Ethereum (ETH) Standard Chartered believes the exchange-traded fund will receive Securities and Exchange Commission approval this week, and the price of ETH and ETH Bitcoin (BTC) As a result, it will rise.
Geoff Kendrick, a digital asset researcher at a British multinational bank, said on Tuesday that if the SEC approves the ETH exchange-traded fund (ETF) on Thursday as expected, the asset's price could soar and reach $8,000 by the end of the year. I wrote that it has sex.
ETH is Currently trading The price was $3,770, according to CoinGecko, and it soared 22% in the next 24 hours. Rumors were flying around yesterday Spot Ethereum ETFs could arrive on the U.S. market sooner rather than later.
But it's not just the price of ETH that could benefit. Kendrick added that Bitcoin could also face significant upward pressure. “If the ETH news is correct, it comes at a perfect time for BTC,” he said.
He went on to say, “The approval of the ETH ETF will further strengthen the legitimacy of the sector and therefore be positive for BTC,” adding, “By the end of the week, BTC is expected to reach new all-time highs. Probably,” he added.
BTC price It currently stands at $70,314 per coin. It reached an all-time high of $73,737 in March, but has remained well below $70,000 for much of last month.
Ethereum is the network behind ETH, the second largest digital asset. The asset management company has filed documents with the SEC to release a Spot ETH ETF in the US.
Such a fund would allow retail investors to buy stocks traded on stock exchanges and track the price of ETH through their brokerage account. VanEck, BlackRock and Franklin Templeton are among the companies he hopes will gain approval.
SEC Reluctantly I said “yes” up to 11 BTC ETF In January, And since then they Record influx—As a result, the price of BTC will increase.
However, regulators have remained silent about the approval process for the ETH ETF, and industry analysts have been expecting delays in the approval process in recent weeks. Things took a turn Monday when Bloomberg analysts said they expected imminent approval. Standard Chartered echoed this statement.
standard chartered expected in April BTC could hit $150,000 per coin this year, while ETH could hit $8,000 per coin this year and reach $14,000 per coin by the end of 2025.
The bank reiterated that claim in today's report.
Edited by Andrew Hayward
The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment, or other advice.
