Sunday, June 23, 2024

Ether Price Jumps 18% as Spot ETF Approval Seems Likely.

After months of pessimism, ether surged 18% in a single day on fresh rumors that spot Ether exchange-traded funds (ETFs) would be approved by May 23.

There has been “chatter,” according to Bloomberg ETF analysts James Seyffart and Eric Balchunas, that the SEC (Securities and Exchange Commission) is requesting that applicants expedite their 19b-4 filings.

The two have increased their chances of approval from 25% to 75% as a result.

The odds for an authorized spot Ether ETF on Polymarket, a decentralized betting platform, went from 11% to 54%.

According to CoinGecko, the price of ether is at $3,625 and has increased 16.1% and 18% over the past 24 hours since the news was announced a little over three hours ago.

Days before the SEC votes on VanEck’s spot Ether ETF application on May 23, the news is announced.

Seyffart clarified, nevertheless, that in order for the spot Ether ETFs to go live, authorized 19b-4s need to be accompanied by approved S-1 registration statements.

Even if 19b-4s are authorized this week, he stated that it might take weeks or even months for S-1s to be approved.

However, if our analysis is accurate and these potential clearances are received later this week, It *should* imply that “when,” not “if,” is the determining factor in S-1 approvals.

According to CoinGecko, the prices of Bitcoin BTC $69,881, Solana’s SOL $182, and Dogecoin DOGE $0.17 increased by 5.1%, 8.9%, and 9.2%, respectively, over the previous day.

The only top 100 coins by market capitalization that have surpassed Ether in the past 24 hours are Lido Staked Ether (stETH), Uniswap UNI $9.55, and Lido DAO LDO $2.15, according to CoinGecko.

For the first time since April 11, the total cryptocurrency market has increased by 7.8% in the last day and now exceeds $2.7 trillion in market capitalization.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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