① The inflation data released by the US last week injected a dose of strength into the market to cut interest rates and triggered a crazy rise in many safe-haven assets; ② The cryptocurrency market was also affected by macroeconomic factors, and Bitcoin reversed its previous weak trend and reached 70,000 US dollars; ② This Thursday, the US Securities and Exchange Commission will announce whether to approve the listing of an Ether ETF. Market sentiment is currently quite optimistic.
Financial Services Association, May 21 (Editor: Malan) As US inflation weakens, interest rate cuts are expected to continue to rise, and prices of precious metals such as gold and silver have continued to rise recently. On the other hand, the cryptocurrency market also took advantage of the rebound, and the largest cryptocurrency, Bitcoin, once again rose above $70,000.
After reaching a record high in mid-March, Bitcoin's performance has been weak. At one point in early May, due to changes in the US inflation situation and poor prospects for the Fed to cut interest rates, it once fell to 60,000 US dollars. However, as the situation changed, it was recovering lost ground.
Meanwhile, according to the latest data on Monday, Bitcoin spot ETFs also changed their decline and received new capital injections of nearly 1 billion US dollars during the day, halting the trend of capital outflows.
In addition to Bitcoin, other cryptocurrencies, including Ether, have also seen significant gains. As of press time, Ether is up 19.95% over the past 24 hours, BNB is up 4.94%, Solana is up 10%, and Dogecoin is up 10.68%.
This overall increase also triggered a large number of short positions to close. CoinGlass data shows that over $173 million of short cryptocurrency positions have been closed in the past 24 hours, of which $63 million is a Bitcoin short position.
On the other hand, in addition to being driven by macroeconomic factors, Ethereum, which is leading in intraday gains, also has its news impact. Industry analysts recently speculate that the US Securities and Exchange Commission may approve a spot Ethereum ETF this week.
According to people familiar with the matter, regulators are now requiring exchanges to expedite the update of the Ethereum ETF application documents, which may indicate that they will approve the listing application before the deadline this Thursday.
The US Securities and Exchange Commission will disclose whether to approve the listing of an Ether spot ETF this Thursday (May 23). Some fund companies are expected to face rejection because the applicant's contacts with regulators are not as frequent as when Bitcoin ETFs were listed.
It was also pointed out that since another critical process may be indefinitely delayed by the US Securities and Exchange Commission, an Ether ETF may still not be able to go public quickly. However, the situation is less pessimistic, as the applicant may take legal action after being rejected, which will rekindle hopes for an Ether ETF to enter the trading market.
Editor/Somer