No less than eight Ethereum spot ETFs have received approval from the SEC. The dog Kabosu, a symbol of the DOGE memecoin, has passed away. Notcoin has announced the launch of a brand new contest. Get the latest cryptocurrency market news and analysis in BeInCrypto’s weekly review.
Key cryptocurrency market dynamics
By the weekend’s end, several of the top ten cryptocurrencies by market cap displayed bidirectional dynamics.
When it came to growth, Ethereum (ETHUSD) was at the top. According to data from Coinmarketcap, it experienced a growth of 25.16% during the seven-day period and was trading at approximately $3,850 as of writing.
After news broke that the US Securities and Exchange Commission (SEC) had requested that businesses planning to launch spot Ethereum ETFs revise their application documents to reflect the suggested changes, ETH staged a strong rally earlier in the week. Crypto community members saw this as a positive development, as a comparable process had previously been used to launch spot Bitcoin ETFs.
Despite the SEC’s approval of eight spot ETFs on Ethereum for launch on May 23 evening, ETH never managed to cross the $4,000 mark. After briefly rising to $3,900, the price dropped back down to $3,700. For the umpteenth time, traders saw the prominent event as a chance to “sell on the news.”
At the start of the week, Bitcoin’s value (BTCUSD) started to rise sharply and surpassed $71,000 on the back of optimism surrounding spot Ethereum-ETFs. Market liquidations totaled $348.13 million in just one day, with short positions accounting for the vast majority of this activity. Coinmarketcap reports that as of this writing, the coin was trading at approximately $69,218—an intraweek increase of 3.47%—but it later retreated.
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