 ▲ Ethereum (ETH) ©Coin Leaders |
Ethereum, the second-largest cryptocurrency in market capitalization, is showing a downward trend on the 28th (local time) despite indicators that inflation (a phenomenon of rising prices) is slowing.
According to CoinMarketCap, as of 10:12 a.m. on the 29th Korean time, the price of 1 ether is recording $3,386, down 1.47% from 24 hours ago.
At the same time, the leading stock Bitcoin (BTC) is trading at $60,794, down 1.17%.
At one point on this day, the price of BTC fell below $60,000 ($59,960.96), and fell below the $60,000 level again for the first time in three days since the 25th.
The May personal consumption expenditures (PCE) price index announced by the U.S. Department of Commerce on this day was in line with expert expectations, lending weight to the forecast that the Federal Reserve may increase the number of interest rate cuts within the year.
However, even on this day, the price of Ethereum fell due to the strong dollar and selling pressure.
Meanwhile, Nate Geraci, CEO of ETF Store, a U.S. ETF specialist, said through Expectations seemed high, and another source said approval would likely occur in late July or late summer. “I don’t think it will take this long.”
In this regard, according to Bloomberg, Sean Farrell, head of digital asset strategy at Fundstrat, said in a recent investor memo, "Market sentiment regarding the launch of the Ethereum spot ETF appears overly pessimistic."
He then explained, “Hedge funds will drive the growth of the ETH spot ETF by using basis trading that takes advantage of the price difference between the spot and futures markets.”
The media added, “The U.S. Securities and Exchange Commission (SEC) approved the trading rule change review request (19b-4) last month, which is the first step in approving the ETH spot ETF, and some are expecting final approval within next week.”
