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Saturday, June 15, 2024

Here’s Why ETH Just Exploded 10% Back To $3400

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Ether (ETH) surged 10% on Monday in the span of a few minutes following credible rumors that the asset could receive its own spot ETF in the United States within days.

  • ETH traded for $3150 on Monday at 17:44 UTC, before surging to $3450 within 25 minutes.
  • This followed a tweet from Bloomberg ETF analyst Eric Balchunas at 17:20 UTC that he and his partner, James Seyffart, were upping their odds of ETH ETH approval this month from 25% to 75%.
  • “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),” he explained.
  • Earlier this month, the US House and Senate passed H.J.Res.109 – a resolution to scrap an anti-crypto banking rule previously established by the Securities and Exchange Commission (SEC).
  • The resolution passed both chambers with bipartisan support despite a promise from President Joe Biden to veto the act if it reached his desk, showing that many Democrats don’t respect the anti-crypto position adopted by their party’s leadership.
  • Seyffart confirmed that his and Balchunas’ accounts were not hacked and that their odds changes were based on input from multiple sources. “Should see a bunch of filings over coming days if we’re correct,” he added.
  • Fox Business reporter Eleanor Terret also said on Wednesday that she’d received input from a prospective ETF issuer that things are “evolving in real time” regarding the approval of their application.
  • Bitcoin also pumped on the news, rising 5% to $69,850 on Monday. According to Coinglass, the crypto market has experienced $226 million in liquidations within the past 24 hours.

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