Ethereum surges 5% to $3,300 ahead of key ETF decision
The post Ethereum surges 5% to $3,300 ahead of key ETF decision appeared on BitcoinEthereumNews.com.
Key Takeaways Ethereum’s price surpasses $3,300 as the market awaits the SEC’s trading approval of spot Ethereum ETFs. Analysts and industry leaders believe the imminent approval will boost Ethereum investment. The price of Ethereum has rallied 5% to over $3,300 ahead of the key spot Ethereum exchange-traded fund (ETF) decision, according to data from TradingView. The US Securities and Exchange Commission (SEC) is expected to greenlight the launch of several spot Ethereum ETFs by the end of this month. While the specific date remains speculative, ETF experts estimate that approval will come the week of July 15. Nate Geraci, the president of the ETF Store, reiterated his prediction that the SEC will approve the S-1 filings this week after weeks of delays following initial listing acceptance in May. He believes there’s no reason for further delay because issuers are ready for launch and recent filings require minimal changes. “Welcome to spot [ETH] ETF approval week. I’m calling it. Don’t know anything specific, just can’t come up [without] good reason for any further delay at this point. Issuers ready for launch,” Geraci stated in a Sunday post. Bloomberg ETF analysts Eric Balchunas and James Seyffart previously predicted the spot Ethereum ETFs could be approved and begin trading as soon as mid-July. Seyffart noted that Ethereum ETF issuers have been filing their final S-1 registration statements, which is the last regulatory hurdle before approval. Balchunas said the SEC’s minimal feedback on these latest filings suggests they are close to being satisfied with the applications. Matt Hougan, the Chief Investment Officer of Bitwise Asset Management, confirmed that minimal amendments suggest imminent approval. The approval of a spot Ethereum ETF is expected to have a major impact on the Ethereum market and the broader cryptocurrency industry. It could drive remarkable inflows of institutional and…
Filed under: News - @ July 15, 2024 4:06 am