ETH Price Has Fallen 6%, Have ETH ETF Hopes Been Dashed Amid Reports of Regulatory Investigation?

Bittime - The price of Ether (ETH), the native cryptocurrency of the Ethereum platform , experienced a sharp decline of 6% on Wednesday (March 20, 2024). The decline was triggered by increasing concerns regarding the potential approval of an ETH-based Exchange-Traded Fund ( ETF ) in the United States.

Regulator Investigation Overshadows ETH ETF Hopes

According to a CoinDesk report, investors' hopes for an ETH ETF in the United States took a major hit after revelations of the regulator's investigation into the Ethereum foundation. The investigation was conducted by an unnamed "state authority," and details remain unclear.

Previously, analysts from Bloomberg had stated that approval for an ETH-based ETF traded publicly via United States stock exchanges would likely not be obtained by May 2024. This news combined with the regulator's investigation further dampened investors' hopes for an ETH ETF approval in the near future.

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Impact of ETH Price Drop

The 6% drop in ETH prices was followed by a drop in the overall price of the cryptocurrency market. Bitcoin (BTC), the largest cryptocurrency, fell to around $62,000 after briefly topping $64,000.  

The CoinDesk 20 (CD20) index, which tracks the performance of the top 20 cryptocurrencies by market capitalization, also saw a 3% decline.

ETH Price Today

Source: Bittime

Based on the Bittime market on March 21 2024, the price of Bitcoin ETH/IDR has reached IDR 55,783,307 per coin, an increase of 9.70% in 24 hours.

The current price of Ethereum (ETH) continues to change along with market movements. Check out the latest charts directly on Bittime.

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Regulatory Uncertainty Weighs on Crypto Markets

News of the regulator's investigation into the Ethereum foundation adds to the uncertainty that already exists in the cryptocurrency space. Regulators around the world are increasing their scrutiny of digital assets, and this scrutiny could negatively impact cryptocurrency prices and adoption overall.

Conclusion

ETH's 6% price drop is a reminder of the volatility of the cryptocurrency market. News surrounding regulations and ETF approvals can have a significant impact on digital asset prices. Investors are advised to do their own research and understand the risks before investing in cryptocurrency.

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How to Buy Ethereum (ETH) on Bittime

You can buy and sell  Ethereum (ETH)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Ethereum (ETH)  is available on Bittime with the market pair  ETH/IDR .  To be able to buy  ETH/IDR  at  Bittime,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on  Bittime  is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Ethereum (ETH) on Bittime. 

Monitor price chart movements   for Ethereum (ETH) ,  Bitcoin (BTC) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

ETH Heading for New ATH? Dencun Upgrade and ETF Expectations Trigger Price Increase

ETH IDR : Ethereum ETF Prospects, SEC Postpones Grayscale Ethereum Spot ETF Decision

Prices Drop, How Can Investors Have the Sentiment to Buy ETH Because It Will Be Bullish?

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.