Cryptocurrency bulls appear to be back in full force following speculation that a certified spot crypto exchange-traded fund (ETH) is more likely than ever.
This comes amid reports that the SEC has modified Ethereum ETFs – possibly due to political pressure – with reports that it has asked ETF exchanges to update their 19b-4 filings.
The price of Ethereum has climbed 19.4% in the past 24 hours and is now trading at $3,685 – its highest price since April 9, according to CoinGecko.
Although the cause of this sudden change is unclear, Bloomberg ETF analyst Eric Balchunas and other industry experts believe it could be due to a “trend reversal” on Capitol Hill regarding cryptocurrencies.
“Approval suddenly seems likely,” Henrik Andersson, chief investment officer at asset manager Apollo Crypto, commented to Cointelegraph.
“There is a wave of transformation in Washington sparked by SAB 121 as members of both parties voted to block the bill,” Anderson said. He added that Americans owning cryptocurrencies could make up “an important group of voters this election year.”
“This could mean that winter is over and it’s time for a crypto renaissance in the United States,” said Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, in a May 20 article. .
Ethereum Bankless Host Ryan Shawn Adams Says Policy Change Could Mark the End of ‘Operation Chokepoint 2.0,’ a Wave of SEC Lawsuits and New Support for Cryptocurrency-Friendly Regulations .
Meanwhile, Mike Novogratz, founder and CEO of Galaxy Digital, said he has never felt more “confident” in the cryptocurrency sector and the institutional adoption that could follow over the next 12 years. to the next 24 months until the CNBC Financial Advisors Summit.
about: The financial system is ‘obsolete,’ but cryptocurrencies are not a solution either, according to US voters
Digital assets are becoming an increasingly important issue as the US elections approach.
Republican candidate and political rival Donald Trump has made several recent efforts to gain industry support, including a dinner he hosted with dozens of NFT enthusiasts at his Florida home on May 8.
During the dinner, Trump scored big points among the cryptocurrency crowd after promising to help prevent more domestic innovators from fleeing abroad. He also used the event to mock Biden’s knowledge of cryptocurrencies.
BREAKING: Donald Trump agrees with cryptocurrencies pic.twitter.com/SCJDKdHQUB
– Frank (@frankdegods) May 9, 2024
Some believe this prompted Democrats to seek “political points” as well.
A recent Cryptocurrency Group poll showed that an election candidate’s stance on cryptocurrencies could influence how people in several battleground states decide to vote.
The US presidential election is scheduled for November 5, 2024.
review: Opinion: The GOP’s crypto cap is almost as bad as the ‘anti-crypto army’ created by Democrats
