The recent steps taken by major companies in cryptocurrencies seem to have both positive and negative effects on the market. The moves of corporations, especially asset management companies, were of great importance in the rise and fall of the market. Despite the optimistic perspective of the Fed regarding the interest rate cut, investors looking for a reason for the decline in the market seem to have come across an important reason. This incident was shared by Bloomberg in the past minutes.
WisdomTree Makes Ethereum Trust Move
According to information obtained by Bloomberg, WisdomTree Ethereum $2,349.89 The Trust withdrew its registration statement. While it was thought that this situation could be the reason for the decline in the market, on the other hand, comments about its possible consequences began to come one after another. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
According to market participants, this decision may also have negative effects on WisdomTree’s Ethereum ETF. At the same time, volatility and downward pressure may increase in other altcoins, especially Ethereum. More importantly, this process may turn into a chain reaction, and as a result, other companies may withdraw their applications one after another.
Although there is no detailed explanation for now, the cause of the incident will be explained more clearly in the coming hours.
How Many Dollars is Ethereum?
Following the news, all eyes turned to the Ethereum price. The Ethereum price continued to fall in line with the rest of the market. The decline in the last 24 hours was 7.34% and reached $2,194. This price level also caused a noticeable decrease in market volume.
After the big drop, the volume dropped to $263 billion. The 24-hour trading volume increased by 89% and exceeded $25 billion, indicating that short selling in the market has increased and that someone is buying these Ethereums. Finally, when we look at the RSI value for ETH, it was seen that it fell towards the level of 30, indicating oversold, and was in the 30.64 region.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
