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Home ยป Is Ethereum on the verge of a bull run? ETH cryptocurrency has surged by 25% following the approval of ETFs.
Ethereum

Is Ethereum on the verge of a bull run? ETH cryptocurrency has surged by 25% following the approval of ETFs.

By adminMay. 27, 20243 Mins Read
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Is Ethereum on the verge of a bull run? ETH cryptocurrency has surged by 25% following the approval of ETFs.
Is Ethereum on the verge of a bull run? ETH cryptocurrency has surged by 25% following the approval of ETFs.
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Is Ethereum (ETH) heading for an imminent bull run? In a surprising twist, the US Securities and Exchange Commission (SEC) approved the first Ethereum exchange-traded funds (ETFs) on May 23, triggering over 25% gains for the second-largest cryptocurrency in the market.

According to a report released on May 27 by analytics platform Kaiko, there has been a drastic shift in sentiment surrounding Ethereum after the unexpected approval of ETH ETFs by the SEC. Will Cai, head of indices at Kaiko, emphasized in the report that these ETF approvals imply that the regulator has implicitly declared that Ethereum, without staking, is a commodity rather than a security.

“With these approvals, the SEC has implicitly declared that ETH (without staking) is a commodity and not a security. It’s not just about access to ETH, but it has significant and likely positive implications for how all similar tokens will be regulated in the US with regard to trading, custody, transfer, etc.,” stated Cai.

On May 23, the SEC approved the registration of 19b-4 forms for NYSE, Cboe, and Nasdaq. As a result, the agency will proceed with reviewing the S-1 forms of issuers such as BlackRock, Fidelity, and VanEck. Trading of the Ethereum ETFs will only commence after the approval of these forms.

At the time of publication, the Ethereum price was quoted at $3,930.98 with a 2.4% increase in the last 24 hours. Over the past seven days, the Ethereum price has risen by 25.5%.

When will US Ethereum ETFs start trading? JPMorgan provides a forecast

Analysts at JPMorgan have shared their forecast for when trading of the US spot Ethereum ETFs will begin. JPMorgan estimates that trading of the Ethereum ETFs could start well before November, according to recent information published by The Block.

JPMorgan analysts, led by Kenneth Worthington, shared their forecast for the start of Ethereum ETF trading in a report on May 24. “We see this ETF approval, and crypto more broadly, as an increasingly political issue ahead of the 2024 US presidential elections. As such, we expect trading of the spot ETH ETF to commence well before November,” highlighted Worthington.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.

Editor’s Choice: Ethereum Whales Wake Up, Transactions Spike Amid ETF Expectations
Was Ethereum ETF a “news sell-off” event? Analyst explains the latest movements and believes in ETH rising to $5,000.

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