Ethereum

Bitcoin Pizza Day

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Impact

Ethereum ETF approval faces significant uncertainty as market conditions worsen. Financial commentator Charles Gasparino recently highlighted potential risks, suggesting that regulatory hurdles could delay or derail the approval process. This development comes as the broader crypto market is experiencing a notable downturn, with both Bitcoin (BTC) and Ethereum (ETH) seeing <a href="https://coingape.com/bitcoin-price-face-potential-correction-if-hits-this-level/" rel="noopener noreferrer nofollow">potential declines</a>.
<h2 id="the-dual-approval-process-and-market-impact">The Dual Approval Process and Market Impact</h2>
Charles stated his view on the <a href="https://coingape.com/tag/ethereum-etf/" rel="noopener noreferrer nofollow">Ethereum ETF</a> approval process, revealing that two approvals are required: one from Trading and Markets (T&amp;M) to trade, and another from either Corporate Finance (Corp Fin) or Investment Management (Inv Mgmt) to issue, depending on the type of issuance.
A regulatory source emphasized that only the T&amp;M approval has a set deadline. While it’s possible to see approvals from T&amp;M, there could still be delays in the issuance approval from Corp Fin or IM. Bernstein analysts Gautam Chhugani and Mahika Sapra estimate that the approval of a spot Ethereum ETF could propel the price of <a href="https://coingape.com/price/ethereum" rel="noopener noreferrer nofollow">Ethereum</a> up by 75% to $6,600. They noted that the SEC’s approval of a similar Bitcoin product in January triggered a 75% rise in Bitcoin prices in the subsequent weeks, anticipating similar effects for Ethereum.
Also Read: <a href="https://coingape.com/trending/bitcoin-pizza-day-best-cryptocurrencies-to-buy-under-the-cost-of-two-pizza/" rel="noopener noreferrer nofollow">Best Cryptocurrencies to Buy This Bitcoin Pizza Day Under The Cost of Two Pizza</a>
<h2 id="market-reactions-and-investor-sentiment">Market Reactions and Investor Sentiment</h2>
In the wake of the Ethereum ETF frenzy, <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/ETH">open interest</a> in the ETH futures market surged from $11.25 billion to $14.87 billion, marking a 24.3% increase in just three days. This rise in open interest suggests a bullish outlook, as it indicates growing investor interest and dominance of buyers. However <a href="https://coingape.com/price/bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a> and Ethereum have decreased by 0.31% and 2.04% respectively in the past 24 hours.
The crypto greed and fear index, which measures market sentiment, has climbed to 76 from 64 last week. This index tracks emotions in the crypto market, where fear often signals buying opportunities, while greed can suggest an impending correction. Given these dynamics, investors might consider waiting for the official ETF approval to avoid sudden market corrections, especially if the SEC rejects the applications, prompting a potential sell-off.
Also Read: <a href="https://coingape.com/bitcoin-price-face-potential-correction-if-hits-this-level/" rel="noopener noreferrer nofollow">Bitcoin Price To Face Potential Correction If It Hits This Level</a>
The post <a href="https://coingape.com/ethereum-etf-approval-in-jeopardy-amid-market-reversal-heres-all/" rel="noopener noreferrer nofollow">Ethereum ETF Approval In Jeopardy Amid Market Reversal, Here’s All</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethereum ETF Approval In Jeopardy Amid Market Reversal, Here’s All

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