On Friday, we started to see the market recover following the approval of the #ETHETFsApproved similar to what we witnessed when the Btc ETF was approved in January 👀.
Although this news has not yet (currently) reflected in the price, its impact will reach much further and, as I will explain to you today, it will be crucial for the industry 🙌. The $ETH ETF has been approved, and we have passed another significant milestone together. The news has been confirmed by many reliable sources and published on the #SEC 's official website.
It is believed that the approval of the S1 filings and the start of ETF trading will take a few weeks. This process may be somewhat painful and uncertain, but in the long run, we will definitely see the positive effects of this approval. With the #BTC spot ETF approval on January 10th, the BTC price dropped by around 20% within two weeks and then doubled in value without stopping.
The reason for the prolonged suppression of Ethereum and altcoins was the high probability of rejection. As of today, with the ETF being approved, I believe the selling pressure will weaken, and we can expect positive trends in the long term.
Wishing everyone great profits.
