Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»Cryptocurrency stock selling ‘moderately reduced’ amid hype for spot Ethereum ETF
ADOPTION NEWS

Cryptocurrency stock selling ‘moderately reduced’ amid hype for spot Ethereum ETF

By Crypto FlexsMay 24, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Cryptocurrency stock selling ‘moderately reduced’ amid hype for spot Ethereum ETF
Share
Facebook Twitter LinkedIn Pinterest Email

Several Bitcoin mining companies and Bitcoin-adjacent stocks fell along with the broader stock market on Thursday as spot approvals continued to unfold. Ethereum ETH

+0.73%
ETF.

U.S. Securities and Exchange Commission late Thursday afternoon. 8 spot Ethereum ETFs approvedIncludes 19b-4 formats from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton.

Hut 8’s shares led the decline, falling 10%, while competitors including Riot Platforms and Marathon Digital fell about 7.6% and 5.5%, respectively. MicroStrategy is considered by many to be a proxy for Bitcoin price. BTC

-2.31%
Supply decreased by 6.2%.

Shares of several spot Bitcoin ETFs fell between 3% and 4%. But the selloff may be a blip on the radar, according to one sell-side analyst.

“Today’s price action… appears to be a modest contraction, but we continue to believe favorable supply-demand dynamics will support price gains in the coming months,” said Mark Palmer, equity research analyst at Benchmark. . block it. “The approval of a spot Ethereum ETF fits into a much more positive government regulatory narrative regarding cryptocurrencies in the U.S. than in the past.”

For a spot Ethereum ETF to hit the market, the SEC must approve a Form 19b-4 and an S-1 registration statement must become effective before the ETF can begin trading.

all A source told The Block. They expect it will require multiple rounds of S-1s going back and forth between the SEC and potential issuers, which many believe could take weeks.

Also late Wednesday evening, the U.S. House of Representatives Cryptocurrency market structure bill passed It is intended to help regulate the industry. This is the first time this has been voted on in the House of Representatives. The House of Representatives voted 279 to 136 to pass the Republican-led Financial Innovation and Technology for the 21st Century Act (FIT21).

Palmer said the overall mood shift will “make institutional investors more comfortable purchasing cryptocurrencies and related products, including stocks with exposure to Bitcoin.”

Ethereum is said to have risen 1.2% over the past 24 hours to $3,814 at the time of publication. Pricing data from The Block. During the same period, Bitcoin fell 2.9% to $67,506.

“It’s not surprising to see BTC and miners falling today after Bitcoin’s resistance retest from its March highs,” Louis Sykes, senior cryptocurrency analyst at All Star Charts, told The Block. “I think it is more valuable to watch the stock market and growth stocks than to pay attention to FIT21 because the correlation is so tight.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Vortex uses NVIDIA Jetson to innovate medical imaging with CT-similar ultrasound.

June 6, 2025

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025

Solana’s Journey: Promotion of Challenge, Innovation and Speed

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Vortex uses NVIDIA Jetson to innovate medical imaging with CT-similar ultrasound.

June 6, 2025

2025 Best Free Cloud Mining

June 6, 2025

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025

Analyst Michaël Van de Poppe says Bitcoin is getting higher.

June 6, 2025

Does Ethereum start their business? MorningStar Candlestick Pattern tells the story

June 6, 2025

Solana’s Journey: Promotion of Challenge, Innovation and Speed

June 6, 2025

Ether Leeum’s imminent brake out in major chart patterns

June 6, 2025

Bittensor increases rapidly after 118 subnets in the $ 1,000 TAO price guess.

June 6, 2025

Bitcoin’s $ 100k drop in caught many merchants for many merchants.

June 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Vortex uses NVIDIA Jetson to innovate medical imaging with CT-similar ultrasound.

June 6, 2025
Most Popular

LTO Network Provides Layer 1 Blockchain to Fight Counterfeits – Blockchain News, Opinion, TV & Careers

February 29, 2024

Bitcoin Miners Are Ready to Offload BTC as Mining Profits Plunge: Kaiko Data

May 14, 2024

Binance Promotion: Share 7,777 ACE as airdrop rewards by subscribing to SOL or BNB pegged products or staking ETH

April 30, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.