The American authorities could give authorization to large managers to issue spot ETFs on ether this Thursday, May 23. A highly anticipated decision which is causing the price of the second cryptocurrency to soar.
The price of ether continues to rise. The cryptocurrency has gained 27% in 5 days. After months of waiting, the American financial authorities could give authorization to large managers to issue spot ETFs on ether. A decision is expected this Thursday, May 23, sending the market into overdrive.
An ETF (or Exchange Traded Funds) is an index fund trading on a stock exchange which follows the evolution of a stock index (or one or more financial or physical assets, such as gold) by replicating the increase as well as the drop in the price of this index (or these assets).
The Securities and Exchange Commission (SEC), the financial regulator of the United States, has been in contact for several months with managers who wish to offer these financial products. James Seyffart, ETF analyst at Bloomberg and followed by nearly 150,000 people, announced on ”
Around 2 p.m. this Wednesday, ether was trading at $3,689. The crypto is, however, still far (-24%) from its record reached on November 16, 2021 at $4,891, according to data from Coinmarketcap.
As a reminder, the approval of 11 spot bitcoin ETFs in January resulted in net inflows of $12 billion and helped make bitcoin one of the best performing assets of the year (+45% since the start of approximately one year).
Source: https://www.bfmtv.com/crypto/ethereum/le-marche-des-cryptos-a-les-yeux-rives-sur-une-potentielle-autorisation-des-etf-ether-ce-jeudi_AV-202405220540.html
