ETHEREUM SOARS 18% TO ABOVE $3,700: POSSIBLE FACTORS
- Ethereum's price surged 18%, reaching above $3,700.
- Speculation about the approval of spot Ether exchange-traded funds (ETFs) appears to be driving this spike. This follows months of pessimism within the market.
Key Developments:
- Bloomberg ETF analysts Eric Balchunas and James Seyffart reported that the U.S. Securities and Exchange Commission (SEC) is urging applicants to expedite their 19b-4 filings. This prompted them to raise their approval odds from 25% to 75%.
- On Polymarket, a decentralized betting platform, the odds for an approved spot Ether ETF jumped from 11% to 54%.
- Balchunas noted that the SEC might be facing political pressure. The SEC's previous stance showed little engagement with ETF applicants.
- The SEC is reportedly asking exchanges like NYSE and Nasdaq to update their filings. However, there’s no official confirmation from the regulator.
Legislative Landscape:
- The U.S. House of Representatives is considering two pro-crypto bills: the Financial Innovation and Technology for the 21st Century (FIT21) Act and the CBDC Anti-Surveillance State Act (H.R. 4763 and H.R. 5403).
- Democrat leaders did not urge members to vote against these bills, which is seen as a positive signal for the industry, according to recent reports.
- The U.S. crypto industry and lobbyists back FIT21, with 60 companies urging the House to pass it in a May 16 letter.
- Ethereum's price surged 18%, reaching above $3,700.
- Speculation about the approval of spot Ether exchange-traded funds (ETFs) appears to be driving this spike. This follows months of pessimism within the market.
Key Developments:
- Bloomberg ETF analysts Eric Balchunas and James Seyffart reported that the U.S. Securities and Exchange Commission (SEC) is urging applicants to expedite their 19b-4 filings. This prompted them to raise their approval odds from 25% to 75%.
- On Polymarket, a decentralized betting platform, the odds for an approved spot Ether ETF jumped from 11% to 54%.
- Balchunas noted that the SEC might be facing political pressure. The SEC's previous stance showed little engagement with ETF applicants.
- The SEC is reportedly asking exchanges like NYSE and Nasdaq to update their filings. However, there’s no official confirmation from the regulator.
Legislative Landscape:
- The U.S. House of Representatives is considering two pro-crypto bills: the Financial Innovation and Technology for the 21st Century (FIT21) Act and the CBDC Anti-Surveillance State Act (H.R. 4763 and H.R. 5403).
- Democrat leaders did not urge members to vote against these bills, which is seen as a positive signal for the industry, according to recent reports.
- The U.S. crypto industry and lobbyists back FIT21, with 60 companies urging the House to pass it in a May 16 letter.
6 months ago
