Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- Expectations that a spot Ethereum ETF will soon follow the recent approvals of several spot Bitcoin ETFs have driven ETH above $2600.
In the wake of Wednesday’s significant approval of multiple spot Bitcoin ETFs, the anticipation that a spot Ethereum ETF could be the next to launch has elevated ETH to heights not reached since May 2022.
Currently, Ethereum has risen by 8.7%, trading at slightly over $2,620, according to data from Coinstats.
ETH Price Chart | Source: Coinstats
Bitcoin is experiencing relatively stable trading, with a 2% increase over the last 24 hours.
The SEC’s approval of a spot Bitcoin ETF on Wednesday came after several days of uncertainty, which included a misleading tweet from the “compromised” SEC Twitter account on Tuesday.
Numerous applicants have submitted requests for a spot Ethereum ETF to the U.S. Securities and Exchange Commission (SEC), including Ark 21Shares, BlackRock, Fidelity, and Grayscale.
Related Posts
While the SEC’s approval of a spot Bitcoin ETF took considerable time, traders are speculating that an Ethereum ETF could reach the market more swiftly.
See Also: Spot Bitcoin ETF Is Already Approved, Is Spot Ether ETF The Next?
Bloomberg Intelligence’s ETF analyst Eric Balchunas has reportedly indicated a 70% likelihood of an Ethereum ETF being approved by May, which is the SEC’s final deadline for decisions on various spot Ethereum ETF applications.
Balchunas mentioned that he had received information “through back channels” suggesting that spot Ethereum ETFs “will be fine.”
SEC chair Gary Gensler has consistently declined to clarify whether the agency views Ethereum as a security or a commodity.
Before assuming his role at the SEC, Gensler had stated that the regulator regarded Ethereum as “sufficiently decentralized,” thus not qualifying as a security.
At that time, Gensler seemed to be alluding to the opinions of the SEC’s former Director of Corporate Finance William Hinman, articulated in a widely referenced speech from June 2018.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
The post Optimism Of Spot Ethereum ETF Approval Pushed ETH Above $2,600 appeared first on BitcoinWorld.
