Markets
ETH Holds $3.8K Price Ahead of SEC ETF Decision, BTC Falls Below $70K (Market Watch)
Bitcoin’s price movements have calmed down over the past day after climbing to $72,000, and the asset has even lost ground since yesterday, currently sitting below $70,000.
Ethereum continues to present a strong front as anticipation grows for today’s SEC decision on one of the ETH ETFs.
BTC slips below $70,000
Bitcoin had a quiet weekend, which it spent trading sideways, around $67,000, as consolidation continued. However, the landscape changed significantly on Monday evening when news emerged that the U.S. Securities and Exchange Commission could greenlight a Spot Ethereum ETF as soon as this week.
The leading cryptocurrency reacted quite positively to the reports and surpassed $70,000 for the first time in over a month and reached a 6-week high of just under $72,000.
The bears finally mobilized at this point and did not allow the asset to challenge its March 2024 high of $73,750. Instead, BTC started lose value gradually falling to $70,000 yesterday and below that level today.
Currently, the cryptocurrency is trading at around $500 of the round milestone, with the market cap down to $1.370 trillion. Its dominance over alts has fallen by more than 1% in the past few days and now stands at 50.3% on CG.
Bitcoin/Price/Chart 05/23/2024. Source: TradingView
ETH remains above $3.8k
As expected, the positive news mentioned above had the biggest impact on ETH. The underlying asset exploded more than 20% in a matter of hours and hit its own multi-week high of over $3,800. With the SEC’s impending decision on one of today’s applications, the price of ETH remained stable at around $3,800.
TON and NEAR are the other largest cap alts in the green today, while SOL, BNB, ADA, DOGE, AVAX, XRP and SHIB turned red.
PEPE has been on the run lately, plotting new frequent historical peaksand today was no different.
The total crypto market capitalization has remained relatively stable at just under $2.73 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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