Bitcoin dips below $63.000, “SEC will deny spot Ether ETFs”, CryptoPunk sells for 4,000 ETH

Crypto2Cash
2 min readApr 25, 2024

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Bitcoin dips below $63.000

Bitcoin dropped briefly below $63,000 following a disappointing U.S. inflation report that showed higher inflation and slower economic growth than expected. This caused concern among investors, leading to a decrease in hopes for interest rate cuts this year. The U.S. first quarter GDP grew only 1.6%, lower than the expected 2.5%, and the GDP price index was higher at 3.1%. This negative economic data affected not only cryptocurrencies but also major U.S. stock indexes and Treasury yields. Bitcoin’s price fell more than 4% to a low of $62,800 but then slightly recovered. Ether and major altcoins like Solana, Avalanche, and Aptos also saw significant declines.

Source: CoinDesk

SEC expected to deny spot Ether ETFs in May

The U.S. Securities and Exchange Commission (SEC) is expected to deny the approval of spot Ether ETFs in May, following recent one-sided meetings with issuers that lacked substantive discussion on the proposed products. This anticipated decision comes despite the approval of spot Bitcoin ETFs earlier in the year, which occurred after a decade of rejections and a significant legal victory by Grayscale Investments against the SEC. Analysts predict further delays in the approval of Ether ETFs, possibly extending into 2024 or beyond, due to an unclear regulatory landscape. Meanwhile, SEC Chair Gary Gensler’s unclear stance on whether Ether is considered a security also adds to the uncertainty. In contrast, Hong Kong has moved forward, with its Securities and Futures Commission approving the first batch of spot Bitcoin and Ether ETFs set to start trading on April 30.

Source: CoinDesk

CryptoPunk sells for 4,000 ETH ($12.41 million)

CryptoPunk #635, one of the rare “AlienPunks” in the collection of 10,000, was sold for 4,000 ETH, equivalent to $12.41 million, making it the sixth-most expensive sale in the series. This sale took place on April 25 and interestingly, came after a higher bid of 4,440 ETH ($16.38 million) was retracted earlier in April. This NFT features distinctive attributes like a bandana and regular shades, adding to its rarity and value. It ranks as the third-most expensive CryptoPunk sold this year, trailing behind two other significant sales in March. Despite market challenges faced by competitors, the CryptoPunks collection has maintained a robust floor price, currently around 38 ETH ($118,400), significantly higher than others like the Bored Ape Yacht Club.

Source: The Block

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