Bitcoin price at the time of writing is trading at $67,950 and appears to have bottomed at $67,610 for now. ETH, on the other hand, is lingering at higher levels. Crypto investors are now in the midst of one of the most important days of 2024. What makes today significant is the spot ETH ETF decision. So, what will happen?
Important Development in Cryptocurrencies
The decision on VanEck’s spot Ethereum ETF application is about to be announced. Since the beginning of 2024, we have been pointing to this exact date. The date when the SEC will determine the fate of ETH ETFs. At the start of the year, the likelihood of approval was very strong, but within a few months, things began to turn around as the SEC declared war on the Ethereum ecosystem.
Ethereum Foundation and companies like Uniswap have been targeted by the SEC, leading everyone to comment, “Here comes the rejection decision, and they are laying the groundwork for it.” However, Trump’s statements embracing crypto investors and calling them to vote for him changed things. Trump, one of the most notorious critics of crypto, suddenly became crypto-friendly.
It is unknown what will happen if Trump takes office, but from today’s perspective, we can say that the Democratic Party has begun to realize they are on the wrong side of the crypto issue with the latest FIT21 vote.
Hours Left
Bloomberg ETF analyst Eric Balchunas said that the SEC might announce its decision today at 23:00 Turkish Time, after the US markets close or around that time. Markus Thielen from 10X Research suggests that SEC Chairman Gary Gensler might share a warning about risks before the decision, as he has done before. This is where the process, where volatility could benefit the bulls, might begin.
Even if there is a sell-the-news event with the official approval announcement, a rise should occur the moment Gensler signals approval. And of course, since the writer of these lines is not a prophet, you should always consider the other possibility.
Analyst known by the pseudonym Crypto Nova wrote:
“Since the last bull run in 2021, Ethereum (and altcoins in general) have only declined against Bitcoin. The market’s focus was solely on Bitcoin due to the spot ETF approval and halving. None of it has shifted to Ethereum yet.”
