Ethereum
Approval of Ether ETFs could lead to 60% price increase, crypto firm says
Crypto asset trading firm QCP Capital has predicted a potential 60% increase in the price of Ether, which could rise by around $6,000 if the Securities and Exchange Commission (SEC) approves Ethereum spot exchange-traded funds (ETFs). The crypto market is currently volatile and all eyes are on the regulator, who will announce its decision this week.
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The financial supervisory authority will decide whether to approve or deny Van Eck’s Ethereum ETF spot request on Thursday and the Ark 21Shares Ethereum ETF app on Friday.
The approval of the Ether ETF spot application would be a historic moment for the crypto industry, as financial giants have been waiting for it for years. The approval of spot Bitcoin ETFs earlier this year it boosted the crypto industry and market, with Bitcoin having climbed more than 50% in less than a month.
In the meantime, The Depository Trust and Clearing Corporation (DTCC) has listed Vaneck’s ETF on its website, indicating that approval and negotiation could begin as soon as possible. DTCC provides clearing, settlement, custody and post-trade information services.
BlackRock, Bitwise, Grayscale, Van Eck, Ark 21Shares, Fidelity, Franklin and Invesco have amended their 19b-4 filings with the SEC to remove the staking provisions. In doing so, these financial companies hope to obtain approval more easily. 19b-4 filings are documents that national exchanges like NASDAQ or the New York Stock Exchange (NYSE) submit to the SEC to request approval for listing new products on their trading platforms.
Experts are optimistic that the SEC will make a favorable decision regarding Ether ETFs. Earlier this week, Bloomberg Intelligence ETF Analysts Eric Balchunas and James Seyffart increased their chances of approval for Ethereum ETFs from 25% to 75%. Balchunas posted on that the SEC “could do a 180” due to growing political pressure. Crypto has become an important political topic during this election year, with presidential candidate Donald Trump makes several pro-crypto comments statements during his campaign in May. Additionally, President Joe Biden is also taking a pro-crypto position to gain support from the crypto community.
As of mid-morning on Thursday, Bitcoin was trading at $68,000, with a loss of almost 2.5%, while Ether was hovering around $3,800, a gain of more than 1.9%. according to CoinMartketCap.