Global #Ether ETH

The global digital assets market is experiencing significant turbulence as Bitcoin (BTC) ends its recent gaining streak, facing substantial volatility and downward pressure.

On August 5th, the cryptocurrency market witnessed a dramatic downturn as Bitcoin (BTC) plummeted to as low as $52,500, marking a steep 10% drop from its recent high of $58,350 in just under two hours.

In a significant boost to the cryptocurrency market, Bitcoin (BTC) and Ether (ETH) have led a wave of institutional investment, attracting a combined $17.8 billion in inflows during the past week.

Ether (ETH), the second-largest cryptocurrency by market capitalization, is poised for a significant price surge, with analysts predicting it to reach $6,500 by the end of the year. This bullish outlook is primarily attributed to the anticipated influx of investments into spot Ethereum Exchange-Traded Funds (ETFs).

Since the approval of spot Ether exchange-traded funds (ETFs) in the United States on May 23, over $3 billion worth of Ether (ETH) has been withdrawn from centralized crypto exchanges.

Over the last 24 hours, the Ethereum-based memecoin Pepe (PEPE) surged by 27%, reaching a new all-time high. This surge is attributed to speculation surrounding the potential approval of spot Ether (ETH) exchange-traded funds (ETFs) in the United States.