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Singapore-based cryptocurrency asset trading company QCP Capital, in its latest report, indicated that speculation around Ethereum (ETH) getting exchange-traded fund (ETF) approval by the US regulator could lead to significant gains in the near future.
BTC’s Halving Process
According to QCP Capital’s latest market report, it is emphasized that the Bitcoin halving will occur in just three months. However, as with previous instances, the cryptocurrency market continues to be sensitive to global events. Moreover, its trajectory can be affected by events developing worldwide. The report included the following statements:
The next significant crypto events will be the BTC halving (mid-April) and potential ETH Spot ETF approvals starting from May. Meanwhile, crypto can take some direction from macroeconomic events.
The journey of Ethereum spot ETF is intensifying with the recent support of Ethereum by BlackRock CEO Larry Fink. The expert stated the following in his remarks:
I see the value of having an Ethereum ETF. These are just steps towards tokenization, and I truly believe this is where we are heading.
Expert Opinion on Ethereum
At the time of writing, Ethereum’s price was at $2,527, reflecting approximately a 59% growth over three months. The upcoming US presidential elections in November 2024 are seen as an important event that has caught the attention of many analysts.
Additionally, industry leaders anticipate that the election results will have a significant impact on the prioritization and regulatory stance regarding cryptocurrencies and could also shape the direction of the sector. Meanwhile, spot Bitcoin ETFs received approval from the US Securities and Exchange Commission (SEC) last week. This has increased media attention and fueled ongoing debates. However, the perception of Bitcoin as deflationary is growing, and it is increasingly being accepted as a store of wealth.
