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Reading: Bitcoin Price Surpasses $69,000 and Ethereum Solidifies at $3,800
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COINTURK NEWS > Ethereum (ETH) > Bitcoin Price Surpasses $69,000 and Ethereum Solidifies at $3,800
Ethereum (ETH)

Bitcoin Price Surpasses $69,000 and Ethereum Solidifies at $3,800

In Brief

  • BTC price surpassed $69,000 again.

  • ETH solidifies at the $3,800 region.

  • SEC approved spot ETH ETF, clearing all doubts.

COINTURK NEWS
COINTURK NEWS 12 months ago
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BTC price surpassed $69,000 again, and the king of altcoins, ETH, solidifies at the $3,800 region. Recent news has been positive both on the macroeconomic front and from the SEC. So, what are the latest developments regarding the spot ETH ETF? What are the predictions about its impact on the price? Here are the details.

Contents
SEC and ETH ETF DirectiveSpot Bitcoin ETF First Trading Day

SEC and ETH ETF Directive

Initial approvals were given, and now all doubts about the spot ETH ETF have been cleared. Before the approval week, people gave a 13-25% chance for ETF approval for a long time. However, the SEC’s stance suddenly changed, catching most investors off guard. We even saw popular figures closing their short positions and taking contrary positions on the day of the approval.

However, the SEC did not make a second big surprise in a row and approved the ETFs as expected. In the spot Bitcoin ETF approval, S-1 Form approvals came one after another. Since the SEC’s 180-degree turn for Ethereum was so rapid, these forms could not be arranged in time. But since the final decision date for the applications made by VanEck and ARK had arrived, the SEC had to announce its approval decision.

Now, after the 19b-4 forms were approved on May 23, the only remaining step is the enactment of the S-1 forms. The SEC instructed to submit the S-1 applications by Friday.

Spot Bitcoin ETF First Trading Day

When the SEC gave the first approval, VanEck made a file update. However, this process is not likely to end so quickly. In the BTC ETF discussions, these were talked about for weeks. So, will the ETFs start trading on Monday when the S-1 drafts reach the SEC on Friday? This is very unlikely because it will take at least a few weeks for the SEC to get the exact type of form it wants, having changed its decision only 7 days ago.

According to analysts, at least 2-3 drafts are being discussed. After the drafts arrive on Friday, the SEC will provide feedback. The following week, ETF issuers will format many details, including the seeding amount, according to the SEC’s requirements. Considering that the final draft calls and adjustments will take 1 week, it is expected that these processes will be completed within 2 or a maximum of 3 weeks, and the ETFs will start trading before the end of June.

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 30 May, 2024 - 10:28 pm 30 May, 2024 - 10:28 pm
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