The SEC is set to decide today on whether to approve or deny Van Eck’s spot Ethereum ETF application
Crypto asset trading firm QCP Capital has predicted a potential 60% increase in the price of Ether, projecting that it could surge around $6,000 if the Securities and Exchange Commission (SEC) approves spot ethereum exchange-traded funds (ETFs). The crypto market is volatile right now, and all eyes are on the regulator, which will announce its decision this week.
The financial watchdog will decide whether to approve or deny Van Eck’s spot Ethereum ETF application on Thursday and the Ark 21Shares Ethereum ETF application on Friday.
The approval of the spot Ether ETF 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 boosted the crypto industry and market, with Bitcoin soaring by over 50% in less than a month.
Meanwhile, the Depository Trust and Clearing Corporation (DTCC) has listed Vaneck’s ETF on its website, indicating that approval and trading could begin as soon as possible. The DTCC provides post-trade clearance, settlement, custody, and information services.
BlackRock $BLK, Bitwise, Grayscale, Van Eck, Ark 21Shares, Fidelity, Franklin, and Invesco have amended their 19b-4 filings with the SEC to remove provisions for staking. By doing this, these financial companies hope to obtain approval more easily. The 19b-4 filings are documents that national exchanges like the 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 the Ether ETFs. Earlier this week, Bloomberg Intelligence ETF analysts Eric Balchunas and James Seyffart increased their approval odds for Ethereum ETFs from 25% to 75%. Balchunas posted on X $TWTR that the SEC “could be doing a 180” due to increasing political pressure. Crypto has emerged as a significant political topic in this election year, with presidential candidate Donald Trump making several pro-crypto statements while campaigning in May. Moreover, President Joe Biden is also taking a pro-crypto stance to garner support from the crypto community.
On Thursday mid-morning, Bitcoin was trading at $68,000, with a nearly 2.5% loss, while Ether was hovering around $3,800, more than a 1.9% gain, according to CoinMartketCap.
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