Ethereum
Crypto Market Extends Slide Despite SEC Ether ETF Filings Approved
The SEC approval of spot ether ETF regulatory filings has yet to trigger a rise in crypto prices, which extended their declines during the Asian and European mornings. BTC has lost over 3.4% in the past 24 hours to trade around $67,400, while ETH is down around 4.5% at $3,700. The CoinDesk 20 Index (CD20), measuring the broader digital asset market, lost more than 3.3%. Ether ETFs are not yet authorized for trading, as the SEC still needs to approve their S-1 filings before investors can purchase them. This approval came as a surprise to many. After allowing bitcoin spot ETFs in January, the SEC doesn’t appear to be engaging much with issuers on ether ETFs, but that has changed in recent days.
Both Bitcoin and Ether saw wild swings in the run-up to SEC ETF decision THURSDAY. ETH dropped to $3,500 before surging to $3,900 as early reports emerged that approval for some deposits was imminent. Meanwhile, BTC fell below $66,500, then climbed to $68,300 before settling just below $68,000. Liquidations of all positions in leveraged crypto derivatives climbed to more than $350 million during the day, the highest since May 1, according to CoinGlass data. The bulk of the positions were long bets on rising prices, worth about $250 million, suggesting that overleveraged traders were caught off guard by the sudden price drop.
Kabosu, the Shiba Inu dog who inspired the dogecoin meme and subsequently the DOGE cryptocurrency, died at the age of 17. Kabosu’s image inspired the creation of DOGE in 2013, initially as a joke currency. DOGE’s success then gave rise to an entire cohort of dog-themed tokens, such as SHIB and FLOKI, which have since cumulatively become one of the most important sectors in the industry. “We will have a farewell party for Kabo-chan on Sunday, May 26th. It will be held at Flower Kaori in Kotsu no Mori, Narita City, from 1 p.m. to 4 p.m.,” its owner wrote in a blog post.
-Shaurya Malwa, Jamie Crawley