Last week witnessed significant price fluctuations in the cryptocurrency market, resulting in price declines. Bitcoin’s value dropped below $60,000 but later recovered, while Ethereum’s price also fell below $3,000. As the world anxiously awaited the decision on Ethereum ETFs, some important news emerged.
Grayscale, a prominent player in the cryptocurrency market, surprised everyone by withdrawing its application for a Futures Ethereum ETF. This move further increased the market’s pessimism towards spot Ethereum ETFs, and the exact reason for Grayscale’s decision remains unknown.
Previously, experts in the field of ETFs, as well as CEOs of major banks and companies, who were optimistic about spot Ethereum ETFs, had lost faith in the possibility of approval by May 23. These recent developments have shifted the focus to Ethereum’s price. So, what exactly is happening with Ethereum’s value?
Despite the news, Ethereum’s price seems to be holding steady. At the time of writing, ETH is trading at $3,050, experiencing a minor 1% decrease. In the Ethereum/TRY pair, the price is below 100,000 TL, specifically 98,399 TL. The market cap in Turkish Lira surpasses 11.8 trillion TL.
When considering Ethereum in USD, the market cap exceeds $366 billion. However, the 24-hour trading volume for ETH has decreased by 12% and currently stands at $11.2 billion. This situation may suggest that investors are moving away from ETH or that current holders are not willing to sell at these levels and are refraining from engaging in short-selling.
The impact of Grayscale’s decision will be closely monitored by the entire market in the coming minutes. It remains to be seen how this will affect the overall sentiment towards Ethereum.
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Disclaimer: This article is not intended as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.