Against the recent downturn in the cryptocurrency market, there is one thing that all investors are eagerly anticipating.
Following the approval of the United States Bitcoin ETF for the spot market by the U.S. Securities and Exchange Commission (SEC) in January this year, the price of the flagship cryptocurrency soared to new highs.
Several months later, the SEC granted partial approval for the creation of a spot Ethereum ETF. The only glimpse of such an investment product is the final approval of the company’s S-1 application.
According to recent information, Bloomberg ETF analyst Eric Balchunas expects the approval to take place next week on May 2, 2024.
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This news has sparked great enthusiasm among cryptocurrency investors, especially in the recent market adjustments.
Just minutes ago, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler spoke at the Bloomberg Investment Summit, sharing that the Ethereum ETF approval process is progressing smoothly.
With the potential approval of the spot ETH ETF application by the SEC, analysts expect a large influx of funds into these products, which could reverse the downward trend and push the cryptocurrency onto an upward trajectory.
At the time of writing this article, the trading price of Ethereum is $3,400, up 24% in the past 3.55 hours, with a trading volume of $1.59 billion.
