Ethereum Explosive Growth Effect
Date: 2024-05-23 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The price of Ethereum, the leading cryptocurrency after Bitcoin, suddenly rose on May 21, 2024, breaking the important psychological barrier of $3,700. This 24% overnight rise was the result of several key events, including a report by Bloomberg analysts that raised the likelihood of approval of applications for a spot Ethereum ETF, and a sharp change in position by the US Securities and Exchange Commission (SEC).
Sudden break: Attention to the project FIT21/HR 476
According to analysts, the sharp change in the SEC's position is due to "political pressure" and attention to the bill FIT21/HR 476, which is an attempt to improve regulation of the cryptocurrency space. This bill received bipartisan support and was the result of joint work of two committees of the US House of Representatives.
Fight for a place in the market: Effects of ETFs and prospects for Ethereum
The upcoming approval of spot Ethereum ETFs is expected with tension, as this may affect the price of the asset. However, the market is already undergoing changes: existing exchange-traded funds and the Grayscale Ethereum Trust have smaller reserves of value than their Bitcoin counterparts. But despite this, the introduction of Ethereum-ETF could lead to additional inflows of funds into the cryptocurrency, consolidating its position in high price ranges, possibly above the $4,000 level in the medium term.
