RIOT - Will Ethereum Spot-ETF Approval Trigger A 30% Ether Price Drop? Bitcoin And Other Crypto-Related Stocks Reacting Negatively in Premarket Amid Fears | Benzinga
Crypto-related stocks including Coinbase Global (NASDAQ:COIN), MicroStrategy Inc. (NASDAQ:MSTR), Marathon Digital Holdings (NASDAQ:MARA) and others showed subdued reactions to Nate Geraci, president of The ETF Institute, anticipating approvals for spot Ethereum (CRYPTO: ETH) this week. However, analysts are deliberate about how the ETF would impact ETH price.
What Happened: The launch of spot Ether exchange-traded funds (ETFs) could potentially lead to a 30% drop in Ether’s price, warns Andrew Kang, founder and partner at Mechanism Capital. Kang suggests that Ether’s price could plummet from its current value of $3,410 to as low as $2,400, CoinTelegraph reported on Monday.
At the time of writing on Monday, Coinbase was trading at 3.70% lower at $217.50 after closing at $225.86 on Friday, while Robinhood Markets, Inc. (NASDAQ:HOOD) was trading 1.97% lower at $21.85 after it closed at $22.29 on Friday. Similarly, Marathon Digital was 5.15% lower since its close at $19.21 and was trading at $18.22 while MicroStrategy was trading 5.68% lower at $1,399.50 after Friday’s close of $1,483.76. Riot ...