The past 24 hours have been tumultuous for the cryptocurrency market, with significant fluctuations following news related to Ethereum ETF approvals. Major cryptocurrencies, including Bitcoin, experienced notable volatility, with several altcoins among the poorest performers.

Bitcoin Dips Below $67,000 Amid ETF Approval News

The week started on a calm note, with Bitcoin stabilizing around $67,000 after a quiet weekend. However, this tranquility was short-lived. On Monday evening, reports surfaced that the U.S. Securities and Exchange Commission (SEC) might approve a spot Ethereum ETF by the end of the week, triggering a surge in market activity.

Bitcoin reacted swiftly to the news, skyrocketing by $5,000 in a matter of hours, reaching nearly $72,000 — its highest price in almost two months. This rally, however, was short-lived. Bitcoin began to decline gradually, trading around $70,000 until it took another sharp dip below $68,000 yesterday evening. This drop occurred just hours before the SEC's deadline to decide on multiple ETF applications.

Market Reaction to Ethereum ETF Approvals

As the SEC officially approved eight Ethereum ETFs, the market experienced further volatility. Bitcoin initially dropped to $66,400 before bouncing back by $2,000. Despite this rebound, Bitcoin is now struggling to maintain its position below $67,000. Its market capitalization has decreased to $1.310 trillion, and its dominance over altcoins stands at 50.2%.

Altcoins Suffer Amid Market Uncertainty

The SEC's Ethereum ETF approvals significantly impacted Ethereum's price, which surged by over 20% on Monday to a six-week high above $3,900. However, Ethereum's price fluctuated and is currently down 4% on the day, trading at $3,655.

Other major altcoins did not fare well either. Solana, Dogecoin, Toncoin, Cardano, Avalanche, Polkadot, and Shiba Inu all saw declines ranging from 5% to 8%. Binance Coin (BNB), Ripple (XRP), Tron (TRX), and Bitcoin Cash (BCH) also experienced losses.

Total Crypto Market Cap Declines

The overall cryptocurrency market capitalization has dropped by more than $100 billion since yesterday, currently standing at $2.617 trillion. This significant decrease reflects the heightened volatility and investor uncertainty following the SEC's latest decisions.

As the market continues to respond to regulatory developments and investor sentiment, traders and investors are advised to stay informed and exercise caution. The coming days will likely bring further updates and potential price movements as the impact of the Ethereum ETF approvals unfolds.