Markets
Spot Ethereum ETFs Approved, Massive BTC, ETH Volatility, Major CEO Resigns: This Week’s Crypto Recap
It’s been another eventful week for the cryptocurrency markets, with Ethereum in the spotlight this time. We unpack the suitcases.
This past weekend was very quiet, with little to no real action in terms of news and price movements. However, that all changed on Monday evening, when ETF experts at Bloomberg increased their forecast rate for the SEC to approve Ethereum spot ETFs this week to 75% from 25%.
This caused an immediate shock in the markets, such as ETH exploded by more than 20%, from $3,100 to the multi-week high of $3,800. The rally continued in the following days for the second-largest cryptocurrency, which at one point surpassed $3,930. Speculations arose on the ability to break the $4,000 barrier.
Bitcoin also followed suit on the climb and skyrocketed from $67,000 to a six-week high of nearly $72,000 on Monday evening. However, both assets failed to maintain their run at the end of the week, although the big news yesterday was that the Securities and Exchange Commission had indeed approved eight Ethereum spot ETFs to list in the United States.
Both BTC and ETH fallen by more than 4% just hours before the ETFs were given the green light, after which they faced tons of volatility and failed to recoup most of their losses. In fact, ETH has performed worse than BTC on a 24-hour scale and is now at $3,700, while bitcoin is above $68,000.
However, ETH is among the best performers over the past week, up 18%. Other big gainers this week include BONK (up 43%) and PEPE, which tracked some consecutive all-time highs.
Market data
Market cap: $2.676 trillion | 24 Hour Vol: $133 Billion | BTC Dominance: 50.2%
BTC: $68,191 (+1.47%) | ETH: 3,671 dollars (+18%) | BNB: $596 (+2.5%)
This week’s cryptocurrency headlines you don’t want to miss
SEC Approves Ethereum Spot ETFs for Public Trading. As mentioned above, the biggest news this week for the entire industry came from the US securities regulator. Despite previous doubts about whether or not ETH is a security, the SEC go ahead eight spot ETFs on Ethereum, perhaps due to political pressure.
8-Day Winning Streak: Spot Bitcoin ETFs See Strong Inflows. The ETF front has been quite strong in recent days as BTC spot products registered an impressive streak that now extends to nine consecutive days of positive inflows.
Bitcoin Pizza Day: A delicious slice of cryptocurrency history turns 14. May 22nd will forever remain in the Bitcoin history books as Pizza Day. On this day, 14 years ago, Laszlo Hanyecz made one of the first transactions involving payment in BTC and the purchase of two Papa John’s pizzas for 10,000 BTC, and us famous this huge achievement earlier this week.
Solana ETFs Will See More Demand Than Other Altcoin Funds: Bloomberg Analyst. Following the launch of Bitcoin spot ETFs and the approval of Ethereum-based products, experts have now started speculating on what the next crypto asset will come online. Second According to Bloomberg’s James Seyffart, Solana’s ETFs could follow suit, but there is a lot of controversy on that front.
Grayscale CEO Michael Sonnenshein steps down. Another big piece of news this week came from the company behind the world’s largest Bitcoin ETF: Grayscale. Michael Sonnenshein, who has worked at the asset manager for 10 years, decided to do just that resign from his last job as CEO. The person who will replace him comes from Goldman Sachs.
The Bitcoin network records the fewest new addresses created since 2018. Despite all the positive news about Bitcoin, not everything is going right. The count of new addresses has declined substantially in recent weeks and registered to the lowest levels since the 2018 bear market.
Charts
This week we have a graphical analysis of Ethereum, Ripple, Cardano, Shiba Inu and Polkadot – click here for the complete price analysis.
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Cryptocurrency charts from TradingView.