All eyes within the cryptocurrency community are focused on the upcoming decision by the US Securities and Exchange Commission regarding VanEck's Ethereum ETF application.

Similar to earlier this year when Bitcoin took center stage, the period preceding the decision has already brought about noticeable volatility, resulting in significant price drops for the top assets.

CryptoPotato recently reported on the positive shift in sentiment within the industry, as Bloomberg's ETF experts upgraded their previous prediction success rate for Ethereum's ETF from 25% to 75%. This indicates their belief that such a product will likely be approved by the end of the current week.

After several delays and modifications, VanEck's Ethereum ETF's 19b-4 form is set for a decision today, with the US securities regulator tasked with either approving or rejecting it.

Bloomberg's Eric Banchunas previously speculated that the SEC would deliver its decision around 4 pm today, approximately six hours from now.

The markets have already begun to feel the anticipation, with increased volatility observed in the past hour or so. Ethereum, for instance, surged to nearly $3,950 earlier, marking a multi-month peak, before undergoing a correction of around $200. It has since recovered some ground and is currently trading around $3,800.

Bitcoin has also experienced fluctuations, attempting to breach the $70,000 mark today but facing resistance. The subsequent rejection led to a sharp decline to $67,600 just minutes ago.

This volatility has resulted in over $220 million in liquidations in the cryptocurrency market on a daily basis. Nearly 80,000 traders who were over-leveraged have suffered losses within the same timeframe, with expectations of further volatility as the SEC announces its decision later tonight.