The global digital assets market recorded a drop of almost 2% in the last 24 hours as Bitcoin (BTC) price dropped to $67,000 levels. This drop comes amid the much awaited regulatory decision from the US Securities and Exchange Commission (SEC) on spot Ethereum (ETH) exchange-traded funds (ETFs).
Bitcoin drops
The decline was not limited to just BTC and spread its roots over the other major cryptos. Ethereum price had surged to its highest price since mid-March to hit $3,900 on Thursday. However, it tumbled to near $3,700.
Despite this decline, ETH remained to trade in green over the past 24 hours. Major altcoins including Dogecoin (DOGE), Avalanche (AVAX), Shiba Inu (SHIB), and Chainlink (LINK) all fell by more than 4% within an hour.
Bitcoin price is down by more than 3% in the last 24 hours. BTC is trading at an average price of $67,878, at the press time. Its 24 hour trading volume is up by 9% to stand at $46.5 billion. This suggests that the traders are moving their holdings to shake Bitcoin prices. The biggest crypto is holding a market cap of $1.33 trillion.
Ethereum is still up by 1.5% over the past day while it is up by 28% in the last 7 days. ETH is trading at an average price of $3,790, at the press time. One of the major factors adding to the crypto decline was a large ETH sell order from the trading firm Symbolic Capital Partner. Data reveals that the firm sold 6,968 ETH worth $27.4 million within a minute. It could have triggered a broader market sell-off.
Wassup with SEC?
Meanwhile, SEC Chair Gary Gensler declined to preview the agency’s decision on the spot ETH ETFs during a Thursday event in Washington. When questioned by CoinDesk about the SEC’s upcoming decision, Gensler advised observers to “stay tuned” and reiterated the agency’s commitment to operating within the legal framework and court interpretations.
Gensler acknowledged that a recent court decision had influenced the SEC’s approach toward ETFs, but he did not provide specifics on the response to the current ETH ETF applications. “We do it within the law and how the courts interpret the law, and that’s what I’m deeply committed to,” he stated.
