Ethereum in 2024: Between Hope and Reality
2024 is shaping up to be an important month for Ethereum, with a series of events that could potentially impact the cryptocurrency's direction and value. The following is a summary of Ethereum-related issues and events occurring in May 2024.
Ethereum ETF Approval and Its Impact
One of the most eagerly awaited news is the decision of the United States Securities and Exchange Commission (SEC) regarding the approval of Ethereum Exchange-Traded Funds (ETF). The SEC has approved eight Ethereum ETFs, including from well-known investment management companies such as BlackRock and Fidelity. This approval is expected to increase demand and drive the price of Ethereum upwards, providing easier and safer access for institutional and retail investors to invest in Ethereum through regulated ETF products.
Ethereum Price Increase
As a result of the ETF approval, the price of Ethereum experienced a significant increase of 26%, reaching around IDR 63 million. This shows that digital assets like Ethereum have strong fundamentals and promising long-term prospects².
Regulatory and Privacy Challenges
On the other hand, the results of the Tornado Cash case will serve as a reference for regulatory oversight of privacy-focused tools¹. This decision will have a huge impact on the Ethereum ecosystem, especially in terms of transactions and user privacy.
Asia Bitcoin Conference and Its Impact
The Bitcoin Asia conference in Hong Kong is also in the spotlight, potentially having an impact on the crypto market, including Ethereum. This conference is an opportunity for market players to exchange ideas and strategies regarding the future of cryptocurrencies.
Conclusion :
The ETF's approval by the SEC shows greater confidence in Ethereum, while regulatory and privacy challenges remain issues that must be addressed wisely.
DYOR!
