Bitcoin
and other cryptocurrencies largely were falling on Wednesday. However,
Ether,
the second-largest digital token, was holding its recent gains that have seen it outperform the wider crypto market.
Bitcoin
has fallen 0.6% to $42,685 over the last 24 hours. The largest cryptocurrency has dropped back into a range of $42,000-$44,000 since last week’s approval of exchange-traded funds tied to spot trading of Bitcoin.
Ether
was up 0.3% at $2,543. Ether has mostly maintained the gains it made after the Bitcoin ETF approval, which pushed it up from around $2,300.
“Perhaps it’s a sign that the market believes [Ether] could be the next cryptocurrency to get a spot ETF application approved, given that it’s the second-largest crypto asset by market cap and Ethereum futures ETFs are already approved and available.,” wrote Simon Peters, an analyst at eToro in a research note.
Elswhere in crypto, the focus will be on a hearing Wednesday in which a federal judge will hear oral arguments in a lawsuit between cryptocurrency exchange
Coinbase
and the Securities and Exchange Commission. The SEC last year sued Coinbase for allegedly operating an unregistered securities exchange. Coinbase is attempting to convince the judge to dismiss those allegations in the case’s early stages.
Among smaller cryptocurrencies,
Solana
was down 0.6% and
Cardano
was down 1.1%.
Dogecoin
dropped 1.1%.
Write to Adam Clark at [email protected]
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