Bitcoin News and Finance
Standard Chartered Expects SEC to Approve Spot Ethereum ETFs in May, Pushing ETH to $4,000 Skip to main content

Standard Chartered Expects SEC to Approve Spot Ethereum ETFs in May, Pushing ETH to $4,000

Standard Chartered Expects SEC to Approve Spot Ethereum ETF in May, Pushing ETH to $4,000

Standard Chartered has predicted that the U.S. Securities and Exchange Commission (SEC) will likely approve a spot ethereum exchange-traded fund (ETF) in May. The banking giant’s analyst foresees the price of ether rising to $4,000 by the expected approval date.

Standard Chartered’s Ethereum ETF Prediction

Standard Chartered published a note on Tuesday detailing why it expects the U.S. Securities and Exchange Commission (SEC) to approve spot ethereum exchange-traded funds (ETFs) in May, Bloomberg reported. The bank’s head of crypto research and Western emerging markets FX, Geoff Kendrick, anticipates the SEC’s approval of spot ethereum ETFs to mirror the agency’s approach to spot bitcoin ETF approvals.

The analyst explained that May 23 is the last date by which the securities regulator must approve or deny spot ethereum ETF applications from Vaneck and Ark 21shares. He expects the SEC to make a decision on the final date, similar to its Jan. 10 approval of 11 spot bitcoin ETFs. Kendrick believes that ethereum’s legal and financial situation closely mirrors that of bitcoin, suggesting a similar approval pattern for spot ethereum ETFs.

However, SEC Chairman Gary Gensler remains evasive on whether ethereum is a security, despite stating that most crypto tokens, other than bitcoin, are securities. The SEC delayed its decisions on two spot ethereum ETF applications last week: one from Blackrock and one from Grayscale Investments.

Ethereum’s Price Could Rise to $4,000, Analyst Says

Moreover, the Standard Chartered head of crypto research explained that ethereum’s price could reach $4,000 by the May 23 approval date if ETH follows a similar trajectory to bitcoin during its ETF approval process. At the time of writing, ether is trading at $2,370.

Kendrick’s $4,000 ETH price target hinges on several key assumptions, including general market sentiment for approval remaining low, implied volatility being wrong, and the SEC approving multiple spot ethereum ETF applications on the same day as it did with spot bitcoin ETF applications.

While bitcoin’s price experienced a selloff after the spot bitcoin ETF approvals as investors, including FTX, exited the Grayscale Bitcoin Trust (GBTC), Standard Chartered believes that etherum will avoid much of the selloff bitcoin faced. The analyst noted that Grayscale’s existing Ethereum Trust holds a smaller portion of the total market capitalization of ether, compared with the bitcoin held in GBTC. He emphasized:

These factors should make ETH less vulnerable than BTC to a post-approval selloff.

Meanwhile, Standard Chartered said early this month that the price of bitcoin could hit $200K in 2025.

What do you think about Standard Chartered’s prediction regarding spot ethereum ETF approvals and the price of ETH? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory