Daily News | ETH Spot ETF Obtained SEC Official Approval, Crypto Market Retreats; Plume Network Completed a $10 Million Financing

Crpto Dail Digest: The spot Ethereum ETF has been officiall approved b the US SEC, affecting Bitcoin's entr into a "mild decline"; Plume Network completed a $10 million financing

Firstl, let's take a look at the trading activities of Bitcoin ETFs. According to Farside Investor data, on March 6th, Grascale Bitcoin spot ETFs (GBTC) continued to experience outflows of $13.7 million in funds; Meanwhile, Fidelit Bitcoin spot ETF (FBTC) inflow of $19.1 million, ARK 21Shares Bitcoin spot ETF (ARKB) inflow of $2 million.

Spot Ethereum ETF has been officiall approved b the US SEC The United States Securities and Exchange Commission (SEC) has approved the launch of spot Ethereum Exchange Traded Funds (ETFs) in the United States.

On Ma 23rd, The SEC approved VanEck, BlackRock, Fidelit Grascale Franklin Templeton The 19b-4 documents submitted b ARK 21Shares, Invesco Galax, and Bitwise approved the rule changes allowing spot Ethereum ETFs to be listed and traded on their respective exchanges. Although some speculate that securities regulators have been investigating whether to mark ETH as a securit, the US Securities and Exchange Commission has made this milestone decision.

Just the da before the SEC approved the bill, US House members voted in favor of a legislation that man believe will provide more regulator clarit for the crpto industr. The 21st Centur Financial Innovation and Technolog Act will clarif the responsibilities of the SEC and the Commodit Futures Trading Commission, but it still needs to be passed and signed into law b the Senate.

With the continuous progress of approval for spot Ethereum ETFs, several Bitcoin miners and Bitcoin related stocks fell with the overall market on Thursda. Hut 8's stock price led the decline, falling b 10%, while peers such as Riot Platforms and Marathon Digital fell b about 7.6% and 5.5%, respectivel. MicroStrateg fell 6.2% due to its large suppl of BTC, which man see as a representative of Bitcoin prices.

The stock prices of several spot Bitcoin ETFs have fallen b 3% to 4%; However, analst Mark Palmer suggests that these sell-offs ma onl be short-lived.

The analst from Benchmark Stock Research believes that toda's price trend is a mild pullback, "but we still believe that favorable suppl and demand dnamics will support price increases in the coming months." "Compared to the past, approving spot Ethereum ETFs aligns with the US government's more proactive regulator stance on crptocurrencies."

Plume Network raised $10 million in seed funding Plume Network is a modular laer 2 network that focuses on bringing real-world assets (RWAs) onto the chain. The compan raised $10 million in seed round financing led b Haun Ventures.

Plume is a modular, Ethereum Virtual Machine (EVM) compatible Laer 2 network focused on RWA. Plume claims, "So far, there is no permissionless blockchain equipped with a full stack RWA infrastructure that can deplo an asset class in compliance." It also adds that its platform will allow users to do RWA related things, such as earning profits, borrowing, trading, and using leverage for speculation. ".

Plume is currentl in a private testnet and has stated that it has established over 80 RWA and DeFi projects on its network, covering collectibles, alternative assets, snthetic materials, luxur goods, real estate, borrowing/lending agreements, and permanent decentralied exchanges.

Plume has been running a private testnet for the past few months and is currentl transitioning to the next phase. Yin stated that its open incentive testing network will be launched in the coming weeks, and the main network will be launched later this ear.

Market Trends: ETH spot ETF approved ke documents, Altcoin season ma come

BTC and ETH Yesterda evening, BTC fell below the ke support level of $66,500, indicating a short-term weakness in the market. ETH briefl rose to $3,600 and then rebounded to $3,900, showing higher volatilit. The increase in ETH volatilit is likel due to market sentiment fluctuations triggered b the SEC's announcement of ke documents for ETH spot ETFs.

The decline in BTC dominance: The BTC ruling rate has plummeted b 2%, indicating that funds are flowing towards other crpto assets, especiall the Altcoin market. This usuall indicates that Altcoins ma perform better than BTC in the short term.

Macroeconomic Factors:

The pullback in US stocks: The pullback in US stocks ma have a chain reaction on the crpto market, and investors need to keep an ee on the trends in traditional financial markets.

PMI data and expected interest rate cuts: The PMI data has risen to a new high in two ears, indicating a recover in economic activit. The expected first interest rate cut has been postponed to December, which ma affect investors' risk appetite.

Market Hotspots:

ETH spot ETF: The SEC announced the approval of ke documents for ETH spot ETFs, but it will still take several months for official approval. Nevertheless, this news has significantl increased market interest and volatilit in ETH. With the advancement of ETFs, The market demand for ETH ma further increase, and investors should closel monitor relevant developments.

ETH-series asset performance: ENS, ETHFI, MANTA, ETC and other ETH series assets have surged, demonstrating market confidence in the ETH ecosstem.

ETHFI has announced the launch of a re-staking credit card business, which ma further enhance its market value and user base.

Meme concept: Meme concept coins such as PEOPLE, PEPE, and MANEKI continue to soar. PEPE has hit a historic high for several consecutive das and currentl ranks in the top 20 of the entire market in terms of market value.

MANEKI's amplitude exceeded 30% esterda, and the project team announced that the UFC's first ranked plaer in the earl stages, Merab Dwalishvili, has become the spokesperson for the project, significantl increasing the project's exposure and market attention.

RWA sector: The surge in RWA (Real World Assets) sectors such as ONDO, TOKEN, and TRU indicates market interest in this emerging sector.

The RWA sector ma represent further integration between the crpto market and traditional financial markets, and investors can pa attention to potential opportunities in this field.

Track Analsis:

Focus on ETH and its ecosstem in the short term: Due to the impact of ETF messages, ETH and its related assets ma perform well.

Follow Meme concept coins: Although the Meme concept coin has significant fluctuations, its high exposure and market heat ma bring short-term investment opportunities.

Watch closel macroeconomic data: Changes in PMI data and expected interest rate cuts ma have a significant impact on market sentiment, and investors should remain vigilant.

The potential of the RWA sector: This sector ma have significant growth potential, especiall in the context of the integration of traditional financial markets and crpto markets.

Overall, the market is currentl in a stage of high volatilit, and investors need to operate cautiousl, keeping an ee on market hotspots and macroeconomic changes.

Macro: Strong economic data, but inflation concerns are putting pressure on stock prices, causing global stock markets to decline

On Ma 23rd, Reuters reported that despite Nvidia's strong revenue forecast driving its stock price soaring, the US stock market closed lower on Thursda as economic data showed that inflation remains a concern and ma dela the Federal Reserve's interest rate cut.

Nvidia's stock price rose against the trend, predicting quarterl revenue to be higher than expected, and announcing a stock split, causing its stock price to rise 9.32% at the beginning of the session, closing above $1,000 for the first time, and also helping the Nasdaq and S&P 500 index set a record high in the session.

However, in terms of specific indices, the Dow Jones index fell 1.53%, the S&P index fell 0.74%, and the Nasdaq index fell 0.39%. Although Nvidia's rise drove the S&P 500 Technolog Index up 0.56%, becoming the onl sector to rise, overall chip stocks fell, with the Philadelphia Semiconductor Index slightl down 0.02%.

The data released b the United States on Thursda showed a decrease in initial jobless claims, while Standard & Poor's Global PMI preliminar surve showed that business activit expanded faster than economists predicted in Ma.

strong economic data and hawkish meeting minutes from the last Federal Reserve meeting earlier this week have led traders to reduce their bets on this ear's interest rate cut. The market expects the Federal Reserve to onl cut interest rates b 35 basis points in 2024, compared to the expectation of a 150 basis point cut at the beginning of the ear.

On Ma 24th, Asian stock markets fell on Frida and the US dollar rose due to strong US economic data, enhancing the prospect of maintaining higher interest rates. The Federal Reserve ma not be in a hurr to cut rates, thus keeping investors awa from risk assets.

The MSCI Asia Pacific Stock Index fell 0.5% and ma fall 1% this week, ending four consecutive weeks of upward momentum. The Chinese stock market remained largel unchanged in the earl trading session, with blue chip stocks falling 0.05%. The Hang Seng Index in Hong Kong fell b 0.33%. The Nikkei Index in Japan fell 1.45%.

The US dollar index rose nearl to 105.06 this week, expected to record its largest weekl increase since mid April. The rise of the US dollar continues to put pressure on the Japanese en. The latest exchange rate of the Japanese en against the US dollar was 157.03, which is not far from the three week low of 157.19 hit on Thursda.

According to data released b the government on Frida, Japan's core inflation rate slowed down for the second consecutive month in April, due to a decrease in food inflation rate, but still remaining at the central bank's target level of 2%.

Regarding commodities, oil prices remain stable, with Brent crude oil futures priced at $81.39 per barrel, while West Texas Intermediate (WTI) crude oil futures in the United States are priced at $76.87 per barrel.

Gold prices rose 0.24% to $2,334.16 per ounce, but have fallen 3.3% for the week since the end of September.