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The crypto currency market has become active again during the week as the leading crypto currency, Bitcoin, fluctuated between 25,400 dollars and 26,000 dollars. However, the crypto currency market started the first day of the weekend with low volatility. Ethereum (ETH), which recorded a low rate of value increase of around 0.5% in the last 24 hours according to CoinMarketCap (CMC) data, exceeded the level of 1630 dollars.
What is the Current Situation in Ethereum?
The leading crypto currency Bitcoin (BTC) experienced sharp price movements between 25,400 dollars and 26,000 dollars during the week. However, with the increases it has achieved during the week, BTC exceeded the level of 26,000 dollars, but soon started to decline again and started to move more horizontally around 25,800 dollars.
With the start of BTC trading at around 25,800 dollars, the volatility in the crypto currency market started to decline. Most of the crypto currencies with high market value recorded low price movements in the last one week.
Ethereum (ETH) has shown a relatively lower price performance compared to the leading crypto currency Bitcoin since the beginning of the week. After falling to the support of 1600 dollars during the week, ETH started to rise again, but failed to exceed the level of 1650 dollars and started to decline again. In the last 24 hours, ETH recorded a low rate of value increase of around 0.5% and exceeded the level of 1600 dollars.
Ark Invest Applies for Spot Ethereum ETF
An important development has occurred regarding the Ethereum ETFs, which have been widely discussed in the public in the past months. Ark Invest applied for Spot Ethereum ETF to the U.S. Securities and Exchange Commission (SEC) during the week. Analysts suggested that if the Spot Ethereum ETF application is approved by the SEC, the approved ETF could have a significant impact on the price performance of ETH. At the same time, if the application is approved, this ETF will be the second Spot Ethereum ETF in the U.S.
However, although it is suggested that the approval of the Spot Ethereum ETF application could have a significant impact on the ETH price, the expectation for the approval of the Spot Bitcoin ETF applications has not yet had a striking impact on the BTC price, despite the strengthening expectations for approval by the SEC in the markets. The decision regarding the Spot Bitcoin ETF applications has been postponed by the SEC.
