Ethereum Spikes 9% Within Minutes on ETF Approval Rumors - Decrypt
05/20/2024 19:57
The price of Ethereum jumped by 9% in about 20 minutes on Monday amid fresh speculation that spot ETFs will indeed be approved this week.
We do the research, you get the alpha!
Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game!
Go to Alpha ReportsThe price of Ethereum spiked by 9% in a matter of minutes Monday afternoon amid speculation from analysts that the United States Securities and Exchange Commission will indeed approve spot Ethereum exchange traded funds (ETFs).
Ethereum jumped from a price of $3,143 to $3,428 in a span of approximately 20 minutes, per data from CoinGecko. Its 24-hour jump sits at 11% as of this writing, based on the current price of $3,410.
Bloomberg analysts Eric Balchunas and James Seyffart now say they're 75% sure that the SEC will approve applications starting this week, following a previously bearish streak that saw them estimate the chances at 25%.
"Hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us, everyone else assumed they'd be denied)," Balchunas tweeted.
Editor's note: This story is breaking and will be updated with additional details.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.