Markets
The cryptocurrency market continues to slide despite the SEC’s approval of the Ether ETF filing
Those of the SEC approval of spot ether ETF regulatory documentation has yet to spur a rally in cryptocurrency prices, which extended their fall through Asian and European mornings. BTC has lost more than 3.4% in the past 24 hours, settling at around $67,400, while ETH has fallen around 4.5% to $3,700. The CoinDesk 20 Index (CD20), which measures the broader market for digital assets, lost more than 3.3%. Ether ETFs are not yet authorized for trading, because the SEC still needs to approve their S-1 filings before investors can purchase them. The approval came as a surprise to many. After liquidating spot bitcoin ETFs in January, the SEC didn’t appear to engage much with ether ETF issuers, but that has changed in recent days.
Bitcoin and ether both have fluctuated wildly in the run-up to the SEC’s ETF decision on Thursday. ETH plummeted to $3,500 before rising to $3,900 as early reports arrived that approval of some documents was imminent. BTC, meanwhile, fell below $66,500, then rocketed to $68,300 before settling just below $68,000. Liquidations of all leveraged crypto derivatives positions rose to more than $350 million on the day, the highest since May 1, CoinGlass data shows. Most of the positions were long positions betting on rising prices, worth about $250 million, suggesting that over-leveraged traders were caught by surprise by the sudden collapse in prices.
Kabosu, the Shiba Inu dog who inspired the dogecoin meme and subsequently the DOGE cryptocurrency, he died at the age of 17. The image of Kabosu inspired the creation of DOGE in 2013, initially as a trading currency. DOGE’s success then gave birth to a whole host of canine-themed tokens like SHIB and FLOKI, which have since collectively become one of the largest sectors in the industry. “We will hold a farewell party for Kabo-chan on Sunday, May 26th. It will be held at Flower Kaori in Kotsu no Mori, Narita City, from 1pm to 4pm,” its owner wrote in a blog post.
-Shaurya Malwa, Jamie Crawley