Cryptocurrencies experienced a period of stagnation today following recent fluctuations. The decision made by the Federal Reserve regarding interest rates and the release of economic data from the US had a positive impact on cryptocurrencies. However, concerns have been raised due to a recent decision by the SEC.
Ethereum ETFs Face Delay
There has been a setback in one of the most highly anticipated aspects of cryptocurrencies. The SEC has announced a delay in the launch of the Galaxy and Invesco Ethereum ETFs. As a result of this postponement, all eyes are now on May 23rd. This date is significant for the market as it represents the deadline for the VanEck spot Ethereum ETF application.
News has recently emerged that Franklin’s spot Ethereum ETF, known as EZET, has been listed at DTCC. Despite this development, there is still uncertainty regarding its approval, leading to a decline in optimism among market participants. Given the mixed feelings and outlooks in the market, it is difficult to determine when the ETF will be definitively approved.
Current Price of Ethereum
While these events unfold in the market, attention has also turned to the current price of Ethereum (ETH). At the time of writing, the price of ETH appears to be unaffected by the news. However, it experienced a 1.77% drop over the last 24 hours, causing it to fall to $3080.
During this period, investors closely monitored ETH’s market cap and 24-hour trading volume. Despite a nearly 2% drop in the last 24 hours, ETH’s market cap remains slightly above $370 billion. On a positive note, the trading volume for ETH increased by 45% over the last 24 hours, reaching $12.9 billion. This increase in trading volume, without a significant drop in price, suggests that it is a result of normal transactions rather than short selling.
Disclaimer: The information provided in this article should not be considered investment advice. Investors must be aware that cryptocurrencies are highly volatile and carry inherent risks. It is recommended that investors conduct their own research before making any investment decisions.