Dear Readers,
The crypto markets are in silent mode expecting a yes or no decision on ETH ETF by SEC.
As it is widely expected that the ETH ETF would get a nod from SEC and would pave a way to the mainstream investments on Ethereum in a safe and convenient mode across various sections of the investors.
At the time of writing this article, the cryptomarket cap trading down with 2.56% and stands at $2.54 Trillion.
The BTC is trading at $ 68035 a lower of 3.56% from yesterday.
The much expected ETH trades at $ 3814, a 1.45% up from yesterday.
The fear greed index stands at 66 which shows greed.
The BTC dominance is at 52.7% and ETH dominance is at 18%.
We could see in the top 10 cryptocoins in the marketcap rankings, except ETH all are trading in red in the past 24 hours.
At this crucial juncture, A part of House lawmakers including majority whip Tom Emmer and Democrat Josh Gottheimer had written a letter to SEC Chairman Gary Gensler on May 22 for the support of the SEC to approve spot Ether ETFs.
In this letter, the lawmakers urged heavily that a potential spot Ether ETF would offer the crypto investors to access to ETH in a more regulated and safe format.
They also hinted that SEC should apply the same principles considered for the BTC ETF approval for this ETH ETF approval also.
For the first time the Cryptos are found to be a point of key talk in the US election as Donald Trump is openly supporting for the digital assets.
As we all know, the virtual digital assets are very important and inevitable in the future, and it can't be pushed away just like that.
If the ETH ETF approved, we can highly anticipate a pump in the ETH price may fly towards its ALH.
This would greatly lessen the BTC dominance in the cryptomarket, which will help the alt coins to make a pump.
As we have seen the larger financial inflow towards the BTC ETF from wide sectors of investors, there would also be a turn around for ETH ETFs when it started to trade in the crypto market in a more regulated way.
It is highly known from the sources inside that the SEC has started discussions around S-1 registration statements with prospective ETH ETF issuers. To approve the ETH ETF, the SEC should approve the 19b-4 forms.
As for the 19b-4 forms, the SEC has a deadline of today to approve or deny the VanEck Ethereum ETF’s 19b-4 form, the very first in the list with ETH ETF application.
Let's wait and watch the decisions of the SEC which would have a greater impact on the crypto marker sooner or later!
