Markets
Crypto in the red ahead of Friday’s US inflation data
Bitcoin (BTC) held below $68,000 during European morning trading while several altcoins lost up to 5%. BTC price is slightly below $67,800 at the time of writing, virtually unchanged over 24 hours. The CoinDesk 20 Index (CD20) lost almost 2%, with meme coins SHIB and DOGE leading the declines, down 5.2% and 3.7% respectively. Traders are looking ahead to Friday’s U.S. PCE announcement, which BitBank warns could lead to further losses. “If inflation data is higher than expected, bitcoin could give up about half of its gain over the past two weeks and fall to around $65,000,” bitBank said in an email to CoinDesk .
Listing a spot ether ETF by the end of June is “a legitimate possibility,” said Eric Balchunas, an analyst at Bloomberg. after BlackRock filed an amended Form S-1revealing that a “seed investor” had purchased the initial shares for the proposed product. “On May 21, 2024, the Seed Investor, an affiliate of the Sponsor, conditionally purchased the Seed Creation Baskets, comprising 400,000 shares at a price per share equal to $25.00 “, the Form S-1 states. “The net asset value of the trust was $10,000,000.” Subject to regulatory approval, assets held in the ETF can be redeemed for cash or even ether. The iShares Ethereum Trust ether ETF will be listed and traded under “ETHA”.
The New York Stock Exchange would consider offer crypto trading if the regulatory status was clearerthe company’s president said at Consensus 2024 in Austin, Texas. Lynn Martin called cryptocurrency trading “an opportunity worth looking at” during a panel discussion on Wednesday. “The fact that approximately $58 billion has been invested in ETFs is a strong sign that the market is seeking regulation of traditional structures,” Martin said. “So I hope that the [SEC] saw the capital inflows and said, “Hey, this makes a lot of sense,” given that Bitcoin ETFs have been a huge success. » The NYSE’s US rival, the Chicago Mercantile Exchange, is considering launching spot crypto trading for its clients, the Financial Times reported earlier this month.