The crypto world is ready to mark today in history as the day when the SEC will approve or deny 19b-4 form for Ethereum ETFs. Analysts are positive that ETF approval will happen today, considering how approval was granted for Bitcoin ETFs. According to a source, discussions on S-1 forms have already begun.
Ether has marked an upswing of 60% in 2024 so far. This has triggered a wave of optimism among investors. Adding to this is the factor of Spot Ether ETF approval. The US SEC is expected to approve two crucial applications by the end of this week.
It was earlier noticed that the engagement between applicants and the agency was cold; however, they have likely surpassed that emotion to come to a conclusion—delivering Ether holders good news they have been waiting for a long time.
ETH jumped 13.8% on Monday after marking an 8% surge to reach the benchmark of $3,780. This comes at a time when Bitcoin is rallying at around $69,000, potentially setting the stage for a new ATH in the next couple of weeks.
Investors are betting on Ethereum in speculation that approval is on the horizon to mark an upward movement. The trajectory could yield substantial returns for traders and investors. However, ETH could follow the same trend as BTC. There were considerable swings before Bitcoin settled at a peak point.
The price of ETH is currently $3,759.73, up 0.035 in the past 24 hours and 24.62% in the past 7 days. It further reflects a jump of 17.94% in the last 30 days. At the time of writing this article, there was a slight decline in market cap of 0.08%, but there was a massive dip in 24-hour trading volume of 29.76%. Ethereum is effectively testing its resistance at $3,700 before rebounding to $4,000.
Currently, the SEC has requested Nasdaq, NYSE, and CBOE to perform fine-tuning. The fate of nine applications is hanging by the thread. VanEck and ARK are expected to have their moment on May 23 and May 24, 2024, respectively. Industry experts have said that they don’t necessarily expect outright approval, but any kind of guidance on a pathway to eventually getting acceptance would be helpful.
Platforms have submitted revised submissions.
Approval of applications may not trigger trades instantly, but it will instill a sense of confidence by giving directions for the future. It could take 60 days or several months before traders and inventors can access the products listed on platforms.
Concerns over market manipulation led to the rejection of the Bitcoin ETF for almost a decade. Its approval has generated a renewed interest in the trading market, flooding it with inflows from retailers and institutional traders.
That said, Bitcoin is closer to surpassing the milestone of $70,000. At $69,395.63, it has experienced a decrease of 0.71% in the past 24 hours and an increase of 5.29% in the past 7 days. By the end of the first half of this year, we expect it to mark a new ATH of more than $74,000.