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Ether ETFs move forward, crypto and the US elections, and ETH at $8,000

The Hash Insider

Last week, the SEC approved the listing of several spot ether (ETH) ETF, a significant step toward these ETFs being allowed to trade in the US. ETH closed last week with an astounding upswing of 26.3%, significantly outperforming bitcoin (BTC), which rose 4.3%, and taking back the lead in the year-to-date (YTD) performance in the competition with BTC. As of last week’s close, ETH is up 68.7% YTD, whereas BTC is up 61.8%. The Nasdaq Crypto IndexTM (NCITM) followed ETH’s lead with a 10.0% upswing last week. 

 


 

SEC moves on ETH ETFs as US Congress passes market structure legislation 

The US Securities and Exchange Commission (SEC) has approved the listing or conversion of eight spot ETH ETFs, a major milestone for the crypto industry following the approval of spot BTC ETFs earlier this year. Trading of these ETFs cannot commence until registration statements are approved, which may come within the next several weeks or months. Earlier in the week, comprehensive digital asset legislation was approved in the US House with significant bipartisan support, another sign of a rapidly improving environment for crypto assets in the US. 


Standard Chartered predicts that ETH could reach $8,000 this year

The bank’s prediction follows the SEC’s action on ETH ETFs in the world’s largest capital markets, a major regulatory shift toward crypto. The listing of these ETFs could lead to much greater institutional appetite, increase overall investor confidence, and remove  the risk of ETH being deemed a security by the US regulator.

Fourth Bitcoin Halving, one month later 

Monday, May 20, marked one full month since the 4th bitcoin halving. Bitcoin’s price was up 10% since the event, in line with what the largest crypto asset experienced in its 1st (+9%) and 3rd (15%) halving cycles. Bitcoin's hash rate remained roughly flat, similar to the aftermath of its 3rd halving event, suggesting that miners have likely prepared well for the reduction in subsidies from 6.25 to 3.125 BTC per block.

 

Trump declares US must not settle for ‘second place’ in crypto industry

Former US President Donald Trump has stated that the US must lead in crypto, expressing a welcoming stance toward digital assets. Trump criticized current President Joe Biden's approach, promising a more favorable environment for crypto if he wins the 2024 election. Trump's campaign has started accepting crypto donations, signaling strong support for the industry, and indicating that crypto may play a pivotal role in the final outcome of the US election.

From Hashdex:

Hashdex predicts three major trends for Bitcoin's future: the growth of crypto index investing driving ETF assets under management to $300 billion, the rise of tokenized securities reaching a $10 trillion market, and Bitcoin's increasing role as a global currency amid the declining dominance of the US dollar.

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