Coins move sideways despite launch of Ethereum spot ETF

US SEC approves final documents for ETH spot ETF ‘S-1s’
A total of 8 ETH spot ETF trading begins on US exchanges
Even in the ETH spot ETF, the market surged and then fell sideways.
Experts say, “Let’s watch the event held in two days.”

Digital assets (cryptocurrencies), including Bitcoin (BTC), moved sideways despite the market launch of the Ethereum (ETH) spot exchange-traded fund (ETF).

The U.S. Securities and Exchange Commission (SEC) approved the market launch of a total of seven Ethereum (ETH) spot exchange-traded funds (ETFs) on the 22nd (local time). Starting at 9:30 a.m. on the 23rd (local time), the Ethereum spot ETF began trading on exchanges including the New York Stock Exchange, NASDAQ, and the Chicago Board Options Exchange.

Despite the launch of the Ethereum spot ETF, the digital asset market showed no significant fluctuations, with only Ethereum and Ethereum Classic (ETC) rising.

The Ethereum spot ETF has just appeared in the market, and the interpretation is that the correction continued until today after digital assets rose significantly as former President Trump became highly likely to be elected president of the United States.

Bitcoin fell slightly and was traded in the 93 million won range, and Ripple (XRP), which led the recent rise in altcoins, also fell by about 1.3%.

◇Bitcoin = As of 5 p.m. on the 23rd, the Bitcoin price is trading at 93.05 million won on Upbit. Bitcoin market share (dominance) was 55.61%.

Even with Bitcoin's decline, many investors remain optimistic as there remain events that could lead to Bitcoin's rise.

Following former President Trump, who is running in the US presidential election in November as a 'pro-digital asset candidate', announced his attendance as a speaker, the Bitcoin Conference 2024, in which Tesla CEO Elon Musk is expected to participate, will be held from the 25th to the 27th (local time). It will be held in Nashville, Tennessee, USA.

Markus Thielen, founder of on-chain analysis platform TenX Research, said to pay attention to the upcoming Bitcoin Conference 2024. He noted, “Former President Trump, who is attending the Bitcoin Conference 2024, is likely to make a surprise announcement at the event that he will incorporate Bitcoin as a reserve asset for the U.S. government.”

◇Rising coin = As of 5 PM on the 23rd, based on Upbit, the cryptocurrency that recorded the largest increase compared to the previous trading day was StormX (STMX), which showed an increase of about 15%.

StormX is a cryptocurrency created to unify the global freelance market. The goal is to reduce brokerage fees and provide accurate services by connecting people who need work with those looking for work without intermediaries.

StormX tokens can be received as a reward by participating in jobs or occupations through Storm Market.

◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the ‘Greed’ stage with 71 points. The greed stage is the stage where price volatility and trading volume increase, and is the stage where prices rise. There is a high possibility of a short-term peak forming, so one must be cautious when selling.

Reporter Seungwon Kwon ksw@