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- 1 The US Securities and Exchange Commission has delayed the application of Ether spot ETF filed by leading firms.
- 2 Most recently, Invesco and Galaxy Digital filed a collective application to the US regulators.
- 3 Ethereum price grew over 2.50% in the past few hours, with a 2.36% spike in market capitalization and 10.11% in the trading volume.
The recent delay of the US Securities and Exchange Commission (SEC) on the joint application for spot Ether, the application was collectively filed by Invesco and crypto company Galaxy Digital.
The proposal aims to enable professional investors to gain exposure to spot ether. Currently, Ether futures listed on CME are one of the only ways for regulated US investors and funds to bet on the growth of Ethereum.
As per market analysts, news of the Ether spot ETF will directly and indirectly influence Ethereum price similar to the days running up to the spot BTC ETF.
James Seyffart, an analyst at Bloomberg states that “the delay decision was in line with expectations.” At the beginning of the year, the SEC delayed the spot ETF application filed by GrayScale Investment, which sought approval for the conversion of the Ethereum trust product into an ETF.
However many significant traditional finance giants are eyeing to enter the race of spot Ether, dozens of other analysts claim that the Ethereum price is expected to grow as there is a hope of approval in May 2024 of Ether ETFs.
In a statement in January 2024 Standard Chartered states that “Heading into the expected approval date on May 23, we expect ETH prices to track, or outperform, bitcoin (BTC) during the comparable period.”
The SEC approved 10 Bitcoin spot ETFs and all of them are performing well. These have attracted Millions of new users towards crypto and Billions in funds.
Will Ether Spot ETF Have Same Impact as spot BTC ETF?
Before the approval of Bitcoin spot ETF, the BTC price was on an uptrend, but a sudden decline was observed in the trading price.
Speculation in the market is that if the decision of the SEC will favor the approval, then ETH might cross the mark of $3000 in the coming months. The approval of Ether spot ETF will help the crypto market to gain a major user base globally.
Crypto Market Price Update
Bitcoin is known as the pioneer of the crypto market and when writing it was trading at $42,999 registering a severe decline of 13.69% in its trading volume, keen observer claims that BTC is constantly heading to break the resistance level of $45k.
Due to hype of Ether spot ETF, Ethereum price grew over 2.50% in the past few hours, showing a positivity of 2.36% in market capitalization and 10.11% in the trading volume. In the weekly time frame, Ether price did not reflect major change, a major pump is seen post the SEC delays.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
