Cryptocurrencies

It seems that the crypto bulls are back in full force after the speculation

Cryptocurrency bulls appear to be back in full force following speculation that a certified spot crypto exchange-traded fund (ETH) is more likely than ever.

This comes amid reports that the SEC has amended Ethereum ETFs – possibly due to political pressure – with reports that it has asked ETF exchanges to update their 19b-4 filings.

source: Anthony Pompliano

The price of Ethereum has pumped 19.4% over the past 24 hours and is now trading at $3,685 – its highest price since April 9, according to CoinGecko.

While it is not clear what caused this sudden shift, Bloomberg ETF analyst Eric Balchunas and other industry experts speculate that it may be due to a “turning of the tide” on Capitol Hill regarding cryptocurrencies.

“Approval suddenly seems likely,” Henrik Andersson, chief investment officer at asset manager Apollo Crypto, commented to Cointelegraph.

“There is a wave of transformation in Washington sparked by SAB 121 as members of both parties voted to block the bill,” Anderson said. He added that Americans who own cryptocurrencies could constitute “an important group of voters this election year.”

“This could mean that winter is over and it’s time for a US crypto renaissance,” Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, expressed in a May 20 post.

Ethereum Bankless host Ryan Shawn Adams says the political shift could mark the end of “Operation Chokepoint 2.0,” a wave of lawsuits brought by the SEC and new support for cryptocurrency-friendly regulation.

It Seems That The Crypto Bulls Are Back In Full Force After The Speculation
source: Ryan Shawn Adams

Meanwhile, Mike Novogratz, founder and CEO of Galaxy Digital, said he has never felt more “confident” in the cryptocurrency industry and the institutional adoption that could follow over the next 12 to 24 months ahead of the CNBC Financial Advisor Summit. .

It Seems That The Crypto Bulls Are Back In Full Force After The Speculation
Source: Andrew Kang

Related: The financial system is “obsolete” but cryptocurrencies are not a solution either – US swing voters

Digital assets are becoming an increasingly important issue as the US elections approach.

Republican candidate and political rival Donald Trump has recently made several efforts to gain support from the industry, including a dinner he hosted with dozens of NFT enthusiasts at his home in Florida on May 8.

During the dinner, Trump scored big points among the cryptocurrency crowd after promising to help prevent more domestic innovators from fleeing abroad. He also used the event to mock Biden’s knowledge of cryptocurrencies.

Some speculate that this has prompted Democrats to also look for “political points.”

A recent poll by Cryptocurrency Group showed that an election candidate’s stance on cryptocurrencies could influence how people in several battleground states decide to vote.

The US presidential election is scheduled to be held on November 5, 2024.

magazine: Opinion: GOP’s crypto cap is almost as bad as the ‘anti-crypto army’ created by Democrats

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