Good news from the SEC as strides are taken towards an ETH ETF

May 24, 2024
James Bowater

THERE was a notable pullback in the crypto markets overnight, with the prices of Bitcoin and Ethereum both dipping by more than 3%.

Other cryptocurrencies experienced even steeper declines. Solana fell by 7%, Cardano dropped by 5%, and both Avalanche and Polkadot declined by over 6%.

Despite the market downturn, there was positive news from the US yesterday. The Securities and Exchange Commission (SEC) approved initial regulatory filings for a spot Ethereum exchange-traded fund (ETF). Although the applicants still face several hurdles before launching ETH ETFs, and final approval from the SEC is not guaranteed, most analysts agree this is a significant step forward for an ETH ETF.

In the Markets

Total crypto market cap

$2.51 trillion (-3.09%)

What Bitcoin did yesterday

Daily high $70,041 |  Daily low $66,578

Bitcoin market capitalisation

$1.32 trillion (-3.83%)

Bitcoin volume

$44.1 billion (+40.3%)

CoinDesk Large Cap Select Index 

-3.83%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies and gives a general indication of the overall performance of the crypto market. 

SP500

-0.74%

Fear and Greed Index

64 (Greed) 

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

Bitcoin’s market dominance

54.30

The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.

Bitcoin Relative Strength Index (RSI)

70.2

Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

Post Script…

Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.