Ether Price Spikes Amidst Rumors of SEC Approval
Ether Explodes in Value
The Ether (ETH) price skyrocketed on Monday, driven by speculation that the Securities and Exchange Commission (SEC) may approve a spot exchange-traded fund (ETF) for the cryptocurrency.
SEC Approves Spot ETF
According to sources, the SEC is leaning towards approving a spot ETF that would allow investors to directly invest in Ether. This news has sent shockwaves through the crypto market, causing a surge in Ether's value.
Potential Issuers
Five potential issuers have reportedly submitted proposals for spot Ether ETFs. These issuers include ProShares, VanEck, Galaxy Digital, Valkyrie Investments, and Invesco.
SEC Deadline
The SEC has a Thursday deadline to approve or reject the ETF applications. If approved, the ETF could be launched as early as next week.
Market Reaction
In response to the news, Ether's price rose from around $3,100 to over $3,700 by midnight, a gain of nearly 20%. Ether is currently trading at $3,102, up 6.31% over the past seven days.
Industry Scramble
The news has left ETF issuers scrambling to finalize their proposals. Bloomberg ETF analyst James Seyffart has indicated that each issuer he has spoken to is racing to get their product to market first.
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