ETH’s initial push following news that the Securities and Exchange Commission (SEC) could be closer to approving proposed spot ETFs boosted the cryptocurrency but was not sustained over time.
Bitcoin and Ethereum pause the rise: what is happening in the crypto world
Depositphotos
Cryptocurrencies take a break after a day of intense activity. Bitcoin (BTC) shows a moderate decline, retreating below US$70,000 by falling 1.5%. For its part, Ethereum drops 1.8% to $3,736.28. All altcoins that are in the TOP 10 fall except for TonCoin, which rises 2.3%.
The content you want to access is exclusive to subscribers.
to subscribe I am already subscribed
Ethereum: what news impacted its price
Ethereum shows a fall in line with Bitcoin, but it comes from having a strong momentum in the market as the Securities and Exchange Commission (SEC) could be closer to approving spot ETH ETFs proposed by companies such as BlackRock, Fidelity or VanEck.
This possible regulatory advance raised expectations of a new wave of institutional demand that could firmly push Ethereum higher in the near term, as well as benefiting the cryptocurrency market as a whole, explains analyst James Harte. Besides, Open interest in ETH futures contracts hit a record high of $14.05 billion in the last 24 hoursindicating a significant increase in money flow into Ethereum.
Despite these positive developments, Some analysts warn of possible downward corrections in the coming days. Net inflows to cryptocurrency exchanges exceeded 81.8 billion in the last 24 hours, the most since the end of January, which could suggest a selling intention on the part of investors. However, the market remains attentive to the possibility that Ethereum exceeds $4,000, thus marking a new milestone on its upward path.
