Ethereum Price Rises Amid Ethereum Spot ETF Speculations
Ethereum Price Peaks Post US Bitcoin ETF Approval; Ethereum ETF May Soon Follow, Says Analysts.
Ethereum's value soared its highest since May 2022 after the US approved Bitcoin ETFs. Ethereum is now trading at over $2,620, an 8.7% increase, while Bitcoin remains stable with a 2% rise. The excitement comes after the SEC's recent approval of a Bitcoin ETF. However, there was confusion earlier due to a fake SEC account tweet.
Several firms, including Ark 21Shares and BlackRock, have applied for an Ethereum ETF with the SEC. Many believe an Ethereum ETF could hit the market faster than Bitcoin's ETF did.
Bloomberg's ETF analyst Eric Balchunas has predicted a 70% chance of an Ethereum ETF approval by May. He heard rumors that Ethereum ETFs are likely to be approved.
SEC chair Gary Gensler hasn't clarified if Ethereum is a security or a commodity. Before joining the SEC, Gensler suggested Ethereum might not be a security, referencing a statement by the SEC's former Director, William Hinman, from 2018.
