As a researcher with a background in cryptocurrencies and financial markets, I find the recent developments surrounding Ethereum ETF approval by the U.S. SEC particularly intriguing. Based on my analysis of the available information, I believe that we are on the cusp of a significant breakthrough for Ethereum investors.
As the anticipated decision on Ethereum ETF approval by the U.S. SEC garners significant attention, experts estimate a strong likelihood of approval in the current month. Matrixport, a leading crypto financial services firm, posits that the SEC could give its nod to an Ether ETF as early as this week due to the approaching deadline for modified S-1 filings on Monday.
Ethereum ETF Approval Likely This Week
As an analyst, I’m excited to share some recent developments in the cryptocurrency world. On July 8, Matrixport announced that it’s expecting the Securities and Exchange Commission (SEC) to approve an Ether Exchange-Traded Fund (ETF) this week. This means that investors in the United States will soon have access to a financial product that tracks the spot price of Ethereum, providing another way for them to gain exposure to this popular cryptocurrency.
As a crypto investor, I’ve noticed that Matrixport anticipates rapid advancements similar to May, when the Securities and Exchange Commission (SEC) unexpectedly requested revisions from Ethereum spot ETF applicants. Following their 19b-4 filings, the SEC quickly approved these applications within just three days. The holdup in processing the S-1 applications might be due to the July 4 holiday and the extended weekend.
According to CoinGape’s report, the SEC postponed the Ethereum ETF’s launch by making some remarks, moving the S-1 filing deadline to July 8. Nate Geraci, president of ETFstore, mentioned that the recent revisions in the S-1 document were minor and anticipates that Ethereum ETFs will begin trading within the next two weeks.
The securities regulatory body in the United States, the SEC, is expected to receive S-1 filings from BlackRock, Fidelity, Grayscale, Hashdex, VanEck, and Invesco in the near future.
ETH Price To Witness Massive Rally?
Matrixport anticipates that Ethereum’s price will bounce back to around $3,400 following the SEC’s approval. This prediction is founded on historical data showing a nearly 12% surge in ETH‘s value after the SEC gave the green light for similar filings in the past.
Bernstein, a leading asset manager with $725 billion under management, previously predicted that Ethereum’s long-term price could reach as high as $6,600. This estimation was made in anticipation of the Securities and Exchange Commission (SEC) approving spot Ethereum Exchange Traded Funds (ETFs). The analysts at Bernstein draw a comparison to Bitcoin, which experienced a 75% surge in value following its ETF approval in January 2018. They expect a similar price reaction for Ethereum if and when an ETH ETF is approved.
In the past 24 hours, the price of Ethereum climbed by 2%, reaching a current value of $3,068. The low and high points of trading within this period were $2,826 and $3,090 respectively. Moreover, there has been a significant surge in trading activity, with a 57% increase in volume compared to the previous day, signaling heightened investor attention.
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2024-07-08 13:17