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Ethereum Surges Past $3,500 on ETF Hopes

Ethereum is on fire, breaking the $3,500 mark and soaring 11% in the past week. This surge comes just days before the launch of five spot Ethereum ETFs on the CBOE.

The market is buzzing with anticipation for the SEC's approval of spot Ethereum funds, which could further fuel Ethereum's rally. While it's still down 28% from its all-time high, this recent surge is a promising sign for Ethereum investors.

Looking at Bitcoin, we see a similar pattern. Following the launch of US spot Bitcoin ETFs in January, Bitcoin's price jumped over 40%, reaching a new record high of $73,000 in mid-March.

Could Ethereum be on track for a similar price explosion? Only time will tell, but the current momentum suggests a bright future for the second-largest cryptocurrency.

Putin Warns of Power Shortages Due to Crypto Mining

In a recent meeting on July 17, Russian President Vladimir Putin expressed concerns over the impact of cryptocurrency mining on the country's power supply. He highlighted that the uncontrolled electricity consumption by Bitcoin and other crypto mining facilities is causing significant power shortages in regions like Irkutsk, Buryatia, and the Trans-Baikal Territory.

Putin described the situation as "acute and fraught with serious consequences" for businesses, residential areas, and social services. He warned that it could potentially halt investment and infrastructure projects. According to Putin, crypto mining in Russia consumes 16 billion kilowatt-hours annually, which is 1.5% of the nation's total electrical consumption. This figure is rising due to the country's low electricity prices and the ease of relocating mining equipment.

In response, Putin called for the expansion of Russia's central bank digital currency, the digital rouble, to address these issues and better manage the country's energy resources.

Bitcoin Oversold After German Sell-Off

Bitcoin's price took a significant dive in June following the German government's sale of 50,000 BTC seized from a piracy operation. According to a recent report by ARK Invest, this massive sell-off caused Bitcoin prices to plummet. Despite this, the report suggests Bitcoin may be oversold, with signs pointing to a potential price rebound.

While positive indicators exist, challenges remain. Global economic uncertainty and the upcoming release of billions in Bitcoin from the defunct Mt. Gox exchange could impact prices. However, analysts believe the latter might have a limited effect on the overall market.

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