Last week, the cryptocurrency market experienced significant price fluctuations, which also led to price declines. Bitcoin’s price fell below $60,000 and later recovered. Ethereum’s price also dropped below $3,000. While the world was focused on the decision regarding Ethereum ETFs, important news emerged recently.
Grayscale Withdraws Its Application
As the world awaited the final date for VanEck’s spot Ethereum ETF, an incredible piece of news broke in the cryptocurrency market.
While news was expected about spot Ethereum ETFs, Grayscale withdrew its application for a Futures Ethereum ETF. The market’s pessimism about spot Ethereum ETFs is increasing, and the reason for this decision remains unknown for now.
Previously, ETF experts and major bank and company CEOs who were optimistic about spot Ethereum ETFs were known to have lost faith in an approval by May 23.
Amid these developments, attention suddenly shifted to the price of Ethereum. So, what is happening with Ethereum’s price?
How Much is 1 Ethereum in Turkish Lira?
Following the news, Ethereum’s price appeared to be maintaining stability. As of the time of writing, ETH’s price, after a 1% decrease, is trading at $3,050.
In the Ethereum/TRY pair, the price is seen below 100,000 TL at 98,399 TL. The market cap in TL is above 11.8 trillion TL.
Continuing to examine Ethereum in USD, the market cap is seen to be over $366 billion. ETH’s 24-hour trading volume is at $11.2 billion, following a 12% decrease.
This situation could be interpreted as investors moving away from ETH. On the other hand, it could also mean that those currently holding ETH are not willing to sell at these levels and are not engaging in short-selling.
The impact of Grayscale’s decision in the coming minutes will be closely watched by the entire market.
