Crypto Prices Plummet as Ethereum ETF Faces Delay Wiener AI Surpasses 7 Million in Presale

Crypto Market Plummets, Ethereum ETF Launch Delayed? Wiener AI Raises $7 Million in Presale


By Joel Frank
Updated:
July 4, 2024, 07:33 EDT
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Reading Time: 2 minutes


The cryptocurrency market is experiencing a significant crash today, with Bitcoin (BTC) dropping over 4% to the mid-$57,500 range and Ethereum (ETH) experiencing a similar decline to the $3,100 range. This decline comes as the market reacts to news of delays in the launch of spot Ethereum ETFs.
According to one of Bloomberg’s most influential ETF analysts, the ETFs are now expected to launch in mid-July. Initial expectations had suggested a launch this week, but that has not materialized.
Both Bitcoin and Ethereum have reached their lowest levels since May. Bitcoin has even fallen below its 200-day moving average for the first time since October last year.
While the delays in Ethereum ETFs may have a modest impact on the market, other bearish factors are also at play. Firstly, 140,000 BTC tokens are set to be returned to Mt Gox creditors after years of delays. This has raised concerns about increased short-term selling pressure.
Additionally, Bitcoin miners are reportedly selling coins at a higher rate than usual as they adjust to lower post-halving revenues. This is also contributing to short-term headwinds in the market.
If Bitcoin confirms a break below its 200-day moving average and the May lows in the $56,000 range, this could lead to increased technical selling pressure. A drop to the $53,000 support level, or even lower, is possible. Similarly, if Ethereum ETF delays continue, Ethereum could drop below $3,000.
Is it Time to Buy the Dip with Ethereum ETF Delays?
The delays in Ethereum ETFs, which have caused a decline in ETH price, may present a great buying opportunity for investors. Some analysts believe that the market underestimates the potential demand for Ethereum ETFs.
Analysts at Steno Research predict that inflows of $15-20 billion into Ethereum ETFs in the first year could drive the price of ETH to $6,500. This rally is likely to be supported by a broader rebound in the crypto market in the coming months.
While Bitcoin may currently be at multi-month lows and a summer rebound is uncertain, factors such as Fed rate cuts and a potential victory for Trump in the US Presidential election, as well as post-halving headwinds, could push the price to $100,000.
Looking for a Better Alternative? Wiener AI Presale Raises $7 Million
Investing in major cryptocurrencies like Bitcoin and Ethereum and holding them for at least 3-4 years has historically been a successful strategy, as long as investors avoid buying at market peaks.
However, due to the aforementioned factors, major cryptocurrencies are unlikely to see significant short-term upside. Traders looking for quick profits may consider getting involved in meme coin markets instead.
New meme coins are constantly emerging, and depending on their marketing success and ability to ride a narrative, they can perform exceptionally well. One meme coin that analysts at Cryptonews.com are particularly excited about is Wiener AI (WAI).
Wiener AI is a meme coin with a fun Sausage dog theme, but it also has built-in AI utility. The coin has been generating a lot of buzz in web3 circles, leading to its presale raising over $7 million.
Analysts at Cryptonews.com see great potential in Wiener AI.