Ethereum price could rise to $4,500 even before the launch of spot cryptocurrency ETFs. This opinion was expressed by the founder and CEO of DeFiance Capital, Arthur Cheong.
4.5k before spot ETF go live for trading imo.
— Arthur (@Arthur_0x) May 26, 2024
On May 23, the US Securities and Exchange Commission (SEC) approved 19b-4 filings from issuers of Ethereum-based spot exchange-traded funds. In anticipation of approval, the ether rate jumped to $3,900, but then corrected to levels around $3,650.
At the time of writing, the price of the coin has returned to above $3900 (CoinGecko).
Ethereum-ETFs will be able to trade only after the SEC signs statements on Form S-1. That could take “weeks or months,” according to Bloomberg stock analyst James Seyffarth.
A quick note, @EricBalchunas and increased odds to 75% for spot #Ethereum ETF approvals. But that's for the 19b-4 May 23rd deadline (@vaneck_us's deadline) We also need S-1 approvals. It could be weeks to months before we see S-1 approvals and thus a live Eth ETF h/t @NateGeraci
— James Seyffart (@JSeyff) May 20, 2024
JPMorgan called the regulatory approval of spot Ethereum-ETFs a political decision ahead of the US presidential election.
MicroStrategy founder Michael Saylor saw benefits for Bitcoin in launching ETH exchange-traded funds.
Standard Chartered's head of research Jeffrey Kendrick has forecast a new milestone for crypto ETFs in 2025. In his opinion, SOL and XRP are next in line.
Matrixport co-founder Daniel Yang also named Solana as a new contender to launch exchange-traded funds.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
