🔥🔥🔥🔥So why are altcoins taking such a brutal tumble?😎😎😎😎
1) The uncertainty surrounding #Ethereum spot ETFs
Well, first of all, there's the very confusing situation with spot Ethereum ETFs in the US. While the SEC seems to have approved these ETFs, they have yet to be listed. All in all, it's neither here nor there for now, and it's making the market nervous. The approval process includes Forms 19b-4 (technical details and SEC compliance) and Form S1 (listing on exchanges). The delay in listing is why we're seeing this downward pressure. But once spot Ethereum ETFs do list, it could attract a bunch of institutional money and recognition of Ether as a commodity similar to #Bitcoin .
2) Macroeconomic factors
The low inflation in the US seemed to give hope at first that the Fed would stop raising rates, but their hawkish stance has put everyone in doubt again. Altcoins like low rates and high liquidity, and that is not the case right now. The strong dollar, fueled by the ECB rate cut, is also putting pressure on the crypto.