Cryptocurrency prices rise amid optimism over regulatory approvals
Date
5/23/2024 5:35:30 AM
(MENAFN) In yesterday's trading, the majority of CryptoCurrencies experienced notable price increases, buoyed by investor optimism surrounding two key developments. Firstly, there is growing anticipation regarding the potential approval by the US Securities and Exchange Commission (SEC) for the offering of spot funds for Ethereum, with a decision expected at the end of the week. Additionally, investors are eagerly awaiting the release of the minutes from the recent Federal Reserve meeting, slated for publication at a later date.
Bitcoin, the leading cryptocurrency by market capitalization, saw its price climb by 1.07 percent to reach USD70,182.18, reflecting the overall bullish sentiment in the market. Ethereum, the second largest cryptocurrency, also recorded gains, rising by 0.74 percent to USD3,739.54. However, Ripple experienced a slight decline of 0.72 percent to 53.57 cents.
Notably, Ethereum witnessed a significant surge during Tuesday's trading session, reaching a peak of USD3,835.43. This surge followed a 20 percent increase in value over the previous two days, largely attributed to expectations surrounding the SEC's potential approval of requests to launch two currency-traded funds later in the week.
As investors eagerly awaited insights from the Federal Reserve meeting held the previous month, trading volume in the cryptocurrency market experienced a notable decline. According to data sourced from the CoinMarketCap website, trading volume decreased by 18.48 percent to USD115.59 billion over the past 24 hours. This dip in trading activity suggests a degree of caution among investors as they await further clarity on regulatory decisions and monetary policy direction from central banks.
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