Ethereum

Ether (ETH) price and Bitcoin (BTC) price gain on hopes for ETF approval

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11 months ago

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Already slightly higher on Monday during US trading hours, the price of ether (ETH) surged more than 10% after two well-followed Bloomberg ETF analysts significantly increased their chances of the U.S. Securities and Exchange Commission approving spot ETH ETFs.

“James Seyffart and I are increasing our chances of spot approval of the Ether ETF to 75% (from 25%), hearing talk this afternoon that the SEC may do a 180 on this (increasing issue). more political), so now everyone is scrambling (like us everyone thought they would be refused)” tweeted Eric Balchunas, senior ETF analyst at Bloomberg.

The SEC faces a number of final deadlines this week regarding ETF on-site approvals/denials after repeatedly delaying fund decisions.

Bitcoin (BTC) adds to gains alongside ETH’s advance, now over 5% higher and just below the $70,000 mark. Also on the move is the Grayscale Ethereum Trust (ETHE), a closed-end fund that Grayscale has proposed converting to a spot ETF. It recently traded at a discount of more than 20% to net asset value as investors bet against SEC approval, but it is now more than 23% higher as of Monday.

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