Markets
Spot Ethereum ETFs Approved, Massive BTC, ETH Volatility, Top CEO Steps Down: This Week’s Crypto Recap
It was another busy week in the cryptocurrency markets, this time with Ethereum in the spotlight. Let’s unpack.
Last weekend was very quiet with little to no real action in terms of news and price movements. However, that all changed on Monday night when ETF experts at Bloomberg raised their prediction rate for the SEC’s approval of spot Ethereum ETFs this week from 25% to 75%.
This caused an immediate shock to the markets as ETH exploded by more than 20% from $3,100 to a multi-week peak of $3,800. The rally continued in the following days for the second-largest cryptocurrency, which surpassed $3,930 at one point. speculations arose about whether he would be able to break the $4,000 barrier.
Bitcoin also followed suit on the rise and soared from $67,000 to its own six-week high of nearly $72,000 on Monday night. 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 in fact approved eight spot Ethereum ETFs to go live for trading in the US at some point. time.
Both BTC and ETH knocked down fell more than 4% just hours before the ETFs were given the green light, faced a lot of volatility after that, and failed to recover most of the losses. In fact, ETH has performed worse than BTC on a 24-hour scale and is currently at $3,700 while Bitcoin is above $68,000.
Still, ETH is among the best performers over the past week, having risen 18%. Other big gainers this week include BONK (up 43%) and PEPE, which mapped some consecutive all-time highs.
Market data
Market value: $2.676T | Vol 24H: $133 billion | BTC Dominance: 50.2%
BTC: US$68,191 (+1.47%) | ETH: US$3,671 (+18%) | BNB: $596 (+2.5%)
This week’s crypto headlines you can’t miss
SEC Approves Spot Ethereum ETFs for Public Trading. As mentioned above, this week’s biggest industry-wide news came from the US securities regulator. Despite previous doubts about whether ETH is a security or not, the SEC green light eight Ethereum ETFs in sight, 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 spot BTC products recorded an impressive streak that now extends to nine consecutive days of positive entries.
Bitcoin Pizza Day: a delicious slice of crypto 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 paying with BTC and purchasing two Papa John’s pizzas for 10,000 BTC, and we famous this huge achievement earlier this week.
Solana ETFs Will See More Demand Than Other Altcoin Funds: Bloomberg Analyst. Following the launch of spot Bitcoin ETFs and the approval of Ethereum-based products, experts have begun to speculate what the next crypto asset in line will be. According to For Bloomberg’s James Seyffart, Solana ETFs could follow suit, but there is a lot of controversy on that front.
Grayscale CEO Michael Sonnenshein steps down. Another big news this week came from the company behind the world’s largest Bitcoin ETF – Grayscale. Michael Sonnenshein, who spent 10 years at the asset manager, decided resign from his last role as CEO. The person who will replace him comes from Goldman Sachs.
Bitcoin Network Sees Lowest New Addresses Created Since 2018. Despite all the positive news surrounding Bitcoin, not everything is going well. The new address count has decreased substantially in recent weeks and recorded its lowest levels since the bear market in 2018.
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This week we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu and Polkadot – click here for full price analysis.
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