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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/sec-boosts-hopes-for-spot-ethereum-etf-approval/" data-wpel-link="internal">SEC Boosts Hopes for Spot Ethereum ETF Approval</a><br></p>
<p class="p1" style="text-align: justify">During a period when the Securities and Exchange Commission’s political pressure increased hopes for spot <a href="https://en.coin-turk.com/crypto-analyst-donalt-forecasts-a-potential-breakout-for-ethereum/" data-wpel-link="internal">Ethereum</a> ETF approval, it was claimed that the process for spot Ethereum ETF funds had begun. The New York Attorney General reached a $2 billion agreement with the crypto company Genesis. According to researcher Markus Thielen, Bitcoin might be on the verge of a significant price increase. Here are three important developments that marked the last 24 hours.</p> 
<h2 class="p1" style="text-align: justify" id="major-step-for-ethereum-etf-funds">Major Step for Ethereum ETF Funds</h2> 
<p class="p1" style="text-align: justify">Crypto bulls speculated on the approval of a spot Ethereum exchange-traded fund after reports emerged that the Securities and Exchange Commission, likely due to political pressure, asked ETF exchanges to update their 19b- filings following steps taken towards Ethereum ETF funds.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-353886" src="https://coin-turk.com/wp-content/uploads/2024/05/pomp-1.webp" alt="" width="500" height="190"></p> 
<p class="p1" style="text-align: justify">According to CoinGecko <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, the price of Ethereum increased by 19.4% in the last 24 hours and is currently trading at $3,685. This is the highest price seen since April 9.</p> 
<h2 class="p1" style="text-align: justify" id="significant-development-in-genesis-case">Significant Development in Genesis Case</h2> 
<p class="p1" style="text-align: justify">New York Attorney General Letitia James announced that her office had completed a $2 billion agreement with the crypto company Genesis. According to the May 20 announcement, the New York AG stated that the agreement was approved by a bankruptcy court. As part of the agreement, funds will be returned to Genesis <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>, and the company will be banned from operating in New York.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-353884" src="https://coin-turk.com/wp-content/uploads/2024/05/ny-ag.jpg" alt="" width="500" height="347"></p> 
<p class="p1" style="text-align: justify">According to James, Genesis was lying about the investment of $1.1 billion through its Genesis Earn program and deceiving investors. Genesis’s interim CEO Derar Islim commented:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“Throughout this process, our goal was to maximize value for all creditors, and we are pleased that the court has approved both our bankruptcy plan and the NYAG settlement agreement.”</p> 
</blockquote> 
<h2 class="p1" style="text-align: justify" id="notable-comment-on-bitcoin">Notable Comment on Bitcoin</h2> 
<p class="p1" style="text-align: justify">If Bitcoin’s price manages to rise decisively above the critical $67,500 level, it could start climbing towards all-time highs. According to a May 20 report by Thielen, head of research at 10x Research, the $67,500 level serves as a significant resistance line for Bitcoin and could determine price movement in the coming weeks. Thielen wrote:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“A scenario predicted by our Bitcoin ETF model suggests that a breakout above $67,500 could potentially lead to all-time highs.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify">The predictions came after Bitcoin showed a significant recovery above the psychological level of $66,000. According to TradingView, the world’s first cryptocurrency increased by over 7.3% last week.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/sec-boosts-hopes-for-spot-ethereum-etf-approval/" data-wpel-link="internal">SEC Boosts Hopes for Spot Ethereum ETF Approval</a></h5>

SEC Boosts Hopes for Spot Ethereum ETF Approval

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