Ethereum
Down to $65,000, Spot Ether ETF Sees Little Price Action By Investing.com
Investing.com – Bitcoin prices fell on Wednesday, extending losses seen this week as weak risk appetite amid uncertainty over the U.S. political outlook kept traders wary of cryptocurrencies.
The launch of spot exchange-traded funds tracking Ether also did little to improve sentiment towards the sector, with prices falling on Tuesday and trading sideways on Wednesday.
The token fell 1.7% over the past 24 hours to $65,793.5 as of 01:56 ET (05:56 GMT). The token had rebounded to $69,000 over the weekend, but was now gradually reversing its trend.
Bitcoin struggles amid political uncertainty and low risk appetite
Bitcoin is under pressure due to growing uncertainty surrounding the US presidential race, especially after President Joe Biden dropped his re-election bid and endorsed Vice President Kamala Harris.
Harris has quickly gained support within the Democratic Party and is now widely expected to be nominated as the party’s presidential nominee.
That sets her up for a showdown with Republican nominee Donald Trump, who before Harris’ endorsement was considered ahead of both Biden and Harris in the polls.
Expectations of a Trump presidency have fueled some gains in cryptocurrencies, especially as he has maintained a positive stance on cryptocurrencies during his recent campaign efforts. Trump is also scheduled to speak at the Bitcoin conference in Nashville this Saturday.
Yet Harris was seen ahead of Trump in a Reuters/Ipsos poll conducted just after Biden endorsed her.
Spot Ether ETFs See Strong Volumes, But Little Price Action
Six ETFs directly tied to the price of Ether began trading on U.S. markets on Tuesday, attracting more than $1 billion in trading volumes on their first day of trading.
But they represented just a fraction of the $4.6 billion traded when spot Bitcoin ETFs launched earlier this year.
The price of Ether also fell on Tuesday and was trading at around $3,440.97 on Wednesday.
Although the launch of Spot Ether ETFs is expected to attract more institutional investors to the cryptocurrency sector, it is not yet clear what the actual demand for the product is.
Trading volumes on spot Bitcoin ETFs have also declined significantly since their debut earlier this year.
Cryptocurrency Prices Today: Altcoins Treading Water
Among broader crypto markets, major altcoins saw limited moves on Wednesday as sentiment for risk assets remained largely weak.
and traded in a narrow range, losing 2.6%.
Among meme tokens, they lost 1.9%, while they fell 0.7%.