Reflecting on the events of the past week, the global focus shifted towards currencies on Monday, driven by the news surrounding Ethereum ETFs. The market responded with enthusiasm, resulting in a surge in Ethereum and Bitcoin prices, with ETH almost reaching the $4,000 mark. This sparked market fluctuations after all eight ETF applications were approved by the SEC on May 23. Although the start of trading in the US remains uncertain, an important development has emerged from DTCC.
DTCC has recently made an announcement regarding the inclusion of Fidelity’s spot Ethereum ETF, which will be traded under the ticker $FETH. This news has had a significant impact, following last week’s ETF approvals. The effects of this event, which occurred after the US markets closed, have already sparked curiosity. Stay updated with the latest technology news on NEWSLINKER.
Fidelity, known for its involvement in the spot Bitcoin ETF process, is now being closely scrutinized for its performance in the spot Ethereum ETF sector. While DTCC listings are not definitive indicators of the start of trading, they are believed to have a positive influence on public sentiment and the overall process.
At the time of writing, Ethereum is still attracting buyers around the $3,780 range, experiencing a 1.57% pullback in the last 24 hours. Additionally, the gains made by ETH in the past seven days have almost been wiped out.
Following the pullback, Ethereum’s market capitalization has dropped to $452 billion. Moreover, there has been a 10% decrease in 24-hour trading volume, indicating a significant loss of investor interest, amounting to $17 billion.
The decline in interest is believed to be largely influenced by recent statements from US officials. A Fed official’s comments about potential interest rate hikes caused market panic. While the timing of rate cuts remains uncertain, the market and its participants eagerly anticipate positive news from the Fed.
Stay informed with our news updates on Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.
