Alex Dovnya
Peter Schiff warns Bitcoin bulls that possible approval of Ethereum ETF could spell trouble for the major cryptocurrency
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Peter Schiff's Goldbug warned Bitcoin is bullish as the expected approval of Spot Ethereum ETF will be bearish for the major cryptocurrency.
According to Schiff, inflows into the Ethereum ETF will “probably” come from the Spot Ethereum ETF, which launched with much fanfare earlier this year. “Investors who have decided on an allocation to cryptocurrencies are not going to increase that allocation to buy Ether,” he added.
As reported by U.Today, the U.S. Securities and Exchange Commission suddenly took a shocking turn against the Spot Ethereum ETF just days before it was widely expected to reject it.
Fidelity has now filed an amended S-1 registration statement that does not include staking rewards.
Ethereum price is currently up a whopping 23% in the past 24 hours.I managed to do it earlier today. Exceed Mastercard in terms of market capitalization.
By comparison, Bitcoin recorded a relatively modest 6% price increase over the same period.
The ETH/BTC pair has risen 16% in the past 24 hours on the Bitstamp exchange after hitting a 2024 low on April 16th.
Some analysts predicted that Bitcoin would benefit from the rejection of the Ethereum ETF. However, it now appears that Ethereum may be able to shave off some of the inflows.
Over the past week, Bitcoin ETFs have seen steady inflows totaling over $1 billion.
80,000 yen this year?
According to British multinational bank Standard Chartered, the price of Ethereum could soar to as much as $8,000.
The bank also predicts that a yet-to-be-approved Ethereum ETF could attract up to $150,000 worth of inflows.
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Alex Dovnya