Markets
Crypto Markets Consolidate Ahead of Fed Minutes
Ether is above $3,700 amid a wave of filings for Ethereum ETFs under Form 19b-4.
Crypto markets are relatively calm on Wednesday as investors digest the minutes from the Federal Reserve’s latest monetary policy meeting.
Ether (ETH) is trading at $3,720 after rising more than 20% on Tuesday. Bitcoin (BTC) fell 0.3% to $69,477. Solana (SOL) rose 1% to $179.
Ethereum Price
Ethereum’s bullish price action comes amid a flood of applications for Ethereum ETFs under Form 19b-4. On Monday, the US Securities and Exchange Commission (SEC) reportedly directed major exchanges, including Nasdaq and CBOE, to refine their spot Ether ETF listing applications.
This move indicates that the agency may be preparing to approve these requests. This week, the SEC will review Ether ETF applications from VanEck and ARK Investments/21Shares.
Michael Van de Poppe, CEO of MN Trading, believes important days are coming for the Ethereum ETF. “At least 5 issuers have submitted their amended 19b-4 documents and are removing participation in the stake. Chances are that an approval for Ethereum will occur in the coming weeks/months. Incredibly positive for the industry,” he tweeted.
Data from CoinGlass shows that in the last 24 hours, 63,546 traders were liquidated for a total of $173 million.
Meanwhile, Bitcoin ETFs Continue to attract capital. As of May 20, total inflows were $237 million, with Ark’s ARKB ETF reporting the largest inflows at $68.3 million.
Inflows accelerated on May 21 to $306 million. iShares Bitcoin Trust (IBIT) had the largest inflows with $290.0 million.
US stocks fell on Wednesday. The S&P 500 lost 0.6%, the Dow Jones Industrial Average fell 0.7% and the Nasdaq Composite fell 0.4%.