Ethereum

Spot

On 8th July Monday, issuers of <a href="https://www.coingabbar.com/en/crypto-currency-news/sec-requests-revisions-from-ethereum-etf-issuers" title="spot Ethereum ETFs" class="f-link" style="font-size: 16px; background-color: rgb(255, 255, 255);" rel="noopener noreferrer nofollow">spot Ethereum ETFs</a> are set to resubmit their amended S-1 forms to the U.S. Securities and Exchange Commission (SEC). This submission is a critical step as the SEC reviews the applications again. Nate Geraci, President of the ETF Store, anticipates the approval could happen within the next two weeks. However, the price of Ethereum faces significant selling pressure in anticipation of this decision. 
<h3 style="text-align: justify;" id="span-span-data-font-font-size-style-font-size-16px-what-s-the-news-span-span">What's the News?</h3>
The resubmission of the S-1 forms follows the SEC's request for minor changes. If these amendments satisfy the SEC’s standards, the first U. S. spot Ethereum ETFs may be on the way, possibly by mid-July. The major concern of the SEC will be on the <a href="https://www.coingabbar.com/en/crypto-currency-news/spot-ether-etf-fee-disclosure-a-strategic-move-by-franklin" title="fees" class="f-link" rel="noopener noreferrer nofollow">fees </a>of these ETFs.
Currently, many issuers are engaged in the creation of such products, and the key ones are Bitwise, <a href="https://www.coingabbar.com/en/crypto-currency-news/eight-financial-giants-file-for-spot-ethereum-etfs" title="BlackRock" class="f-link" rel="noopener noreferrer nofollow">BlackRock</a>, 21Shares, Fidelity, and Grayscale. Bitwise has filed its amendments and the others are expected to do the same by the Monday deadline. Thus, Geraci feels that trading could start within the next two weeks if only the SEC approves the move.
Market analysts have high expectations on the consequences of these ETFs. Estimations made on the same show that inflows could rise to as much as $15 billion in the first half of the year of launch. However, the Ethereum price has experienced a significant decline of over 20% since the initial 19b-4 filings were approved.
Ethereum’s price recently fell below the $3,000 mark. Despite brief attempts to recover above $3,100, the price has continued to slide. In the past 24 hours alone, Ethereum has dropped by an additional 5.6%, bringing its price to $2,871 and its market cap below $350 billion.
<h4 style="text-align: justify;">Final Thoughts&nbsp;</h4>
With the deadline for the resubmission of the amended S-1 forms fast approaching everyone is waiting on the <a href="https://www.coingabbar.com/en/crypto-currency-news/countdown-begins-whether-spot-ether-etfs-launch-in-july" title="SEC’s" class="f-link" rel="noopener noreferrer nofollow">SEC’s </a>reaction. The possibility of the approval of the spot Ethereum ETFs can be considered a turning point in the cryptocurrency market. Given the possibility of large amounts of capital inflows, the introduction of such ETFs can give a powerful stimulus to the growth of Ethereum’s price.
However, the current market sentiment remains bearish, with Ethereum struggling to maintain its value above critical levels. Whether the approval of these ETFs will trigger a positive price movement or if the downward trend will persist remains to be seen.
The next few weeks are decisive for Ethereum and the entire crypto industry. It has been widely expected that the SEC will approve the application of a Bitcoin ETF and investors and market participants are keenly waiting for the decision of the SEC.
Also Read: <a href="https://www.coingabbar.com/en/crypto-currency-news/justin-suns-struggles-with-ethereums-price-drop" title="Justin Sun's $66 Million Ethereum Crash Exposes" class="f-link" rel="noopener noreferrer nofollow">Justin Sun's $66 Million Ethereum Crash Exposes</a>

Countdown To SEC Decision: Spot Ethereum ETFs Set For Review

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