Cryptocurrencies experienced a lackluster performance today following recent fluctuations. While the Federal Reserve’s interest rate decision and positive US economic data had a favorable impact on cryptocurrencies, concerns have been raised due to a recent decision by the SEC.
Ethereum ETFs Face Delays
One of the most anticipated areas for cryptocurrencies suffered a setback as the SEC announced a delay in the approval of the Galaxy and Invesco Ethereum ETFs. This development has shifted attention to May 23, which is the deadline for the VanEck spot Ethereum ETF application, closely monitored by the market.
Franklin’s spot Ethereum ETF, known as EZET, was recently listed at DTCC. However, despite this progress, there is still uncertainty surrounding its approval, leading to a decline in market participants’ optimism. Consequently, there is no specific date for when the ETF will be definitively approved.
Ethereum Price Update
Amidst these market developments, focus has also shifted to the price of Ethereum (ETH). At the time of writing, the price of ETH appears to be unaffected by the news.
However, due to declines throughout the day, ETH saw a 1.77% drop, falling to $3080 over the last 24 hours. Investors closely monitored ETH’s market cap and 24-hour trading volume during this period. Despite the drop in price, ETH’s market cap stood at just over $370 billion, while the trading volume experienced a positive outlook, increasing by 45% over the last 24 hours to reach $12.9 billion.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
