🚀 Huge news! First-ever #ETHEREUM approved by SEC. Bullish on #Crypto $ETH in 2024! This is a major milestone for crypto, opening the floodgates for institutional investment. 🔥
At the start of 2024, following the approval of Spot Bitcoin ETFs, the market speculated on which cryptocurrency could be next. Ethereum naturally became the focus. However, optimism waned as the SEC’s overall sentiment appeared to dim the likelihood of such approval.
That changed dramatically in the second to last week of May. Bloomberg unexpectedly raised approval odds from 25% to 75%. This sudden shift sparked anticipation for the imminent arrival of Ethereum-based investment offerings.
Now, that anticipation has materialized into reality as the SEC has approved all Spot Ethereum ETFs. This landmark decision means the United States now hosts crypto-based ETFs for the two most prominent digital assets globally. Moreover, it signifies a pivotal shift in the country’s perspective on these assets.
Conversely, a multitude of issuers have submitted applications for Ether-based ETFs. Notably, VanEck, ARK21 Shares, Hashdex, Invesco Galaxy, Franklin Templeton, Fidelity, and the world’s largest asset manager, BlackRock, are among them. Among these firms, VanEck faced the most immediate approval deadline.
Now, all eyes are on how this development could impact the market at large. Bitcoin’s ETF led the asset to achieve an all-time high in just three months. Many experts anticipate similar outcomes for Ethereum. Anticipation of the ETF has propelled the asset to increase by almost 30% over the last 7 days, according to CoinMarketCap.