The price of Ethereum (ETH) is experiencing a significant surge following a remarkable shift in the assessment of two Bloomberg analysts regarding the potential approval of an Ethereum ETF by the U.S. Securities and Exchange Commission.
Eric Balchunas and James Seyffart have substantially increased their optimism, raising the likelihood of a spot Ethereum ETF approval from 25% to 75%. They attribute this change to a perceived shift in tone from the SEC. Balchunas and Seyffart noted, “James Seyffart and I are increasing our odds of spot Ether ETF approval to 75% (up from 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).”
Corroborating this sentiment, Fox Business journalist Eleanor Terrett has also heard discussions about a potential reversal of stance at the SEC.
The cryptocurrency industry has recently attracted greater political attention, with former President Trump claiming to be the best advocate for crypto and Democrats defying President Biden’s veto threat on SEC-related crypto legislation.
As a result of this news, the price of ETH has surged from $3,143 just a few hours ago to $3,676 at the time of this article’s publication.
Furthermore, the broader crypto market is currently experiencing a rally on Monday, with Bitcoin (BTC) rising from $66,800 at the beginning of the day to $71,248 at the time of writing.
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