As the broader digital currency ecosystem awaits the decision on spot Ethereum ETF this week, Bloomberg Senior ETF Analysts Eric Balchunas and James Seyffart have increased their approval odds from 25% to 75%.
Spot Ethereum ETF Might Be a Reality
While there are still no 100% guarantees as it stands, the ETF Analysts are confident that the new insights suggest the United States Securities and Exchange Commission (SEC) might do a complete 180 with respect to approvals.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied). See… https://t.co/gcxgYHz3om
— Eric Balchunas (@EricBalchunas) May 20, 2024
According to Balchunas, this new update might be linked to a political shift or considering. Considerably, the polity in the United States is not favoring President Joe Biden per his administration’s anti-crypto rhetoric through the SEC. In the campaign season thus far, former President Donald Trump has remained in the spotlight, with many crypto personalities rallying behind him.
While the details appears unclear at this time, the change in stance will prove to be highly beneficial for the crypto industry. As Balchunas noted, everyone who had expected a disapproval is now scrambling for what comes next.
Per the order of events, Nate Geraci, the President of the ETF Store highlighted that both the 19b-4 and S-1 applications need to be approved before any spot Ethereum ETF can go live. According to him, the markets regulator may approve 19b-4s but slow pace the approval for S-1s. This, he noted might gain traction riding on its lack of engagements with key stakeholders.
With VanEck and Ark 21Shares approval deadline slated for this week, it remains to be seen how events will unfold.
Market Reaction to the News
The market is reacting wildly to the spot Ethereum ETF approval odds surge with the price of ETH soaring 11.87% to $3,436.91. This price mark is the best the coin is recording since April 10.
Bitcoin (BTC) also rode the train with its price breaching the $70,000 mark to atop a 6.6% surge in 24 hours. Other altcoins are riding the train, setting the broader market on a path of revival. Market analysts like Ansem foresaw this trend and predicted that the price of Bitcoin and Solana will return to their All-Time Highs (ATHs) son.
Some market observers are refusing to believe the odds change, however, Seyffart and Fox Business Journalist Eleanor Terrett have confirmed the trend changes.
Read More: Toncoin Price Forecast Hints a Risk of 25% Fall Amid Emerging Double Top Pattern
The post Spot Ethereum ETF: Bloomberg Analysts Raise Approval Odds To 75% appeared first on CoinGape.
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