The highly anticipated date of May 23 for the long-awaited Ethereum ETF finally arrived on Monday, causing a global frenzy in the cryptocurrency market. All eyes were on Ethereum (ETH) and other digital currencies as everyone awaited the SEC’s response to VanEck’s application, which was expected on May 23.
Amidst the anticipation, an astonishing event took place just moments ago. ETH, which was trading at around $3,800, suddenly plummeted by 8% to $3,500. Although there was some recovery afterward, with the price briefly rising to $3,680, the market remained uncertain. The focus now shifts to the SEC’s decision, as investors brace themselves for its impact. This sudden drop in ETH’s price is believed to have caused significant losses for investors who had long positions, and many with isolated margin positions are thought to have been liquidated.
During this period, Ethereum’s market capitalization dropped below $350 billion, and the trading volume surged by 44% to $36 billion, reflecting the influence of the sharp sell-off. All eyes are currently fixed on the SEC’s decision, which will undoubtedly have a profound impact on the future of Ethereum.
Similarly, Bitcoin (BTC) also experienced a similar drop in price. Within minutes, BTC fell by over 4%, dropping to $66,600. This decline caused Bitcoin’s market capitalization to fall to $1.32 trillion. The 24-hour trading volume also increased by 16% to over $37 billion, indicating heavy selling. This drop in Bitcoin’s price may be attributed to the excitement and speculation surrounding the SEC’s impending decision, as the cryptocurrency community eagerly discusses its potential outcomes.
As always, it is important to note that the information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is crucial to conduct thorough research and make informed decisions before engaging in any cryptocurrency investments. Stay updated on the latest news and developments through our channels on Telegram, Facebook, Twitter, and Coinmarketcap.
