While Ethereum’s ETF Approval Looks Unlikely in May, Investors Flock To BlockDAG’s $4.4M Presale

Mar 14, 2024

With Ethereum ETF approval in May hanging in the balance, investors are turning their gaze towards promising alternatives like the Graph (GRT) and BlockDAG (BDAG).

The BlockDAG project is particularly noteworthy for its recent keynote release, which debuted in the heart of Tokyo, attracting a massive flood of investment into BlockDAG’s presale, with $4.4 million locked in so far.

GRT Price Prediction: Is $1 Possible?

GRT (The Graph) price has recently surged above the 23.60% Fibonacci level at $0.30, indicating a bullish trend with the potential to reach $0.50. Following a bullish reversal in late 2023 and support from the 50-week EMA, GRT’s momentum is strong. The market cap is now at 4,226,421,165, and the current trading price is $0.4488.

GRT price movement, supported by a recent increase in trading volume, suggests a continuation of the uptrend, possibly reaching $1 in the longer term. Following the $0.30 breakout, key targets are $0.45 and $0.58, with the bullish trend indicating a potential breakout to $1 in the coming months.

Why Ethereum ETF Approval in May Is Unlikely

According to Eric Balchunas, a senior Bloomberg ETF analyst, the chances of ETH ETFs being approved by May have plummeted to 35%. The main reason for this pessimistic outlook is more communication from the SEC to prospective fund issuers, especially with only 73 days left until the deadline. Balchunas also pointed out that SEC Chair Gary Gensler’s view of Ethereum as a security rather than a commodity like Bitcoin poses another significant obstacle to Ethereum ETF approval.

Despite the gloomy outlook, some remain cautiously optimistic, suggesting that a rejection could have long-term benefits by preventing the SEC from arbitrarily opposing other cryptocurrencies. However, major investment banks and market makers have also expressed doubt about ETH ETF approval by May.

BlockDAG Grabs Presale Spotlight Following Keynote Debut In Tokyo

BlockDAG (BDAG) has rapidly claimed a spotlight in the presale market after its keynote video premiered at Tokyo’s Shibuya Crossing. The video introduced BlockDAG’s vision and value proposition, which includes BDAG coins, a BlockDAG crypto payment card, and its lineup of crypto mining rigs under the name X-series.

The BlockDAG card, enabled by a partnership with a leading Banking-As-A-Service provider, supports transactions with BDAG alongside other major cryptos at over 38 million outlets globally.

BDAG coins are minable with BlockDAG’s mining rigs, presenting an attractive passive income avenue for users, with potential daily earnings ranging from $1 to $10. Finally, BlockDAG’s miners are designed with sustainability in mind, seeking to address the key challenge in the crypto mining sector.

In response to the overwhelming early investor interest and the $4.4 million raised quickly, BlockDAG has announced a $2 million mega giveaway shared by 50 lucky community members. To participate in the giveaway, follow BlockDAG’s social media channels, submit your wallet address, increase your chances by completing all quests, and bring friends for additional entries.

In Summary

Doubts are growing over the approval of an Ethereum ETF in May, stemming from a lack of communication from the SEC. Meanwhile, the GRT price is riding a bullish trend, with predictions suggesting it could reach $1 in the longer term.

BlockDAG (BDAG) has conquered investors’ attention in the presale arena as its keynote debuted in Tokyo, attracting a tidal wave of investments into the project’s presale.