Ethereum

Rally

Bitcoin

Spot

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-struggles-as-market-value-plummets" rel="noopener noreferrer nofollow">Ethereum Struggles as Market Value Plummets</a><br></p>
<p style="text-align: justify">The cryptocurrency market has witnessed a significant slump, affecting all digital currencies, including <a href="https://en.bitcoinhaber.net/ethereum-traders-grapple-with-downturn-and-network-upgrades" rel="noopener noreferrer nofollow">Ethereum</a>. Over the past week, Ethereum’s value has seen an 18% decrease, moving further away from the once anticipated $3,000 price point. The present situation indicates a less promising outlook for the second-largest cryptocurrency by market capitalization.</p>
<h2 id="short-lived-rally-and-subsequent-decline">Short-lived Rally and Subsequent Decline</h2>
<p style="text-align: justify">Ethereum’s recent surge to $4,066 was short-lived as it succumbed to a 7% decrease, trading at $3,244.67. The drop transpired despite a substantial 66% increase in trading volume, amounting to $31 billion. The decline followed the peak on March 13th, contradicting expectations set by the upcoming Ethereum Denison Upgrade, which failed to drive the price to record highs.</p>
<h2 id="understanding-market-influences">Understanding Market Influences</h2>
<p style="text-align: justify">While Ethereum sits 33% below its all-time high, the broader cryptocurrency market mirrors its downturn, with <a href="https://en.bitcoinhaber.net/sec-approves-spot-bitcoin-etf-market-reacts-with-volatility" rel="noopener noreferrer nofollow">Bitcoin</a> also experiencing a loss in value. Factors contributing to the market’s bearish trend include the Federal Reserve’s meetings, which discuss crucial economic policies and interest rates, and the market dip in India.</p>
<h2 id="regulatory-effects-on-ethereum-s-outlook">Regulatory Effects on Ethereum’s Outlook</h2>
<p style="text-align: justify">Before the Federal Reserve’s economic discussions, noticeable dips in crypto prices have been a common pattern. With eight such gatherings annually, the market remains sensitive to their outcomes. Moreover, the Securities and Exchange Commission (SEC) has yet to approve an Ethereum Spot ETF, with speculative odds falling from a hopeful 75% in January to a mere 28% in March.</p>
<p style="text-align: justify">The SEC’s stance on Ethereum, which remains unclear as a <a href="https://en.bitcoinhaber.net/the-doomsday-clock-ticks-closer-to-midnight-amid-ai-concerns" rel="noopener noreferrer nofollow">security</a> or commodity, contrasts with its decision on the Bitcoin Spot ETF, seen as a protective measure for investors. Political influences on the SEC, highlighted by the actions of Senators Jack Reed and Laphonza Butler, have also played a role in restricting approvals for further spot ETFs.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-struggles-as-market-value-plummets" rel="noopener noreferrer nofollow">Ethereum Struggles as Market Value Plummets</a></h5>

Ethereum Struggles as Market Value Plummets

Table of Contents

BH NEWS

Other articles published on Mar 19, 2024

Tech Stocks Waver Ahead Of Fed Meeting, Energy Rallies, Bitcoin Plummets Below $65,000: What's Dr...

Coinbase gains industry support in legal fight against SEC

Major Altcoins to Rally 2x Before May

Solana (SOL) Naik Daun: Aksi Whale dan Sinyal Bullish dari Analis Popular

BOME Price Plunges After Top Holder Unloads 340 Million Tokens for $3.6M

KuCoin Lists Privacy-focused Crypto Project Partisia Blockchain (MPC)

Join our free newsletter for daily crypto updates!