Ethereum skyrocketed by nearly 17%, and the market speculated that a spot ETF would be approved
2024-05-20 21:42:39
On May 21st, Ethereum posted its biggest gain in 18 months, leading the digital currency higher. Ethereum rose as much as 16.8% to $3,589 at the end of the US market. Bitcoin also briefly broke the 70,000 dollar mark. The cryptocurrency market began to rise after ETF analyst Eric Balchunas said he and his colleague James Seyffart raised the estimated probability of a spot Ethereum ETF being approved from 25% to 75%. The US Securities and Exchange Commission (SEC) on Monday asked the issuer of a potential spot Ethereum ETF to update its 19b-4 filing, according to people familiar with the matter. ETF issuers need to obtain SEC-approved documents and an S-1 registration statement before the product is officially launched.
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