The cryptocurrency market witnessed significant price fluctuations and subsequent declines last week. Bitcoin’s value dropped below $60,000 but later recovered, while Ethereum’s price fell below $3,000. Amidst the anticipation surrounding Ethereum ETFs, an important piece of news emerged.
Grayscale, a prominent player in the cryptocurrency market, withdrew its application for a Futures Ethereum ETF. This decision further fueled the growing skepticism surrounding spot Ethereum ETFs, although the exact reasons behind Grayscale’s withdrawal remain unknown.
Previously, experts in the ETF field, as well as CEOs of major banks and companies, who had expressed optimism about Ethereum ETFs, had lost faith in their approval by May 23. With these developments, the focus suddenly shifted to Ethereum’s price. So, what’s happening with Ethereum’s value?
Despite the news, Ethereum’s price seems to be maintaining stability. As of now, ETH is trading at $3,050, experiencing a 1% decrease. In the Ethereum/TRY pair, the price is below 100,000 TL, specifically at 98,399 TL. The market cap in Turkish Lira stands above 11.8 trillion TL.
Turning to Ethereum in USD, the market cap exceeds $366 billion, with a 24-hour trading volume of $11.2 billion, reflecting a 12% decrease. One could interpret this situation as investors moving away from ETH. On the other hand, it could also indicate that current ETH holders are not willing to sell at these levels and are refraining from short-selling.
The impact of Grayscale’s decision will be closely monitored by the entire market in the coming minutes. For the latest technology news, visit Newslinker.co.
Disclaimer: This article does not provide investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research. Stay updated with our news on Telegram, Facebook, Twitter, and Coinmarketcap.
