Spot Ethereum ETFs Approved, Massive BTC, ETH Volatility, Top CEO Resigns: This Week's Crypto Roundup

It was another eventful week in the cryptocurrency markets, this time with ethereum in the spotlight. Let's unpack.

This past weekend was very quiet, with little to no real action in terms of news and price movements. However, everything changed on Monday night when ETF experts at Bloomberg raised their prediction rate for the SEC to approve ethereum spot ETFs this week from 25% to 75%.

This caused an immediate shock to the markets as eth skyrocketed by over 20% from $3,100 to a multi-week peak of $3,800. The rally continued in the following days for the second-largest cryptocurrency, which surpassed $3,930 at one point as speculation arose about whether it would be able to break the $4,000 barrier.

bitcoin also followed suit on the way up and soared from $67,000 to a six-week high of nearly $72,000 on Monday night. However, both assets failed to maintain their run at the end of the week, even though the big news yesterday was that the Securities and Exchange Commission had actually approved eight ethereum spot ETFs to go live for your negotiation in the US at some point.

Both btc and eth fell over 4% just hours before the ETFs were given the green light, faced tons of volatility after that and failed to recoup most of the losses. In fact, eth has performed worse than btc on a 24-hour scale and now sits at $3,700, while bitcoin is above $68,000.

Still, eth is among the best performers last week, up 18%. Other big winners this week include BONK (up 43%) and PEPE, which posted some consecutive all-time highs.

Market data

Market capitalization: $2.676 trillion | 24H Volume: $133 billion | btc dominance: 50.2%

btc: $68,191 (+1.47%) | eth: $3,671 (+18%) | BNB: $596 (+2.5%)

This Week's crypto Headlines You Can't Miss

SEC Approves ethereum Spot ETFs for Public Trading. As mentioned above, the biggest news this week across the industry came from the US securities regulator. Despite previous raids on whether eth is a security or not, the SEC gave the green light to eight spot ETFs from ethereum, perhaps due to political pressure.

8-day winning streak: bitcoin spot ETFs see strong inflows. The ETF front has been quite strong in recent days, as btc spot products posted an impressive streak that now extends to nine consecutive days of positive inflows.

bitcoin Pizza Day: A Delicious Slice of crypto History Turns 14. May 22 will forever go down in the bitcoin history books as Pizza Day. On this day 14 years ago, Laszlo Hanyecz made one of the first transactions that involved paying with btc and buying two Papa John's pizzas for 10,000 btc, and we celebrated this huge achievement earlier this week.

Solana ETFs will see more demand than other Altcoin funds: Bloomberg analyst. Following the launch of bitcoin spot ETFs and the approval of ethereum-based products, experts have begun to speculate what the next crypto asset will be. According to Bloomberg's James Seyffart, Solana ETFs could do the same, but there is a lot of controversy on that front.

Grayscale CEO Michael Sonnenshein Resigns. Another big news this week came from the company behind the world's largest bitcoin ETF: Grayscale. Michael Sonnenshein, who worked for 10 years at the asset manager, has decided to leave his last position as CEO. The person who will replace him comes from Goldman Sachs.

The bitcoin network records the fewest number of new addresses created since 2018. Despite all the positive news surrounding bitcoin, not everything is going as you want. New address counts have declined substantially in recent weeks, recording their lowest levels since the bear market in 2018.

Graphics

This week, we have a graphical analysis of ethereum, Ripple, Cardano, Shiba Inu and Polkadot; Click here to see the full price analysis.

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