Ethereum

Rise

Signs are emerging that SEC may be inclined to approve spot Ethereum exchange-traded funds (ETFs), which is something that has set the crypto world on fire.&nbsp; 
According to a recent report, SEC is requesting crypto exchanges to speed up their rule change proposals in an effort to hasten a potential approval. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 SEC ASKS EXCHANGES TO UPDATE 19B-4 FILINGS ON AN ACCELERATED BASIS FOR SPOT ETHER ETFS: COINDESK Source: DB | Coins: ETH— db (@tier10k) <a href="https://twitter.com/tier10k/status/1792655223103566116?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 20, 2024</a>
 </blockquote> 
 </div>
</figure> 
However, while this does not mean that ETF will be approved, it has increased hopes. According to CoinMarketCap data, Ether (ETH) witnessed a considerable surge of 16% within the last 24 hours only. It currently trades above $3,600 hence making it one of the highest levels since September 2022 for this second-largest cryptocurrency by market cap. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/s4XRwIKlxMEaTzZhGc0Wi543YGgE8_ppNNOdn_b6S45I6t_zjeIxFgLJpiKMkMXb_V7_1iazhakZwSzAQZbsy0SMVZ6fw8CbxxMFi_m-IAKeGnb41Pug3oTvvRiYzxHhw_TaYtjDUhuA5ms7I_-Gpiw" alt="s4XRwIKlxMEaTzZhGc0Wi543YGgE8 ppNNOdn b6S45I6t zjeIxFgLJpiKMkMXb V7 1iazhakZwSzAQZbsy0SMVZ6fw8CbxxMFi m IAKeGnb41Pug3oTvvRiYzxHhw TaYtjDUhuA5ms7I Gpiw">
 <figcaption class="wp-element-caption">
 Image Source: <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener">CoinMarketCap</a>
 </figcaption>
</figure> 
Additionally, Bloomberg Intelligence analyst, Eric Balchunas has raised his chances for approving a spot Ether ETF from 25% to 75%, due to a shift perceived in SEC attitude towards the demand. The attention has shifted to VanEck as it is just days away from May 23rd when its fate will be known with respect to the SEC’s verdict. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Update: <a href="https://twitter.com/JSeyff?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@JSeyff</a> 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… <a href="https://t.co/gcxgYHz3om" target="_blank">https://t.co/gcxgYHz3om</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1792636523050906102?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 20, 2024</a>
 </blockquote> 
 </div>
</figure> 
However, this depends on whether or not the regulatory agency sees Ether as a security or commodity. This began after ether moved from proof-of-work consensus to proof-of-stake protocol last year. Approval could result in a floodgate of other cryptocurrency ETFs being launched into the crypto market. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/20/sec-approval-for-spot-ethereum-etfs-depends-on-19b-4-filings/">SEC Approval for Spot Ethereum ETFs Depends on 19b-4 Filings</a> 
</blockquote>

Ether Soars 16% as Odds of SEC Approving ETFs Rise to 75%

The Crypto Times

Other articles published on May 20, 2024

Bitcoin Surpasses $67,000 with Strong Gains

Top Analyst Flips Bearish on Pepe (PEPE), Warns Popular Memecoins Will Witness Over 80% Correction

Brazil Central Bank Set to Revolutionize Crypto Industry Regulation

UK AI Safety Institute ventures across the pond with new US location

What’s Happening With Cardano (ADA) And Option2Trade (O2T) Pushing Past 28% in Realisable Profits?

ChainGPT partners with Skale

Join our free newsletter for daily crypto updates!