Ethereum price rose 8% due to rumors of ETF approval
Ethereum has outpaced the rest of the crypto market in growth. The ETH cryptocurrency rate increased by 8% per day. This is associated with rumors about the possible approval of spot ETH ETFs.
The Ethereum (ETH) rate immediately increased by 8% per day. The current figure is slightly lower – 5%, and prices remain close to $3,600. This is above the average growth rate in the crypto segment. The rise of ether is associated with rumors about the upcoming decision of the US Securities Commission. Observers are speculating that the SEC will approve applications for spot Ethereum ETFs in May.
New impetus to the rumors was given by Edward Chin, co-founder of the hedge fund Parataxis Capital. He noted that the ETH ETF issuers met with the Commission. Applications to launch spot ETFs providing access to ether were submitted by Fidelity and BlackRock. These funds dominate the US spot Bitcoin ETF market.
At the same time, Bloomberg observers James Seyffart and Eric Balchunas estimate the chances of approval of the ETH ETF at 25%.
In general, the United States has not been a leader in the adoption of such instruments. The world's first Ethereum ETF was launched on the Toronto Stock Exchange (Canada) in 2021.
