The Triumph of Ethereum in the NFT Market
For the second day in a row, Ethereum has maintained its position as the leader in the non-fungible token (NFT) market, with sales exceeding $32.81 million in the last 24 hours, according to CryptoSlam.
- CryptoPunk #7804 was sold for $16.38 million, contributing significantly to this value and ranking as one of the highest-priced CryptoPunks ever.
- Ethereum’s total all-time sales volume now stands at $43.30 billion, solidifying its dominance in the NFT market.
- Bitcoin and Solana, on the other hand, have seen a decline in their sales performance recently.
SEC Concerns Surrounding Ethereum ETF Approval
Alex Thorn from Galaxy Digital warns that the possibility of a spot Ethereum ETF approval in May is low due to uncertainties and lack of commitment from the SEC.
- The SEC is reportedly trying to classify ETH as a security and has issued subpoenas to cryptocurrency companies linked to the Ethereum Foundation.
- This stance contrasts with the commission’s approval of spot Bitcoin ETFs earlier this year.
- Reports suggest that there is an ongoing legal battle to classify ETH as a security, raising doubts about ETF approval.
Insights on Ethereum ETFs Approval
Thorn speculates that the SEC’s interest in cryptocurrency companies’ interactions with the Ethereum Foundation and the nature of Ethereum’s ICO in 2014 may impact ETF approval.
- There are concerns about whether ETH’s ICO was an unregistered securities offering and if secondary trading of ETH could be classified as securities trading.
- Market experts, including Matt Hougan from Bitwise, doubt the approval of a spot ETF on Ethereum by May.
- Hougan suggests that delaying ETF approval could allow Wall Street to adjust to Bitcoin spot ETFs before introducing new ones.
Hot Take: Ethereum Shines Bright in NFT Market
With a recent unprecedented sale of CryptoPunk, Ethereum stands out as a leader in the non-fungible token (NFT) market, generating over $32 million in just 24 hours.
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