Ether Under Pressure After Senate Crypto Bill Fails to Pass; Risks Further Falls
Dow Jones
7 hours ago
0737 GMT - Ether stays under pressure after reaching a two-week low Tuesday when the Senate failed to pass the Clarity Act, aimed at establishing a regulatory framework for digital assets, in a procedural vote. The market is also largely pricing in an interest-rate rise by the Federal Reserve in a decision at 1800 GMT. While ether exchange-traded funds are attracting inflows, large holders of ether--known as "whales"--have recently sold the cryptocurrency, Zaye Capital Markets analyst Naeem Aslam says in a note. If whale selling accelerates and ETF inflows weaken, ether could fall further, he says. Ether drops 0.4% to $2,398 after reaching as low as $2,359 Tuesday, LSEG data show.
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