Last week, the cryptocurrency market witnessed significant price fluctuations, resulting in price declines. Bitcoin’s value dropped below $60,000 before recovering, while Ethereum’s price also fell below $3,000. While the world was eagerly anticipating the decision on Ethereum ETFs, a surprising announcement emerged.
Grayscale, a prominent player in the crypto market, withdrew its application for a Futures Ethereum ETF. This move has further heightened the market’s skepticism towards spot Ethereum ETFs, although the exact reason behind Grayscale’s decision remains unknown.
Previously, experts in the ETF field, as well as CEOs of major banks and companies, who were optimistic about spot Ethereum ETFs, had already lost hope for an approval by May 23. In light of these developments, attention suddenly shifted towards Ethereum’s price. So, what is currently happening with Ethereum’s value?
Despite the news, Ethereum’s price seems to be maintaining stability. At the time of writing, ETH’s value, after a slight 1% decrease, is trading at $3,050. In terms of the Ethereum to Turkish Lira (TRY) pair, the price is currently below 100,000 TL at 98,399 TL. The market capitalization in TL stands at over 11.8 trillion TL.
Examining Ethereum in USD, the market capitalization exceeds $366 billion. Additionally, ETH’s 24-hour trading volume has reached $11.2 billion, experiencing a 12% decrease. This situation could be interpreted as investors moving away from ETH. However, it could also indicate that current ETH holders are unwilling to sell at these levels and are refraining from short-selling.
The impact of Grayscale’s decision will be closely monitored by the entire market in the coming minutes. For the latest technology news, visit Newslinker.co.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research. Stay updated with our news on Telegram, Facebook, Twitter, and Coinmarketcap.
