Tuesday , November 26 2024
Home / Crypto news / Here’s Why ETH Just Exploded 10% Back To $3400

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

Summary:
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 50 on Monday at 17:44 UTC, before surging to 50 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

Topics:
Andrew Throuvalas considers the following as important: , , ,

This could be interesting, too:

Chayanika Deka writes BIT Mining Settles for M Over Bribery Allegations in Japan Resort License Bid

Wayne Jones writes US Charges 5 for Multi-Million Crypto Hacking Operation

Jordan Lyanchev writes 0M in Liquidations as Bitcoin Dumps Below K, Ripple Down 10% Daily

Wayne Jones writes Shaquille O’Neal Agrees to M Settlement Over NFT Lawsuit

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.

You Might Also Like:

Leave a Reply

Your email address will not be published. Required fields are marked *