Crypto investors have started experiencing sleepless nights again after a long break. The price of BTC has been rapidly dropping for the past 2 hours. With the acceleration of sellers following the bad news, BTC plummeted to the $25,000 mark on many exchanges. A few minutes ago, there was good news from Bloomberg.
Approval of Futures ETH ETF
Bloomberg sources say that the U.S. Securities and Exchange Commission (SEC) is preparing to approve the futures ETH ETF soon. This will significantly reduce the risk of the altcoin king being stamped as a security. Previously, the SEC had approved several futures ETF applications for BTC. The latest approval was for a 2x leveraged BTC ETF. If the SEC indeed approves futures ETF for Ethereum (ETH) as well, it could make Ether investors happy.
“According to people familiar with the matter, it is unlikely that the regulator will block products based on futures contracts for the second-largest cryptocurrency. Approximately a dozen companies, including Volatility Shares, Bitwise, Roundhill, and ProShares, have applied to launch ETFs.”
Bitcoin‘s price rose to $26,800 as of 02:03 and continues to recover from the $25,500 support. If the opening of the Asian markets around 04:00 does not trigger large selling waves (which is likely), the price of Bitcoin may continue to rise. ETH, on the other hand, is approaching the $1,700 mark.
