As an experienced financial analyst, I have closely monitored the cryptocurrency market for years. Peter Schiff’s opinion on the potential bearish impact of approved Ethereum ETFs on Bitcoin is noteworthy but deserves a cautious interpretation. Schiff’s perspective is based on the assumption that investors who allocate funds to crypto will not increase their allocation to buy Ether with the money moving into Ethereum ETFs instead.
Expert: Peter Schiff, known as a “gold bug,” has cautioned Bitcoin supporters that the imminent acceptance of Ethereum spot ETFs could negatively impact Bitcoin.
Based on Schiff’s perspective, the majority of funds flowing into the Ethereum ETF are anticipated to originate from earlier this year’s Ethereum spot ETFs, which received significant attention. As for investors who have already allocated resources to cryptocurrency, they are unlikely to boost that allocation by purchasing Ether through this new ETF.
From my perspective as a researcher, U.Today announced that the U.S. Securities and Exchange Commission (SEC) unexpectedly changed course and is now considering spot Ethereum Exchange Traded Funds (ETFs), contrary to earlier expectations of rejection.
Fidelity has recently updated its S-1 registration document, removing the section pertaining to staking rewards.
Ethereum’s price has experienced a significant surge, rising approximately 23% within the last 24 hours. Previously, Ethereum surpassed Mastercard in terms of market capitalization earlier today.
For comparison, Bitcoin saw a relatively modest 6% price spike over the same time period.
The price increase of 16% for the ETH–BTC pair in the last 24 hours, as traded on Bitstamp, follows its reaching a new 2024 minimum on April 16th.
As a researcher studying the cryptocurrency market, I initially hypothesized that the rejection of Ethereum ETF proposals could potentially drive more investments towards Bitcoin. However, recent developments suggest that Ethereum might be stealing some of Bitcoin’s thunder instead.
Over the past week, Bitcoin ETFs have recorded steady inflows totaling more than $1 billion.
$8,000 this year?
Based on the prediction of Standard Chartered, a global banking institution based in the UK, the value of Ethereum may reach up to $8,000.
The bank estimates that potential Ethereum ETF approvals may draw in approximately $150,000 in investments.
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2024-05-21 18:39