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ETH Could Hit $4,000 Before May ETF: Standard Chartered

ETH Could Hit $4,000 Before May ETF: Standard Chartered

ETH's potential rise to $4,000, German police's $2.1B Bitcoin seizure, Ethereum's Dencun Mainnet progress, and SEC's DEBT Box case update.

Welcome to another edition of Datawallet Daily. Here is your snapshot of the pivotal cryptocurrency insights from the last 24 hours:

ETH Could Hit $4,000 Before May ETF: Standard Chartered

Standard Chartered Bank predicts that ETH could reach $4,000 by May, a nearly 70% increase from current levels, due to the likely approval of spot ETFs in the U.S. The bank believes the U.S. SEC will approve ETF applications on May 23, following a pattern similar to Bitcoin ETFs. 

The bank argues that the market is underestimating the chances of approval. They note there is no fundamental reason for the SEC to treat ETH differently, especially since ETH futures are listed on the CME, and ETH was not classified as a security in the SEC’s legal actions against Ripple.

Standard Chartered anticipates ETH prices to track or outperform Bitcoin in the run-up to the expected approval. Post-approval, ETH may face less selling pressure than Bitcoin due to the smaller market share of the Grayscale Ethereum Fund.

German Police Seize $2.1B Bitcoin in Piracy Bust

German authorities have made their largest-ever cryptocurrency seizure, confiscating 50,000 Bitcoins valued at $2.17 billion. The seizure is linked to a piracy website’s operation in 2013 that violated copyright laws, with the proceeds being converted into Bitcoin. One of the suspects voluntarily transferred the Bitcoins to the Federal Criminal Police Office. An ongoing investigation is focused on potential commercial money laundering, although no formal charges have been filed yet. The fate of the seized Bitcoins remains undecided.

Ethereum Nears Dencun Mainnet After Sepolia Activation

The Ethereum ecosystem is one step closer to implementing the Dencun upgrade as it was successfully activated on the Sepolia testnet. This upgrade, which introduces proto-danksharding, aims to reduce Layer 2 transaction fees. 

Unlike the activation on the Goerli testnet, which faced a four-hour delay due to a bug, the Sepolia upgrade proceeded smoothly on January 30. The mainnet activation of Dencun looks increasingly favorable, pending the upgrade’s activation on Ethereum’s final Holesky testnet scheduled for February 7. 

SEC to Drop DEBT Box Case Over Inaccurate Statements

The SEC is moving to dismiss its lawsuit against crypto startup DEBT Box after admitting inaccuracies in court statements. The SEC had initially sued DEBT Box in July but now plans to dismiss the case without prejudice, allowing for possible refiling. In late December, the SEC acknowledged making inaccurate statements and falling short of accuracy expectations in court. Judge Robert Shelby had criticized the agency’s lawyers for “false or misleading” statements.  DEBT Box had faced allegations of defrauding investors of $49 million by offering unmined “node licenses” for tokens​​.

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