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Elwood Technologies’ Large ETH Transfers Raise Questions Amid Acquisition Talks

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On July 11, the on-chain analytics platform Lookonchain identified a large deposit and withdrawal of ETH from Elwood Technologies to and from Binance.

The Elwood-linked address deposited 26,811 ETH worth around $83 million to Binance over the past three days.

The entity also withdrew 24,463 ETH worth around $76 million from the centralized exchange over the past two days.

More ETH Selling Pressure?

Some of the responses to the post on X suggested it was bullish, and others said it was market manipulation. Elwood Technologies was created by billionaire investor Alan Howard, co-founder of hedge fund Brevan Howard.

Large movements of ETH from corporations, governments, or financial institutions often rattle markets as fears of selling pressure increase. However, it remains unclear what Elwood Technologies is planning.

Moreover, the move comes around the same time as the news that investment bank Standard Chartered is mulling an acquisition of part of Elwood Capital, a subsidiary of Elwood Technologies that offers crypto OTC services.

The move would give Standard Chartered’s crypto division, Zodia Markets, virtual asset service provider licenses in Jersey and support a shift towards OTC settlement services.

Elwood Technologies raised $70 million in a Series A round led by Goldman Sachs in May 2022.

There have been other large Ethereum movements this week that have raised eyebrows. The Golem decentralized computing platform and one of the earliest ICO projects has also been moving a lot of ETH to centralized exchanges.

However, Lookonchain reported that Golem “appears to have stopped selling ETH” and staked 40,000  ETH worth around $124.6 million on July 10.

This week, CryptoPotato reported that Ethereum staking had reached record levels of 47.36 million ETH, accounting for around 34% of the entire supply.

ETH Price Outlook

ETH prices have oscillated between $3,145 and $3,068 over the past 24 hours but have not really been impacted by these whale movements.

The asset has moved off its intraday low to trade at $3,110 at the time of writing but remains down 3% over the past week.

Additionally, ETH has retreated around 24% since its 2024 high of just over $4,000 in mid-March.

Investors hope that an imminent spot ETF launch in the United States will boost sentiment and prices for the world’s second-largest digital asset.

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Ripple (XRP) Dominates Ethereum (ETH) on This Front: Details

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TL;DR

  • According to Google data, Ripple’s native token has recently enjoyed a rise in worldwide interest, in addition to charting double-digit weekly price gains.
  • The ongoing legal battle between Ripple and the SEC may be nearing a resolution, with some experts predicting a settlement before the end of the summer.

XRP’s Achievement

Ripple’s XRP has been making the headlines lately due to its price appreciation in the past week or so. It spiked to a nearly four-month high of over $0.63 on July 18 before retracing to the current $0.60.

XRP Price
XRP Price, Source: CoinGecko

The token’s weekly surge is around 12%, thus outperforming Bitcoin (BTC) and Ethereum (ETH), whose gains for the same period are 6% and 3%, respectively.

Aside from these impressive increases, Ripple’s native token has garnered the attention of retail investors. Data from Google Trends shows that the “Ripple (XRP)” searches have surged in the past two weeks, perhaps due to the price increase, and have been dominating the queries for “Ethereum (ETH)” for nearly a month.

The countries most intrigued by XRP are Australia, South Africa, Belgium, Cyprus, and Switzerland.

Interest in XRP vs ETH
Interest in XRP vs ETH, Source: Google Trends

It is worth noting that the interest in ETH has been going up in the past few days and might soon reverse the current trend. A contributing factor for such a potential development could be the official launch of spot Ethereum exchange-traded funds (ETFs) in the United States and the hype surrounding the initiative.

The five products to begin trading today (July 23) are 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF.

The Ripple v SEC Lawsuit

Another element possibly fueling more interest in XRP is the progress of the legal battle between Ripple and the US Securities and Exchange Commission (SEC) and the rumors of an upcoming resolution.

The entities have been confronting each other for over three and a half years, with the case entering its trial phase in April. While its official end could be prolonged indefinitely due to possible appeals from both sides, some individuals suggested an outcome could be just around the corner. 

The American attorney Fred Rispoli set July 31 as a possible settlement date, while Jeremy Hogan believes the news might be announced before the end of the summer. Ripple’s CEO – Brad Garlinghouse – chipped in, too, saying a resolution is “very near:”

“The ruling has been clear from the judge. There is one final piece about these investment contracts sold to institutions. We expect a resolution very soon, but we can’t predict exactly when the judge will rule there.”

Those curious to learn about the case’s specifics and how it may impact the price of XRP, please check our dedicated video below:

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Robert Kiyosaki Says Bitcoin Will Hit $105K Next Year if This Happens

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Robert Kiyosaki, an American businessman and the author of Rich Dad Poor Dad, has projected $105,000 as the new bitcoin price for August 2025. He explained that this predicted price would hold water if the United States presidential candidate, Donald Trump, wins the election in November.

The financial guru cited Trump’s goal to weaken the U.S. dollar as the driving force behind the price speculation. Weakening the country’s sovereign currency is achieved when the Fed lowers interest rates, making the U.S. dollar cheaper when exchanged for foreign currencies. Such actions make imports more expensive, and export becomes more affordable.

Weakening the Dollar Will Boost BTC Price

Kiyosaki explained that Trump would explore oil drilling in the country if elected, as opposed to the current president’s action of shutting down the Keystone XL Pipeline, a move that saw oil’s price jump from $30 to $130 per barrel.

The idea is that a weakened dollar and an increase in oil drilling will create more local jobs and allow American citizens to invest more in assets like gold, silver, and bitcoin.

The author summed up the impact this weaker dollar will have on the country’s economy:

“A weaker dollar will increase exports, create jobs, open new factories and make gold, silver, bitcoin, stocks, and real estate, rise in price.”

Recall that Kiyosaki had previously predicted that BTC would hit $350,000 next month, referencing the U.S. leaders’ incompetence. He had also shared multiple price speculations in the past.

Can Bitcoin Achieve Such Feat?

In March 2024, BTC attained its current price high of $73,700. Since then, the leading cryptocurrency has dropped to a $54,000 price range. Although the asset sat at $66,700 at press time, it remains uncertain if it will see a sudden surge soon.

Still, investors are confident that BTC will break $100,000 and see new price heights within the following year.

However, the asset has reacted well to positive developments on the political US front related to Donald Trump. The former skeptic and critic changed his tune during the 2024 election campaign and has now become the self-proclaimed ‘crypto’ candidate. The failed assassination attempt against him earlier this month was among the examples of gains for bitcoin.

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Impossible Cloud Network Reveals Strategic Roadmap for Decentralized Cloud Platform

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[PRESS RELEASE – Hamburg, Germany, July 23rd, 2024]

Pioneering the Future of Decentralized Cloud with real-world demand, Utilizing SLA Oracles and enterprise-grade hardware from top providers, ICN is building a decentralized multi-service cloud platform.

Impossible Cloud Network (ICN), a decentralized cloud ecosystem with roots in Web2, has revealed its roadmap for an open, multi-service platform. Competing with giants like AWS, GCP, and Microsoft Azure, ICN connects hardware providers, service providers, and monitoring nodes through the ICN protocol.

The protocol is designed to balance supply and demand in a blockchain-based marketplace, ensuring efficient scalability and minimal subsidies. ICN’s architecture includes hardware for scalability, services for composable innovation, and monitoring for trust. ICN aims to support a variety of cloud services, including storage and GPU compute, offering comprehensive solutions for diverse business needs. With Impossible Cloud GmbH as the first service provider, the platform has already proven that it can facilitate revenue generation by delivering reliable services with industry-leading performance.

Impossible Cloud has previously secured €17 million in funding from renowned Web3 and Web2 investors including 1kx, HV Capital, Protocol Labs, very early Ventures, LBBW VC and TS Ventures.

Newly released Litepaper now available

The Litepaper of Impossible Cloud Network (ICN) is now released – covering an in-depth overview of ICN’s vision and development plans. The document outlines the technical and strategic milestones guiding the platform’s evolution, including key features, architectural design, and future prospects. A particular focus is on SLA Oracles, which are essential for monitoring and ensuring the performance and reliability of the network for the business customers.

Kai Wawrzinek, CEO & Founder of ICN, states:

“Our architecture has a multi-layered approach: The Hardware Layer ensures unprecedented scalability through decentralized hardware contributions. The Service Layer facilitates composability, allowing open-source software to integrate into larger constructions. Lastly, the Monitoring Layer, composed of SLA Oracle nodes, establishes a layer of trust with verifiable proofs to tackle the DePIN verification problem.”

Users can find out more in the newly released Litepaper here.

Significant milestones with key partnerships and a growing ecosystem

Recently, Impossible Cloud Network (ICN) played a key role in the inception of the DePIN Association alongside other founding members such as peaq, IoTeX and DePIN Hub. This association aims to expand and accelerate DePIN adoption through education, events, and strategic collaborations. ICN has also announced strategic partnerships with leading hardware manufacturers such as Supermicro and pioneering DePIN projects at the forefront of the industry such as Witness Chain.

During a keynote address at EthCC, ICN showcased its innovative solutions and strategic vision for the future of decentralized cloud. The event highlighted ICN’s commitment to building a robust ecosystem through these significant partnerships. Christian Kaul, COO & Co-Founder of ICN, stated:

“We’re excited to present our vision at EthCC and believe that our innovative approach will set new standards in the cloud services industry. The strength of our ecosystem is crucial as we work together to revolutionize the open cloud, ensuring a mutually beneficial platform for innovation.”

These developments signal strong support from the Web3 and DePIN community, underscoring ICN’s potential to make real-world connections and bring decentralized projects to the forefront of the industry landscape. ICN invites forward-thinking projects, developers, and investors to join their mission to revolutionize the cloud industry.

For more details on ICN’s ecosystem and strategic plans, the newly released Litepaper here provides an in-depth overview.

X – https://x.com/ICN_Protocol

Discord – https://discord.gg/icn-protocol

Telegram – https://t.me/ICN_Protocol

About ICN

Impossible Cloud Network (ICN) is a decentralized cloud platform that connects enterprise-grade hardware with cloud service providers while leveraging SLA oracles for uncompromised performance or service quality. ICN already has service providers leveraging the platform with hundreds of business customers and real-world revenue, proving the performance and reliability of the platform.

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