Ethereum

Bitcoin

The US Securities and Exchange Commission (SEC) delivered a major breakthrough to the crypto industry by approving a rule change that allows the launch of Ether linked <a href="https://news.todayq.com/bitcoin-etf-inflow-declines-yet-remains-positive-what-does-this-mean-for-crypto/" rel="noopener noreferrer nofollow">exchange-traded funds</a> (ETFs). This decision comes in less than six months after the commission approved Bitcoin ETFs. However, it is expected that the US’s biggest crypto exchange would benefit the most from this move. Coinbase set to gain 
According to reports, Coinbase is set to gain from the approval of spot ether ETFs. This anticipation aligns with the ether’s price up by more than 20% at the start of the week. Meanwhile, Ethereum price took a dip from the recent surge.
ETH price is down by 3.5% in the last 24 hours yet it is still up by 22% over the last 7 days. Ether is trading at an average price of $3,689, at the press time. Its 24 hour trading volume spiked by 87% to stand at $47.6 billion.
Experts suggest the potential positive impact on Coinbase’s transaction, custody, and staking businesses. It highlighted that it is estimated that with a spot-Ethereum ETF approval, the end effect is that more capital will flow into the broader industry, and accordingly. They do not see this as cannibalistic to the existing business model. It is effectively removing barriers that previously existed for certain pools of capital.
The expert noted that the approval could push demand for underlying ETH as more capital flows into the network. This will eventually push further development on the Ethereum blockchain. Coinbase’s own blockchain, Base, operates on the Ethereum network. It could benefit from increased activity and development. What are the possibilities? 
They also cautioned that an ether ETF approval does not necessarily show the SEC’s support of the broader crypto asset class or all ETH use cases. This includes staking. Despite this, the approval could set an example that will lower the perceived risks for market participants.
The experts maintain an outperform rating on Coinbase with a price target of $320. They suggest a nearly 42% upside from Tuesday’s close. Coinbase shares have risen more than 33% year to date.
It is important to note that the Bitcoin ETFs have already attracted over $12 billion in net inflows. ETH ETF approval aligns with the SEC’s deadline to decide on the VanEck Ethereum ETF, marking a significant regulatory milestone.

Coinbase to gain big from SEC’s Ether ETF approval, Here’s why

Todayq News

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