Ethereum Price Jumps as SEC Expected to Approve ETH Futures ETF Applications
The Ethereum price surged by almost 11% following reports that the US Securities and Exchange Commission (SEC) is likely to approve Ethereum Futures ETF applications. This news has led to a flurry of companies applying for ETH Futures ETF, with 12 companies, including Volatility Shares and ProShares, filing their applications. While it is unclear which companies will be approved, multiple applications are expected to be approved in October. ETF analyst Eric Balchunas expressed confidence in the SEC’s decision, noting that it indicates a potential shift in their stance on ETFs.
Ethereum Price Drops Amid Bitcoin Downturn, But Finds Hope in ETH Futures ETF News
Bitcoin’s drop below $29k has caused a market-wide downturn, with Ethereum’s price falling by 5% in the last 24 hours. However, news of the ETH Futures ETFs has sparked a surge in trading volume and bullish activity. The RSI signals stabilization, despite the bearish condition. This positive response to the ETF news suggests that investors are hopeful for Ethereum’s future performance.
Bitcoin’s Decline Due to SpaceX Sell-Off and Evergrande Bankruptcy
Bitcoin’s value dipped below $26.5k due to two events. Firstly, SpaceX announced the sell-off of its Bitcoin holdings after a significant write-down. Secondly, Evergrande, a major property developer in China, filed for bankruptcy with liabilities totaling $335 billion. This downturn in Bitcoin’s price has also affected other cryptocurrencies, including Ethereum. While Ethereum’s hourly charts show an uptrend, it remains uncertain how long it will take for ETH to reclaim its previous price levels.
Hot Take
The potential approval of ETH Futures ETF applications by the SEC has had a significant impact on the price and sentiment around Ethereum. Despite the recent market downturn, the positive response to the ETF news indicates optimism among investors. This development could potentially lead to further growth and adoption of Ethereum in the future.
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