Bitcoin, Dogecoin Dip, Ethereum Shows Momentum On Approval Of Ether Spot ETFs, Analyst Expresses Confidence In King Crypto's Rebound

The cryptocurrency market reacted mixed to the SEC approving the first ever Ethereum ETH/USD spot ETFs in the U.S.

What Happened: The second-largest cryptocurrency, Ethereum, which has been at the center of immense media coverage this week, was trading sideways, while Bitcoin and Dogecoin faced selling pressure.

Around $366 million locked in futures positions was liquidated in the last 24 hours, with longs accounting for 72% of the total. Ethereum recorded $140 million in liquidations, the highest in the period.

Bitcoin's plunge eroded optimism in the futures market, as its Open Interest fell 2.49% in the last 24 hours. Ethereum's Open Interest rose marginally by 0.76%.

In the past 24 hours, more than 61,000 traders were liquidated, with the total liquidation surpassing $156 million. Ethereum led the pack with around $42.85 million in liquidations. 

In things that escalated quickly this week, the SEC greenlighted spot Ether ETFs earlier in the day, paving the way for traditional investors to bet on the spot prices of the asset.

The Cryptocurrency Fear & Greed Index flashed "Greed" as of this writing, falling from "Extreme Greed" a day before, a sign of easing buying pressure.

Top Gainer (24 Hour)

The global cryptocurrency market cap stands at $2.54 trillion, following a 1.72% drop in the last 24 hours.

Stocks tumbled Thursday despite a stellar show by Nvidia Corp. NVDA shares following its blockbuster earnings report. The Dow Jones Industrial Average plunged 605 points, or 1.53%, to end at 39,065.26, marking its worst day this year. The S&P 500 dropped 0.74% to end at 5,267.84, while the tech-heavy Nasdaq Composite fell 0.39% to finish at 16,736.03.

Services and manufacturing sector data for May exceeded analysts' expectations, while U.S. jobless claims for the week came lower than expected, cooling down investor bets for rate cuts by the Federal Reserve.

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Analyst Notes: Widely-followed trader and researcher Rekt Capital expressed confidence in Bitcoin despite the correction, noting, "Bitcoin will retrace deep enough to convince you that the Bull Market is over. And then it will resume its uptrend."

"With strong support levels, the odds are in favor of the bulls," Martinez remarked.

Cryptocurrency analyst Ali Martinez flagged a sell signal on Ethereum's daily chart, leading him to forecast a "one to four daily candlesticks correction" for the asset.

Another noted analyst, ParabolicPump, anticipated a "maximum bullish" sentiment for altcoins as Bitcoin’s dominance weakened.

"Soon we will get what we deserve: A full-blown Altseason," the analyst remarked. 

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