Digital Currency Revolution Series: ETH/USD bulls on 8-months highs, what drives Ethereum’s bullish streaks?

Cryptocurrency avenue has been buzzing with bulls’ uproar of late, all majors have been gaining considerably.

ETHUSD’s current price rally spikes above 21-EMAs with the stern bullish engulfing candle (jumped about 130.20% in this year so far as you can make out from the weekly plotting of technical chart). The underlying price is currently trading at $270 level which is on the verge of extending 8-months highs on the Bitstamp exchange, predominantly owing to the underlying developments as glanced below.

Elon Musk tweeted in the recent past that, “Ethereum” and that was enough for Ether prices to move, jolting bulls and could have been the precursor to what we are currently witnessing. What we have seen is a near 50 percent jump in a coin that was even immune to Bitcoin gains of early April.

While in a blockchain event, the co-founder emphasized two projects that are intending to revolutionize verification. The duos, Augur and Kleros, Vitalik stated about the replacement of human authentication. Vitalik admired on the Ethereum-driven projects that are emerging, Bosch is conducting a trial in the Ethereum platform: “The Ethereum platform allows such projects, including for example, in the case of Bosch applications, autonomously charging and paying EV. There is no strategic favor for any existing technology. We have evaluated Ethereum, Hyperledger, and IOTA in small prototypes before.”

Despite the prolonged backdrop, in yet another case, a new crypto Exchange Traded Fund (ETF) proposal has been filed with the Securities Exchange Commission (SEC) by the USCF LLC (United States Commodity Fund). By the name of crypto-ETH and USCF Crescent Crypto Index Fund (“XBET” or the “Fund”), if approved, will be issued as shares on the NYSE Arca stock exchange.

XBET indicates the daily shift in percentage terms of the Crescent Crypto Core II Index (the “CCINDX”), less XBET’s expenses. The new “CCINDX” will comprise of Bitcoin (ETH) and Ether (ETH). 

The application reads: the offering of XBET’s shares is registered with the Securities and Exchange Commission (“SEC”) in accordance with the Securities Act of 1933 (the “1933 Act”). The CFTC appears to be comfortable with Ethereum based derivatives.

While the SEC has recently published the much-awaited regulatory Framework for Investment Contract Analysis of Digital Assets but yet to look into the applications. While an important development in detailing the guidelines for issuing crypto-assets in compliance with federal regulations, the framework doesn’t appear to be exhaustive as cited by the SEC.

Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 165 levels (which is highly bullish), hourly USD spot index was at -21 (mildly bearish) while articulating at (12:12 GMT). 

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