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The introduction of spot ETF has facilitated the process of investing, and the recent approval of Bitcoin spot ETF has created options for small investors to hold the crypto as per their needs.
Galaxy Digital’s analyst, Alex Thorn, has voiced his doubts over the approval of spot Ethereum ETFs in May.
The analyst believes that there is reason for concern over the approval due to the Securities and Exchange Commission’s (SEC) lack of involvement with ETF applicants and recent subpoenas to cryptocurrency companies about their interactions with the Ethereum Foundation.
This week, Fortune cited American businesses that had been served subpoenas in connection with an inquiry that the SEC was “waging an energetic legal campaign” to categorize ETH as security.
The analyst stated that any enforcement action against the Ethereum Foundation after almost ten years would be “highly unregulated.” Still, the SEC may discern between the ICO and the current secondary trading of ETH.
Chairman of the SEC Gary Gensler remained silent when asked if the organization views ETH as a security.
According to information, the SEC is considering Ethereum’s 2022 “Merge” update, which will change the network from proof-of-work to proof-of-stake, as a factor that might make ETH more likely to be classified as a security.
In the case of early approval of Ethereum spot ETF, the price of ETH might surge by over $4,000. The recently approved Bitcoin spot ETF has directed an injection of more than $10 Billion just days after approval.
ETH Weeks Price Movement
Ethereum is considered one of the market’s most prominent crypto in terms of market capitalization. Since March 25, 2023, till March 23, 2024, its prices have flourished 93.96%.
Dozens of market observers claim Ethereum is one of the most trustworthy crypto after Bitcoin. In the past 24 hours, the trading volume of ETH slipped by 14.23%, and the market cap grew by 2.85%.
Market Price Update
The crypto market capitalization surged more than 2.99% in the past 24 hours; it was $2.47 Trillion when writing. Earlier this week, the market capitalization was flourishing at its verge and was on the brink of breaking the $3 Trillion milestone.
Bitcoin (BTC) has added 3.28% to its trading price intraday; when writing, it was trading at $65,219, with a decline of 14% in its trading volume.
Ethereum, the second most prominent crypto in the market, grew 2.92% in the past 24 hours, with a decline of 8.20% in its trading volume.
Analysts claim that the investigation on the Ethereum foundation is the cause of the decline. The ETH ETFs are yet to be approved. Ether spot ETF might get a regulatory green signal in May 2024.
Toncoin and Bitcoin Cash are competing for the topper position of the intraday gainer’s list; Gala price grew 15.28%, Worldcoin 11.56%, Dogecoin 10.82%, and Floki 9.37%.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
