Report: Current price trends of Bitcoin and Ethereum and SEC decisions – what awaits the cryptocurrency market?
Bitcoin and Ethereum Price in the Cryptocurrency Market
Prices of cryptocurrencies, such as Bitcoin and Ethereum, regularly attract the interest of investors worldwide. In recent times, we have observed several significant changes in this dynamic market.
Bitcoin: Drop to $63,000, 3% Increase, and Perspectives Before Halving
During the past weekend, the price of Bitcoin dropped to $63,000. However, at the beginning of this week, there was a 3% increase, reaching $66,964. Despite a 2.5% decrease over the last week, the value of Bitcoin has increased impressively by 31% in the last month, mainly thanks to positive trader sentiment.
The next Bitcoin halving, scheduled for April 19 according to NiceHash, may bring a reduction in miners’ rewards from 6.25 to 3.125 BTC. The specific date of the halving may still change due to the variable block time.
Ethereum: 2.6% Increase in the Last 24 Hours
Ethereum also experienced a positive increase, gaining 2.6% in the last 24 hours, reaching a price of $3,452 at the time of writing this article. Ethereum’s price has risen by 17% in the last month, signifying significant gains for investors in this cryptocurrency.
SEC’s Decision on Converting Ethereum Trust to Spot Ethereum ETF
A series of decisions made by regulatory institutions also impact the cryptocurrency market. SEC has delayed the decision regarding the conversion of the Grayscale Ethereum Trust (ETHE) to a spot Ethereum ETF until May 30. This delay is generating additional uncertainty among investors about Ethereum’s future.
Future Perspectives
Currently, there is a belief that the price of Bitcoin will continue to be susceptible to rises and falls before the upcoming halving. Many uncertainties regarding the proper valuation of this change make investors watch the market with great interest. Bitwise CIO noted that spot Ethereum ETFs may attract more funds if launched in December rather than in May. This is because the traditional industry will need extra time to assimilate such innovations.
