SEC Files Fidelity’s ETF, But Approval Odds Remain Low, Peter Brandt Unveils Epic BTC Prediction, Shiba Inu on Verge of 4 Million Addresses: Crypto News Digest by U.Today

Thu, 4/04/2024 – 16:26

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U.Today has prepared the top three news stories over the past day.

SEC files Fidelity’s ETF, but approval odds remain low

As recently became known, on April 2, the SEC filed Fidelity’s spot Ethereum ETF application. The news has ignited vivid discussions among the members of the crypto community on X platform, with some of them mentioning Bloomberg Intelligence analyst James Seyffart, asking him to comment on the regulator’s move. Seyffart replied, saying that despite the recent filing, ETF approval odds remain low. “Nothing in the filings signal to me that anything has changed,” he wrote in his X post. The analyst then added that in such cases, silence from the SEC is not a good thing, suggesting that ETF approval is unlikely for the time being. Previously, U.Today reported that leading ETF analyst Eric Balchunas estimated the chances of Ethereum ETF approval at “very pessimistic 25%.”

“Bitcoin is king”: Peter Brandt unveils epic new BTC prediction

In a recent bold statement on the X platform, veteran trader Peter Brandt declared that on the longer term, Bitcoin will remain superior to gold. Comparing the largest crypto and precious metals to members of the royal court, Brandt assigned Bitcoin to be “the ruler,” gold – a baron, and silver – a jester. To support his claim, the trader shared a chart showing how the value of gold has been steadily declining in relation to Bitcoin since the latter’s introduction onto exchanges in the early 2010s. In just 12 years, gold’s value fell from 740 BTC to a mere 0.0352 BTC, confirming Brandt’s optimistic outlook for Bitcoin’s dominance. However, ETF expert Eric Balchunas suggested a different perspective; in his X post from April 3, Balchunas pointed out a potential change in market sentiment, noting a resurgence in gold’s appeal compared to BTC. The expert argued that growing interest in gold combined with Bitcoin’s recent challenges could point to a temporary shift of funds away from the cryptocurrency.

Shiba Inu on verge of four million addresses as SHIB adoption rate jumps

According to recent on-chain data, Shiba Inu is inching closer to reaching a major milestone: four million in total addresses. This number includes all addresses that have ever been created and at one point have held SHIB, as well as those that do now. This coincides with a sharp rise in the SHIB adoption rate, which suggests that interest in the meme token is increasing. Per data by IntoTheBlock, Shiba Inu has hit 3.98 million total addresses, which was attributed to a spike in newly created addresses following SHIB’s March 5 peak of $0.00004575. Data from the same source shows that the rate of new user adoption for Shiba Inu is currently 40.22%, which means that  two out of five active SHIB addresses are new to the network. This Shiba Inu adoption rate remains particularly impressive considering uncertainty on the market. The crypto market has been volatile since the beginning of April, largely due to macroeconomic uncertainty.

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