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ETH Maintains $3.8K Price Ahead of SEC ETF Decision, BTC Slips Below $70K (Market Watch)

Bitcoin price action has calmed over the past day after rising to $72,000, and the asset has lost some ground since yesterday, as it currently sits below $70,000.

Ethereum continues to present a strong front as anticipation grows for today's SEC decision regarding an ETH ETF.

BTC slides below $70,000

Bitcoin had a quiet weekend, trading sideways at around $67,000, with consolidation continuing. However, the landscape changed dramatically on Monday evening when news emerged that the SEC may give the green light to a spot ETF as early as this week.

The underlying cryptocurrency reacted quite positively to the reports and rose above $70,000 for the first time in over a month and reached a 6-week peak of $72,000.

The bears finally stepped up at this point and did not allow the asset to challenge its March 2024 high of $73,750. Instead, Bitcoin gradually began to lose value, falling to $70,000 yesterday and below that level today.

As of now, the cryptocurrency is trading about $500 away from the rounded figure, with the market capitalization falling to $1.370 trillion. Its altcoin dominance has declined by more than 1% in the past few days and is now at 50.3% on CG.

Bitcoin/Price/Chart 05/23/2024. Source: Trading View

ETH is still above $3.8K

The above positive news affected ETH the most, as expected. The underlying asset rose more than 20% within hours and reached a multi-week high of more than $3,800. As the SEC's decision on one of the applications approaches today, the price of ETH has remained steady at around $3,800.

TON and NEAR are the other altcoins with the largest market cap in the green today, while SOL, BNB, ADA, DOGE, AVAX, XRP, and SHIB have turned red.

PEPE has been on the run lately, repeatedly setting new all-time highs, and today was no different.

The total cryptocurrency market capitalization has remained relatively steady at just under $2.730 trillion.

Cryptocurrency market overview.  Source: QuantifyCrypto
Cryptocurrency market overview. Source: QuantifyCrypto
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Cryptocurrency charts By TradingView.

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