#Write2earn #ETHER PRICES SOAR AMID GROWING HOPES FOR US APPROVAL OF SPOT #ETFS
Crypto prices have surged amid signs the US may approve ETFs that invest directly in Ether, the second-largest cryptocurrency. This has reignited investor enthusiasm, similar to the excitement seen when Bitcoin ETFs were introduced in January, leading to a significant rally.
On Monday, Ether jumped nearly 14%, its largest rise since November 2022, and continued climbing, reaching $3,675 by Tuesday morning in London. Bitcoin also made gains, nearing its all-time high of almost $74,000 set in mid-March.
The US Securities & Exchange Commission (SEC) has contacted at least one exchange and a potential spot-Ether ETF issuer to update their filings, suggesting a higher likelihood of approval. However, approval is not guaranteed.
ETF issuers need to complete 19b-4 filings and receive SEC approval for S-1 registration statements. A decision on at least one spot-Ether ETF application is expected by May 23. The SEC has declined to comment on individual filings.
Social media is buzzing with speculation that the SEC might approve these ETFs, leading traders to quickly adjust their positions. Chris Newhouse, an analyst at Cumberland Labs, noted the sudden shift in trader behavior.
On Monday, Bloomberg Intelligence ETF analysts Eric Balchunas and James Seyffart raised their estimated probability of a spot-Ether ETF approval from 25% to 75%. Initially, fund companies had expected rejection due to limited discussions with the SEC compared to spot-Bitcoin ETFs.he SEC to move more slowly
The SEC, which has been tough on crypto, approved US spot-Bitcoin ETFs reluctantly after a 2023 court ruling. These Bitcoin ETFs, from companies like BlackRock and Fidelity, have accumulated $58.8 billion in assets, marking one of the most successful fund debuts ever.
BlackRock and Fidelity are also looking to launch Ether funds. The digital-asset industry sees ETFs as a way to attract a broader investor base, including retail investors, hedge funds, pension funds, and banks.
