Why Are Ethereum Classic And Ethereum Name Service Shooting Up On Spot ETH Approval Day?
Portfolio Pulse from Aniket Verma
The SEC has approved the first-ever Ethereum spot ETFs, set to begin trading tomorrow. This news has led to significant gains for Ethereum Name Service (ENS) and Ethereum Classic (ETC), which have outperformed Ethereum (ETH) in the last 24 hours. ENS surged over 5% with a 66% increase in trading volume, while ETC rose 3% with a 184% increase in trading volume.
July 23, 2024 | 3:25 am
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NEGATIVE IMPACT
Despite the SEC's approval of Ethereum spot ETFs, Ethereum (ETH) has lost 1.47% in the last 24 hours.
While the approval of Ethereum spot ETFs is a positive development, the short-term price of Ethereum (ETH) has declined, possibly due to profit-taking or market adjustments.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Ethereum Name Service (ENS) surged over 5% with a 66% increase in trading volume following the SEC's approval of Ethereum spot ETFs.
The approval of Ethereum spot ETFs by the SEC has led to increased interest in Ethereum-branded coins like ENS, resulting in a significant price surge and trading volume increase.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ethereum Classic (ETC) rose 3% with a 184% increase in trading volume following the SEC's approval of Ethereum spot ETFs.
The SEC's approval of Ethereum spot ETFs has led to increased interest in Ethereum-branded coins like ETC, resulting in a notable price increase and trading volume spike.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80