As it stands, the race to launch the first U.S. spot Ether ETF has officially begun with two prominent ETF providers, ARK Invest and VanEck, looking to tap into the burgeoning crypto market. The U.S. Securities and Exchange Commission (SEC) has received proposals from both competitors to launch Ethereum ETFs, a move that could diversify the relatively uncharted territory of crypto investment.
However, the SEC, citing concerns over price volatility, valuation, liquidity, and potential manipulation in the underlying assets, has yet to give a green light to spot crypto ETFs. Despite these concerns, proponents of spot crypto ETFs indicate that the market has sufficiently matured. This is supported by the adoption of regulated crypto exchanges and an impressive market cap exceeding a trillion dollars.
Meanwhile, Grayscale, the world’s largest digital asset manager, is challenging the SEC’s resistance to spot crypto ETFs and has taken the regulatory body to court in a bid for approval. The SEC’s strict stance towards spot Bitcoin ETFs has prompted providers to see Ethereum as a potential alternative.
Ethereum, the second largest cryptocurrency boasting a market cap of roughly $200 billion, presents a fascinating prospect. BlackRock and Fidelity, significant players in the asset management sector, have expressed interest in adding crypto offerings to their portfolios. The SEC, maintaining its cautious approach, has until mid-October to rule on pending spot Bitcoin ETF applications.
Nonetheless, the recent pivot to Ethereum signifies the industry’s resilience and pursuit of regulated investment products for cryptocurrency exposure. Current market observations suggest that THORChain, Wall Street Memes, Toncoin, Bitcoin BSC, and Render may be smart choices for investors, based on robust fundamentals or promising technical analysis.
For instance, THORChain (RUNE) has been on an upward trend for three days, prompting speculation as to whether it’s heading for a breakout or breakdown. The coin’s resilience and current price at $1.591 make it a potential candidate for investment. However, one cannot overlook the potential downside should the price fall below the ascending trendline.
The rapid growth and strong community support for Wall Street Memes (WSM), inspired by the anti-bank stance of the Wall Street Bets community, make it an appealing option. The accessible pricing coupled with the enticing 30% gain for early investors has made WSM one of the best cryptos to invest in.
Another potential choice is TON, as its price consolidation at Fibonacci support signals a potential rebound. However, as the RSI is close to the overbought threshold, a pullback in the future is plausible.
Bitcoin BSC aims to offer more than the typical hype surrounding cryptos with its practical features such as staking rewards, low transaction fees, and quick transaction speeds, thereby emphasizing long-term value.
Render (RNDR), despite struggling for over 50 days to surpass its 20-day EMA, is currently trading above this mark. This could potentially signal a trend reversal, making it worthy of consideration for investment.
To sum up, the abrupt shift toward Ethereum ETFs by prominent issuers signifies the industry’s adaptability and determination for growth. However, the SEC’s cautious approach and potential regulatory obstacles may significantly impact the investment terrain. As ever, investors should conduct detailed research and remain vigilant due to the risky nature of the crypto world.
Source: Cryptonews
