Ethereum has shown resilience amid market volatility, gaining over 5% since the fake Bitcoin ETF news, and closing in on a 21-month high of $2,400. This comes in the wake of the SEC’s social media account hack which caused significant volatility in Bitcoin markets. Crypto derivatives provider Greeks Live reported that the impact of the ETF news on Bitcoin was limited, with many investors reducing leverage and positions in an “early sell the news” event.
Despite the market turmoil, the Bitcoin price move after the announcement was just 2.3%, which is considered normal for a regular day. The asset is currently trading down 1.6% on the day at below $46,000. On the other hand, Ethereum prices have surged, with crypto trader ‘Nebraskangooner’ observing that Ethereum is “doing whatever it wants through all this”.
Industry experts suggest that Ethereum, which has been underperforming recently, may soon see a shift in narratives. Valkyrie chief investment officer Steven McClurg stated that he wouldn’t be surprised to see Ethereum spot ETFs coming to market soon. This sentiment is echoed by crypto analysts who believe Ethereum is “insanely undervalued” at the moment.
Ethereum’s fundamentals continue to strengthen. Gnosis co-founder Martin Köppelmann stated that a chain’s value should come from the utility it provides, with users paying around $2.5 billion per year for Ethereum’s block space. The total value locked across the Ethereum layer-2 ecosystem recently hit an all-time high of $21 billion. Ethereum staking remains a strong narrative, with 24% of the supply, valued at around $68 billion, currently staked and securing the network. Ethereum also remains a deflationary asset, with 339,000 ETH burnt since ‘The Merge’ in September 2022.
Given these factors, it could be time for Ethereum prices to start moving upward, especially if Bitcoin derivatives gamblers are selling the news. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Steven McClurg, Nebraskangooner, Martin Köppelmann |
| Companies | Gnosis, SEC, BeInCrypto, Greeks Live, Valkyrie |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
