The American financial regulator finally accepts the existence of Ethereum ETFs. Will the second largest crypto on the market benefit?
The current cycle in the world of cryptocurrency is unusual, with Bitcoin having for once surpassed its record from the previous cycle even before the halving. A change that many have attributed to the creation of Bitcoin ETFs in January, which saw a massive financial influx arrive into the digital gold market. And a few months later, this financial instrument is now accepted for Ethereum. Enough to give hope to all investors in the sector.
The SEC says yes
This was one of the big discussions of recent months in crypto. Would the Securities and Exchange Commission (SEC), which is responsible for regulating the United States financial sector, accept Ethereum ETFs? It was far from won, given the poor opinion that his boss Gary Gensler has of digital assets.
And yet, the long-awaited response during the month of May was finally positive. The SEC has just validated the request for the creation of an Ethereum ETF from all the big names already in the game for the Bitcoin ETF (Grayscale, BlackRock, VanEck, Bitwise, etc.).
Will Ethereum Break Its ATH?
The announcement did not really surprise the market, which apparently had anticipated it. On May 20, a few days ago, Ethereum saw its price jump in an unprecedented way in recent years, since it had gained approximately 20% in a single day. It has since been close to $4,000, before falling slightly today, to around $3,600.
As a reminder, Bitcoin, whose price was a little above $40,000 last January, was able, thanks to ETF money, to see its price almost double in less than three months. Will Ethereum follow the same path, and explode its ATH (All Time High, or record) by the end of summer?
Source : Wccftech
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