Cryptocurrencies

Ethereum (ETH) rose 18% over 24 hours amid new speculation that it could

Ethereum (ETH) rose 18% over 24 hours amid new speculation that Ethereum spot exchange-traded funds could be approved this week – despite months of pessimism.

According to Bloomberg ETFs analysts Eric Balchunas and James Seyphart, there has been “talk” that the US Securities Exchange Commission is asking applicants to accelerate their 19b-4 applications.

This prompted the husband to raise his odds of approval from 25% to 75%.

And on Polymarket, a decentralized betting platform, the odds of landing a similarly approved spot Ether ETF increased from 11% to 54%.

Ethereum, now at $3,625, has risen 16.1% since the news broke just over three hours ago, and is up 18% over 24 hours, according to CoinGecko.

Ether price has changed over the past 24 hours. Source: CoinGekko

This news comes days before the US Securities and Exchange Commission is set to make a final decision on VanEck’s application for a spot Ethereum ETF, on May 23.

However, Seyphart explained that approved 19b-4s must be accompanied by signed S-1 registration statements in order to launch spot ETFs.

He said it could take weeks or even months for an S-1 to be signed, even if 19b-4s are approved this week.

“However, if we are correct and we see these theoretical approvals later this week. It *must* mean that S-1 approvals are a matter of “when” and not “if”…”

The idea that the SEC could approve 19b-4 and S-1 filings in a two-part process was first noted by Nate Geraci, head of The ETF Shop on May 19.

Related: Spot Ether ETFs will be voted on by 5 people – Gensler decides?

Other cryptocurrencies rose over the past 24 hours, including Bitcoin (BTC), Solana (SOL), and Dogecoin (DOGE) by 5.1%, 8.9%, and 9.2%, respectively, according to CoinGecko.

Ethereum-pegged Uniswap (UNI), Lido DAO (LDO), and Lido Staked Ether (STETH) are the only top 100 coins by market cap that have outperformed Ether in the past 24 hours, according to CoinGecko.

Ethereum (Eth) Rose 18% Over 24 Hours Amid New Speculation That It Could
Top 100 performing coins in the last 24 hours. Source: CoinGekko

The broader cryptocurrency market has risen 7.8% in the past 24 hours, surpassing a market cap of $2.7 trillion for the first time since April 11.

magazine: Cryptocurrency Regulation: Does SEC Chairman Gary Gensler Have the Final Say?

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