The digital currency ecosystem is at a standstill as expectations for a decision on VanEck’s spot Ethereum ETF product build-up. The US Securities and Exchange Commission (SEC) is expected to give its feedback on VanEck’s application today and the silence thus far is stirring bearish conspiracies across the board. In a massive twist, the regulator just approved the 8 offerings on its desk.
Approval Despite Massive Doubts
Until now, the top Bloomberg ETF Analysts Eric Balchunas and James Seyffart have maintained a positive disposition on the likelihood of approval. Prior to the approval confirmation, Balchunas noted that while there was no chatter to hold onto yet, he claimed that two people on X have revealed that the applications were denied.
With silence from the SEC and the two news bearer not revealing their sources, it became difficult to make a forecast. However, giving a perspective on the trend, Balchunas noted that the delay was not out of place. According to him, the Trading & Markets Division at the SEC was informed of the potential plans to approve at the 11th hour.
UPDATE: there is no update yet. We waiting to hear something. Saw two dif ppl on here claiming it is delayed (without saying their source) till later tonight, but we can’t confirm this with anyone yet. That’s all we know rn. @JSeyff
— Eric Balchunas (@EricBalchunas) May 23, 2024
The Bloomberg ETF Analyst said it is possible that the Trading & Markets has prepared rejection letters for VanEck’s offering. If this hypothesis is the case, which is hard to confirm, working back toward approval apparently took time.
The digital currency ecosystem, particularly the crypto supporters on X are very passionate and require proper management since anticipation leading to the approval was very high.
Crypto Market Response
The tension in the crypto ecosystem regarding the spot Ethereum ETF products seeped to the prices of cryptocurrencies. At the time of writing, Bitcoin (BTC) has dropped by 2.34% to $67,770 to lead the current market reversal.
Ethereum is still managing its earlier recorded growth. The coin is up 2.89% to $3,873.74, however, its current price is down from its 24 hour high of $3,943.55. As the digital currency in the spotlight at the moment, it remains to be seen how Ethereum’s price will react to any potential decision from the SEC.
With the approval, the price of the coin might retest its All-Time High (ATH) at $4,891.70. Had the SEC rejected the offerings, it might also derail its growth and fuel a price drop back to the $3,000 support.
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The post Spot Ethereum ETF: Approval Secured Despite Early Silence appeared first on CoinGape.
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