and regulatory landscape. Ethereum’s potential ETF approval, Ondo’s performance in real-world asset tokenization, and the shift in regulatory attitudes mark a new era for cryptocurrency. Stay tuned to Crypto Investing Daily for ongoing updates as we navigate these exciting times. Thank you for joining me, and I look forward to sharing more insights in future editions.

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This article previously appeared in Investing Daily.