The US Securities and Exchange Commission (SEC) has approved 11 spot Bitcoin (BTC) Exchange Traded Funds (ETFs) on January 10, 2024. This decision marks a significant milestone for the cryptocurrency industry. The focus now shifts to a spot Ethereum (ETH) ETF.
Bloomberg ETF analyst Eric Balchunas predicts a 70% chance of the SEC approving an Ethereum (ETH) ETF by May 2024. He believes that the fate of the Ether spot is closely tied to that of the Bitcoin spot. Despite his previous caution about a spot Bitcoin (BTC) ETF, Balchunas has since become optimistic about an ETH ETF and its high approval chances.
However, digital asset lawyer Joe Carlasare thinks that while a spot ETH ETF will likely receive SEC approval, it might take longer than anticipated. Several firms, including BlackRock, VanEck, 21Shares & ARK, and Grayscale, have applied for a spot ETH ETF. The SEC’s first deadline for a decision on a spot ETH ETF in 2024 is May 23.
Following the SEC’s approval, the crypto markets have started to rally, with altcoins leading the surge. Major altcoins have seen double-digit increases in the daily charts, while BTC has rallied less than 1%. The recent spot BTC ETF and a potential spot Ethereum (ETH) ETF could trigger a bull run in the crypto markets, possibly leading ETH to a new all-time high.
Standard Chartered predicts that Ethereum (ETH) could reach $8,000 by 2026 and potentially hit $35,000 in the future.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Eric Balchunas, Joe Carlasare |
| Companies | VanEck, Grayscale, 21Shares & ARK, BlackRock, Standard Chartered, US SEC (Securities and Exchange Commission), Bloomberg |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
