The crypto market is quite susceptible to ETF approvals, as it seems, and the past 24 hours brought even more enhanced volatility for the entire sector.

After the hype from the start of the business week settled, the largest cryptocurrencies, including the one that got the green light from the SEC, have turned red.

BTC Drops Below $67,000

The start of the current business week couldn’t really foresee what was going to happen. BTC had calmed at around $67,000 after the quiet weekend, but it all changed on Monday evening when reports emerged that the SEC could actually greenlight a spot Ethereum ETF by the end of the week.

Bitcoin, alongside most of the crypto market, went on a wild ride and soared by five grand in hours. This resulted in tapping its highest price tag in almost two months of nearly $72,000.

The rally came to a halt at that point and BTC started losing value gradually. Still, it traded in a range around $70,000 until yesterday evening when it slumped by a few grand to under $68,000. This came hours before the SEC’s deadline to make a decision on whether it will approve or reject all ETF applications.

More volatility ensued when the regulator actually approved eight Ethereum ETFs, and BTC went down to $66,400 before it shot up by two grand. However, it has lost some ground once again and now struggles below $67,000.

Its market cap is down to $1.310 trillion, and its dominance over the alts is 50.2%.

Bitcoin/Price/Chart 24.05.2024. Source: TradingView Alts in Red

The aforementioned developments around the Ethereum ETFs impacted the underlying asset’s price the most, as expected. ETH skyrocketed by over 20% on Monday to a six-week peak of its own at over $3,900. It also went down and up yesterday ahead of the SEC approval but now sits 4% down on the day at $3,655.

The rest of the larger-cap alts are in no better state. Solana, Dogecoin, Toncoin, Cardano, Avalanche, Polkadot, and Shiba Inu have all dumped by 5-8%. BNB, XRP, TRX, and BCH are also in the red.

The total crypto market cap has lost over $100 billion since yesterday and is down to $2.617 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto

The post Tons of Volatility Amid SEC’s Ethereum ETF Approval: BTC and ETH Drop by 4% (Market Watch) appeared first on CryptoPotato.