Last updated on May 18th, 2024 at 11:41 am
The second largest cryptocurrency by trade volume, Ethereum experienced a considerable increase in its price today as excitement surrounding it begins to grow. The Ethereum price chart currently shows an impressive green uptick which signifies a rise in its value.
Since the beginning of the week, ETH has shown impressive gains with its price rising as much as 4.6% throughout this week according to data from coinmarketcap. This week represents the most profitable since July.
Meanwhile, the excitement surrounding Ethereum’s price trend comes amid the growing expectation of a potential Ethereum Futures ETF launch next week. A senior ETF analyst for Bloomberg, Eric Balchunas said in an X (formerly Twitter) post on Sep 28 that the Securities and Exchange Commission plans to accelerate the launch of Ether futures ETFs.
According to him, the SEC intends to do this because they “want it off their plate before shutdown.” Therefore, the commission has asked the filers to update their documents by September 29.
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UPDATE: Hearing the SEC wants to accelerate the launch of Ether futures ETFs (bc they want it off their plate bf shutdown) so they've asked the filers to update their docs by Fri pm (no small task to jam into 48hrs, esp for indie issuers), so they can go eff Mon and trade Tue. https://t.co/gKyQFK12aM
— Eric Balchunas (@EricBalchunas) September 28, 2023
Also, the possibility was corroborated by James Seyffart, a fellow Bloomberg analyst. Seyffart verified this by quoting Eric’s tweet with the caption
“Looking like the SEC is gonna let a bunch Ethereum futures ETFs go next week potentially.”
However, the two analysts failed to cite their sources. Nine separate issuers, including VanEck, BitWise, ProShares, Grayscale, and others, have submitted 15 applications to the SEC for Ethereum futures ETFs. According to Bloomberg analysts, by October 3 Valkyrie’s Bitcoin Futures ETF might be the first ETF with exposure to Ethereum.
Ethereum (ETH) price reaction
Meanwhile, this development has directly played a role in the current uptick in the price of Ethereum. According to data from Coinstats, ETH is currently trading at $1,624. This represents a 2.3% increase over the last day. What’s more, Ethereum has a 24-hour trading volume of $5,670,434,816 ($5.6 billion). Ultimately, ETH is ranked as the second largest cryptocurrency in the market with a live market cap of $195,300,583,816 ($195.3 billion).
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.