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This Week in Coins: Ethereum ETFs Soar, ETH Price Falls as Bitcoin and Trump Take Over Nashville
Illustration by Mitchell Preffer for Decrypt.
After a busy week, with the to throw Ethereum and Bitcoin Exchange Traded Funds (ETFs) 2024 kicking offprices remained surprisingly stable over the seven-day period.
The most surprising — or probably not so shocking — thing is Ethereumthe second largest cryptocurrency by market cap: down 7% on the week, despite the much sought-after funds finally being launched.
On Tuesday, the funds had a successful start, with over $1 billion in trading volume and entries of over US$107 million.
But that wasn’t enough to drive up the price of the coin, which is now trading at $3,250. per CoinGecko. This is likely because investors have been cashing out of Grayscale’s flagship ETF. They couldn’t before because it operated as a closed-end fund.
The same thing occurred when Grayscale converted its Bitcoin fund into an ETF in January, putting downward pressure on the price of the asset.
In other news, Solana rose nearly 8% to enter the weekend at $183.80. Meanwhile, a previously dead Solana– Brat Summer based meme token (BRAT) soared in value after pop star Charli XCX endorsed Democratic presidential candidate Kamala Harris.
Otherwise, the world of meme coin trading has been quite dismal, with only Dogecoin making significant gains of 6% over the week.
Bitcoin fared better. Over the week, BTC rose nearly 2% and exchange of hands for $67,920. Thousands of people are in Nashville for the annual conference dedicated to the leading cryptocurrency, which has so far had Michael Saylor, Edward Snowden and Robert Kennedy Jr. as guests.
Former President Donald Trump has long been the talk about the cityhowever, and he is expected to speak later on Saturday. Will his articulation of his new pro-crypto stance send the price of “digital gold” soaring even higher?