Weekly Roundup: Ethereum ETFs Surge, ETH Value Declines Amid Bitcoin and Trump’s Presence in Nashville
After a dynamic week in the crypto world, marked by the introduction of spot Ethereum exchange-traded funds (ETFs) and the commencement of Bitcoin 2024 activities, prices have remained relatively stable over the past seven days.
Interestingly, Ethereum, the second-largest cryptocurrency by market capitalization, has experienced a 7% decline despite the long-awaited launch of the ETFs. The ETFs saw a successful start on Tuesday, with over $1 billion in trading volume and inflows exceeding $107 million.
However, this positive start did not translate into a price surge for Ethereum, which is currently trading at $3,250 according to CoinGecko. The lack of price movement can be attributed to investors cashing out of the main Grayscale ETF, which previously operated as a closed-end fund.
This scenario mirrors what happened when Grayscale converted its Bitcoin trust into an ETF earlier this year, exerting downward pressure on the asset’s price.
In other news, Solana has seen an almost 8% increase, reaching $183.80 over the weekend. Additionally, a previously dormant Solana-based meme token called Brat Summer (BRAT) experienced a significant value surge after pop star Charli XCX endorsed Democratic presidential nominee Kamala Harris.
While meme coin trading has been subdued, Dogecoin stands out with a 6% gain over the week. Bitcoin, on the other hand, has fared better with a nearly 2% increase, trading at $67,920. The annual cryptocurrency conference in Nashville has attracted thousands of attendees, including notable figures like Michael Saylor, Edward Snowden, and Robert Kennedy Jr.
Former President Donald Trump has been a key focus at the event and is expected to speak later on Saturday. His articulation of a new pro-crypto stance could potentially drive the price of “digital gold” even higher.
Overall, the crypto market has seen a mix of developments and price movements this week, with various factors influencing the performance of different cryptocurrencies.
