Ethereum

Rocket

Galaxy

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-surpasses-mastercard-in-market-value/" data-wpel-link="internal">Ethereum Surpasses Mastercard in Market Value</a> 
The second-largest cryptocurrency by <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> value, <a href="https://en.coin-turk.com/ethereums-price-growth-anticipated-in-2024/" data-wpel-link="internal">Ethereum</a> (ETH), surpassed Mastercard’s $427 billion market value with its own $440 billion market value. Ethereum thus left the payment giant Mastercard behind. This milestone came after expectations increased regarding the potential approval of a spot Ethereum exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). 
<h2 style="text-align: justify" id="strong-sec-expected-to-approve-spot-ethereum-etfs-strong">SEC Expected to Approve Spot Ethereum ETFs</h2> 
The SEC recently appeared to reverse its stance on approving spot Ethereum ETF <a href="https://newslinker.co/category/mobile/" target="_blank" rel="noopener" data-wpel-link="exclude">applications</a>. Bloomberg analysts, who previously estimated a 25% chance of approval, have now raised this to 75%. This reassessment stems from indications that the SEC has rapidly changed its position, leading to a significant shift in market sentiment. Just a few days ago, there was a general belief that VanEck’s ETF application would be rejected due to a lack of interaction with the SEC. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-353227" src="https://coin-turk.com/wp-content/uploads/2024/05/ETH-ETF-23-24-Mayis.jpg" alt="" width="904" height="286"> 
Bloomberg’s senior ETF analyst Eric Balchunas noted that the SEC asked exchanges to immediately update their 19b-4 applications, potentially paving the way for spot Ethereum ETF approval as early as this Wednesday. This acceleration by the SEC has fueled optimism in the market, contributing to the recent rise in ETH’s price. 
Alex Thorn, head of research at Galaxy Digital, suggested that the SEC’s potential approval of a spot Ethereum ETF could depend on distinguishing between Ethereum and staked ETH. Thorn believes the SEC might consider Ethereum as a non-security asset while classifying staked ETH as a security. This approach would align with the SEC’s ongoing legal positions and investigations, paving the way for approval without contradicting previous statements and arguments regarding spot Ethereum ETFs. 
<h2 style="text-align: justify" id="strong-eth-ignites-the-rocket-strong">ETH Ignites the Rocket</h2> 
Following these developments, according to data and price platform CoinGecko, ETH‘s price rose by 16.2% in the last 24 hours. The largest cryptocurrency Bitcoin (BTC) also increased by 6% during the same period, reaching up to $71,650 earlier today. These price movements reflect growing investor confidence and excitement about the potential regulatory approval of spot Ethereum ETFs. 
Despite the recent price surge, ETH remains 25.4% below its all-time high (ATH) of $4,878 reached two years ago. However, the current momentum and positive market sentiment suggest that ETH could continue to gain value, especially if the SEC approves the ETF applications. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-surpasses-mastercard-in-market-value/" data-wpel-link="internal">Ethereum Surpasses Mastercard in Market Value</a></h5>

Ethereum Surpasses Mastercard in Market Value

Table of Contents

COINTURK NEWS

Other articles published on May 21, 2024

US House of Representatives to Vote on 'Decentralization Law': Details

Altcoins That Could Outperform Bitcoin in 2024

SEC Indicates to Exchanges a Likely Approval for Spot Ethereum ETFs, Listings Expected This Week:...

Raoul Pal On Ethereum Price: ETF To Create a ‘Banana Zone Squared’

House Democrats Granted Freedom to Decide Votes on Pro-Crypto Bills

Gala Games Hit by $23 Million Token Exploit Due to ‘Messed Up’ Internal Controls

Join our free newsletter for daily crypto updates!