Can you guess what’s cooking in the cryptocurrency kitchen following yesterday’s historic approval of the BTC ETF? There are rumors that Ethereum may get its own ETF approval in May and the market is on a speculative roller coaster!
that much ETF expert, Bloomberg’s Eric Balchunas puts the odds of that happening at 70%. This is like saying you have a 70% chance of finding a unicorn at the end of a rainbow! šš¦
ETH ETF price speculation
Over the past 24 hours, the price of Ethereum has danced happily, rising 8% to $2,671. Talk about cryptocurrency optimism! It’s like the market is yelling ‘Show me the ETH ETF, baby!’ This comes as it rained on the cryptocurrency market as the SEC gave its nod to 11 Bitcoin ETFs.
Joe Caselin of the BIT cryptocurrency exchange spilled the beans, saying it was a classic case of ābuying on a rumor, ignoring the news, buying on the next rumor.ā BlackRock, a big player in town, applied for an ETH ETF in November 2023. It may not be as obvious as drinking coffee in the morning, but the potential is huge. This could be Ethereum’s debut in the ETF world!’
At X, speculation is already circulating that the potential new date for VanEck’s ETH ETF is May 23, 2024. Yes, you read that correctly. That’s it for this year!
But there’s always drama. Current SEC Chairman Gary Gensler isn’t exactly throwing a cryptocurrency party. He believes that all cryptocurrencies except Bitcoin are financial securities. That’s like saying that every pizza topping except cheese is a strange choice. š
But hey, there is hope! Gensler’s predecessor, Jay Clayton, once hinted that some tokens could escape the financial security label if they spread their wings and become extremely decentralized. Former SEC Director William Hinman said in 2018 that Ethereum, despite its decentralized nature, is not a financial security.
final words
So will Ethereum get its golden ticket to the ETF party? You will find out soon. Until then, let the word spread and hope the crypto odds are in your favor!ā šš°
Trade responsibly by managing risk. This will be a fun year.
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