BlockDAG (BDAG) Sets Post-Mainnet Staking in Motion with $217M Presale

The price of Ethereum dropped to $1,580, continuing its slide amid the setbacks faced by the U.S. institutions in rolling out Ethereum ETFs.

Specifically, the Securities and Exchange Commission (SEC) has yet to make a decision on several proposals for spot Ethereum ETFs, which has placed the U.S. market behind Hong Kong and the European Union, where similar products have already been launched.

The delay in approving the ETFs sparked a 4% slide in Ethereum’s price, signaling a return to higher volatility. On the technical front, the RSI has now fallen into the oversold territory, while the MACD continues to show bearish momentum with some signs of possible rebounds.

The cryptocurrency is currently facing resistance at $1,587 and support at $1,732.

As for the regulatory angle, the SEC’s slow pace on rolling out staking-related ETFs is leaving U.S. participants behind.

According to reports, several institutions, including Invesco and WisdomTree, have submitted proposals for such products, recognizing the growing demand from institutional investors for investing in Ethereum’s staking yields.

However, the SEC has yet to approve any of these proposals, and it remains unclear when a decision will be made.

According to analysts at TipRanks, a favorable decision, perhaps announced around July, could help restore some battered institutional confidence and stabilize Ethereum’s course. Until then, ETH’s price will likely be closely tied to regulatory news and broader sentiment shifts.

On the other hand, if the SEC continues to delay its rulings and the U.S. lags further behind, we might see more institutional investors shifting their attention to markets where similar products are available, potentially leading to less interest in Ethereum and affecting its price negatively.

Massive XRP Dump As Whales Transfer Over $765 Million Since Early April

Since early April, there has been a large-scale sell-off of XRP tokens by whale wallets, with over 370 million tokens, valued at nearly $765 million, transferred out of these wallets.

Out of the total, 148.5 million tokens were sold by wallets holding 1 million to 10 million XRP, while those holding 100,000 to 1,000,000 XRP saw a decrease of 171.3 million tokens.

This coincides with an increase in price volatility as the RSI indicator now stands at 49.20, suggesting neutral momentum.

Furthermore, one major wallet sold more than $60 million worth of XRP to Coinbase, indicating potential sell pressure on the cryptocurrency.

Despite these sell-offs, XRP’s price managed to stay above the $2 mark, currently trading at $2.08, although it remains below its 50-day simple moving average of $2.27.

However, the large-scale moves by major XRP holders could affect short-term trends and broader sentiment.

BlockDAG Announces Tiered Staking Following Mainnet Launch