On the highly anticipated date of May 23, the spot Ethereum ETF finally arrived, causing a global frenzy in the world of cryptocurrencies. All eyes were on ETH and other digital currencies as everyone eagerly awaited the SEC’s response to VanEck’s application, which was scheduled to be announced on that day.
Amidst the anticipation, something unexpected happened. ETH suddenly plummeted from its comfortable position at $3,800 to a worrisome $3,500, experiencing an alarming 8% drop. This event sent shockwaves throughout the market, leaving investors on edge. Although there was a slight recovery afterwards, with the price climbing to $3,680, uncertainty still loomed. Everyone was anxiously awaiting the news from the SEC, as it was believed to hold the key to the future of Ethereum.
This sudden drop had significant consequences for investors who had taken long positions, resulting in substantial losses. Many investors who had isolated margin positions found themselves forced to liquidate due to the unfavorable market conditions. Ethereum’s market cap also suffered, falling below $350 billion during this turbulent period. The trading volume, influenced by the sharp decline, saw a substantial increase of 44% to reach $36 billion. All eyes were currently fixated on the SEC’s decision, as it held the power to shape the market’s future.
Bitcoin also experienced a similar drop in its price during this eventful day. Within minutes, Bitcoin’s value plummeted by over 4%, causing it to dip to $66,600. As a result, its market cap also took a hit, falling to $1.32 trillion. The 24-hour trading volume for Bitcoin saw a 16% increase, surpassing $37 billion. This increase in trading volume indicated heavy selling, potentially driven by the excitement surrounding the SEC’s impending decision, which was a hot topic of discussion within the cryptocurrency community.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own thorough research before making any investment decisions. To stay updated with the latest news, you can follow us on Telegram, Facebook, Twitter, and Coinmarketcap.
