Last Monday, the world focused on the cryptocurrency world. This was due to news about spot Ethereum ETFs. Following the news, Ethereum and Bitcoin prices surged, with ETH rising to nearly $4,000. On May 23, all eight applications were approved, causing market fluctuations. While it is unknown when trading will begin in the US, an important development occurred recently.
BlackRock’s ETF Move
Recently, BlackRock announced that it submitted an updated S-1 document for spot Ethereum ETFs. Despite the SEC’s initial approval, the updated S-1 document required for the next step gained significant attention.
BlackRock, the world’s largest asset management company, demonstrated a pioneering stance and achieved significant volumes during the spot Bitcoin ETF period. This has led to growing views that the company could play a significant role in spot Ethereum ETFs as well.
While BlackRock made this move, attention also turned to Ethereum’s price. Ethereum rose from $3,000 to nearly $4,000 last week and had fallen to $3,300 before approval.
1 Ethereum Price
As of the time of writing, Ethereum is trading at $3,770 after a 2% drop in the last 24 hours. Additionally, almost all of ETH’s 7-day gains have been erased.
Ethereum’s market cap fell to $452 billion after the decline. Furthermore, the 24-hour trading volume also dropped by 10% to $17 billion, indicating a significant loss of investor interest.
It is believed that recent statements by US officials have played a significant role in this situation. A Fed official’s recent comments about interest rate hikes caused panic in the market.
