Last Monday, the world was captivated by the happenings in the cryptocurrency realm. The spotlight was on the spot Ethereum ETFs, which caused a surge in both Ethereum and Bitcoin prices, with ETH reaching almost $4,000. On May 23, all eight applications were given the green light, resulting in market fluctuations. Although the commencement of trading in the US is still uncertain, a significant development has taken place.
BlackRock’s ETF Move
In a recent move, BlackRock revealed that it had submitted an updated S-1 document for spot Ethereum ETFs. While the initial approval from the SEC drew attention, the focus shifted to the importance of the updated S-1 document for the next stage. BlackRock, the world’s largest asset management company, has already made a mark in the spot Bitcoin ETF arena, leading many to believe that it could also play a substantial role in spot Ethereum ETFs.
Alongside BlackRock’s move, Ethereum’s price also became a topic of interest. Last week, Ethereum experienced a climb from $3,000 to nearly $4,000, only to drop to $3,300 prior to approval.
Ethereum Price
At the time of writing, Ethereum is being traded at $3,770, following a 2% decline in the past 24 hours. Additionally, most of ETH’s gains over the past seven days have been wiped out.
As a result of the decline, Ethereum’s market cap has fallen to $452 billion. Moreover, the 24-hour trading volume has decreased by 10% to $17 billion, indicating a significant loss of investor interest.
It is believed that recent statements by US officials have played a substantial role in this situation. Comments made by a Federal Reserve official regarding interest rate hikes have caused panic in the market.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
