Dear Friends,
It is quite another exciting and landmark making history in the world of cryptos.
With the approval of eight of the ETH ETFs to trade in the markets is a joyous news for all the crypto enthusiasts all around the world as this is the another major step for the mainstream adoption of crypto!
As we all expected all the ETH ETFs were approved by SEC by yesterday with the one go method as we had experienced with the BTC ETF approvals that have taken place in January 2024.
But unlike BTC ETFs, there were many debacles on the approvals of ETH ETF approvals as there were many confusions on ETH is being considered as security and commodity by SEC.
Unlike earlier times, the US law makers have also written a letter to SEC in favour of ETH ETF approvals.
This time the cryptocurrencies being the core issue in the forthcoming US General elections.
We have witnessed Donald Trump has openly supported the crypto currencies while the president Joe Biden and his Ministers are not in favour of the cryptos.
It is quite interesting that Donald Trump has launched his own NFT, addressed in favour of digital assets and even announces acceptance of his poll donations through crypto modes. It is to be understood that the fundraising for the US Presidential polls is a major event in the US.
As the future of financials are inevitable without the cryptos.
The approval of ETFs both in BTC and ETH paved a way for the regulated investment attractions among the wide range of investors.
With the approval of 19b-4 forms from the ETH ETF applicants- 1.BlackRock, 2.Fidelity, 3.Grayscale, 4.Bitwise, 5.VanEck, 6.Ark, 7.Invesco Galaxy and 8 Franklin Templeton, it further needs to go with the S1 forms from the respective applicants as well.
But to go with this on the post ETH ETF approval, there are few formalities with the S1 forms which will go from here. Post this S1 approval, the ETH ETF would be listed in the exchanges for trades.
Like we have witnessed during the BTC ETF approvals, the ETH price after the approval news didn't go up as we have expected. This is because, with buyers have already bought significant amount of ETH before this approval.
ETH has rallied over 25% in the past 1 week. See the updates of ETH in the recent times with the Dencun upgrade and the ETH ETF approvals.
At the time of drafting this article, ETH trades at $ 3670, a down of little over 3% from yesterday.
But there was increased in volumes of ETH and the marketcap of ETH stands at $440,257,983,075.
It is to be noted that the previous ATH of ETH was recorded at $4,891.70 on November 16, 2021.
But we can expect a gradual hike in the ETH price and it certainly move ahead towards it ALT and I think it would break its previous ALH so soon as the investments on ETH would start pouring in.
So, we expect a good time ahead in the crypto markets easing out all the geo-political tensions and the alt season to come soon.
So stay invested in the market and make your DYOR in the investment!
