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Ether Price Rises Following Market Rally Despite Delay in ETF Approvals

Key Takeaways

Ether, the native cryptocurrency of the Ethereum blockchain, has seen its price rise over the past 24 hours according to data from CoinMarketCap. This price increase comes despite the U.S. SEC delaying decisions on proposed Ether ETFs from companies like Hashdex and Grayscale. The broader cryptocurrency market rally, with Bitcoin surpassing $43,000, appears to be buoying Ether’s price.

Ether Price Hits $2,230

Ether’s price rose over 4.5% in the past 24 hours to around $2,230, reflecting gains across cryptocurrency markets . Bitcoin surpassed $43,000, boosting market sentiment. Cryptocurrency traders are anticipating interest rate cuts next year that could weaken the U.S. dollar and boost risk assets like stocks and digital currencies.

Expectations of SEC Delays for Ether ETFs

The SEC delayed decisions on Ether ETF applications from firms like @Hashdex and @Grayscale. Bloomberg’s ETF analyst James Seyffart tweeted that the SEC is likely to delay decisions on Ether ETF applications until December 2023. The SEC wants more public input before listing the ETFs.

Macro Factors and Technical Indicators Could Impact Ether Price

While spot Ether ETFs have yet to be approved, macroeconomic factors and technical indicators could impact Ether’s price trajectory. Ether needs to remain above its 21-day moving average to confirm an ongoing bullish trend. Although a descending triangle pattern potentially hints at a price setback, ongoing venture funding and product development could buoy Ether over the long run.

Bitcoin Minetrix Token Presale Raises over $850K

The $BTCMTX token presale by Bitcoin Minetrix has reportedly raised over $850,000 from early investors. Token holders can earn mining credits and a share of Bitcoin Minetrix’s Bitcoin mining revenues. The token is based on the Ethereum blockchain and aims to offer more transparency and security than centralized cloud mining services.


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