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Over the past few years, the traditional banking system has evolved significantly, and dozens of banks have opted for it.
The price action of cryptocurrencies is often affected by the statement of influential or associated personalities. The US SEC is famous for its milestone judgments on crypto.
In a recent interview with Bloomberg, Gary Gensler, the Chairman of the Securities and Exchange Commission, has warned about crypto investing. He always remains in the spotlight as he has made many important statements about crypto space.
During the interview, Gary was asked whether Ether is a security or a commodity and when the commission will approve the Ethereum spot ETF. He said, “Any one of these crypto tokens is about the facts and circumstances as to whether the investing public is anticipating a profit based on the efforts of others.” adding, “But we do have [ETH ETF] fillings in front of us. I’m not going to comment.”
The SEC chief adds, “This is a highly speculative asset class. One could just look at the volatility of bitcoin in the last few days … You really should be conscious as the investing public that this is a bit of a roller coaster ride on these volatile assets.”
“For thousands of these tokens, there’s about 15,000 or 20,000 of them, they also may be securities because the investing public is relying on the efforts of some group of entrepreneurs in the middle of these projects,” he said.
However, Bitcoin, the crypto market leader, has most recently crossed its all-time high and traded at $69,170. Its price has grown 57% in the past 30 days.
Market Post Bitcoin ETF Approval
The entire market has flourished significantly in the past few weeks; the market capitalization has grown over 55%. Several investors have made millions in profit, and a significant boost in WIF trading price has generated huge profits.
According to market analysts, ETF has increased the sudden inflow of millions of dollars in the Bitcoin Ecosystem after the approval of the spot. Not only Bitcoin but other tokens and coins have skyrocketed over this period.
Ethereum, the second most prominent cryptocurrency in market cap and trading price, has grown by more than 63%. At the time of writing, it was trading at $3,947, with a decline of 20% in its trading volume.
The meme coins constantly rule the gainer’s list of the crypto community; at the time of writing, Floki Inu was the leader as it surged 44% intraday. Dogwifhat (WIF) is the second ranker of the list as it added 27%.
Bitget Token (BGT) lost 9.40% of its trading price, which makes it the topper of the loser list.Fetch.ai (FET) slipped 5.80% in the past 24 hours.
Despite the SEC chair’s and others’ statements, the market is constantly flourishing. There are speculations that the Ether spot ETF might get regulatory approval by the end of May 2024.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
