Today marked a pivotal moment in the cryptocurrency market with the awaited SEC decision on the Ethereum ETF. Investors around the globe were eagerly anticipating news from the SEC regarding VanEck's application, which was due today, May 23.

As the market awaited the SEC's verdict on the Ethereum ETF, all attention turned to the prices of ETH and other cryptocurrencies. Moments ago, Ethereum saw a significant drop from its $3,800 level to $3,500, marking an 8% decrease. Although there was a partial recovery to $3,680, the initial plunge caused substantial losses for long-term investors and triggered liquidations among those holding leveraged positions.

Simultaneously, Ethereum's market capitalization dipped below $350 billion amidst heightened trading activity, which surged by 44% to $36 billion due to the sudden sell-offs. The focus now remains firmly on the SEC's imminent decision, which continues to influence market sentiment.

Bitcoin also experienced a similar downward trend, declining by more than 4% in a matter of minutes to $66,600. This drop resulted in a decrease in Bitcoin's market cap to $1.32 trillion. Like Ethereum, Bitcoin witnessed a 16% increase in its 24-hour trading volume, exceeding $37 billion, indicating widespread selling in anticipation of the SEC's announcement.

In conclusion, today's events have underscored the volatility and sensitivity of cryptocurrency markets to regulatory decisions. As investors await further developments from the SEC, the impact on Ethereum and Bitcoin prices remains a focal point in financial markets worldwide.