Crypto News- According to Standard Chartered, we might witness a breakthrough in May as the U.S. Securities and Exchange Commission (SEC) is expected to give the green light to Ethereum (ETH) exchange-traded funds (ETFs). In their Tuesday report, the multinational bank projected that spot ETH ETFs could be approved by the May 23 deadline.
Standard Chartered: Ethereum Price Could Almost Double if ETF Gets Approval in May
Anticipating this approval, Standard Chartered foresees a surge in ETH’s value, reaching as high as $4,000 once the funds hit the market. As of now, ETH is valued at $2,372, with its previous peak recorded at $4,878 in November 2021.
Notably, several prominent entities, including financial giant BlackRock, have proposed their spot ETH ETFs, seeking to provide investors exposure to the second-largest digital asset without the hassle of direct ownership. Standard Chartered attributes the likelihood of SEC approval to the agency’s stance, not categorizing ETH as a security, in contrast to its strict scrutiny of crypto companies dealing in unregistered securities.
Ethereum ETF Approval in May Could Propel ETH to 4,000 Dollars, Says Standard Chartered
Distinguishing Ethereum as a commodity, the Commodities and Futures Trading Commission (CFTC) has supported the notion that ETH can be bought and sold like any other asset. Drawing parallels with the SEC’s recent approval of 10 Bitcoin ETFs after a decade of rejections, Standard Chartered expresses confidence in the success of ETH investment vehicles.
Geoffrey Kendrick, head of Standard Chartered Bank’s forex and digital assets research, also echoed the bank’s earlier prediction that Bitcoin (BTC) would reach $100,000 by the end of 2024, stating in today’s report that this target “still looks achievable.”