ETH jumped 20% to $3,700 after the SEC asked institutions filing for an Ethereum spot ETF for additional information.
On the morning of May 21 (Vietnam time), the US Securities Commission (SEC) requested those submitting applications to establish an Ethereum spot ETF to submit additional 19b-4 documents. This is the SEC's first positive move on the prospect of approving an Ethereum ETF after many long months of silence.
Form 19b-4 is filed to notify the SEC of changes to the ETF proposal and is one of the documents required to proceed with approval.
In response to the latest developments, Bloomberg ETF analysts Eric Balchunas and James Seyffart raised the probability of an Ethereum spot ETF being approved this week from 25% to a whopping 75%, citing the SEC's ongoing Regulatory pressure requires a change in attitude towards ETH.
May 23 is the first deadline for the SEC to approve or reject VanEck and ARK Invest's Ethereum ETF proposal. However, the general sentiment of investors before that was very low, partly because the SEC had no constructive dialogue with ETF initiators, unlike the pre-ETF Bitcoin spot period, partly another is because of the anti-ETH stance of SEC Chairman Gary Gensler, who has recently targeted many companies in the Ethereum ecosystem such as Uniswap and Consensys, as well as being continuously vague on the question of securities classification for ETH coin.
ETH price has reacted extremely positively to the above rapid changes. The world's second largest cryptocurrency has climbed 20% in the past 6 hours, up from 3.150 USD to 3,720 USD - the highest price since early April.
Bitcoin (BTC) price also skyrocketed 7% to nearly 72k USD, supporting the recovery momentum of the whole market, signaling another day of strong inflow from BTC ETFs and extending the series of consecutive days of inflows. Continue to number 6.
Is it possible that this weekend BTC will reach 74k and ETH will reach 4k?
