Wild Bitcoin, Ether Price Swings Amid Spot ETH ETF Decision Triggers $350M Liquidations
U.S. regulators approved listing spot ETH ETFs but have not yet cleared to trade.
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U.S. regulators approved listing spot ETH ETFs but have not yet cleared to trade.
The sell-off was broad-based, with DOGE, SHIB, AVAX, LINK diving more than 4% in less than an hour.
The latest price moves in bitcoin (BTC) and crypto markets in context for May 23, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Ether spot ETF approval would set a precedent as the first non-bitcoin digital asset to be considered a commodity, raising expectations that solana could follow the same path, the report said.
Ether’s price has jumped 18% in six days in hopes the U.S. SEC would approve a spot ETH exchange-traded fund (ETF).
Holders cumulatively bought over 100,000 ETH in spot markets on Tuesday, the highest daily level since September 2023.
Traders on Lyra have snapped up ether calls at the $5,000 strike and higher this week.
SOL is often cited as a contender to replace ETH eventually. This week’s market action shows how Herculean the task would be.
The fast move likely signals short-term profit taking after ether’s rapid 30% rally, one observer noted.
Meme coins have been increasingly seen as a way to bet on the growth of the underlying network they are issued on.