The price of Ethereum (ETH) saw a significant 10% surge, rising to $1,700.
According to Bloomberg: Ethereum futures ETF likely to be approved
The price of Ethereum (ETH) saw a significant 10% surge, rising to $1,700, in response to news that the U.S. Securities and Exchange Commission (SEC) plans to allow the creation of exchange-traded funds (ETFs) based on Ether Futures.
Nearly twelve organizations, including ProShares, Volatility Shares, Bitwise and Roundhill, have recently submitted applications to offer Ether futures ETFs. The SEC is apparently not expected to reject any of these applications.
Some filings may receive approval as early as October, according to officials, though the precise approved applications are still unknown. Eric Balchunas, a Bloomberg ETF analyst, remarked that the SEC's decision to allow ether futures ETFs wasn't unexpected and that it shows how the regulator's views on various financial products have evolved over time.
Since late July, the SEC has received over 12 applications for ether futures exchange-traded funds (ETFs). Following the release of this information, Ether's price saw a strong market sell-off earlier but later recovered by 10% to cross the $1,700 mark momentarily.