Markets
Cryptocurrency Markets Rebound After SEC Closes Investigation into Ethereum 2.0
Spot Bitcoin ETFs saw net outflows of $152 million on Tuesday.
Cryptocurrency markets rallied on Wednesday after the SEC officially closed its investigation into Ethereum 2.0.
While Bitcoin is trading relatively flat, Ethereum rose 4%, bringing its monthly gain to 14%. Meanwhile, Polkadot and Solana rallied 3%.
Many tokens closely tied to Ethereum, such as the Lido governance token DAO (LDO), Ethereum Name Service (ENS), and Maker (MKR), have increased between 12% and 20% in the past 24 hours.
Yield trading protocol Pendle is now the biggest winner among the top 100 digital assets by market cap, after rising 21%.
On June 18, Consensys, the blockchain software development company that recently sued the SEC over its attempts to classify ETH as a security, announced that the SEC is ending its investigation into Ethereum.
“The SEC Enforcement Division has notified us that it is closing its investigation into Ethereum 2.0,” Consensys posted on X. “This means the SEC will not charge ETH sales as securities transactions.”
Ethereum 2.0 was a term previously used to describe Ethereum’s transition to a Proof of Stake (PoS) network.
Bitcoin spot exchange traded funds (ETFs) recorded net outflows of $152 million on Tuesday, continuing a four-day streak of outflows. According to the data, Fidelity’s FBTC led outflows with $83 million, followed by Grayscale’s GBTC with $62 million. Far side data.
Meanwhile, US stock markets were trading slightly higher on Wednesday. The Dow Jones rose 0.15%, while the Nasdaq Composite was stable and the S&P 500 was up 0.30%.