The highly anticipated Ethereum ETF decision date of May 23, which caused a worldwide shift towards cryptocurrencies, finally arrived on Monday. Prior to the SEC’s response to VanEck’s application, which was expected on May 23, the market experienced moments of intense anticipation.
As everyone awaited the decision on the approval of the spot Ethereum ETF, all eyes were on ETH and other cryptocurrencies. In a surprising turn of events, ETH plummeted from its $3,800 level to $3,500 after an 8% drop. Although there was some recovery afterward, with the price rising to $3,680, uncertainty still loomed as investors eagerly awaited news from the SEC. This sudden drop is believed to have resulted in significant losses for investors with long positions, and many investors with isolated margin positions are thought to have been liquidated.
During this period, Ethereum’s market cap fell below $350 billion, and the trading volume, influenced by the sharp sell-off, increased by 44% to $36 billion. Currently, all eyes are focused on the SEC’s decision.
Similarly, Bitcoin also experienced a drop in price. Within minutes, Bitcoin fell by over 4%, dropping to $66,600. Consequently, the market cap also fell to $1.32 trillion. The 24-hour trading volume increased by 16% to over $37 billion, indicating heavy selling, similar to Ethereum. This drop may be linked to the excitement surrounding the SEC’s impending decision, as discussed within the cryptocurrency community.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies carry high volatility and, therefore, risk, and should conduct their own research.