The highly anticipated date of May 23 for the spot Ethereum ETF, which caused a global turn towards cryptocurrencies, arrived on Monday. The market experienced intense moments before the SEC’s response to VanEck’s application, which was expected on May 23.
What is the Current Price of Ethereum?
As the decision on the spot Ethereum ETF approval was awaited, all eyes were on ETH and other cryptocurrencies. An incredible event occurred moments ago. ETH plummeted from its $3,800 level to $3,500 after an 8% drop.
Although there was some recovery afterward, the price could only rise to $3,680. While there is no certainty about the decision, all eyes seem to be on the news from the SEC. This sudden drop is believed to have caused significant losses for investors with long positions. Many investors with isolated margin positions are thought to have been liquidated.
During this period, Ethereum’s market cap fell below $350 billion. The trading volume, influenced by the sharp sales, increased by 44% to $36 billion. All eyes are currently on the SEC’s decision.
What is the Current Price of Bitcoin?
A similar drop occurred in Bitcoin’s price as well. Bitcoin fell by over 4% within minutes, dropping to $66,600. Following this drop, the market cap fell to $1.32 trillion.
Additionally, the 24-hour trading volume increased by 16% to over $37 billion, similar to Ethereum, indicating heavy selling. This drop might be related to the excitement surrounding the SEC’s impending decision, as discussed within the cryptocurrency community.
