Ethereum Price Surges Above $3K Mark Amidst Unforeseen Court Ruling
Crypto News

Ethereum Price Surges Above $3K Mark Amidst Unforeseen Court Ruling

1m
Created 1mo ago, last updated 1mo ago

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, experienced a notable price rally over the past 7 days.

Ethereum Price Surges Above $3K Mark Amidst Unforeseen Court Ruling
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, experienced a notable price rally over the past 7 days, with a 5.36% increase that brought its price close to the $3,100 level. Analysts attributed this surge to stalling retail sales data in the United States for April, raising expectations of a potential interest rate cut by the U.S. Federal Reserve to stimulate economic growth.
ETH's surge was also influenced by a court ruling and a U.S. Department of Justice indictment. The indictment, unsealed on May 15, accused two individuals of wire fraud and money laundering through the manipulation of the Ethereum blockchain. The court document emphasized that Ethereum operates as a decentralized blockchain without the need for a trusted intermediary, boosting confidence among ETH investors.

This came after the U.S. Securities and Exchange Commission issued a Wells notice to Robinhood, a trading platform, over alleged securities violations related to crypto listings and custodian operations. The verdict contradicted regulators' classification of ETH as a security, as it highlighted the absence of management or entrepreneurial efforts by others within the Ethereum network.

View post on Twitter

The U.S. SEC is expected to announce its final ruling on VanEck and ARK Invest’s spot Ethereum ETF request on May 23 and May 24 respectively. While analysts predict approval odds below 35%, the case for classifying Ether as a security instrument has weakened, contributing to the rally above $3,050 on May 17.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
5 people liked this article