Reflecting on the previous week, the global focus shifted towards currencies on Monday due to the news surrounding Ethereum ETFs. This resulted in a surge in Ethereum and Bitcoin prices, with ETH almost reaching the $4,000 mark. The approval of all eight ETF applications by the SEC on May 23 caused market fluctuations. Although the start of trading in the US remains uncertain, a significant development has emerged from DTCC in the past few minutes.
DTCC News for Fidelity
DTCC recently announced the inclusion of Fidelity’s spot Ethereum ETF, known as $FETH, on its listing. This announcement had a substantial impact following the ETF approvals last week. The potential consequences of this event, which occurred after the closure of the US markets, have already sparked curiosity.
Fidelity, well-known for its involvement in the spot Bitcoin ETF process, is now under scrutiny for its performance in the spot Ethereum ETF sector. While DTCC listings do not guarantee the start of trading, they are believed to have a positive influence on public sentiment and the overall process.
Ethereum Price Update
At the time of writing, Ethereum is still finding buyers around the $3,780 range after experiencing a 1.57% decline in the past 24 hours. Furthermore, the gains made by ETH in the past seven days have nearly vanished.
Following the decline, Ethereum’s market capitalization has dropped to $452 billion. Additionally, a 10% decrease in 24-hour trading volume has resulted in a value of $17 billion, indicating a significant loss of investor interest.
This loss of interest is believed to be heavily influenced by recent statements from US officials. A Federal Reserve official caused market panic with remarks regarding interest rate hikes. Although the timing of rate decreases remains uncertain, the market and its participants eagerly await positive news from the Fed.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
