The price of Ethereum surged 20 percent to a six-week high as expectations of approval for U.S.-listed funds rose.
In early trading in Asia on Tuesday, September 21, the price of #MemeWatch2024 hit an intraday high of 3,700 yen. This is the highest since the beginning of the month, when the asset soared to a similar level, dipping below 44.1 after 3,000 weeks.
The massive 20% rise was driven by renewed expectations that the U. S. Securities and Exchange Commission will approve the first VanEck ETH-ETF from May 5-23.
This is the largest 1-hour ETH movement in more than 24 years, which affected the rest of the cryptocurrency markets.
Total market volume for the day rose 8.6% to $2.74 trillion, with #bitcoin approaching an all-time high of $71,600 during trading in Asia on Tuesday morning.
In a post on the X website dated 05/21/2018, bitcoin founder Anthony Pompliano said::::
"If they approve the #MemeWatch2024 #ETF , they will approve the industry as a whole. This is the last dam to be overcome.
The move followed comments from Bloomberg ETF analysts James Seyffarth and Eric Balchunas, who raised the probability of approval by 5.20 percent to 25 percent from 75 percent.
Balchunas said the SEC would like to receive the revised Form 5b-21 by 10 a. m. May 19-4. "It could be approved as early as Wednesday," he said.
10 issuers have filed for the first U. S. Ethereum ETF, including #BlackRock , Fidelity and Grayscale, to try to transform their ECE funds.
The first deadline was VanEck, followed by Ark, announced on 21/24. The revelation was a turnaround from earlier this week, when industry experts predicted that the SEC would delay approval of S-1 filings for new product offerings on U. S. exchanges.
Nate Geraci, president of ETF store, said the interaction between cryptocurrencies and exchange-traded products "continues to be the most exciting thing about asset management right now.
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