Category Archives: Ethereum
Ethereum ETFs could go live in July, analyst says – crypto.news
Bloomberg analyst Eric Balchunas expects spot Ether (ETH) exchange-traded funds (ETFs) to begin trading in the U.S. in July.
Balchunas updated his forecast for the official launch of spot Ether ETFs, moving the over/under date to July 2.
The crypto expert noted that the U.S. Securities and Exchange Commission (SEC) staff had sent comments on the S-1 filings to issuers, describing them as pretty light without major issues.
He mentioned that the SEC has asked for responses within a week, suggesting a decent chance that the ETFs could be declared effective the following week, potentially before the holiday weekend.
Balchunas emphasized that while anything is possible, this is their best estimate at the moment.
UPDATE: we are moving up our over/under date for the launch of spot Ether ETF to July 2nd, hearing the Staff sent issuers comments on S-1s today, and they're pretty light, nothing major, asking for them back in a week. Decent chance they work to declare them effective the next https://t.co/XJZ8JLwEFF
On June 13, SEC Chairman Gary Gensler provided some clarity on ETH ETFs during his testimony to Senator Bill Hagerty.
Gensler indicated that he expects the S-1 filings for spot Ethereum ETFs to be approved by the end of the summer. This statement has reinforced the belief that while there may be some delays, approval will likely happen within the next few months.
Balchunas also mentioned that the issuers of spot Ethereum ETFs were waiting for feedback from the SECs Division of Corporation Finance (Corp Fin) on their S-1 filings, which they had submitted two weeks earlier.
He explained that this delay was attributed to Corp Fin reviewing these documents for the first time, highlighting that this unexpected situation stemmed from a likely last-minute political shift within the SEC, which surprised Corp Fin as well.
Balchunas further emphasized that there is uncertainty about how quickly Corp Fin could prioritize and process the filings.
However, some observers believe Ethereum ETFs may not attract as much attention as Bitcoin (BTC) ETFs because they do not offer staking capabilities.
SEC Commissioner Hester Peirce, known for her liberal stance on cryptocurrencies and nicknamed Crypto Mom, has expressed skepticism regarding the SECs treatment of Ethereum. Peirce has highlighted that historically, the SEC has categorized Ethereum as a security, unlike Bitcoin, which is classified as a commodity.
The SEC has maintained that Ether is a security, which introduces a distinct set of challenges compared to the approval process for Bitcoin ETFs, Peirce remarked.
The United States Securities and Exchange Commission (SEC) has initiated the approval process for Ethereum exchange-traded funds (ETFs), marking a notable advancement for the cryptocurrency industry.
On May 23, the SEC approved eight 19b-4 filings. However, trading of these ETFs cannot commence until they obtain the required approvals for their S-1 registration statements.
The 19b-4 forms are regulatory filings that propose amendments to current rules or regulations, facilitating the listing and trading of new securities. Approval of these forms signifies the SECs authorization for exchanges to list the ETFs, although it does not ensure immediate commencement of trading for the ETFs.
This progress represents a significant advancement in the approval journey for Ethereum ETFs, which the cryptocurrency community has eagerly awaited.
Concurrently, the SEC is reviewing the S-1 registration statements filed by Ethereum ETF issuers. These statements offer comprehensive details about the companies and the specific securities they plan to offer.
At the time of writing, the price of Ethereum (ETH) is hovering around $3,562.97, representing a 2.5% increase in the last 24 hours. However, the worlds second-largest crypto is still down by 3.5% on the weekly timeframe, according to CoinGecko data.
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Ethereum ETFs could go live in July, analyst says - crypto.news
Crypto: Market crash. Bitcoin and Ethereum waver – Cointribune EN
Wed 12 Jun 2024 4 min of reading by Evans S.
Cryptocurrencies are going through a tumultuous period, marked by a significant drop in prices. Bitcoin and Ethereum, the two main cryptos, are particularly affected. This decline raises questions about the future of the market and the forces at play. Lets analyze this situation in detail.
Bitcoin, often perceived as a safe haven in the crypto sphere, is not immune to market fluctuations. The crucial support level to watch on the daily chart is $66,205. This threshold coincides with a major resistance line.
A close below this level could intensify selling pressure, leading to a further drop in price.
Conversely, the most important resistance level for Bitcoin is $69,667. Recently, this level has generated strong resistance pressure, preventing the price from rising.
A daily close above this threshold could rekindle the hope of an uptrend. However, investors need to stay cautious, as market movements are often unpredictable.
If the flagship crypto closes below $66,205, selling pressure could accelerate. This situation could push the price to new lows, further eroding investor confidence.
Increased market volatility heightens risks, making predictions difficult. Traders should therefore closely monitor these critical levels.
Ethereum, the second largest crypto, is also under significant pressure. On the daily chart, a consolidation has emerged after breaking out of a triangle pattern.
This consolidation is often a sign of stability, but the current selling pressure has broken the key support level.
For the ETH crypto, the most important support level is $3,502. A daily close below this level could trigger an increase in selling pressure, nullifying recent optimistic gains linked to ETFs. This situation would be concerning for investors who hoped for a sustainable rebound.
The key resistance level for this crypto is the 9 EMA average of $3,689. A daily close above this level could give a boost to the price, paving the way for a recovery. However, the market remains fragile, and investors need to stay vigilant against unpredictable fluctuations.
In the coming days, Ethereums behavior around support and resistance levels will determine its trajectory.
Investors need to be ready to react quickly to market moves to minimize losses and maximize potential gains. Patience and caution are essential in this uncertain period.
The price fluctuations of Bitcoin and the ETH crypto cannot be fully understood without examining macroeconomic factors. The global economic situation plays a crucial role in cryptocurrency movements.
Economic reports, such as employment data in the United States, have a significant impact on the cryptocurrency market.
For example, a recent report revealed stronger-than-expected job growth in May, contributing to Bitcoins decline. This data influences investors decisions and trading strategies.
Decisions by central banks, notably the U.S. Federal Reserve and the European Central Bank, also affect cryptocurrencies. For example, lower interest rates can make risky assets like Bitcoin more attractive. However, uncertainties around future central bank decisions add a layer of complexity to market analysis.
Overall investor sentiment also plays a role. Fear, uncertainty, and doubt (FUD) can lead to massive sell-offs, while excessive optimism can lead to impulsive buying.
Investors need to stay informed and vigilant, adopting a proactive approach to managing risks. Caution is essential in this uncertain landscape. The future of cryptos remains promising, but the road is fraught with challenges. Indeed, the risk of liquidation persists around 71k.
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Fascin par le bitcoin depuis 2017, Evariste n'a cess de se documenter sur le sujet. Si son premier intrt s'est port sur le trading, il essaie dsormais activement dapprhender toutes les avances centres sur les cryptomonnaies. En tant que rdacteur, il aspire fournir en permanence un travail de haute qualit qui reflte l'tat du secteur dans son ensemble.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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Crypto: Market crash. Bitcoin and Ethereum waver - Cointribune EN
Opportunity? ‘Most bullish altcoin’ Ethereum signals imminent surge – Finbold – Finance in Bold
Ethereum (ETH) has once again captured the spotlight with its recent price movements and the emergence of a bullish pattern on its charts.
This pattern, often seen as a precursor to further price increases, has ignited discussions among investors and analysts about Ethereums potential to revisit previous highs.
Over the past week, Ethereum has experienced notable volatility, marked by a 7% decline in its price. The cryptocurrencys performance in the previous month was characterized by a strong uptrend that significantly boosted its price.
However, a recent correction has tempered short-term investor optimism. Despite this performance, analysts believe that Ether still remainsone of the altcoins displaying the most upside potential at the moment. Ethereums underlying fundamentals and market indicators suggest a potential upward trajectory.
Prominent analyst Yoddha has highlighted that historically, Ethers return above yearly highs has often preceded exponential price growth. He suggests that if history repeats itself, ETH could embark on a parabolic uptrend with an upside target set around $20,000, making it one of the most bullish cryptocurrencies.
Ethers bullish outlook is further supported by the data from CryptoQuant which shows an increased investor accumulation and significant outflows from centralized exchanges.This accumulation activity may be driven by bullish events on the horizon, such as the anticipated debut of a spot Ether exchange-traded funds (ETFs).
Analyst Ali Martinez noted increased whale activity, with large holders taking advantage of recent price dips to accumulate more Ether. On-chain data from Santiment shows the top 10 exchange wallets saw an 8.6% drop in ETH holdings as traders moved assets to private wallets
This high demand-side pressure, combined with reduced supply on exchanges, is likely to create a supply deficit that could push Ethers price above $4,000 and into a parabolic uptrend.
Moreover, according to data, over 200,000 ETH options recently expired, and the crypto community eagerly awaits the direction of the Ethereum price.
The majority of the expiring ETH options are call options, meaning buyers are betting the price will rise. At the same time, the put-call ratio is at 0.36, indicating that market participants are currently buying more call options than put options.
In addition to the outflow from centralized exchanges, fundamental and technical indicators offer insights into Ethereums current market dynamics and future potential.
A decline in Ethereums exchange reserves indicates a reduction in available supply, suggesting strong buying pressure from investors.
An increasing funding rate in the derivatives market shows that long-position traders are willing to pay premiums to hold their positions, typically favoring upward price movements.
However, on-chain data from Santiment shows a high Ethereum Network Value to Transaction (NVT) ratio, which compares market capitalization to transaction volume, suggesting that Ethereum might be overvalued relative to its on-chain activity.
This high NVT ratio implies that despite strong market interest and price performance, the on-chain transaction volume does not fully support Ethereums current valuation, indicating potential caution for investors.
Currently, Ethereum is trading at $3,562.24, with a 24-hour increase of 0.23%. Demand for Ethereum is spiking, signaling that traders expect the price to continue rising in the near term.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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Opportunity? 'Most bullish altcoin' Ethereum signals imminent surge - Finbold - Finance in Bold
Ethereum is too hard to use – Blockworks
Anyone else think Ethereum is difficult to use these days?
Yeah, theres a bunch of cool stuff on Ethereum meme tokens, NFTs, DeFi, degens its all there. But over the years as the blockchain evolved, it has become more expensive and more complicated as in, an already complex technology for users has become even moreso.
Not only do users need to understand crypto basics like wallets, irreversible transactions and addresses, they also now have to contend with getting to know different chains. You cant just send Ethereum chain ETH to Optimism chain ETH, or Optimism chain ETH to Polygon chain ETH, unless of course you use a bridge which means that this system might be getting a little complex for many users.
Ethereum is becoming a multilayered lasagna-like system whereby complexity and fees are pushing people to the margins, causing interoperability and security concerns.
I wouldnt say theres anyone in particular to blame for this; its an ecosystem problem as a whole. When Ethereum launched almost 10 years ago, nobody was using it. At that time, any usage at all was welcomed.
Now, its 2024 and there is usage. But theres also expensive layer-1 fees. Average transaction fees on the layer-1 Ethereum blockchain are at $0.94. If a user wants to interact with a smart contract, like a DEX, fees are averaging $4.70.
Some might say, Well, maybe its time to examine fees themselves. Problem is, fees are what secure the network. If validators were not being incentivized by staking and reaping fees, what would be the point?
Okay, yeah, but theres the layer-2 options, right? There are. And Arbitrum and Optimism have both transaction and smart contract fees at less than $0.02. Were securing the bottom layer, enabling lower fees on the second.
But as a Coinbase report from late last year noted, there are so many of these layer-2s that fragmentation now exists between all of these different chains. And mainstream users, aka those who could enable mass adoption, want financial apps that dont make things complicated.
The point is clearly that Ethereum is just one big-ass financial experiment. I actually wrote about this way back in 2016, about Ethereum being a fintech sandbox.
And it has been one. When I wrote that piece, ICOs were only slowly gaining traction, DEXs were in their infancy and there wasnt even an NFT token standard yet just Plain Jane ERC-20s.
Read more from our opinion section: BlackRock clearly wants to take crypto seriously. Too bad its forever silly.
Times have certainly changed. Ethereums world computer concept, the idea that people could build programmable monetary systems on a verifiable blockchain, has been a success. The Ethereum Virtual Machine, or EVM, is a standard for smart contract development even outside the Ethereum ecosystem.
Then, theres the 2022 move to the proof-of-stake model, which to Ethereums credit, was pulled off with remarkable execution.
Yet Ive heard of people working on Ethereum layer-3 projects now. Thats an abstraction of two layers can anyone come up with something comparable for so many layers in technology? Maybe the OSI model? It has seven layers. But its used for data in networking, all running at the same speed. And theres no fees. Its just categorizing data.
Okay, well, blockchains are just data. So then we arrive back at the fee conundrum. But blockchains are decentralized, so there has to be some incentive to support the network, right?
Fees secure the Ethereum network, rent the computing power to do things and also limit spam. With that in mind, I suppose there have to be fees in the system Im not proposing some grand, new fee-less Ethereum design, thats for the Vitalik Buterins of the world.
There are rollups, and thats promising because they can batch process transactions off of Ethereum while lowering fees with the same level of security. Or maybe some smart startup can somehow increase interoperability instead of reducing it by having users dig through layers like a Stouffers Italiano.
I just am not convinced of the feasibility and long-term viability of so many bridges, some of which have been compromised. It feels like too many vulnerabilities in the margins. Perhaps a standardization of bridges is needed, and many wallets do warn users about interacting with bad smart contracts, so some safeguarding is happening.
But Im still trying to coincide my recent experiences with Ethereum as something
Very.
Lasagna-like.
Tasty for the taste buds as a food, yes.
But isnt it a bit complex for people to use as a blockchain? People want apps that offer free flow of money, not restrictive layers. Hopefully, Ethereum can evolve past this lasagna stage.
Daniel Cawrey has been involved full-time in the crypto space since 2013, including as an editor at CoinDesk. He is author of 2020s Mastering Blockchain and 2023s Understanding Crypto books, both available on Amazon.
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Eager investors will pour $500m into Ethereum ETFs in opening week, OKX says – DLNews
Institutional investors are ready to pour $500 million into Ethereum ETFs over the next week if they are approved Thursday, according to analysis by OKX, the crypto exchange.
Its probably just as, if not more, important as the Bitcoin ETF approval, Lennix Lai, OKXs global chief commercial officer, told DL News.
The potential approval of Ethereum to be traded as a proxy under a traditional framework could bring about the next wave of institutional demand, Lai said.
Anticipation is building to a fever pitch after the US Securities and Exchange Commission appeared this week to drop its long-held resistance to approving a spot price exchange traded fund for Ethereum.
Ethereum has soared 24% since Monday and boosted the proof-of-stake sector Lido Staked Ether, for instance, is up 27% in the last seven days, according to CoinGecko.
Several applicants such as BlackRock, Invesco Galaxy, Fidelity, and Franklin Templeton are eagerly awaiting the SECs decision.
Asset manager VanEck is, however, first in line to get either a thumbs up or down from the regulator.
While Van Ecks head of digital assets research said on Wednesday that it expects the SEC to respect the queue, any approval will likely be extended to other applicants to avoid the agency being seen as kingmaker.
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Investors expect Ethereum ETFs to follow a similar course to the rollout of Bitcoin funds in January.
Ten such products have been trading at volumes exceeding $1.5 billion since January.
The advent of Bitcoin ETFs and Wall Streets embrace of the asset class spurred a record rally across crypto. This year, the sectors market value has skyrocketed 50% to $2.7 trillion.
An Ethereum counterpart could excite animal spirits even more. Bernstein analysts predicted this week that Ether will surge to $6,600 if the funds are approved.
Ethereum could potentially surpass its all-time high soon after a potential ETH ETF approval, Lai said.
An Ethereum ETF will make it easier and cheaper for retail investors to buy exposure to the second most valuable cryptocurrency.
Like the Bitcoin ETF before it, an Ethereum ETF will be a significant milestone for the industry, Jean-Baptiste Graftieaux, CEO of Bitstamp, told DL News.
Yet there may be a cost for crypto exchanges such as Coinbase and Kraken.
ETFs enable traders to access the asset class without using digital wallets or industry-native exchanges. Going mainstream, in other words, has many effects.
Yet Lai downplayed the long-term risk for exchanges and said the ETFs will provide a gateway for newcomers to crypto.
It may actually expand the overall market size, including volume and participants, meaning its complementary rather than cannibalistic, he said.
Eric Johansson is DL News News Editor. Got a tip? Email on eric@dlnews.com.
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Eager investors will pour $500m into Ethereum ETFs in opening week, OKX says - DLNews
Ethereum Faces Sharp Rejection Around $4K as ETF Decision Nears: What’s Next for ETH Price? – Coinpedia Fintech News
Ethereum (ETH) saw significant price volatility recently, due to increased anticipation of spot Ethereum ETFs approval in the U.S. This positive news drove a 28% increase in ETHs price in a week, achieving highs last seen in mid-March. Although the price briefly dipped to approximately $3,700, key indicators suggest this decline is short-lived, with expectations for Ethereum to continue its upward trajectory.
One of the most compelling indicators of Ethereums potential for future price growth is the rising open interest in ETH futures and trading volume. Data suggests that ETHs open recorded a 4.3% gain in the last 24 hours, currently at $16.4 billion. Additionally, the trading recorded over 14% gain, surging to $60 billion.
Read more: Gensler Teases Upcoming SEC Decision on Ethereum ETFs: Heres What To Expect
However, the recent steep decline in the crypto market solidified bearish positions near the $4K milestone. During the early U.S. trading session, Bitcoin (BTC) fell from approximately $70,000 to below $68,000, while the price of Ethereum (ETH), having climbed to its highest level since mid-March at over $3,900 early Thursday, dropped to around $3,700. According to Coinglass, total liquidations exceeded $110 million, with long positions facing liquidations close to $90 million.
The decline could have been triggered by a large ETH sell order from trading firm Symbolic Capital Partner. Blockchain data showed the firm sold 6,968 ETH worth $27.4 million within a minute. Additionally, several whales have become active as their selling pressure continues to increase.
Ethereum co-founder Jeffrey Wilke moved 10,000 ETH ($37.4 million) to Kraken, possibly to take profits, rebalance his portfolio, or evaluate the trend. This is part of a larger pattern where more ETH is being deposited into exchanges, suggesting a rise in trading and potential market instability. This might strengthen the resistance for Ethereum price, which might trigger more frequent large selloffs.
Ethers price recently neared the $3,950 mark, reflecting a significant upward trend. However, bears strongly defended this level, resulting in a decline toward $3.7K. Despite strong rejection, bulls took control and are aiming for a retest of the psychological mark of $4K. At the time of this report, Ether is trading at $3,802, marking a 1.3% increase in the past 24 hours.
The bulls are poised to challenge the $4,100 resistance level ahead of the ETF decision. A positive news might skyrocket the price later. A breakthrough could signal a shift in the long-term market trend, potentially sending the ETH/USDT pair toward the $5,000 level.
On the other hand, for the bears to regain market control, they must drive the price below the 20-day EMA and breach the critical $3,600 support level. Such a move could trigger a fall to $3,350. However, the likelihood of a downward trend is currently lower due to increasing hope that the SEC will approve the ETH ETF.
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Ethereum price crash attributed to MEV manipulation: Report – Crypto Briefing
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Ethereum (ETH) faced a nearly 5% crash in one hour this Thursday, despite the anticipation around the approval of spot Ethereum exchange-traded funds (ETFs) in the US. The X user identified as ai_9684xtpa pointed out that this was likely a market manipulation movement by the trading firm Symbolic Capital Partners.
The agency sold 6,968 ETH in one minute at 20:56, worth $27.38 million, with an average selling price of $3,930; one transaction sold 3,497 ETH on the chain at one time, and the bribe cost was as high as 90 ETH, explained ai_9684xtpa.
Such transactions are known as MEV, short for maximal extractable value, which consists of using on-chain resources to profit. The payment of 90 ETH suggests a hurry to sell the position at a higher price to make it crash, possibly to buy it again at a lower price.
Since the crash, Ethereum has ranged in and out of the $3,800 price level and is priced at $3,803.37 at the time of writing, nearly 22% away from its previous all-time high.
As shared by Bloomberg ETF analyst James Seyffart, an approval of spot Ethereum ETFs is happening this Thursday. Despite the low odds given to this scenario until last Monday, Seyffart and his fellow Bloomberg analyst Eric Balchunas boosted the chances to 75% after the SEC started contacting the issuers.
Since then, various asset management firms presented amends to their 19b-4 filings, and VanEcks Ethereum spot ETF even got listed on DTCC under the ticker $ETHV. The first final deadline is today, as the US regulator must decide on VanEcks application.
Moreover, according to Balchunas, the SECs decision on spot Ethereum ETFs might come at 4 pm (EST). Although a positive outcome is expected, it doesnt mean immediate permission for trading.
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Ethereum price crash attributed to MEV manipulation: Report - Crypto Briefing
SEC Ethereum ETF discussions underway, S-1 approval expected in hours – Cointelegraph
The United States Securities and Exchange Commission (SEC) began discussions with potential issuers of spot Ether exchange-traded funds (ETFs) on May 22, leading some to anticipate an imminent approval.
Journalist Eleanor Terrett reported that discussions between SEC staff and spot Ether (ETH) ETF issuers about the S-1 forms concluded with the understanding that there was still work to do.
S-1 forms are registration statements that companies have to file with the SEC, including detailed information about the company and the securities they intend to offer or issue.
On the other hand, 19b-4 forms are regulatory filings issued to the SEC for approval and are used by self-regulatory organizations (SROs) like stock exchanges or trading platforms to propose new rules or change existing ones.
In a subsequent post, Terrett deferred to the ETF experts. Assuming that the SEC approves the 19b-4 forms on May 23, Terrett speculated that the SEC might work with Ether ETF issuers on S-1s over the next few weeks/months.
Eric Balchunas, a senior ETF analyst at Bloomberg, expects the SEC to issue an announcement on May 23 at around the same time it did for the spot Bitcoin ETFs:
Related:Ethereum ETF decision due in hours as BTC price gets $80K May target
This development follows the approval of the FIT21 crypto bill in the U.S. House of Representatives, which passed on May 22 with 208 Republicans and 71 Democrats in favor to 136 against.
Consensys CEO Joseph Lubin recently weighed in on the discussion in anticipation of the potential looming Ether ETF approvals.
Speaking exclusively to Cointelegraph at DappCon in Berlin, Lubin stated that Ether ETFs in the U.S. were as good as done.
According to Lubin, the 19b-4 applications filed by high-profile firms like BlackRock would be approved, but the process behind the S-1s could drag on for a while.
The Ethereum co-founder explained that pressure toward adopting a neutral stance is being applied to the SEC as the upcoming U.S. presidential elections approach.
Magazine:If Bitcoin doubles, Stacks will 4x in 2025: Daan Crypto Trades, X Hall of Flame
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SEC Ethereum ETF discussions underway, S-1 approval expected in hours - Cointelegraph
Ether ETFs approval could drive up the price of Ether by 60%, according to a crypto firm – Quartz
Crypto asset trading firm QCP Capital has predicted a potential 60% increase in the price of Ether, projecting that it could surge around $6,000 if the Securities and Exchange Commission (SEC) approves spot ethereum exchange-traded funds (ETFs). The crypto market is volatile right now, and all eyes are on the regulator, which will announce its decision this week.
Ethereum's ETF will be a speculative bet, strategist says
The financial watchdog will decide whether to approve or deny Van Ecks spot Ethereum ETF application on Thursday and the Ark 21Shares Ethereum ETF application on Friday.
The approval of the spot Ether ETF application would be a historic moment for the crypto industry, as financial giants have been waiting for it for years. The approval of spot Bitcoin ETFs earlier this year boosted the crypto industry and market, with Bitcoin soaring by over 50% in less than a month.
Meanwhile, the Depository Trust and Clearing Corporation (DTCC) has listed Vanecks ETF on its website, indicating that approval and trading could begin as soon as possible. The DTCC provides post-trade clearance, settlement, custody, and information services.
BlackRock, Bitwise, Grayscale, Van Eck, Ark 21Shares, Fidelity, Franklin, and Invesco have amended their 19b-4 filings with the SEC to remove provisions for staking. By doing this, these financial companies hope to obtain approval more easily. The 19b-4 filings are documents that national exchanges like the NASDAQ or the New York Stock Exchange (NYSE) submit to the SEC to request approval for listing new products on their trading platforms.
Experts are optimistic that the SEC will make a favorable decision regarding the Ether ETFs. Earlier this week, Bloomberg Intelligence ETF analysts Eric Balchunas and James Seyffart increased their approval odds for Ethereum ETFs from 25% to 75%. Balchunas posted on X that the SEC could be doing a 180 due to increasing political pressure. Crypto has emerged as a significant political topic in this election year, with presidential candidate Donald Trump making several pro-crypto statements while campaigning in May. Moreover, President Joe Biden is also taking a pro-crypto stance to garner support from the crypto community.
On Thursday mid-morning, Bitcoin was trading at $68,000, with a nearly 2.5% loss, while Ether was hovering around $3,800, more than a 1.9% gain, according to CoinMartketCap.
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Ether ETFs approval could drive up the price of Ether by 60%, according to a crypto firm - Quartz
SEC Chair Gary Gensler: ‘Stay Tuned’ on Ethereum ETF Decision – Watcher Guru
The agencys chairman, Gary Gensler, has told investors to stay tuned to the US Securities and Exchange Commissions (SEC) spot Ethereum ETF decision. Indeed, the agency is currently approaching a Thursday deadline to issue approval for the crypto-based investment product.
Prior to this week, the digital asset market was less than optimistic about the prospects of approving Ether ETF. However, that changed Monday, with Bloomberg increasing approval odds from 25% to 75%. Moreover, many expect approval to take place before the end of the week.
JUST IN: SEC Chair Gary Gensler says 'stay tuned' when asked about spot Ethereum ETFs decision.
Also Read: Gary Gensler: SEC Has Done Very Well in Court on Crypto Cases
At the start of the year, the SEC greenlit the inaugural Spot Bitcoin ETFs in the United States. The decision ultimately led the asset to reach a new all-time high several months later. The investment product represented a massive turnaround in the perception of the digital asset among institutional investors.
Now, the market is hopeful that a similar development can take place for the second-largest cryptocurrency by market cap. Although those hopes were low a week ago, things appear to have changed. Subsequently, SEC Chair Gary Gensler said to stay tuned to the Ethereum ETF decision when asked about the potential approval.
Also Read: US Lawmakers Urge SEC to Approve Spot Ethereum ETFs
Gensler is currently speaking at the ICI Leadership 2024 Summit in Washington, DC. There, he has discussed the digital asset industry from the perspective of the SEC. The agency has not had the most positive relationship with the market, especially amid its enforcement-first approach to regulation.
Those two things appear to be changing, however, with the US House of Representatives recently passing the FTI21 crypto bill. The development appears to be a massive step forward for the industrys presence in the United States. Moreover, Genslers statements to the media regarding the Ethereum ETF decision lead many to believe that approval is surely on the cards.
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SEC Chair Gary Gensler: 'Stay Tuned' on Ethereum ETF Decision - Watcher Guru