Latest news with #ZackShapiro
Yahoo
01-08-2025
- Business
- Yahoo
Why ethereum is suddenly beating bitcoin
The world's most popular crypto is being outdone by its second closest competitor in recent weeks. Ethereum is up about 54% over the last month, ahead of bitcoin's 10% gain. Here's what's behind the rally in the world's second-largest cryptocurrency. The world's most popular cryptocurrency is being outdone by its closest competitor in the last few weeks. Invest in Gold Thor Metals Group: Best Overall Gold IRA Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase American Hartford Gold: #1 Precious Metals Dealer in the Nation Bitcoin has rallied to record highs in recent months, but its performance has lagged behind ethereum. Ethereum's price is up 54% over the last month, compared to bitcoin's 10% increase. Zack Shapiro, an attorney at the Bitcoin Policy Institute, told BI there were a handful of reasons ethereum has pulled ahead in recent weeks. "I think a lot of it is that it's a speculation trade," he said of ethereum's latest rally. "Long term, we have to see." Here are some of the things Shapiro thinks are driving the fervor for ethereum. Bullish for stablecoins Markets are enthusiastic about stablecoins after the passing of the GENIUS Act, the Senate's landmark bill that sets the terms surrounding stablecoin regulation and opens the door for more issuers to mint their own fiat-backed tokens. Tether, USD Coin, Binance USD, and other top stablecoins on the crypto market are issued on the Ethereum network. "People think that stablecoins might proliferate a lot more. Maybe some of those stablecoins will be on ethereum," Shapiro said of the market's psychology. Retail giants like Walmart and Amazon are reportedly considering their own stablecoins, and using the tokens for retail payments would be a "big breakthrough" for the market, according to Apollo chief economist Torsten Sløk. Support from ETFs Shapiro says institutional investors have also recently offered ethereum ETFs, another factor driving inflows into the token. BlackRock, Fidelity, and Grayscale are among the firms that now offer a spot ethereum ETF. BlackRock's iShares Ethereum Trust ETF is up 48.9% over the last month. Fidelity's Ethereum Fund is up 33.1%, while Grayscale's Ethereum Mini Trust ETF is up 49.2% over that time frame. Cumulative spot ethereum ETF volumes rose to $123.5 billion as of Wednesday, according to data compiled by The Block. Corporate buyers Corporate crypto treasuries have also proliferated in 2025, and recently, many have been scooping up ethereum. Bitmine Immersion, one such crypto treasury, said last week it raised its ethereum holdings to over $2 billion. The Ether Machine, another crypto treasury firm, said on Wednesday that its total ethereum holdings had climbed to $56.9 million. "Those vehicles are out there buying ethereum. And so that could also be additional buy-pressure that's moving up the price," Shapiro said. Shapiro isn't certain that the momentum will last for ethereum. He believes much of the hype for the coin in recent weeks has to do with excitement and uncertainty over ethereum's potential catalysts. The crypto's rally could lose steam once more regulatory details are solidified, he said. He pointed in particular to the CLARITY Act, the crypto market structure bill that's awaiting approval in Congress. "Is the market structure bill going to pass? Are these sort of crypto primitives going to find product market fit in the market? And then is Ethereum, as opposed to other blockchain systems, going to be the winner from that?" Shapiro said. "I would personally probably sell the news." Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
01-08-2025
- Business
- Business Insider
Why ethereum is suddenly beating bitcoin
The world's most popular cryptocurrency is being outdone by its closest competitor in the last few weeks. Bitcoin has rallied to record highs in recent months, but its performance has lagged behind ethereum. Ethereum's price is up 54% over the last month, compared to bitcoin's 10% increase. Zack Shapiro, an attorney at the Bitcoin Policy Institute, told BI there were a handful of reasons ethereum has pulled ahead in recent weeks. "I think a lot of it is that it's a speculation trade," he said of ethereum's latest rally. "Long term, we have to see." Here are some of the things Shapiro thinks are driving the fervor for ethereum. Bullish for stablecoins Markets are enthusiastic about stablecoins after the passing of the GENIUS Act, the Senate's landmark bill that sets the terms surrounding stablecoin regulation and opens the door for more issuers to mint their own fiat-backed tokens. Tether, USD Coin, Binance USD, and other top stablecoins on the crypto market are issued on the Ethereum network. "People think that stablecoins might proliferate a lot more. Maybe some of those stablecoins will be on ethereum," Shapiro said of the market's psychology. Retail giants like Walmart and Amazon are reportedly considering their own stablecoins, and using the tokens for retail payments would be a "big breakthrough" for the market, according to Apollo chief economist Torsten Sløk. Support from ETFs Shapiro says institutional investors have also recently offered ethereum ETFs, another factor driving inflows into the token. BlackRock, Fidelity, and Grayscale are among the firms that now offer a spot ethereum ETF. BlackRock's iShares Ethereum Trust ETF is up 48.9% over the last month. Fidelity's Ethereum Fund is up 33.1%, while Grayscale's Ethereum Mini Trust ETF is up 49.2% over that time frame. Cumulative spot ethereum ETF volumes rose to $123.5 billion as of Wednesday, according to data compiled by The Block. Corporate buyers Corporate crypto treasuries have also proliferated in 2025, and recently, many have been scooping up ethereum. Bitmine Immersion, one such crypto treasury, said last week it raised its ethereum holdings to over $2 billion. The Ether Machine, another crypto treasury firm, said on Wednesday that its total ethereum holdings had climbed to $56.9 million. "Those vehicles are out there buying ethereum. And so that could also be additional buy-pressure that's moving up the price," Shapiro said. Shapiro isn't certain that the momentum will last for ethereum. He believes much of the hype for the coin in recent weeks has to do with excitement and uncertainty over ethereum's potential catalysts. The crypto's rally could lose steam once more regulatory details are solidified, he said. He pointed in particular to the CLARITY Act, the crypto market structure bill that's awaiting approval in Congress. "Is the market structure bill going to pass? Are these sort of crypto primitives going to find product market fit in the market? And then is Ethereum, as opposed to other blockchain systems, going to be the winner from that?" Shapiro said. "I would personally probably sell the news."
CNBC
16-07-2025
- Business
- CNBC
Bitcoin climbs as crypto regulation bills stumble in Congress: CNBC Crypto World
On today's episode of CNBC Crypto World, bitcoin climbed after the House approved a procedural vote to consider three key crypto regulation bills after GOP lawmakers halted their passage the day before. Plus, Zack Shapiro, head of policy at the Bitcoin Policy Institute, breaks down the three crypto-related bills currently sitting in the U.S. House of Representatives.
Business Insider
08-05-2025
- Business
- Business Insider
Bitcoin just hit $100,000 for the first time in 3 months
Bitcoin reclaimed the six-figure mark on Thursday, crossing $100,000 for the first time in three months. The top crypto hit an intraday high of $101,370, the highest level since early February. A number of tailwinds have boosted the token recently, but broadly it has been moving in line with other risk assets like stocks, as markets settle down after April's historic bout of volatility stemming from tariffs. Similar to stocks, bitcoin gained on Tuesday on news that the White House had reached a trade agreement with the UK—a positive sign that could help unwind last month's tariff uncertainty and reignite risk appetite among investors. Analysts have also suggested that April's trade chaos may positioned bitcoin to climb as tariffs diminish the appeal fo safe havens like the US dollar and Treasurys. Standard Chartered said that inflows into spot bitcoin ETFs have surged to $5.3 billion over the past three weeks, suggesting that demand has ballooned since mid April. Meanwhile, New Hampshire and Arizona gave crypto bulls more to be excited about, introducing the country's first crypto reserves this week. But to Zack Shapiro, head of policy at the Bitcoin Policy Institute, the impact of state crypto reserves is likely to be small compared to Wall Street's soaring appetite. Institutional interest is helping send bitcoin higher, as companies have entered something on an "arms race" to acquire a meaningful stake, he told BI. Strategy, at the forefront of this effort, is now funding a plan to spend $84 billion on more bitcoin acquisitions, Standard Chartered wrote. Given these factors, bitcoin should make new highs this quarter, the bank's global head of digital assets research wrote on Thursday. The bank has predicted the token to hit $120,000 in the second quarter but said in the note that the target might be too low. But others think that while progress on trade gives bitcoin fuel for more gains in the near term, heightened volatility is still a risk for traders as tariff uncertainty stays high. "Plus, at the moment, BTC is rallying on low volume, which is a recipe for short-term volatility," Puckrin said.
