Crypto News – Due to investor anxiety over the anticipated U.S. licensing of Bitcoin ETFs, Ethereum’s (ETH) price has dropped to its lowest level compared to Bitcoin (BTC) since April 2021.
ETH Price Drops 2%: Bitcoin ETF Anticipation Has Negative Impact on Ethereum
Since September 7, ETH has dropped 43% in value relative to BTC, from 0.08566 to 0.0482. While Ether has increased by 41% in US dollars during this time, Bitcoin has gained 81% more than that. Another indication of the excitement around bitcoin ETFs and their potential to revolutionize the cryptocurrency market is the fact that, over the last 14 months, bitcoin dominance has increased from 39% to 54%.
If Bitcoin ETF is approved, BTC Could Leave ETH Even Further Behind
Two possibilities have emerged regarding the rise of Bitcoin relative to other cryptocurrencies, such as Ether. These are the expectations that the US will allow a spot bitcoin ETF and the upcoming halving. Bitcoin is predicted to get tens of billions of dollars worth of new inflows if the U.S. Securities and Exchange Commission approves a spot ETF this week, even if Ether is being set aside for future exchange-traded products.
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