bitcoin etf: Bitcoin slips below $67.2k; Ethereum falls over 4% despite approval of spot

Market

Cryptocurrency markets were trading in the red in Friday’s trade, dragged by Bitcoin (BTC), Ethereum, and Solana.BTC fell over 3.4% to $67,143 in early trading on Friday, while Ethereum declined over 4.4% to $3,655.

“Bitcoin is trading around $67,000 following some profit-taking after reaching $71,000 on Wednesday,” said Edul Patel, CEO of Mudrex.

Meanwhile, Ethereum declined despite the US Securities and Exchange Commission (SEC) approving the sale of spot Ether Exchange-Traded Funds (ETFs) in the United States on May 23, 2024.

This is the SEC’s second decision regarding crypto Exchange-Traded Products. Earlier this year, in January 2024, the SEC approved Bitcoin ETFs after a long battle.

Ethereum has surged over 30% in the past week. “If the bulls can maintain the current price level, the next resistance points are at $3,900 and then $4,100,” Edul said.

Among other major crypto tokens, BNB (-3.8%), Solana (-6.3%), Dogecoin (-5.1%), Toncoin (-4.8%), Cardano (-5.2%), Shiba Inu (-6.6%), and Avalanche (-6%) declined.

The global cryptocurrency market cap fell 3.4% to around $2.5 trillion in the last 24 hours, while the total crypto market volume was $146.74 billion, which makes a 55.34% increase. The volume of all stablecoins is now $135.99 billion, which is 92.67% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

“ETH has continued to outperform BTC, which is a positive sign as ETH’s dominance rises. Key resistance levels for ETH are at $3,963 and $4,085. Funding rates among coins remain neutral, which is positive,” said CoinDCX Research Team.

For BTC, key levels to clear for an upside move are $71,300 and $73,800, CoinDCX said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)