As a seasoned crypto investor with a few battle scars on my portfolio, I’ve learned to keep an ear to the ground and adapt quickly to market shifts. The recent surge in Ethereum’s price and market capitalization, surpassing that of Mastercard, has left me both excited and cautious.
As a market analyst, I can share that Ethereum, the cryptocurrency ranked second in size, has recently outpaced Mastercard in terms of market capitalization. Ethereum’s market cap now stands at approximately $440 billion, while Mastercard’s is around $427 billion.
As a researcher studying the regulatory landscape of cryptocurrencies, I’ve noticed an intriguing development. Previously, it seemed that the United States Securities and Exchange Commission (SEC) was leaning towards approving applications for spot Ethereum exchange-traded funds (ETFs). However, more recently, there have been signs pointing to a potential reversal of this stance by the SEC.
Based on recent developments, I, as a researcher, have revised my previous estimation of a 25% approval odds for VanEck’s ETF filing with the Securities and Exchange Commission (SEC). Following reports from U.Today, Bloomberg analysts have raised their assessment to a 75% likelihood of approval. This shift in perspective is due to emerging information suggesting that the SEC may be reconsidering its position on Bitcoin exchange-traded funds (ETFs) more rapidly than anticipated. Just a few days prior, the general consensus was that VanEck’s filing would likely face rejection due to insufficient engagement from regulatory bodies.
Based on information from Eric Balchunas, Bloomberg’s lead ETF analyst, the Securities and Exchange Commission (SEC) has reportedly requested exchanges to make prompt modifications to their 19b-4 filings. An Ethereum ETF could potentially secure SEC approval as early as this week, on a Wednesday.
Alex Thorn, the research chief at Galaxy Digital, posits that the Securities and Exchange Commission (SEC) would distinguish between the underlying Ethereum cryptocurrency and staked Ether as non-securities and securities, respectively. This perspective aligns with the SEC’s past court rulings and investigation findings, potentially enabling the approval of Ethereum Exchange Traded Funds (ETFs) while upholding their existing arguments.
According to data from CoinGecko, the largest altcoin experienced a substantial increase in price by up to 16.2% within the last 24 hours. Meanwhile, Bitcoin’s price grew approximately 6%, reaching a peak of $71,650 earlier today.
ETH is still down 25.4% from its all-time high of $4,878 which was achieved two years ago.
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2024-05-21 09:16