Ethereum, the second-largest cryptocurrency by market capitalization, has surged past the $2250 mark, currently trading at $2266 with a 2% increase over the past 24 hours.
This upward momentum comes despite recent reports indicating significant deposits by Celsius and FTX to centralized exchanges (CEXs).
Spotonchain’s on-chain reports reveal that Celsius and FTX collectively transferred $59.06 million in 6 assets to CEXs in the recent hours. Celsius, in particular, moved 22,500 $ETH ($50.78 million) to Coinbase at $2,257, significantly reducing its ETH holdings to around 39,969 $ETH ($90.9 million). Meanwhile, FTX and Alameda withdrew $8.28 million in 6 assets, including $ETH, $OKB, $MTL, $PROM, $YFII, and $CREAM.
Notably, FTX and Alameda have moved out a staggering $707 million worth of 91 tokens since October 24, 2023, signaling significant activity in the crypto space.
Furthermore, Intotheblock’s data indicates that fees for Bitcoin and Ethereum have experienced a more than 30% drop as market volatility subsided, resulting in less urgent transactions for consumers.
Amid ongoing discussions surrounding a potential Ethereum ETF approval, Bloomberg analyst James Seyffart suggests that the likelihood of spot Ethereum ETFs gaining approval in May stands at approximately 60%.
However, the Securities and Exchange Commission (SEC) has multiple options to delay the process. If the SEC approves on May 23, Seyffart believes the resolution could be implemented. Otherwise, the resolution may be delayed until 2025.
As Ethereum continues to experience price fluctuations and regulatory scrutiny, investors and traders closely monitor developments in the cryptocurrency market for potential impacts on their portfolios.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: nexusplexus/123RF // Image Effects by Colorcinch
Back into Spotlight: Tron Network Fee Cut Could Push TRX to ATH, But This DeFi…
Shiba Inu (SHIB) gave enormous returns in 2021, making many early holders millionaires. After the…
Spooky season might be over but doom is still looming as Ripple’s XRP falls below…
Three promising altcoins are causing a stir among investors this November: Avalanche (AVAX), Cardano (ADA),…
Everyone knows what the hottest crypto can do. When it was so hot it was…
The Tron network has witnessed incredible growth in several areas, especially in its adoption, which…