Reflecting on the previous week, global attention was captivated by the world of currency on Monday. The catalyst for this was the announcement regarding spot Ethereum ETFs. In the wake of the optimism surrounding ETFs, both Ethereum and Bitcoin experienced a surge in prices, with ETH nearly reaching the $4,000 mark once again. The approval of all eight ETF applications by the SEC on May 23 led to market fluctuations. While the commencement of trading in the US remains uncertain, a noteworthy development emerged from DTCC in the recent minutes.
DTCC News for Fidelity
DTCC recently disclosed the inclusion of Fidelity’s spot Ethereum ETF, which will be traded under the ticker $FETH. This revelation, following the ETF approvals last week, had a substantial impact. The potential repercussions of this event, which occurred after the closing of US markets, have already piqued curiosity.
Fidelity, renowned for its involvement in the spot Bitcoin ETF process, is now being scrutinized for its performance in the spot Ethereum ETF sector. Although DTCC listings do not definitively indicate the commencement of trading, they are believed to positively influence public sentiment and the overall process.
Ethereum Price Update
At the time of writing, Ethereum is still attracting buyers around the $3,780 range, following a 1.57% decline in the past 24 hours. Moreover, the gains made by ETH over the past seven days have almost vanished.
Following the pullback, Ethereum’s market capitalization has dropped to $452 billion. Additionally, a 10% decrease in 24-hour trading volume has resulted in a value of $17 billion, signifying a significant loss of investor interest.
The decline in interest is believed to be heavily influenced by recent statements made by US officials. Market panic was sparked by remarks from a Fed official regarding potential interest rate hikes. Although the timing of rate decreases remains uncertain, the market and its participants eagerly await positive news from the Fed.
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Please note: The information presented in this article should not be regarded as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.