Ethereum Soars as SEC Investigation Ends: Big Investors Take Action

The cryptocurrency market is buzzing with excitement!

While Ethereum is experiencing an enthusiastic atmosphere, Bitcoin's price remains stable.

This situation was largely shaped by the surprise decision of the US Securities and Exchange Commission (SEC).

SEC Halts Ethereum Investigation

The SEC announced that it has concluded its investigation into Ethereum's classification as a security. After this decision, a positive movement was seen in the Ethereum price. Following the decision, Ethereum rose 5% to close to $3,600. This rise attracted attention when a large investor purchased 5,603 ETH.

Reason Behind SEC Decision

Ethereum software company ConsenSys has encouraged the SEC to make a statement regarding the status of its investigation into Ethereum 2.0. Following questions in May about the approval of spot Ethereum ETFs, the SEC decided to end the investigation. ConsenSys continues to call for regulatory clarity on MetaMask Swaps and Staking, emphasizing the importance of clear guidance for crypto technologies moving forward.

Investor Activity Is Increasing

Ethereum's recovery from its weekly low of $3,381 has increased investor interest. While some ICO investors have sold, other major players have moved to buy up existing supply. According to Santiment's on-chain data, a major investor withdrew a total of 16,604 ETH from Binance in the last 19 days, worth approximately $58.6 million. After the SEC halted the investigation, the same investor purchased another 5,603 ETH, worth approximately $19.7 million, indicating renewed investor confidence in Ethereum.

Ethereum ETF Developments

Bitwise updated its S-1 filing for an Ethereum ETF in response to SEC feedback.

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