Ethereum
Bitcoin and Ethereum to Hit All-Time Highs on ETH ETF Approval: Standard Chartered
Ethereum (ETH) exchange-traded funds will receive approval from the Securities and Exchange Commission this week, Standard Chartered believes – and ETH prices and Bitcoin (BTC) will skyrocket as a result.
Geoff Kendrick, a digital assets researcher at the British multinational bank, wrote on Tuesday that if the SEC approves ETH exchange-traded funds (ETFs) on Thursday, as expected, the price of the asset could skyrocket to $8,000 by the end of the year.
ETH is currently under negotiation to $3,770, according to CoinGecko, after climbing 22% in 24 hours after rumors were circulating yesterday that a spot Ethereum ETF could hit the US market sooner rather than later.
But the price of ETH isn’t the only thing that could benefit: Kendrick added that Bitcoin could also face strong upward pressure. “The ETH news, if correct, comes at an opportune time for BTC,” he said.
“The approval of the ETH ETF will further legitimize the sector and therefore also be positive for BTC,” he continued, adding that he would “expect a new all-time high in BTC by the weekend -end”.
The price of BTC now stands at $70,314 per piece. It hit an all-time high of $73,737 in March, but remained well below the $70,000 mark for much of last month.
Ethereum is the network behind the second largest digital asset, ETH. A lot prominent asset managers have filed documents with the SEC to launch a spot ETH ETF in the United States.
Such a fund would give ordinary investors the ability to purchase shares traded on exchanges and track the price of ETH through brokerage accounts. VanEck, BlackRock and Franklin Templeton are among the companies hoping to win approval.
The second I reluctantly said yes at 11 BTC ETF in January, and they have since received save entries– thus driving up the price of BTC.
But the regulator has remained silent on the approval process for ETH ETFs, leading industry analysts in recent weeks to expect a delay in the process. That changed Monday, when Bloomberg analysts said that they now expect approval imminently – a statement now echoed by Standard Chartered.
Chartered standard expected in April that BTC would reach $150,000 per coin this year, and that ETH could reach $8,000 this year and then $14,000 per coin by the end of 2025.
The bank reiterated this assertion in today’s report.
Edited by Andrew Hayward
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.