Ethereum seems to be having a less than stellar Wednesday. Earlier, we reported that an investigation concerning the Ethereum Foundation had been initiated. Following this, there was a noticeable decline in the price of Ethereum. A recent action taken by the SEC has dropped like a bombshell into the market.
SEC Makes Critical Move on Ethereum
According to emerging reports, the SEC has launched a campaign to classify Ethereum as a security. This decision comes at a time when the focus has shifted to Ethereum following the introduction of spot Bitcoin ETFs, raising significant questions.
Last night, the SEC announced a series of postponements for spot Ethereum ETFs, adding yet another delay today. The market has been informed about the postponement of VanEck’s spot Ethereum ETFs just moments ago.
Following this news, attention has turned once again to the date of May 23, 2024. The SEC will be forced to make its final decision on a spot ETH ETF by this date.
As the mentioned date draws closer, it seems that market participants’ faith in the matter is diminishing. Eleanor Terrett and Eric Balchunas, names often heard during the spot Bitcoin ETF process, continue to express negative opinions on the subject.
Contrary to them, Geoffrey Kendrick, an official from Standard Chartered Bank, continues to share his optimistic view and believes that an ETF will be approved before May 23.
What is Ethereum’s Price?
Amidst these developments, all eyes are once again on the price of Ethereum. At the time of writing, Ethereum is trading at a price level of $3,251, which represents a 2.63% increase over the last 24 hours.
Despite the recent rise, there has been a decline in the ETH price within a short time frame. The price fell from $3,400 to $3,150 in about an hour.
