Ether experiences a significant surge of 18% within a 24-hour period, fueled by growing speculation that spot Ether exchange-traded funds (ETFs) may be approved by May 23, despite previous pessimism.
ETF analysts Eric Balchunas and James Seyffart from Bloomberg have caught wind of rumors suggesting that the United States Securities and Exchange Commission (SEC) is urging applicants to expedite their 19b-4 filings. As a result, Balchunas and Seyffart have adjusted their approval odds from 25% to 75%.
On the decentralized betting platform Polymarket, the likelihood of an approved spot Ether ETF has risen from 11% to 54%.
CoinGecko reports that Ether (ETH) is currently valued at $3,625, marking a 16.1% increase since the news surfaced a little over three hours ago, and an 18% surge within the last 24 hours.
This development arrives just days before the SEC renders its decision on VanEck’s spot Ether ETF application, scheduled for May 23.
However, Seyffart clarifies that approved 19b-4s must be accompanied by signed-off S-1 registration statements for spot Ether ETFs to be launched. Even if the 19b-4s receive approval this week, it may take weeks or even months for the S-1s to be authorized.
The notion of the SEC approving the 19b-4 and S-1 filings in a two-step process was initially proposed by Nate Geraci, the president of The ETF Store, on May 19.
In the past 24 hours, Bitcoin (BTC), Solana’s (SOL), and Dogecoin (DOGE) have also experienced price increases of 5.1%, 8.9%, and 9.2%, respectively, according to CoinGecko.
CoinGecko further reveals that among the top 100 coins by market capitalization, Ethereum-linked Uniswap (UNI), Lido DAO (LDO), and Lido Staked Ether (stETH) have outperformed Ether within the last 24 hours.
The broader cryptocurrency market has observed a 7.8% surge within the last 24 hours, surpassing a total market capitalization of $2.7 trillion for the first time since April 11.
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