#Binance #Ethereum #bitcoin $BTC $ETH $BNB

The crypto market experienced an increase today, Tuesday (28/5/2024) after the United States exchange-traded fund (ETF) Ethereum was approved by the Securities and Exchange Commission (SEC).

Referring to CoinMarketCap on Tuesday (28/5/2024) at 06:38 WIB, the crypto market strengthened compactly. Bitcoin rose 1.3% to US$69,285.44 even though it was in the negative 3.05% zone on a weekly basis.

Ethereum is in the green zone at 1.64% and in the last 24 hours, despite rising 5.7% in the week, Dogecoin experienced an appreciation of 1.58% on a daily basis and rose 2.66% on a weekly basis.

Likewise, Toncoin is in positive territory at 1.28% in the last 24 hours even though it has fallen 2.44% in the last seven days.

CoinDesk Market Index (CMI), which is an index to measure the market capitalization-weighted performance of the digital asset market, rose 1.62% to 2,823.7. Open interest appreciated 3.43% to US$71.34 billion.

Meanwhile, the fear & greed index reported by coinmarketcap.com shows the number 64, which shows that the market is in a neutral phase with the current economic conditions and crypto industry.

Quoted from coingape, Kaiko research announced that the approval of an Ethereum spot ETF by the regulatory body signals a bullish future for the digital asset, despite several pressing market challenges.

The company emphasized that this development removes much of the regulatory uncertainty surrounding Ethereum's classification, thereby driving its long-term growth.

Head of Index at Kaiko, Will Cai revealed that this SEC approval is a clear indication that Ethereum is being treated as a commodity and not as a security.

This perception is critical because it will likely set a precedent for the treatment of similar digital tokens in the US market.

Additionally, Cai emphasized that while the approval is a significant step forward, the overall regulatory process requires further development.