ETH Holds $3.8K Before SEC’s Decision BTC Dips Below $70K

ETH holds $3.8K, while Bitcoin, after surging past $72,000 yesterday, has settled below $70,000. Market remains cautious ahead of SEC’s decision.

Today, the popular meme coin PEPE reached yet another record high.

As excitement mounts for today’s SEC ruling on one of the ETH ETFs, Ethereum keeps putting up a strong front.

Bitcoin Drops Below $70K

Throughout a calm weekend, Bitcoin moved sideways, hovering around $67,000, as the consolidation persisted. But on Monday night, things took a significant turn when it was revealed that the US Securities and Exchange Commission might approve a spot Ethereum ETF as soon as this week.

In response to the reports, the leading cryptocurrency saw an extreme reaction, rising above $70,000 for the first time in over a month and reaching a 6-week high of just under $72,000.

At this time, the bears took the initiative and prevented the asset from testing its high of $73,750 in March 2024. Instead, Bitcoin began to lose value, steadily falling to $70,000 yesterday and below that mark today.

Currently trading at a $500 premium over the round-number milestone, the cryptocurrency’s market capitalization is down to $1.370 trillion. Its advantage over the alternatives has dropped by almost 1% over the last few days, and as of right now, 50.3% is its position on CG.

ETH Is Still Over $3.8K

As anticipated, ETH was most affected by the good news that was previously presented. In hours, the underlying asset exploded over 20%, reaching a multi-week high of nearly $3,800. Because the SEC’s ruling on one of the applications is due today, the price of ETH has stayed stable at $3,800.

Today’s other larger-cap alts are TON and NEAR; SOL, BNB, ADA, DOGE, AVAX, XRP, and SHIB are down.

PEPE has been rising rapidly lately, regularly setting new records, and today was no exception.

The value of the entire cryptocurrency market has mostly stayed the same, hovering at $2.730 trillion.