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The cryptocurrency market experienced a significant downturn today as investors anxiously awaited the US Securities and Exchange Commission’s (SEC) decision on Ethereum (ETH) exchange-traded funds (ETFs).
Bitcoin (CRYPTO: BTC), the world’s leading cryptocurrency, plunged by over $2,000, according to CoinGecko data.
At the time of writing, Bitcoin is trading at $67,640, a decrease of approximately 3.4%.
Ethereum (CRYPTO: ETH) dropped comparatively less, trading around $3,780, up 0.9% on the day.
According to data, ETH's brief and sudden dip below $3800 was likely driven by MEV trading firm Symbolic Capital Partners.
The institution sold 6,968 ETH in one minute, worth $27.38 million, with an average selling price of $3,930.
One of the transactions sold 3,497 ETH on the chain at once, and the bribe fee was as high as 90 ETH.
Also Read: White House Won’t Veto Crypto Bill, But Seeks Stronger Consumer Protections
Uncertainty Fuels Volatility
Analysts attribute the market’s volatility to the high level of uncertainty surrounding the SEC’s decision.
The SEC has a deadline today to approve or reject the 19b-4 forms submitted by several ETF issuers.
A positive outcome could potentially trigger a surge in investor confidence, while a rejection might lead to further market decline.
Investor Strategies Diverge
Some investors are likely taking a cautious approach, selling their holdings in anticipation of a potential price drop if the SEC denies the ETF applications.
Others might be strategically positioning themselves for a price jump if the ETFs get approved, contributing to the market volatility.
An ETF approval could mark a significant milestone for the cryptocurrency industry, paving the way for wider institutional adoption of Ethereum.
However, a rejection could dampen investor enthusiasm and lead to a prolonged period of price stagnation.
Read Next: Is Donald Trump Accepting Crypto Donations ‘Just Another Cow For Him To Milk?’
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