Ethereum Foundation is part of a large ecosystem of organizations, individuals, and companies that support Ethereum (ETH). ETH is the second most prominent cryptocurrency after Bitcoin(BTC).
As per GitHub’s website, the Ethereum Foundation is facing questions from a “state authority,” but the name of the authority is not yet public.
The inquiry emerged when several companies competed to offer the yet-to-approve Ether spot ETF. Analysts claim that ETH, the native of the Ethereum ecosystem, might slip if the authorities found any wrongdoing.
After the approval of the much-awaited Bitcoin spot ETF, the pace of approval slowed, and there are speculations that the SEC might grant the green signal to the ETH spot ETF.
In a media report, Fortune notes that the SEC is seeking to classify ETH as a security, a move that would have significant implications for Ethereum, an ETH ETF, and crypto as a whole.
However, most crypto-based companies have received notices, summons, and even rigorous lawsuits from the SEC. The available report notes, “We have received a voluntary inquiry from a state authority that included a requirement for confidentiality.”
Ethereum Price Update
Regarding market capitalization, Ethereum is the second most prominent cryptocurrency after Bitcoin, the market leader. In the past 24 hours, ETH price surged over 7%, trading at $3,530 when writing.
It is crucial to note that the market capitalization of Ethereum grew 7.39% intraday and reached $423,517,949,803. If the SEC officially terms Ethereum as a security, a significant movement in price is expected.
In the past 30 days, ETH’s price has made a crucial trading pattern as it started to trade at $2,929 on February 2, 2024. Since February 2, its price has flourished by 21.08%; in this period, its prices have reached above $4,000.
ETH/USDT is one of the most traded pairs of Ethereum; it is traded largely on Binance, a leading cryptocurrency exchange. Bitcoin, Litecoin, XRP, Dogecoin, DigiByte, Dash, CLV, Nosana, and DAO Maker are the most trending cryptocurrencies of the past 30 days.
Market Price Update
A strong reversal in other cryptocurrency’s market capitalization and price was observed on March 20, 2024. In the past 24 hours, the market cap grew 5.51%, and, when writing, was $2.53 Trillion.
Bitcoin’s price added roughly 5.30% to its price intraday, reaching $68,199 from $62,082 in a couple of hours. The market cap of BTC flourished by 5.69%, which helped it stay at the top of the market.
Over the past few months, the cryptocurrencies trading below $1 have performed impressively, and memecoins remained in the limelight. In the past 24 hours, Ondo (ONDO) price grew 35.27%, followed by Floki (FLOKI) by 27.79% and Axelar (AXL) by 20.52%.
The list of intraday losers contains only two cryptocurrencies: Render lost 2.52% of its trading value, and Optimism (OP) 2.16%.
