Altcoin
Top 5 Reasons Why SEC Granted Approval

The iconic approval of eight Spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) marks a massive milestone in the evolution of crypto investment products. The decision, driven by various factors, reflects a nuanced approach to regulation and market dynamics. Here are the top five reasons behind the SEC’s nod to the Spot Ethereum ETF.
1. Correlation Between Ethereum Spot And Futures Market
A key factor in the SEC’s decision is the high correlation between the Ethereum spot market and CME Ethereum futures. Data from the SEC’s analysis confirms that the CME ether futures market has consistently shown high correlation with certain spot Ethereum trading platforms over the past 2.5 years.
The correlation values are impressive: 96.2% on an hourly interval, 85.7% on a five-minute interval, and 67.1% on a one-minute interval. Rolling three-month correlations further validate these findings. It ranges from 86.4% to 98.4% on an hourly interval, 75.8% to 90.2% on a five-minute interval, and 58.6% to 75.9% on a one-minute interval.
Such robust correlations provide the SEC with confidence that the CME ether futures market and spot markets are closely aligned. This reduces the risk of fraud and manipulation through comprehensive monitoring and sharing agreements.
2. Political Pressure Due to Upcoming U.S. Presidential Elections
The upcoming 2024 U.S. presidential elections have introduced a political dimension to the SEC’s decision-making process. Pro-crypto candidates like Robert F. Kennedy Jr. and Donald Trump have increased the political stakes surrounding cryptocurrency regulation. Moreover, this political landscape has influenced the Biden administration to adjust its stance on cryptocurrency.
Historically, the Biden administration has been tough on the crypto market. However, with younger voters being crucial for the Democrats, showing support for innovation and crypto could be strategically beneficial. This shift is seen as a move to appeal to a broader voter base by presenting a progressive stance on emerging technologies.
Also Read: ETH Price Struggles to Surge Even After Ethereum ETF Approval, Sell The News Soon?
3. Pressure From US Lawmakers
Bipartisan pressure from U.S. lawmakers has significantly influenced the SEC’s decision. On May 23, a group of House lawmakers, including Majority Whip Tom Emmer and Democrat Josh Gottheimer, sent a letter to SEC Chairman Gary Gensler. They urged the SEC to approve spot Ether ETFs and other digital asset products.
Moreover, they emphasized the need for regulated, transparent, and secure investment avenues for cryptocurrencies. The lawmakers highlighted that approval of such ETFs would offer investors regulated options while maintaining rigorous market surveillance and enforcement of securities laws.
4. Removal Of Staking Clause From Spot Ethereum ETF Applications
The removal of the staking clause from Spot Ethereum ETF applications was a crucial regulatory adjustment. On May 21, Fidelity updated its S-1 application to the SEC, clarifying that the underlying Ether (ETH) tokens would not be staked. This addressed concerns about the security and regulatory implications of staking activities.
Moreover, following Fidelity’s lead, other major players like Grayscale and BlackRock also removed staking clauses from their applications. Earlier, Ark 21Shares also initiated a similar move. Hence, the SEC might have weaponized the dynamics of ETH and staked ETH to grant approval.
5. Passing Of The FIT21 Bill
On May 22, House of Representatives passed the The Financial Innovation and Technology for the 21st Century Act (FIT21). The bill, which passed with a vote of 279 to 136, includes critical updates favorable to the crypto industry:
- CFTC as leading regulator: The Commodity Futures Trading Commission (CFTC) is designated as the primary regulator for digital assets. This assigns clear roles to the CFTC and the SEC.
- Clear regulatory distinctions: The bill clarifies that the CFTC will regulate functional and decentralized crypto assets, while the SEC will oversee those classified as securities but not decentralized.
- Consumer protection: The bill establishes consumer protection measures, limiting the SEC’s authority over crypto exchanges and reducing regulatory uncertainty.
The FIT21 bill’s passage signals a more structured and balanced regulatory approach. Moreover, this development could have positively impacted the SEC’s decision on the Spot Ethereum ETF.
Also Read: Just In: VanEck rolls out Ethereum ETF ad minutes post SEC approval
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
XRP Price to $27? Expert Predicts Exact Timeline for the Next Massive Surge

Crypto expert Egrag Crypto has again predicted that the XRP price could rally to as high as $27. The analyst has also revealed the exact timeline for when the altcoin could record this massive price surge.
Expert Reveals Time For XRP Price To Hit $27
In an X post, Egrag Crypto asserted that the XRP price can hit $27 in 60 days. The expert remarked that historical patterns indicate that the altcoin can reach this target within this timeframe.
Based on this price prediction, XRP could reach this $27 target by June, marking a 1,250% gain for Ripple’s native crypto. The expert’s accompanying chart showed that he was alluding to the 2017 bull run as to why the altcoin could record such a parabolic rally.
In 2017, XRP recorded a historic gain of over 60,000% as it rallied to its current all-time high (ATH) of $3.8 the following year. As such, based on history, a 1,250% increase is nothing for the altcoin.
In the meantime, the XRP price still boasts a bearish outlook thanks to the sentiment in the broader crypto market. As CoinGape reported, Ripple’s coin could drop to the next major support levels at $1.79 and $1.56 if it fails to hold above $2.03.
Decision Time For The Altcoin
In an X post, crypto analyst CasiTrades stated that it is decision time for the XRP price. She noted that the altcoin is showing strength with a bounce right back to the first key test at $2.17. She added that this is the resistance level she wants to see flip into support, as it might be the “most important price of the week.”
The analyst stated that XRP must reclaim this level to build momentum. She added that the $2 level remains a valid target if the $2.17 level rejects. Meanwhile, CasiTrades revealed that $2.70, $3.05, and $3.80 are the major resistance zones once the upward trend is confirmed.
The analyst also mentioned that the XRP price is now fully inside the Fibonacci Time Zone 3, which spans most of April. She affirmed that this is the breakout window market participants have been preparing for and that all signs point to a macro wave.
CasiTrades affirmed that the structure is clean. The RSI divergence has confirmed the bottom, while the subwaves are aligning well with the larger targets. If the next leg pushes XRP back above $2.17 with momentum, she claimed that market participants may finally see obvious signs of Wave 3. Interestingly, the analyst added that if the altcoin clears $2.70 this week, it may break the $1,000 price extension.
For now, investors may remain cautious, especially seeing how XRP fell after the PMI and JOLTS data release earlier today. Donald Trump is also set to announce reciprocal tariffs tomorrow, which could spark a massive price crash.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Binance Update Sparks 50% Decline For Solana Meme Coin ACT: Details

A recent Binance update has triggered massive liquidations while sending Solana memecoin ACT into a steep correction. At first, pundits blamed market maker Wintermute for the jarring declines but Binance’s update to leverage and margin tiers appears to be the culprit.
Several Altcoins on Binance Suffer Massive Corrections
According to an X post, several altcoins listed on Binance took a major hit, dropping by double-digit percentages. The hardest hit of the lot was Solana memecoin ACT, experiencing a sudden drop of over 50% in 30 minutes.
Other altcoins including DEXE and DF equally recorded steep declines of 23% and 16% respectively in the same window. The price slump left traders scratching their heads but a consensus formed that sizable sell orders were behind the declines.
“The sudden dips were triggered by large sell orders executed in a short time frame, leading to a significant surge in spot trading volume,” said one pundit.
Others turned to market maker Wintermute as the trigger for the selloff. However, Wintermute CEO Evgeny Gaevoy denied responsibility while noting that the market maker reacted “post move.”
The decline comes amid a broader market recovery with several cryptocurrencies including Compound (COMP) gaining 70%.
What Triggered The 50% Decline For Solana Meme Coin
A Binance update on leverage and margin tiers on specific tokens like ACT triggered the massive declines. According to an April 1 announcement, the top exchange has updated the margin tiers of several perpetual contracts, noting that existing positions will be affected.
Following the move, one ACT whale got liquidated for $3.79 million at $0.1877, triggering a broad selloff. Former FTX community manager Benson Sun noted that traders had less than 3 hours to respond to the change, criticizing Binance for the move.
“Before changing the rules, Binance should have evaluated how many positions would be closed,” said Sun. “If there are market makers with large positions, they should have notified them in advance.”
Within hours of MUBARAK’s listing, the memecoin tumbled by 40% with Binance CEO Changpeng Zhao downplaying the impact of a listing on prices. Binance has drawn criticism in recent days following its exclusion of Pi Network from its Vote To List initiative.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
BTC, ETH, XRP, DOGE Fall Following Weak PMI, JOLTS Data

A crypto market crash looks imminent, with Bitcoin, Ethereum, XRP, and Dogecoin witnessing notable declines. This price crash happened following the release of weak manufacturing PMI and JOLTS data, which provides a bearish outlook for the market.
Crypto Market Crash: BTC, ETH, XRP, & DOGE Decline
CoinMarketCap data shows that a crypto market crash could be on the horizon, with the Bitcoin price sharply dropping below $83,000 from a daily high of around $84,400. Altcoins such as Ethereum, XRP, and DOGE also witnessed sharp declines.
This market crash occurred following the release of weak ISM manufacturing PMI and JOLTS data. The March PMI data dropped to 49, below expectations of 49.5 and lower than the 50 recorded in February.
The US JOLTS job openings for February came in at 7.568 million, below the expected 7.690 million and lower than the 7.762 million recorded in January. These data add to several macro fundamentals that paint a bearish outlook for the market.
This crypto market crash could persist, with China, Japan, and South Korea agreeing to respond to Donald Trump’s proposed tariffs. Trump is set to announce a number of reciprocal tariffs tomorrow, which could significantly harm the market as it sets off a trade war between the US and other nations.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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