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Cryptocurrencies showed a stagnant appearance today after recent fluctuations. The Federal Reserve’s interest rate decision and economic data from the US had a positive impact on cryptocurrencies, yet a recent decision by the SEC might have raised new concerns.
Delay in Ethereum ETFs
Recent news highlighted a setback in one of the most anticipated areas for cryptocurrencies. The SEC announced the delay of the Galaxy and Invesco Ethereum ETFs.
Following this postponement, attention has turned once again to May 23. This date is closely watched by the market for spot ETH ETFs, marking the deadline for the VanEck spot Ethereum ETF application.
Recently, it was announced that Franklin’s spot Ethereum ETF, named EZET, was listed at DTCC. Despite all this, there is still no certainty about the approval, and market participants’ optimism is waning.
Given these mixed feelings and outlooks in the market, it would not be wrong to say that there is no definite date for when the ETF will be definitively approved.
How Much is Ethereum Now?
While these events are unfolding in the market, attention has also turned to the price of Ethereum (ETH). The price of ETH seems unaffected by the news at the time of writing.
Nevertheless, due to the declines during the day, it had fallen to $3080 after a 1.77% drop over the last 24 hours.
During this period, investors were closely monitoring ETH’s market cap and 24-hour trading volume. ETH’s market cap was just over $370 billion after a nearly 2% drop in the last 24 hours.
The 24-hour trading volume showed a positive outlook. ETH’s trading volume increased by 45% over the last 24 hours, reaching $12.9 billion.
This trading volume, considering that there was no sharp drop in price, can be interpreted as a result of normal transactions rather than short selling.
