Ethereum Price Soars Over 5% as SEC Hack Sparks Crypto Market Movement
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Ethereum prices have risen over 5% since the SEC social media account hack and fake Bitcoin ETF approval news. ETH is closing in on its 21-month high of $2,400.
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While the Bitcoin price only moved 2.3% on the news, Ethereum continues to outperform and "do whatever it wants."
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Experts say Ethereum narratives may soon favor it more, with potential for ETH spot ETFs coming to market.
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Ethereum fundamentals remain strong - over $2.5 billion paid annually for block space, $21 billion total value locked in Layer 2s, 24% of supply staked.
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Ethereum remains deflationary, burning over 300,000 ETH since the Merge. Price increases could be on the way.