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The moment of truth. Ethereum’s first final spot ETF approval deadline is today, but many crypto assets have dipped into the red ahead of this monumental decision. Was there anything to be gleaned from the early morning price action, and where does ETH go from here?
Despite yesterday’s Nvidia earnings report beat and the announcement of a 10:1 NVDA stock split, which will theoretically bolster share attractiveness by slashing the purchase price from $1k to more retail-accessible levels of around $100, most assets are down on the day.
Although the early morning dump could be interpreted to be a crypto-specific flush of the bulls overzealous on ETH ETF approval, the move lower came in conjunction with a leg down for broader risk markets that started at 5:30 AM PST and sent the S&P 500 falling nearly 1% off its pre-market highs.
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