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.
Advertisement
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.
Advertisement
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).
Read More:
- Binance Encourages Users to Convert Euro to USDT as Partnership With Paysafe Ends
- Shiba Inu (SHIB) Burn Rate Surges 1,300%, Price Shows Slight Recovery
- Bitcoin and Ethereum Worth Hundreds of Millions Transferred to Coinbase
Special Offer (SPONSORED)
Binance Free $200 (Exclusive): Use this link to register and receive $200 free trading fee credit (terms).
"3Commas Trading Bot" Special Offer: Use this link to Sign up with 3Commas and get 10% off your first monthly subscription.
Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.