Franklin Templeton files an application with the SEC for an Ethereum ETF

Now bitcoin is trading at $51 - the highest since December 280. Bitcoin's market capitalization has also returned above $2021 trillion. Other large market capitalization cryptocurrencies such as Ethereum and Solana also saw significant gains this week, up 1% respectively. and 15 percent Ethereum (ETH) is currently trading at $2 and Solana (SOL) is currently trading at $887.

On Thursday, the focus will be on preliminary PMI (Purchasing Managers Index) data on American manufacturing and services. PMI data is generally considered a leading indicator, providing insight into where markets and economies could potentially go. PMI data may also influence market confidence in when the Fed will first cut interest rates.

We have seen in the past that the changing likelihood of when interest rate cuts may occur and by how much impacts asset, stock and cryptocurrency prices.

Immutable is getting very expensive

The Immutable-X token (IMX) was one of the best-performing cryptocurrencies last week, gaining 22%. Its mission is to power the next generation of Web3 gaming, improving both user and developer experiences by offering seamless gameplay, lightning-fast transaction speeds, and gas-free, fully carbon-neutral NFT (non-fungible token) minting.

It is unclear what exactly caused the price increase last week, but it is a continuation of the IMX token's strong performance since announcing a partnership with gaming giant Ubisoft November 9, 2023. Since the announcement, IMX has surged 285%. Currently, the price of IMX on the eToro platform is $3,32.

The bitcoin-Japanese yen pair sets a new all-time record

With so much interest in Bitcoin relative to the US dollar, it often dwarfs the price of Bitcoin relative to other currencies. Thursday bitcoin set a record high of 7 yen on the bitFlyer exchange, making Japan the first of the G7 countries (Gang of Seven - countries forming the largest developed economies and democracies in the world) to record a new record price of bitcoin this year.

Very loose monetary policy Bank of Japan and inflation above target weakened sentiment around the Japanese yen. The bitcoin-Canadian dollar, bitcoin-British pound and bitcoin-euro pairs are around 20-22 percent. from their record levels. The bitcoin-US dollar pair is approximately 30%. from a record high of $69 at the time of writing.

Other non-G7 countries continue to see record levels of Bitcoin against their currencies. For twenty-one countries (representing over 17% of the world's total population): Argentina, Turkey, Nigeria and others, bitcoin set a new all-time record against the national currency this year.

Franklin Templeton files an application with the SEC for an Ethereum Spot ETF

Franklin Templeton has become the latest asset manager, following the likes of BlackRock and Fidelity, to file for an ethereum spot ETF in SEC. The application names Bank of New York Mellon as the fund administrator and custodian of the funds and Coinbase Custody as the ethereum custodian.

At the moment, there are eight suppliers ETF, who have submitted applications to the SEC to launch an ethereum spot ETF. The cryptocurrency community will really be looking forward to May 23, when the SEC must issue a final decision on whether to approve or reject VanEck's competing ethereum spot ETF application. Similar to the bitcoin spot ETF application, if the VanEck ethereum ETF is approved in May, it is likely that all current ethereum spot applications will be approved at the same time.