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Crypto Token Development, White Paper, Blockhain img News img Markets img

Ethereum price drops a day after ETF launch

Jul 25, 2024
Markets
On Wednesday, the Nasdaq and S&P 500 indexes experienced their sharpest decline since late 2022, while Bitcoin's price held steady at $66K. Meanwhile, Solana's SOL and Ripple's XRP gained 3-4% during the same period. Avalanche (AVAX), Uniswap (UNI), and Ethereum Classic (ETC) saw a decrease of 3-4%.
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Despite the successful debut of the spot ETH ETF, Ethereum’s price dropped to $3,3K, a nearly 4% decline in the past 24 hours. Analysts from crypto market maker Wintermute noted that the actual financial interest was strong enough to consider the launch a minor success. A reevaluation is likely to occur in subsequent sessions.

These moves occurred against the backdrop of a declining U.S. stock market: the Nasdaq index fell by 3.6%, and the S&P 500 index dropped by 2.1%.

Following the Ethereum ETF launch, traders might shift their focus to the upcoming release of U.S. economic data on Friday and Donald Trump’s scheduled speech at the Bitcoin 2024 conference in Nashville on Saturday.

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