The US SEC has Approved Exchange Applications To List Spot Ether ETFs
The U.S. Securities and Exchange Commission (SEC) on Thursday(23rd May 2024) has approved applications from Nasdaq, CBOE, and NYSE to list Exchange-Traded Funds (ETFs) tied to the price of ether, potentially allowing these products to begin trading later this year.
Although the ETF issuers still require approval before launching these products, the SEC's decision marks a significant and unexpected victory for both the firms involved and the cryptocurrency industry, which had anticipated rejection of the filings.
Will the price of Ethereum rally?
It is essential to consider that market reactions can be influenced by various factors, including overall market conditions, macroeconomic factors, and investor sentiment. While the approval of a spot ETF is likely to have a positive impact on the price of Ethereum, the extent and duration of the rally can be unpredictable.
The approval of an Ethereum (ETH) spot ETF has the potential to act as a catalyst for a broader "Altseason" in the cryptocurrency market, where alternative cryptocurrencies (Altcoins) experience significant price rallies.
