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COINTURK NEWS > Ethereum (ETH) > Anticipation Grows for SEC’s Decision on Bitcoin ETF as Ethereum Eyes Potential Impact
Ethereum (ETH)

Anticipation Grows for SEC’s Decision on Bitcoin ETF as Ethereum Eyes Potential Impact

In Brief

  • SEC's Bitcoin ETF decision could affect the entire crypto market.

  • Ethereum ETF decisions delayed, raising hopes for future approval.

  • Market anticipates potential Ethereum price surge with ETF approval.

COINTURK NEWS
COINTURK NEWS 1 year ago
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The United States Securities and Exchange Commission (SEC) is approaching the anticipated decision date for a Bitcoin ETF on January 10, and the market is hopeful about an approval scenario. This historic event could have wide-ranging effects on the crypto market, including Ethereum, the second-largest cryptocurrency asset.

Contents
Focus Shifts to Ethereum This TimeETF Process and the Crypto Market

Focus Shifts to Ethereum This Time

The approval of a Bitcoin ETF could create a regulatory precedent that would pave the way for other crypto-based ETF products. This is because a Bitcoin ETF approval is likely to include a framework that could also apply to other cryptocurrencies, including Ethereum.

In December, the SEC decided to postpone its decision on several pending Ethereum ETF applications in the United States to May 2024. These applications include the Hashdex Nasdaq Ethereum ETF, Grayscale Ethereum Futures ETF, VanEck spot Ethereum ETF, and spot Ethereum ETF applications presented by Cathie Wood’s ARK Invest and 21Shares.

These delays are part of the process that involves the SEC collecting public input before deciding whether to list these ETF applications. However, this is happening at a time when the commission is also considering categorizing some proof-of-stake (PoS) cryptocurrencies as securities.

Yet, Ethereum is not named as a security in any of the recent cases the SEC has brought against crypto exchanges. The commission also did not object to Ethereum being classified through the ETF registration process with the Commodity Futures Trading Commission (CFTC). This situation increases the potential to see an approved spot Ethereum ETF product in the United States by May 2024, which could also mean a possible price increase for Ethereum.

ETF Process and the Crypto Market

The possibility of a Bitcoin ETF approval becoming a “sell the news” event is being discussed by many analysts, but Ethereum’s price is well-positioned for a rally due to its consistent correlation with Bitcoin’s price in recent years. Fundamentally, a Bitcoin ETF approval could trigger a significant increase in crypto investments among traditional investors, which would lead to a rise in Ethereum’s price due to the market’s expectation of increased demand.

However, the possibility of a delay or rejection could cause short-term downward pressure as the market adjusts to a potential setback. A recent Bitwise survey revealed that only 39% of U.S.-based financial advisors believe a Bitcoin ETF product will be approved this year.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 7 January, 2024 - 9:08 pm 7 January, 2024 - 9:08 pm
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