The cryptocurrency world captured global attention last Monday as news broke about spot Ethereum ETFs. This resulted in a surge in prices for Ethereum and Bitcoin, with ETH reaching almost $4,000. The approval of all eight applications on May 23 caused market fluctuations, although it is uncertain when trading will commence in the US. However, an important recent development has taken place.
BlackRock, the world’s largest asset management company, made headlines by submitting an updated S-1 document for spot Ethereum ETFs. Despite the initial approval from the SEC, the attention shifted to the significance of the updated document required for the next step. Given BlackRock’s success with spot Bitcoin ETFs, there is a growing belief that the company could play a significant role in the spot Ethereum ETF space.
As BlackRock made this move, Ethereum’s price also became a focal point. Last week, Ethereum experienced a rise from $3,000 to nearly $4,000, only to fall to $3,300 prior to approval.
At the time of writing, Ethereum is trading at $3,770 following a 2% decline in the past 24 hours. Additionally, almost all of ETH’s gains in the past seven days have been wiped out. The market cap for Ethereum dropped to $452 billion after this decline, and the 24-hour trading volume also decreased by 10% to $17 billion, indicating a significant loss of investor interest.
It is believed that recent statements from US officials have played a significant role in this situation. Comments made by a Federal Reserve official regarding interest rate hikes caused panic in the market.
For the latest technology news, you can follow our updates on Telegram, Facebook, Twitter, and Coinmarketcap. However, 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 risk associated with cryptocurrencies and should conduct their own research.
