Ethereum

Bank

Standard

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/standard-chartered-expects-sec-to-approve-ethereum-etfs-this-week/" data-wpel-link="internal">Standard Chartered Expects SEC to Approve Ethereum ETFs This Week</a><br></p>
<p style="text-align: justify"><strong>Cryptocurrency</strong> <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> is experiencing excitement over spot <a href="https://en.coin-turk.com/ethereum-bulls-make-a-comeback/" data-wpel-link="internal">Ethereum</a> ETFs similar to Bitcoin ETFs in January. The first round of approval dates for VanEck on May 23 and Ark Invest/21Shares on May 24 is rapidly approaching. As this date nears, major bank Standard Chartered announced it expects the US Securities and Exchange Commission to approve Ether ETFs this week.</p> 
<h2 style="text-align: justify" id="what-does-the-bank-expect-if-approval-comes">What Does the Bank Expect If Approval Comes?</h2> 
<p style="text-align: justify">Standard Chartered Bank FX Research and Digital Assets Research Head Geoff Kendrick said, “Post-approval, we expect spot Ethereum ETFs to attract 2.39-9.15 million <strong>Ethereum</strong> in the first 12 months. This translates to approximately 15 billion to 45 billion dollars.” </p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-354042 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/ethereum-4.jpg" alt="" width="740" height="415"></p> 
<p style="text-align: justify">Kendrick also stated, “This is similar to our estimates for <strong>Bitcoin ETFs</strong> in terms of market value ratio. Our approach shows our predictions are accurate.”</p> 
<h2 style="text-align: justify" id="year-end-target-for-ethereum-is-8-000">Year-End Target for Ethereum is $8,000</h2> 
<p style="text-align: justify"><strong>Kendrick</strong> indicated that if spot Ethereum ETFs are approved this week, the cryptocurrency Ethereum could keep up with Bitcoin and maintain the current 5.4% price increase throughout 2024. Kendrick said, “Considering Bitcoin will reach $150,000 by the end of 2024, this means Ethereum will rise to $8,000.”</p> 
<p style="text-align: justify">The analyst also highlighted that Standard Chartered predicts Bitcoin will reach $200,000 by the end of 2025, which would mean Ethereum would rise to $14,000. This forecast reiterates the bank’s price target for Ethereum set in March.</p> 
<h2 style="text-align: justify" id="sec-requested-amended-filings">SEC Requested Amended Filings</h2> 
<p style="text-align: justify"><strong>SEC</strong> indicated potential progress in the approval process by requesting updated 19b-4 filings for spot ETH ETFs by this week’s deadlines. However, approval is not guaranteed. Fidelity submitted the filing as requested by the SEC today.</p> 
<p style="text-align: justify">Bloomberg ETF analysts James Seyffart and Eric Balchunas noted that the likelihood of the SEC approving such a product has increased from 25% to 75%. The price of Ethereum, the leader of altcoins in the cryptocurrency world, rose over 21% in the last 24 hours to $3,719.</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/standard-chartered-expects-sec-to-approve-ethereum-etfs-this-week/" data-wpel-link="internal">Standard Chartered Expects SEC to Approve Ethereum ETFs This Week</a></h5>

Standard Chartered Expects SEC to Approve Ethereum ETFs This Week

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