Markets
Crypto Markets Consolidate Ahead of Fed Minutes
Ether holds above $3,700 amid a wave of Ethereum ETF Form 19b-4 applications.
Crypto markets are relatively quiet on Wednesday as investors digest the minutes of the Federal Reserve’s latest policy meeting.
Ether (ETH) is trading at $3,720 after climbing more than 20% on Tuesday. Bitcoin (BTC) is down 0.3% at $69,477. Solana (SOL) rose 1% to $179.
ETH Price
Ethereum’s bullish price action comes amid a an avalanche of applications for Ethereum ETFs under Form 19b-4. On Monday, the United States Securities and Exchange Commission (SEC) reportedly ordered major exchanges, including Nasdaq and CBOE, to refine their listing applications for spot Ether ETFs.
The move indicates the agency may be preparing to approve such requests. This week, the SEC will review Ether ETF applications from VanEck and ARK Investments/21Shares.
Michael Van de Poppe, CEO of MN Trading, believes important days are approaching for the Ethereum ETF. “At least 5 issuers have submitted their amended 19b-4 documents and remove the staking portion. There is a good chance that Ethereum will be approved in the coming weeks/months. “It’s incredibly positive for the industry,” he said. tweeted.
Data from CoinGlass shows that in the last 24 hours, 63,546 traders were liquidated for a total of $173 million.
Meanwhile, Bitcoin ETFs continue to attract capital. On May 20, total inflows stood at $237 million, with Ark’s ARKB ETF reporting the highest inflows at $68.3 million.
Inflows accelerated on May 21 to reach $306 million. iShares Bitcoin Trust (IBIT) saw the largest inflows with $290.0 million.
US stocks fell on Wednesday. The S&P 500 lost 0.6%, the Dow Jones Industrial Average lost 0.7% and the Nasdaq Composite lost 0.4%.