In response to a steep market downturn that sent Bitcoin spiraling to the low $24,000 region, rumors have erupted that the SEC may be on the brink of endorsing Ether futures ETFs. The speculation, which appears to have originated from an exclusive Bloomberg report syndicated by Yahoo Finance, catalyzed a robust bounce in the Ethereum price.
In the aftermath of this whirlwind of events, Ethereum surged from its nadir of $1,550 on Binance, at one point plunging to $1,465 on Bybit, only to rebound to just shy of the $1,700 mark. Interestingly, despite the noteworthy resurgence, ETH/USDT still posted a decrease of 6% over the previous 24 hours. Comparatively, Bitcoin languished behind, manifesting a more significant 7.5% pullback.
While the Bloomberg report has certainly piqued curiosity, the actual content paints a slightly less definitive picture. It asserts that the regulator is unlikely to hinder the development of these products. Furthermore, it indicates that numerous firms, notable among them being Volatility Shares, Bitwise, Roundhill, and ProShares, have lodged requests to launch the ETFs. However, keen observers must note that no clear determination has been made regarding which funds, if any, will receive approval.
Online chatter may be rife with euphoria, but a sober assessment suggests a less exuberant outlook. After all, if confirmation of the Ethereum ETF won’t fall until October with no tangible sources currently reinforcing the claim, it’s worth proceeding with caution before breaking out the champagne.
Adding to the grey clouds dampening the celebration is commentary from a former SEC official, who suggested that endorsement for a Bitcoin ETF may be an even more remote possibility, possibly not coming to fruition until after 2024.
These contrasting sentiments serve as yet another reminder of the dynamic nature of the crypto landscape, evidencing the importance of informed decision-making amid volatile market fluctuations. The pendulum swings between regulatory acceptance and delay, highlighting the need for clear communication and solid evidence amidst the market’s speculation.
Source: Cryptonews
