ETH Price Impact: U.S. Regulators Reject Spot Ethereum ETFs – What’s Next for the Crypto Coin?

  • Expectations for an Ethereum spot ETF has gotten significantly low in the community.
  • Ethereum’s market performance continues to lag behind the majority of its peers.
  • Gary Gensler’s SEC is known for playing power games with the cryptocurrency industry.

As Ethereum’s market performance continues to lag, expectations for an Ethereum spot ETF in the United States have significantly lowered. This comes amidst the SEC’s notorious power games with the cryptocurrency industry.

Ethereum Spot ETF: A Distant Dream?

With the approval of eleven spot Bitcoin ETFs, all eyes have now turned to Bitcoin’s immediate sibling, Ethereum. Applications for an Ethereum spot ETF have been filed quite some time ago, but none have been approved. The SEC has been noticeably quiet about it all, and just a few days ago, Grayscale withdrew their application for the ETH ETF. This lack of engagement from the SEC has fueled speculation in the community that approval is not on the horizon.

Market Reactions and Movements

Ethereum’s market performance has been less than stellar, with the second-largest cryptocurrency in the world not having a good time at the moment. Trading volumes have gone down, liquidations are low, and the price is still way below its critical support level of $3,000. This bearish sentiment is mirrored in the market, with outflows totaling $14 million last week, according to data by CoinShares.

Conclusion

Given the current market conditions and the SEC’s lack of engagement, it seems that the hopes for an Ethereum spot ETF in the United States are dwindling. However, the cryptocurrency market is known for its volatility and unpredictability, so only time will tell what the future holds for Ethereum.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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