Ethereum: ETF Hopes Drive the Price Up by 20 Percent
According to WirtschaftsWoche, Ethereum has experienced a significant price surge of approximately 20 percent within just one day. The cryptocurrency, which operates on the Ethereum blockchain, recently traded at around $3,670. This sharp increase follows a period of weakness for many cryptocurrencies and is largely attributed to positive signals surrounding Ether ETFs.
The U.S. Securities and Exchange Commission (SEC) had approved Bitcoin ETFs in January, raising expectations that similar approval might soon be granted for Ether index funds as well. On Thursday, the SEC will decide on VanEck's application for an Ether ETF. Reports from U.S. media indicate that the SEC has requested additional information about VanEck’s proposed fund, sparking speculation that approval could be imminent.
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Bloomberg ETF analyst Eric Balchunas has increased his probability estimate for SEC approval from 25% to 75%. If these new crypto ETFs are greenlit, it would mark another milestone following the introduction of Bitcoin ETFs earlier this year.
The Impact of Bitcoin ETFs Explained
Many experts view the approval of Bitcoin ETFs as a major endorsement for the cryptocurrency market. According to Philipp Sandner from Frankfurt School of Finance and Management, "This will take months or even longer but marks Bitcoin's gradual acceptance into mainstream finance." He adds that such financial products make it easier for investors in the USA to invest in Bitcoin through exchange-traded funds (ETFs).
These newly approved financial instruments allow investors to buy shares representing ownership without directly holding Bitcoins themselves—thus simplifying investment processes while potentially increasing demand due to both institutional interest and professionalization efforts across markets worldwide! Read more here.
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