DIGIVESTASI - The crypto market experienced a surge today, Tuesday (May 28, 2024), after the United States Securities and Exchange Commission (SEC) approved an Ethereum Exchange-Traded Fund (ETF).

Referring to CoinMarketCap on Tuesday (May 28, 2024) at 06:38 WIB, the crypto market showed a unified upward trend. Bitcoin rose by 1.3% to US$69,285.44, although it remains in the negative zone weekly with a 3.05% decline.

Ethereum was in the green with a 1.64% increase in the last 24 hours and a 5.7% rise over the past week. Dogecoin also saw a daily appreciation of 1.58% and strengthened by 2.66% weekly.

Similarly, Toncoin was in positive territory with a 1.28% increase in the last 24 hours, despite a 2.44% decline over the past seven days.

Crypto Performance (May 28, 2024)

The CoinDesk Market Index (CMI), which measures the market capitalization-weighted performance of digital assets, rose 1.62% to 2,823.7. Open interest also appreciated by 3.43% to US$71.34 billion.

The CoinMarketCap Fear & Greed Index showed a reading of 64, indicating that the market is in a neutral phase, reflecting the current economic and crypto industry conditions.

According to Kaiko research cited by CoinGape, the approval of the Ethereum spot ETF by the regulatory body signals a bullish future for digital assets, despite some pressing market challenges. The company emphasized that this development removes much of the regulatory uncertainty surrounding Ethereum’s classification, thus driving its long-term growth.

Kaiko’s Head of Index, Will Cai, revealed that this SEC approval is a clear indication that Ethereum is being treated as a commodity rather than a security. This perception is crucial as it is likely to set a precedent for the treatment of similar digital tokens in the US market.

Furthermore, Cai stressed that while the approval is a significant step forward, the overall regulatory process still requires further development. Notably, the SEC has approved the 19b-4 ETF filing but still needs to approve the S-1.

The Ethereum ETF could be launched within weeks or months, marking an important milestone in the cryptocurrency investment path.

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