Markets
Crypto Markets Soar After ETH ETF Approval
The crypto space is excited after the Securities and Exchange Commission (SEC) approved eight Ethereum ETFs in sight, resulting in such a historic decision.
Following the announcement, Ether immediately fell from $3,828 to $3,777, then rose again and is currently trading at $3,801, with an increase of 1.32% in the last 24 hours.
Image source: CoinMarketCap
While SEC approval includes Forms 19b-4 for offerings from giants like BlackRock, Fidelity and Grayscale, these ETFs cannot begin trading until their S-1 registration statements are released. However, some experts, including Bloomberg Intelligence analyst James Seyffart, say this could take weeks or months as the SEC interacts with issuers.
“TO BE CLEAR: This does not mean they will start trading tomorrow. This is just the 19b-4 approval. Approval of S-1 documents is also required, which will take time. We expect it to take a few weeks, but it could take longer. I should know more in a week or so!.” He tweeted.
This is a significant moment for crypto enthusiasts who argue that the SEC’s approval of Ethereum ETFs during the final hours before the deadline may have been politically influenced.
However, anticipation is growing among them as all eyes are on the SEC’s responsiveness in finalizing the remaining requirements.