For the last three days, Ether ETH (ticker down $3,563) has been battling the $3,600 mark. However, it appears that traders may have forgotten that the price of Ethereum has increased by 58.8% since February. While some market players believe that the limited rise is due to the uncertainty around the possibility of a U.S. approval for a spot Ethereum exchange-traded fund (ETF), others argue that the increase in Ether futures open interest is a sign of robust institutional investor demand.
Ethereum’s Price Depends On The May Spot ETF Decision
The ramifications of the US Justice Department’s charge against the cryptocurrency exchange KuCoin are still up for debate. On the one hand, the stricter regulatory environment that the indictment has caused is seen as a bad thing for the business. On the other hand, others contend that this development strengthens the chances of approving a spot Ethereum ETF by May 25, the day the U.S. Securities and Exchange Commission (SEC) is anticipated to make its final ruling. The U.S. submitted a March 26 complaint. The U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against KuCoin on March 26 for engaging in illegal trading activities. The complaint specifically named Bitcoin BTC tickers down $70,448, Ethereum, and Litecoin LTC tickers down $94.34 as “digital assets that are commodities,” clearly placing them under the CFTC’s purview.
