Bitcoin steadies but Ether is the one

On Friday the reported negative news from the US SEC regarding the proposed ETF filings was not good for the lead cryptocurrency. As reported on here at the time, that news caused BTC to plunge, from above 31k, close to 29,500. It also immediately impacted Ethereum (ETHUSD) too. However, and as also noted here in another update, this news was likely to benefit ETH/BTC cross. That is to say, that the expectation here was for ETHUSD to gain over BTCUSD in real and relative terms and that is exactly what has played out since. Ether has rebounded from a drop back close to $1,825 as BTC plunged, to above $,1950 since the weekend. In fact, Ether is not far off its recent highs right now. So, as you can clearly see, the long ETH/BTC cross trade has been a major mover as well as ETHUSD itself. ETHUSD is currently trading at $1,945.50