Last week was memorable for the crypto community. Over four months after it approved similar products for Bitcoin, the United States Securities and Exchange Commission gave a green signal to the first wave of spot Ethereum exchange-traded funds ., the crypto market’s reaction to the event was akin to a rollercoaster due to the incidents surrounding the approval.
These BVIV and EVIV rose to 64 and 85.5, while the Bitcoin VRP and Ethereum VRP spiked to 16 and 34 before falling to 10 and 30, respectively. Before the tides changed for Ether ETF approvals, the crypto market had been in a period of reduced volatility and relative stability following the Bitcoin halving on April 19. Within this period, the BVIV and EVIV decreased from 75 to 55 and 80 to 63, respectively. Likewise, the VRPs for Bitcoin and Ethereum fell to 1.5 and 8.5, respectively.
As the Fed’s May 1 meeting approached, investor concerns about potential interest rate changes dragged the BVIV, EVIV, and VRPs up again. At this time, the VRPs were as high as 13 and 29.2 for Bitcoin and Ethereum. However, the market stabilized after the Fed’s meeting.the Ethereum ETFs on May 23, the BVIV and EVIV dropped from 64 and 85.5 to 52.5 and 69.5, respectively, within hours. The VRPs for Bitcoin and Ethereum were not left out, as they also slumped to 7 and 18.
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