Ethereum Spikes 9% Within Minutes on ETF Approval Rumors – Decrypt

Ethereum Spikes 9% Within Minutes on ETF Approval Rumors – Decrypt

The price of Ethereum spiked by 9% in a matter of minutes Monday afternoon amid speculation from analysts that the United States Securities and Exchange Commission will indeed approve spot Ethereum exchange traded funds (ETFs).

Ethereum jumped from a price of $3,143 to $3,428 in a span of approximately 20 minutes, per data from CoinGecko. Its 24-hour jump sits at 11% as of this writing, based on the current price of $3,410.

Bloomberg analysts Eric Balchunas and James Seyffart now say they’re 75% sure that the SEC will approve applications starting this week, following a previously bearish streak that saw them estimate the chances at 25%.

“Hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us, everyone else assumed they’d be denied),” Balchunas tweeted.

Editor’s note: This story is breaking and will be updated with additional details.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.

Source Reference

Latest stories