Cryptocurrencies Under Pressure

🔷 Cryptocurrency markets remain under pressure following SEC Chairman Gary Gensler’s statement that spot Ethereum ETFs will only be approved by the end of the summer. The prices of leading digital currencies started to decline, continuing a pullback that began the day before when Federal Reserve representatives indicated that interest rate cuts this year would occur no more than once.

🔷The price of Ethereum (ETH) rose by 1% immediately after Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, made his statement. However, at the time of writing, the asset’s value had dropped to $3,465, losing over 4% in the past 24 hours. The global cryptocurrency index CoinDesk 20 fell by 4.9%.

🔷The U.S. Federal Reserve kept the federal funds rate range stable at 5.25–5.5%. Economic data from the U.S. on Thursday morning failed to improve macroeconomic sentiment in the cryptocurrency sector.