ETH Spot ETF Approval Not Enough to Spark Crypto Market

IconCryptoNewsTerminal Staff13 Jun, 2024

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ETH Spot ETF Approval Not Enough to Spark Crypto Market

SEC's Anticipated Spot ETF Approval Fails to Revamp Crypto Market The highly anticipated news that the US Securities and Exchange Commission (SEC) may approve a spot exchange-traded fund (ETF) for Ether (ETH) this summer has failed to spark a significant rally in the cryptocurrency market. Despite Chairman Gary Gensler's announcement, Ethereum initially rose by around 1%. However, within an hour, it had plummeted by over 3%. Similarly, Bitcoin has experienced a decline of about 5%, currently trading at $66,300, its lowest point in the last week. Analysts attribute this muted response to the market's ongoing uncertainty about regulatory clarity and the broader macroeconomic headwinds.

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