Ether dropped along with other cryptocurrencies, as expectation of further interest rate hikes in the U.S. lessens appetite for risk across markets

Bitcoin slipped on Monday but held above the $30,000 support level. Ether dropped along with other cryptocurrencies, as expectation of further interest rate hikes in the U.S. lessens appetite for risk across markets. In the meantime, a JPMorgan report claims that the recent spate of Bitcoin exchange-traded fund (ETF) applications in the U.S. may not be as transformative that some anticipate. This is lessening some of the hope surrounding ongoing Bitcoin exchange-traded fund applications by leading Wall Street firms, including BlackRock.

Bitcoin shed 0.32 per cent during the past 24 hours to $30,157 to post a weekly decline of 1.33 per cent, as per data from CoinMarketCap. The world’s top cryptocurrency traded in the lower $30,000 range over the weekend.

Ether declined 0.09 per cent to $1,862 and shed 3.71 per cent for the week.

Other top cryptocurrencies also logged losses during the last 24 hours. The exception was Polygon’s Matic token, which advanced 1.15 per cent to $0.6876. It gained 1.07 per cent during the last seven days.

While multiple Bitcoin exchange-traded fund applications during the last month have stirred hope in the crypto market, their approval may not prove as sweeping as some Bitcoin advocates anticipate, contended a JP Morgan report on Friday.  Similar products have existed in Canada and Europe but received limited inflows, according to the report.

Despite the doubt, Bitcoin whales remain bullish on the token.

Investor sentiment still appears to be slightly strengthened by Blackrock’s CEO Larry Fink’s comment and the possibility that such an openness to the asset class raises the possibilities of a spot BTC exchange-traded fund, remarked Justin d’Anethan, head of APAC business development at Belgium-based Keyrock.

It is worth noting that while far off, the flurry of ETF applications indicates the fact that, finally, we will see one and, once we do, other exchange-traded funds such as an ether-denominated one might see the light of day, he said.