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Tomorrow is the final deadline for the approval of VanEcks spot Ethereum exchange-traded fund (ETF) in the US, and expectations are high. Bloomberg ETF analyst James Seyffart shared that an approval movement is happening, despite regulatory indicators pointing out to the contrary direction until Monday.

As a result, Ethereum (ETH) leaped up to 21% in less than 48 hours and stood just 22% from its all-time high of $4,878.26, according to data aggregator CoinGecko. Bitcoin (BTC) leaped 96% in two months before the approval of the first spot Bitcoin ETFs in the US and reached its all-time high two months later.

James Davies, co-founder and CPO at Crypto Valley Exchange, highlights that Bitcoins case was different. In that instance, though, everything came together ETFs, bitcoin halving, and global inflation easing significantly and lined up to drive Bitcoin. Ethereum has already had the crypto cycle and global market sentiment increase, he shares.

Although Davies sees Ethereum ETF inflows having a substantial impact, propelling ETH to new all-time highs, it may be hard for Ethereum to replicate BTCs movement after the funds approval. It does, however, present a great steady growth story for the rest of 2024.

Ruslan Lienkha, chief of markets at YouHodler, also shares the view that an Ethereum ETF might trigger a sharp ETH price increase. Moreover, this movement might not be fully priced, with significant upside yet to be seen. If so, it will be a powerful impetus for the whole crypto market and a stimulus for other coins growth, added Lienkha.

Bitfinexs analysts believe that a spot Ethereum ETF approval could play out just like the spot Bitcoin ETF approval, which was a sell-the-news event before a long-term bullish outlook was triggered, causing a multi-month rally. As for inflows, they expect a similar level compatible with ETHs market cap.

The current move from sub $3000 to $3800 is a result of the market pricing in the higher odds of an ETF approval. It is important that market participants often front-run and price in odds as absolute implying that 75% odds of approval by Bloomberg analysts could potentially be priced in as 100%.

Marko Jurina CEO at Jumper.Exchange, pointed out that BTC rose nearly 65% following the trading of spot Bitcoin ETFs in the US. Thus, a similar movement would propel ETH well beyond its previous all-time high. Zentner also believes that the approval might trigger a crypto market growth for the second half of 2024.

Despite the optimism regarding the Ethereum ETF approval, there is still a slight chance of rejection. Moreover, as highlighted by Seyffart, a good part of investors are misunderstanding the current movement since approval doesnt translate to immediate trading. Both of these scenarios might then upset investors.

Nevertheless, in the light of recent developments, those events are now being priced out, says James Davies, from Crypto Valley Exchange. On the other hand, Jumper.Exchanges Marko Jurina believes that both negative possible events are already priced in.

When the spot BTC ETFs first came to market, there was actually a brief sell-off where some took profits before the rally resumed. Additionally, given the volatile nature of the market, good and bad news gives ample opportunity for market makers to create more violent price swings, so blood on the streets is definitely possible. More problematic for the ETH community (if no approval) would be the loss of a narrative as a catalyst, Jurina added.

Moreover, a slight drop followed by a consolidation period is also a possibility, shares Ruslan Lienkha from YouHodler. Ethereum ETF approval is just a matter of time. The SEC will approve it sooner or later after the status clarification of ETH, and it matters little if it is recognized as a commodity, security, or something else. As for now, fundamentally, nothing will change for ETH. It will remain the second crypto in the industry even without ETFs.

Even if an unlikely rejection happens, Bitfinex analysts describe a layered scenario, which could end in a hard rejection or a soft rejection. A hard rejection would include ETH being considered a security, while a soft rejection would be limited to ETF proposals.

The former could be very bearish leading to a retrace of the entire move up currently. The latter could lead to more speculation continuing over a future approval on re-appeal, Bitfinex analysts concluded.

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Experts speak out on how high Ethereum could go with an ETF approval - Crypto Briefing

Amid increasing speculation about the possible approval of a spot Ether exchange-traded fund (ETF) in the United States on May 23, global investment manager VanEcks ETF has been listed by the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol ETHV.

The DTCC is an American financial market infrastructure provider that offers clearing, settlement and transaction reporting services to financial market players. A listing on DTCC is considered a crucial step before final approval from the U.S. Securities and Exchange Commission (SEC).

VanEcks ETF is currently designated inactive on the DTCC website, meaning it cannot be processed until it receives the necessary regulatory approvals. However, VanEck is not the first Ether (ETH) ETF listed by the DTCC. Franklin Templetonsspot ETH ETF was listed on the platform a month ago.

The DTCC said that the ETF list includes both active ETFs that may be processed by the DTCC and ETFs that are not yet active and, therefore, cannot be processed.

Another report suggested that SEC officials contacted Nasdaq, the Chicago Board Options Exchange and the New York Stock Exchange to update and change existing spot Ether ETF applications.

Related: Crypto insiders anxious and divided as spot Ether ETF decision date looms

The significant change in the SECs stance over the past week is speculated to be linked to the White House.

Crypto lawyer Jake Chervinsky noted in a post on X that policy is driven by politics, and for months, crypto has been winning the political battle. He also speculated that former president Donald Trumps endorsement of cryptocurrency compelled the administration of President Joe Biden to shift its policy.

May 23 is the final deadline for the SECs decision on the VanEck spot Ether ETF application. After months of speculation about a probable denial of spot ETH ETFs, the SEC took action earlier this week.

The SEC firstasked financial managers to amend and refile their 19b-4 filings on their proposed spot Ether ETFs. Some analysts saw the move as a positive sign, swinging the potential chance of approval to 75% from 25%.

Magazine: What do crypto market makers actually do? Liquidity, or manipulation

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Ethereum ETF confirmed? VanEck spot Ether ETF listed by DTCC - Cointelegraph

14h38 4 min of reading by Luc Jose A.

From groundbreaking announcements, technological progress, and regulatory turmoil, the crypto ecosystem continues to prove that it is both a landscape of boundless innovation and a field of regulatory and economic battles. Heres a summary of the most noteworthy news from the past week surrounding Bitcoin, Ethereum, Binance, and Solana, among others.

Donald Trump recently expressed strong support for the cryptocurrency industry during an event at Mar-a-Lago, criticizing the Biden administration for its hostility towards this sector. He promises to foster the adoption of cryptos in the United States if he is reelected in 2024. Trump contrasts his economic vision and financial freedom to the Democrats skepticism about the risks of crypto. The 2024 election is seen as pivotal for the regulatory future of digital assets in the United States. Bidens policy currently aims to curb the rise of decentralized cryptocurrencies.

Pension funds, traditionally cautious, are beginning to take an interest in Bitcoin ETFs. Major asset managers like Fidelity and BlackRock are now openly discussing with these institutional investors. The interest of pension funds, with assets over 4000 billion dollars, could significantly propel the Bitcoin market. Even a small allocation of these funds to Bitcoin could result in a massive influx of capital into the crypto market. This development could cement the adoption of cryptocurrencies by the general public and traditional institutional investors, marking a turning point towards the maturity of the crypto market.

VanEck has introduced an index dedicated to memecoins, called the Marketvector Meme Coin Index, focusing on six main memecoins with a maximum weighting of 30% each. This index aims to provide a structured approach to evaluating these often volatile assets. The selection of memecoins for the index is based on various parameters such as current price and historical performance, with monthly revisions to maintain representativity. VanEcks initiative could draw more serious investors toward the memecoin market. This innovation marks an important step towards the maturity of the cryptocurrency market by providing more sophisticated analytical tools for these digital assets.

Mastercard is partnering with banks like Citi and JPMorgan to transform crypto transactions through the tokenization of assets, using a shared ledger to improve the security and efficiency of transactions. Mastercards Regulated Settlement Network (RSN) project aims to establish a legal framework to integrate these innovations into the digital economy. Institutions like Swift and Deloitte are also involved, highlighting the importance of this global initiative. In the United States, the debate over central bank digital currencies (CBDCs) continues, with privacy concerns. The project aspires to a future where financial transactions are instant and secure, thus redefining the standards of global finance.

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Diplm de Sciences Po Toulouse et titulaire d'une certification consultant blockchain dlivre par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'conomie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet cosystme en constante volution. Mon objectif est de permettre chacun de mieux comprendre la blockchain et de saisir les opportunits qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualit, de dcrypter les tendances du march, de relayer les dernires innovations technologiques et de mettre en perspective les enjeux conomiques et socitaux de cette rvolution en marche.

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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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Bitcoin, Binance, Ethereum, and Ripple: The biggest crypto news of the past week - Cointribune EN

Ether (ETH) is struggling to maintain the $3,000 support level, experiencing a 4.1% decline in just two days. The bearish momentum appears to be influenced by several factors, including the delay in launching an Ethereum spot exchange-traded fund (ETF) in the United States, decreased network usage, and a notable decrease in the ETH burn rate. As a result, Ether's price has dropped by 15% since April.

Investor sentiment has been further dampened by remarks made by Susan Collins, the Boston Federal Reserve Chair, who suggested that resilient inflation may force the central bank to maintain higher interest rates for an extended period. According to Yahoo Finance, Collins' speech on May 8 highlighted the need for slower economic growth to reduce demand. As long as interest rates remain above inflation, there is less incentive for individuals and companies to take out loans for consumption or production.

On one hand, the potential negative impact on corporate earnings could benefit alternative assets such as cryptocurrencies. However, if investors fear a significant recession, many are likely to seek refuge in fixed-income and cash positions. The increased stock buybacks in the U.S. market, driven by well-capitalized companies, further complicate Ether's recovery path. Despite potential earnings growth, buybacks reduce sell pressure and compensate for a stagnant economy.

While Ether's performance might be influenced by the 3% correction in the total cryptocurrency market capitalization since May 6th, other altcoins like BNB (BNB), Tron (TRX), Cardano (ADA), and Litecoin (LTC) have outperformed Ether by 3% or more during the same period. Even when compared to Bitcoin (BTC), Ether's price has lagged by 1.5%. This suggests that there are factors specific to Ether that are negatively impacting its price.

The possibility of an Ethereum U.S. ETF approval was dampened after the SEC postponed its decision on the Invesco and Galaxy Digital proposal on May 6th, extending the deadline until July 2024. Moreover, the refusal of U.S. SEC Chair Gary Gensler to clarify whether Ethereum could be considered a security during his appearance on CNBC's Squawk Box on May 7 has further eroded investor confidence in the ETF's prospects. Gensler's appearance followed six crypto-related lawsuits in 2024.

On-chain analysis for Ethereum has been unfavorable in recent weeks. According to ultrasound.money, the burn mechanism for Ether has hit its lowest levels in 2024.

The EIP-1559 protocol burns a fraction of the gas fees per transaction, so lower network demand leads to a higher ETH supply growth. The latest data shows an ETH 4,853 burn in 7 days, significantly lower than the ETH 17,628 issued in the same period. Although the 12,774 ETH supply increase in the past 7 days represents a mere 0.57% annualized inflation, the issue with Ethereum network's lesser use becomes more concerning when considering its second layer scaling solutions.

Related: Public blockchain ledgers not fit for purpose, says JPMorgan

The decline in Ethereum's demand has impacted its ecosystem, including projects like Arbitrum, Base, Polygon and ZkSync Era. In contrast, Solana and Thorchain have shown increased activity. Similarly, Sui and Avalanche experienced a comparatively smaller decline in decentralized exchange (DEX) volumes compared to other platforms.

The exact reasons behind investors' decision to sell Ether are unclear. However, there seems to be reduced confidence in the U.S. approving an Ethereum spot instrument. Additionally, recent network health metrics for Ethereum have deteriorated. The uncertainty surrounding recent regulatory actions against the crypto industry, including Consensys, may also help explain the weakness in Ethereum's price.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Why is Ethereum (ETH) price down today? - Cointelegraph

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Ethereum Bounces Strongly While Stacks Remain In The Red; Rebel Satoshi Sets The Stage For 100x Memecoin Gains - Crypto News Flash