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Ethereum hits $4,885 for new all-time high price

The previous high was set in November 2021.

Sage D. Young

Following hints from Fed Chair Jerome Powell that the central bank would likely cut rates in September, ethereum finally rallied to a new record high of $4,885, pushing past its previous record of $4,878 set in 2021. 

The second-largest cryptocurrency has been flirting with a new all-time high for weeks as public companies like BitMine scoop up billions of dollars’ worth of tokens and as ethereum spot ETFs see a growing swell of inflows. 

Clearer US regulatory policy regarding cryptocurrency has also boosted the token. President Donald Trump signed the GENIUS Act into law in July bringing regulations for stablecoin issuance, a move expected to boost the ethereum ecosystem, which has the largest supply of stablecoins among all blockchain networks. 

Year to date, ethereum has jumped over 40%, outpacing its older sibling bitcoin, which has risen roughly 24% this year. The market capitalization of ethereum, at over $587 billion, is now larger than streaming giant Netflix ($512 billion) and payments heavyweight Mastercard ($540 billion). 

“Ethereum is approaching a potential breakout moment past its previous all-time high, driven by a convergence of bullish catalysts,” according to Le Shi, managing director at crypto trading firm Auros. Shi pointed to a number of macro conditions, including anticipated Fed rate cuts, record-high S&P 500 levels, bitcoin’s own rally, and the GENIUS Act’s impact on accelerating traditional finance’s adoption of ethereum.  

“One of the market’s hottest themes is the rise of crypto treasury companies. Following Strategy’s lead in bitcoin, attention has shifted to ethereum-focused treasuries such as BitMine Immersion Technologies, SharpLink, and Bit Digital, which are rapidly gaining mindshare among both crypto-native and TradFi participants,” Shi told Sherwood News. 

The deployable capital held by ethereum treasury firms like BitMine, SharpLink Gaming, and Bit Digital “represent a significant potential driver of ethereum market activity,” Shi added. 

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Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter. 

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows. 

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

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SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework. 

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

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