Standard Chartered Predicts Approval of Ethereum ETFs in May
Standard Chartered, a British multinational bank, has projected that exchange-traded funds (ETFs) providing investors with exposure to Ethereum (ETH) will be approved in May. The bank stated that it is likely the U.S. Securities and Exchange Commission (SEC) will give spot ETH ETFs the green light by the final deadline of May 23.
When these funds start trading, Standard Chartered expects the value of ETH to reach as high as $4,000. Currently priced at $2,372, ETH reached an all-time high of $4,878 in November 2021, according to CoinGecko.
Spot ETH ETFs: A New Investment Opportunity
Many prominent firms, including Wall Street giant BlackRock, have proposed their own spot ETH ETFs. These ETFs would allow investors to gain exposure to the second-largest digital asset without having to buy and store it themselves.
The SEC is likely to approve these investment vehicles because it has not classified ETH as a security. Unlike crypto companies selling unregistered securities, which the SEC has cracked down on, the Commodities and Futures Trading Commission (CFTC) has long considered ETH a commodity that can be bought and sold.
The Success of Bitcoin ETFs and Future Predictions
The SEC recently approved 10 Bitcoin ETFs after years of denials. These BTC investment vehicles have been successful since their launch. Standard Chartered also predicted last year that BTC would reach $100,000 per coin by the end of 2024. Geoffrey Kendrick, head of Standard Chartered Bank’s forex and digital assets research, believes this price range is still achievable.
Hot Take: Ethereum ETF Approval Could Boost ETH Value
The approval of Ethereum ETFs in May could potentially have a significant impact on the value of ETH. With the ability for investors to easily gain exposure to the digital asset, demand may increase, driving up its price. If Standard Chartered’s prediction of a $4,000 ETH value becomes a reality, it would mark a substantial increase from its current price. This development demonstrates the growing acceptance and recognition of cryptocurrencies in traditional financial systems, further solidifying their position as viable investment options.
By
By
By
By
By
By