Bitcoin and Ethereum turmoil: ETF obstacles and legal hurdles

Recent events in the financial and crypto markets have revealed their interconnectedness. Bitcoin (BTC) is a dominant player in the market, often viewed as digital gold, while Ethereum (ETH) is a decentralized, open-source blockchain that supports smart contract functionality. In recent months, there has been significant price adjustments due to macroeconomic concerns. Subsequently, this has exposed the vulnerabilities of assets, including those of major cryptocurrencies, amidst global economic upheavals.

However, analysts and experts link the recent price contraction to traders attempting to profit from the hype surrounding exchange-traded funds (ETFs). In this report, we investigate the behavior of BTC and ETH prices and provide a forecast of what should be expected.

The Bitcoin saga: hope and disillusion

Bitcoin’s abrupt descent to approximately $27,400 negated most of its gains when it briefly rallied above $28,000.

As the CoinDesk Market Index fell 3.4% while BTC dropped 3.5% over 24 hours, analysts attributed these jolts to various external factors. Specifically, they pinned them to the rise in bond market yields and increasing concerns regarding the U.S. Federal Reserve’s (Fed) trajectory toward tightening.

Fluctuating Bitcoin prices and its failure of bulls to sustain above $28,000 on major exchanges like Gate.io, accompanied by the liquidation of $22 million worth of long leverage futures contracts, pointed to an erratic situation.

This was further challenged by the Fed’s potential monetary policy responses and the looming possibility of an economic downturn.

Ethereum ETFs disappointing outing

Like Bitcoin, Ethereum prices also fell, depreciating nearly 4% to $1,649 and effacing its momentum above the $1,700 level.

While Ethereum has distinct utility in enabling smart contracts and decentralized applications (dapps), its future isn’t devoid of challenges. It is especially considering the lackluster performance of Ethereum futures ETF trading in the U.S. on launch date. Total trading volumes didn’t break above $2 million.

Even with the undeniable utility of Ethereum’s network – facilitating

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