As an experienced financial analyst with a background in traditional markets and a growing interest in the crypto space, I believe Pompliano’s perspective holds significant weight. His personal experience as a successful angel investor and entrepreneur in the Bitcoin community provides him with valuable insights into the crypto market and its potential impact on Wall Street.
Expert: Anthony Pompliano, a well-known angel investor, entrepreneur, and Bitcoin advocate, recently shared his perspective on Twitter regarding the potential consequences of approving an Ethereum Exchange-Traded Fund (ETF).
Currently, based on a recent update, the probability of regulatory approval for Ethereum spot ETFs stands at 75%. However, not every cryptocurrency pundit is optimistic about their imminent approval.
“The last dam to be broken” for crypto
If prominent Bitcoin advocate Pompliano, who holds Bitcoin and has initiated various business endeavors within the crypto sector, tweets that the SEC ultimately approves a positive decision on the Ethereum ETF, this would signify their endorsement of the entire crypto industry.
As a researcher studying the cryptocurrency market, I noted with excitement the long-awaited approval of Bitcoin exchange-traded funds (ETFs) in January. However, I emphasized that Ethereum-based ETFs represent the final barrier to be surmounted for the crypto sector to fully gain acceptance on Wall Street.
If the Ethereum ETF is given the green light, it will mark a significant milestone for the entire industry.
— Pomp 🌪 (@APompliano) May 21, 2024
Multiple organizations, such as Ark Invest, BlackRock, VanEck, and Grayscale (intending to transform their Ethereum Trust into a spot ETF), submitted applications for Ethereum-backed spot funds following the approval of Bitcoin ETFs to commence trading.
Crypto experts have been closely monitoring this development. Opinions among them are divided: some are optimistic that the SEC will give its nod to the ETFs, while others, like Dogecoin co-founder Billy Markus, remain skeptical and believe approval won’t come in 2021. Last week, Markus voiced his perspective through a post on the X platform.
seems unlikely no?
— Shibetoshi Nakamoto (@BillyM2k) May 20, 2024
Odds of ETFs approval surge high, Ethereum soars
Based on a recent tweet from Santiment, the on-chain data aggregator, Bloomberg analysts have revised their outlook on the Ethereum ETF situation and predicted a 75% probability of spot ETFs being approved following previous odds of only 25%.
As a crypto investor, I’ve witnessed a significant surge in Ethereum’s value recently, propelling it past the $3,650 mark for the first time since April 9. At present, Ethereum is being traded at around $3,735, representing a substantial 20.7% price increase. However, it’s essential to keep in mind that there’s a possibility the SEC could classify Ethereum as a security, which might impact its value negatively.
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2024-05-21 16:56