Yesterday, the US released the Consumer Confidence Index, which dropped to a six-month low. Bitcoin briefly fell to $60,187, while Ethereum dropped to $2,878. As the Ethereum spot ETF approaches the SEC’s important “deadline,” most analysts are not optimistic about its approval in May. 10X Research estimates that Ethereum may correct to $2,500.
Contents:
Toggle
Consumer Confidence Index Declines
10X Research: ETH Corrects to $2,500
Only TON Rises Among the Top 10 Cryptocurrencies
Due to expectations of continued short-term inflation and growing concerns about the job market, the University of Michigan’s Consumer Confidence Index dropped to 67.4 on Friday, the lowest level in six months and far below the market’s expected 76.2.
Bitcoin fell to $60,187 last night, while Ethereum dropped to $2,878. The Ethereum spot ETF is approaching the SEC’s important “deadline,” but due to the lack of intensive meetings and discussions like the approval process for the Bitcoin spot ETF, Bloomberg ETF analysts James Seyffart and Eric Balchunas are not optimistic about its approval in May.
Advertisement – Scroll down for more
Markus Thielen, an analyst from 10X Research, is even more pessimistic, suggesting that Ethereum may correct to $2,500.
Yesterday, the top 10 cryptocurrencies experienced a general decline, with only TON rising. Pantera Capital, a cryptocurrency venture capital firm managing over $5 billion in assets, recently announced an investment in The Open Network (TON) blockchain, hoping to popularize cryptocurrencies among the masses by leveraging Telegram’s extensive user base.
(
Cryptocurrency venture capital Pantera strategically invests in TON, seeing the influence of Telegram
)
10x research
ETH
Ethereum spot ETF
University of Michigan’s Consumer Confidence Index
Related Reading
The US presidential election is critical, and the Ethereum spot ETF will not be available until the end of 2025!
Ark 21Shares removes pledging process, Ethereum spot ETF makes a final effort before the deadline.