Ethereum (ETH) Price Surge
Ethereum (ETH) experienced a significant increase in price due to the anticipation of the approval of a spot ETH exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). This development led to the liquidation of nearly $400 million in trader positions, according to Coinglass data.
Increased Likelihood of Approval
Bloomberg ETF experts Eric Balchunas and James Seyffart have raised the probability of the approval from 25% to 75% based on internal discussions at the SEC. This shift in perception has contributed to the surge in Ethereum’s price.
Potential Shift in U.S. Crypto Policy
Jake Chervinsky, a crypto legal expert, suggests that the approval of an ETH ETF would come as a surprise to many in Washington, D.C. This indicates a potential shift in U.S. crypto policy, as regulatory bodies become more open to embracing digital assets.
Refinement of ETF Applications
It has been reported by Reuters that the SEC has requested major exchanges such as Nasdaq, CBOE, and NYSE to refine their ETF applications. This suggests that the regulatory body may be considering granting approval for Ethereum ETFs, further contributing to the positive sentiment surrounding ETH.
Current Ethereum Price
As of now, Ethereum is trading at $3,798, reflecting the increased demand and positive market sentiment surrounding the potential approval of an ETH ETF.
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