Markets
Spot Ethereum ETFs Approved, Massive BTC, ETH Volatility, Major CEO Resignation: This Week’s Crypto Recap
It’s been another eventful week in the cryptocurrency markets, this time with Ethereum in the spotlight. Let’s unpack.
This past weekend was quiet, with little to no real action in terms of news and price movements. However, that all changed Monday evening when ETF experts at Bloomberg increased their prediction rate for the SEC’s approval of Ethereum spot ETFs this week, from 25% to 75%.
This caused an immediate shock to the markets, as ETH exploded by more than 20%, from $3,100 to a multi-week peak of $3,800. The rally continued over the next few days for the second-largest cryptocurrency, which topped $3,930 at one point as speculations arose as to whether it would be able to cross the $4,000 mark.
Bitcoin also followed suit and rose from a six-week high of $67,000 to nearly $72,000 as of Monday evening. However, both assets failed to maintain their trend at the end of the week, even though the big news yesterday was that the Securities and Exchange Commission had actually approved eight Ethereum spot ETFs to go live for trading in the United States at some point.
BTC and ETH abandoned by more than 4% just hours before the ETFs were given the green light, they then faced tons of volatility and failed to recover most of the losses. In fact, ETH has performed worse than BTC on a 24-hour scale and now sits at $3,700, while bitcoin is above $68,000.
Still, ETH is among the best performers over the past week, up 18%. Other big gainers this week include BONK (up 43%) and PEPE, which mapped a few consecutive all-time highs.
Market data
Market capitalization: $2.676 T | 24H Theft: $133 billion | BTC dominance: 50.2%
BTC: $68,191 (+1.47%) | ETH: $3,671 (+18%) | BNB: $596 (+2.5%)
This week’s crypto headlines not to be missed
SEC Approves Spot Ethereum ETFs for Public Trading. As mentioned above, the biggest news this week across the industry came from the US securities regulator. Despite previous discussions about whether ETH is a security or not, the SEC green light eight Ethereum spot ETFs, possibly due to political pressure.
8-Day Winning Streak: Spot Bitcoin ETFs See Strong Inflows. The ETF front has been quite strong in recent days as BTC spot products checked in an impressive streak that now spans nine consecutive days of positive inflows.
Bitcoin Pizza Day: A delicious slice of crypto history turns 14. May 22 will forever go down in the Bitcoin history books as Pizza Day. On this day 14 years ago, Laszlo Hanyecz made one of the first transactions involving a payment in BTC and the purchase of two Papa John’s pizzas for 10,000 BTC, and we famous this massive achievement at the start of the week.
Solana ETFs will see more demand than other Altcoin funds: Bloomberg analyst. Following the launch of spot Bitcoin ETFs and the approval of Ethereum-based products, experts have now started speculating on what will be the next crypto asset to come online. According to According to Bloomberg’s James Seyffart, Solana ETFs could follow suit, but there is a lot of controversy on this front.
Grayscale CEO Michael Sonnenshein resigns. Another big news this week came from the company behind the world’s largest Bitcoin ETF – Grayscale. Michael Sonnenshein, who spent 10 years at the asset manager, decided to resign from his last job as CEO. The person who will replace him comes from Goldman Sachs.
Bitcoin Network Sees Lowest New Addresses Created Since 2018. Despite all the positive news around Bitcoin, not everything is going as planned. The number of new addresses has decreased significantly in recent weeks and checked in their lowest levels since the 2018 bear market.
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This week we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu and Polkadot – click here for full price analysis.
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