In 2023, rumors circulated about when the Bitcoin ETF would be approved, and on January 10, 2024, it received approval. This led to an initial market drop followed by a historic rise. Bitcoin reached its ATH, and ETH surpassed $4,000 for the first time in a long period. Subsequently, attention turned to the spot Ethereum ETF, and as a historic development, the SEC gave its first approval on May 23, with discussions about the approval date for the S-1 documents.
SEC and Potential Approval Date for Ethereum ETF
Recently, SEC Chairman Gary Gensler made an important announcement, stating that everything was on track with the spot Ethereum ETF’s regulatory process.
Eric Balchunas, a renowned ETF expert in the US, frequently mentioned in the approval process of spot ETFs, suggested that the spot Ethereum ETF could start trading in the first week of July.
According to information shared by sources with Reuters a few minutes ago, US regulators could approve spot ETH ETFs to be launched by July 4.
Following this news, all eyes turned to the Ethereum price, which was experiencing significant activity.
What is the Current Price of Ethereum?
Ethereum price became the focus of investors following the news. About 3 hours ago, ETH price dropped from $3,380 to below $3,340 but started rising again before the news and surpassed $3,380.
After the news, the price slightly retracted and continued trading at $3,380 following a 0.28% drop.
During this period, ETH’s market cap rose and surpassed $400 billion, now standing at $407 billion. Additionally, the 24-hour trading volume saw a 28.4% drop, now at $11.2 billion, reflecting a noticeable decline in market interest.
