Crypto News – Spot Ethereum ETFs: A Game-Changer for Ether Price?
Crypto News – Andrey Stoychev, the head of prime brokerage at Nexo, believes that the launch of the ETF might be a major stimulus for Ether’s price, even if the SEC ETF clearance procedure might take months.
ETH ETFs in the USA and similar products in Asia could be the driver that helps the asset reach $10,000 by end-2024, catching up with Bitcoin’s performance post-ETF.
Stoychev
The forecast was made following a notable spike in Ether’s price, which increased by more than 22.37% in the last day to trade at a two-month high of $3,794, as per CoinMarketCap statistics.
SEC’s Change of Stance May Be Due to Political Pressure
The Ether bounce comes in the wake of rumors that the SEC has urged ETF exchanges to alter their 19b-4 filings, reversing its position on spot Ether ETFs. This could be the result of political pressure, according to sources. According to Stoychev, the SEC’s most recent action is encouraging, even if it is still difficult to forecast when a possible spot Ether ETF may launch.
This seeming change in perception towards Ether ETFs may come to signal a switch in stance from the SEC. A speculative reason for that could be the upcoming US presidential election which has come to highlight that crypto users may play a defining role, especially in swing states.
Stoychev
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