Cryptocurrency Market Sees Massive Surge Amid Speculation of Ether ETF Approval
The cryptocurrency market witnessed a significant surge on Monday, with Ether, the native cryptocurrency of the Ethereum blockchain, leading the charge. The price of Ether skyrocketed to $3,650, a massive 17.5% increase over the past 24 hours. This upward trend was not limited to Ether, as other major cryptocurrencies such as Bitcoin, Dogecoin, and Binance’s BNB also saw significant gains.
Cryptocurrency market surges amid speculation of Ether ETF approval
The boost in cryptocurrency prices comes amid speculation that Ether exchange-traded funds (ETFs) may soon receive regulatory approval. The U.S. Securities and Exchange Commission (SEC) has reportedly asked exchanges looking to list Ether ETFs to update or refile regulatory documents called Form 19b-4. These filings are usually made to request the SEC to amend its rules to allow a new type of exchange-traded fund.
“The SEC sought these filings to be made on an accelerated basis, and the regulator may approve these applications by Thursday.” - CoinDesk
Bloomberg analysts James Seyffart and Eric Balchunas have raised their odds of a spot Ether ETF approval to 75%, up from an earlier 25%. This increased optimism has led to a surge in cryptocurrency prices, with many investors hoping to capitalize on the potential approval of Ether ETFs.
Odds of Ether ETF approval increase to 75%
The potential approval of Ether ETFs could be a significant milestone for the cryptocurrency market, providing investors with a new way to access the market. With the SEC’s decision expected soon, investors are eagerly waiting to see how this will impact the market.
Cryptocurrency market awaits SEC’s decision on Ether ETFs
In conclusion, the cryptocurrency market has witnessed a significant surge amid speculation of Ether ETF approval. With the SEC’s decision expected soon, investors are eagerly waiting to see how this will impact the market. Will the approval of Ether ETFs lead to a new wave of investment in the cryptocurrency market? Only time will tell.
