In a surprising turn of events, the United States Securities and Exchange Commission (SEC) has changed its stance on spot Ethereum (ETH) exchange-traded funds (ETFs). After hinting at potential rejections last month, the SEC commissioners, led by Gary Gensler, will now vote on VanEck’s spot Ether ETFs this Thursday.
Here’s what you must know.
On Monday, the SEC asked cryptocurrency exchanges to update their 19b-4 filings, a move seen by the industry as encouraging.
Bloomberg ETF analysts, led by James Seyffart, noted that the chances of the SEC approving spot Ether ETFs have jumped from 25 percent to 75 percent. David Han, a research analyst for Coinbase Institutional, shared this optimism, pointing out that the growing demand for Ethereum is hard for regulators to ignore.
After the news of a possible SEC approval, the total cryptocurrency market cap surged by over 8 percent, reaching about $2.73 trillion on Tuesday. Bitcoin (BTC) and Ethereum led this market recovery.
Bitcoin’s price climbed more than 7 percent in the past 24 hours, trading above $70k for the first time in seven weeks. Ether saw a remarkable 20 percent increase, trading around $3,671 during the early Asian session on Tuesday.
The excitement around spot Ether ETFs has also attracted whale investors, suggesting a bullish breakout for many altcoins.
Market intelligence platform Santiment highlighted that Ethereum-based web3 projects, such as Optimism (OP), Polygon (MATIC), Arbitrum (ARB), Lido DAO (LDO), Uniswap (UNI), and Pepe (PEPE), are likely to see further gains if the SEC approves spot Ether ETFs.
In addition to Ethereum-based projects, other altcoins are showing strong bullish potential. Chiliz (CHZ), Bonk (BONK), and Shiba Inu (SHIB) are among the top performers drawing significant investor interest.
As the SEC’s decision approaches, the crypto market is buzzing with anticipation, ready for a potential major upswing.
Imagine the possibilities if the SEC opens the door for a wave of spot Ether ETFs! We’re excited – are you?!
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