Cryptocurrency prices surged on Monday following increased odds that the Securities and Exchange Commission (SEC) will approve spot ethereum ETFs. Bloomberg analysts Eric Balchunas and James Seyffart raised the likelihood of approval for VanEck’s spot ethereum application to 75% from 25%. This news sent bitcoin soaring back to $70,000, with analysts predicting a potential test of record highs this week.
Nine issuers, including VanEck and ARK Investment Management, have filed with the SEC to list spot bitcoin ETFs. The SEC is set to approve or deny the first round of applications this week, with decisions on VanEck and ARK’s filings expected on Wednesday and Thursday, respectively. The approval of 19b-4 forms and S-1 registration statements is crucial for ETFs to launch.
Speculation is rife that the SEC may be changing its stance on cryptocurrency ETFs, with chatter suggesting a possible approval. However, S-1 approvals may still take weeks to months to materialize. Despite the uncertainty, analysts remain optimistic that if the initial approvals are granted this week, it will pave the way for future S-1 approvals.
Bitcoin surged to $69,500 on Monday, marking a 5% gain over the last 24 hours, while ethereum rallied nearly 14% to reach $3,500. Both cryptocurrencies are inching closer to their previous highs, with bitcoin hitting a new all-time high of $73,798 in March. The cryptocurrency market remains volatile, with investors advised to stay informed and make strategic decisions to navigate the ever-changing landscape.