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The cryptocurrency values continued to decline over the Asian and European mornings, and there has been little sign of a recovery despite the SEC's approval of spot ether ETF regulatory filings. In the past 24 hours, BTC has dropped more than 3.4% to trade at over $67,400, while ETH has dropped almost 4.5% to $3,700.
The larger digital asset market is gauged by the CoinDesk 20 Index (CD20), which has dropped by more than 3.3%. Since investors cannot purchase ether ETFs until their S-1 filings are approved by the SEC, they are not yet cleared to trade. Many people were surprised by the approval. The SEC did not appear to interact with issuers on ether ETFs much after clearing spot bitcoin ETFs in January, but that has changed in the last few days.
In the days leading up to the SEC's ETF ruling on Thursday, both Bitcoin and Ether saw extremely large fluctuations. After plunging below $3,500, ETH shot up to $3,900 as the first rumors of impending file approval spread. Bitcoin, on the other hand, fell below $66,500, surged to $68,300, and finally settled slightly below $68,000. According to CoinGlass statistics, throughout the day, liquidations across all leveraged cryptocurrency derivative positions reached over $350 million, the highest amount since May 1. Roughly $250 million worth of long bets on rising prices made up the majority of the holdings, indicating that overly leveraged traders were taken aback by the abrupt drop in price.
At the age of 17, Kabosu, the Shiba Inu dog that gave rise to the DOGE cryptocurrency and the dogecoin meme, passed away. The image of Kabosu served as the inspiration for the 2013 launch of DOGE, which was first intended to be a joke money. Due to DOGE's success, a large group of tokens with dog themes, like SHIB and FLOKI, were later created; these tokens have since grown to be one of the largest categories in the business. "On Sunday, May 26th, we will be throwing a farewell celebration for Kabo-chan. From 1 to 4 p.m., it will take place at Flower Kaori in Kotsu no Mori, Narita City, according to a blog post written by the owner.
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