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Bitcoin and Ethereum Market Update
After experiencing a dip to $63,000 over the weekend, Bitcoin has shown resilience by bouncing back and recording a 3% increase at the beginning of the week. As of the latest data available, the price of Bitcoin stands at $66,964. Despite a slight decrease of 2.5% over the past week, Bitcoin has demonstrated an impressive surge of 31% in the last month, largely fueled by bullish activity among traders.
With less than a month remaining before the upcoming Bitcoin halving event, where the mining reward will be reduced from 6.25 to 3.125 BTC, anticipation continues to build among market participants. According to information obtained from NiceHash, the halving is currently projected to take place on April 19, although this date is subject to change due to the nature of halvings being tied to block intervals rather than specific calendar dates.
Speaking to Decrypt, Beam CEO Andy Bromberg highlighted the expected volatility in the Bitcoin price in the lead-up to the halving. This unpredictability stems from investors’ attempts to assess the impact of the halving event on the asset’s valuation, leading to fluctuations in market sentiment and trading activity.
Ethereum Price Movement
Meanwhile, Ethereum has also shown positive momentum, recording a 2.6% gain within the last 24 hours. At the time of writing, the price of Ethereum is $3,452. Despite facing a brief drop below $3,000 last week, Ethereum has been steadily climbing since Sunday, reflecting a 17% increase in value over the past month.
On the regulatory front, the U.S. Securities and Exchange Commission (SEC) recently extended its deadline for reviewing the application to convert the Grayscale Ethereum Trust (ETHE) into a spot Ethereum ETF. The SEC now has until May 30 to make a decision regarding the potential approval, denial, or further delay of the Ethereum ETF conversion.
Industry experts, including Bitwise Chief Information Officer Matt Hougan, are closely monitoring developments related to Ethereum ETFs and highlighting the potential benefits of launching spot Ethereum ETFs later in the year. According to Hougan, the delayed introduction of Ethereum ETFs could allow for better assimilation of Bitcoin ETFs within traditional finance circles, ultimately paving the way for increased capital inflows into the cryptocurrency market.
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