Ethereum ETFs could get the green light this week, says Standard Chartered—and both Bitcoin and Ethereum will set new high prices as a result.
Ethereum (ETH) exchange-traded funds will get approval from the Securities and Exchange Commission this week, Standard Chartered believes—and the prices of both ETH and Bitcoin (BTC) will rocket upwards as a result.
The British multinational bank’s digital assets researcher Geoff Kendrick wrote Tuesday that if the SEC approves ETH exchange-traded funds (ETFs) on Thursday, as expected, the price of the asset could rocket—and hit $8,000 by the end of the year.
ETH is currently trading at $3,770, according to CoinGecko, having shot up 22% in 24 hours after rumors swirled yesterday that a spot Ethereum ETF could hit the U.S. market sooner rather than later.
But the price of ETH isn’t the only thing that could benefit: Kendrick added that Bitcoin could face big upwards pressure, too. “The ETH news, if correct, comes at an opportune moment for BTC,
An ETH ETF approval will further legitimize the sector and therefore be BTC-positive as well,” he continued, adding that he “would expect a fresh all-time high in BTC by the weekend.”
BTC’s price now stands at $70,314 per coin. It touched an all-time high of $73,737 in March, but had remained well below the $70,000 mark for much of the last month.
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