Spot Ethereum ETFs approval likely on May 23: Standard Chartered

  • Standard Chartered Financial institution says the SEC might approve spot Ethereum ETFs on May 23, the ultimate deadline for purposes at present earlier than the regulator.
  • Ethereum worth might surge to over $4,000 by then, the financial institution mentioned in a report.

The US Securities and Change Fee (SEC) is likely to offer a nod to the primary spot Ethereum ETF in May, the Standard Chartered Financial institution mentioned in a report on Tuesday.

Particularly, the financial institution’s analysts see the regulator approving the ETH spot ETFs on May 23. In response to the financial institution’s be aware shared with purchasers and reported on by The Block, the May date is the ultimate deadline for purposes earlier than the SEC.

“We expect pending applications for ETH U.S. spot ETFs to be approved on May 23, the final deadline for the first of the ETFs under consideration — the equivalent date to Jan. 10 for BTC ETFs,” Geoffrey Kendrick, Head of Foreign exchange and Digital Property Analysis at Standard Chartered Financial institution, mentioned.

ETH worth might surge to $4,000

The SEC not too long ago delayed spot Ethereum ETF purposes for BlackRock and Constancy. Nonetheless, ought to the regulator approve the ETF proposals earlier than it, the worth of Ethereum might skyrocket. Within the lead as much as the approval, Standard Chartered sees a possible spike to $4,000.

“If ETH prices perform similarly to how BTC prices performed in the lead-up to BTC ETF approval, ETH could trade as high as $4,000 by then.”

Bitcoin worth rallied following BlackRock’s spot Bitcoin ETF utility, surging from round $25k to hit a a excessive of $49k. Whereas costs are again to lows of $43k, after rebounding from round $38.6k final week, the market is bullish as the following BTC halving approaches.

Ethereum surged after BlackRock filed for a spot ETH ETF in November, reaching highs above $2,700. The main altcoin’s worth is at present close to $2,375, up 3% previously hour because the altcoin market appears to bounce alongside the benchmark cryptocurrency.

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