It's official: spot ethereum (ETH) ETF is approved by the SEC after great market expectations; Will the effect be the same as in bitcoin (BTC)?
According to analyst Geoff Kendrick, ethereum should reach the level of US$8,000 by the end of 2024, an increase of practically 100%
Four months after the approval of the first spot bitcoin (BTC) index funds (ETFs), the market is celebrating the same news, but now for ethereum (ETH).
As a result, the cryptocurrency, which became volatile shortly after the announcement, operates at a high this Thursday (23). At around 6:30 pm, ethereum rose 2.59%, quoted at US$3,814.
It is worth remembering that the SEC, the North American CVM, had until today to approve VanEck's ethereum ETF.
Although the approval occurred near the end of the week, the market euphoria began on Monday (20), when companies that had already made requests to the SEC to offer spot ETH ETFs were called to update their registrations and others. documents.
This update was made on Tuesday (21) for ETFs from Franklin Templeton, Fidelity, VanEck, Invesco Galaxy, Ark Invest and 21Shares. In fact, these managers and banks also offer spot bitcoin ETFs.
This caused ethereum prices to rise by more than 30% in the last seven days, bringing ether closer to the psychological level of US$4,000.
