The SEC Decision Impact on Crypto Prices 📉
With the U.S. Securities and Exchange Commission (SEC) expected to make a decision on the spot Ether exchange-traded fund (ETF) application from VanEck, the cryptocurrency market has seen significant price fluctuations, losing over $100 billion in market capitalization. The pre-decision volatility has already set in, causing Bitcoin to drop from over $71,000 to just above $68,000. Ethereum’s Ether, the second-largest cryptocurrency, also experienced a surge earlier this week following the SEC’s request for updates on key filings for these products.
Expert Predictions on SEC Decision Timing ⏰
Bloomberg’s Senior ETF analyst Eric Banchunas has predicted that the SEC’s decision on VanEck’s Ethereum ETF will be announced around the same time of day as the approval of spot Bitcoin ETFs back in January. The market is experiencing volatility, with over $220 million in liquidations occurring in a single day, affecting traders who had taken on excessive leverage ahead of the decision.
- ETH is up 1.8% in the last 24 hours, outperforming BTC’s 3% drop.
- BNB is down 4% to less than $600, while SOL dropped 4.5% to $172.
- DOGE, ADA, AVAX, and SHIB also saw drops between 2.5% and 5.7%.
Crypto Market Impact of SEC Decision 📊
VanEck’s Ethereum ETF has faced delays and amendments, with its 19b-4 form reaching the SEC’s deadline for approval. Traders are anxiously awaiting the SEC’s decision, which is expected to have a significant impact on the cryptocurrency market. The market has already seen a loss in market capitalization ahead of the announcement, reflecting the uncertainty and anticipation surrounding the SEC’s ruling.
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