The bitcoin market has quickly recovered from a major meltdown that occurred just an hour ago. The revival is ascribed to the news that the U.S. The Securities and Exchange Commission (SEC) is allegedly close to approving ether-futures exchange-traded funds (ETFs).
Ether’s Whirlwind Surge
Ether, the second-largest cryptocurrency by market capitalization, had a quick increase in value. Its price jumped from $1,640 to $1,710 in a couple of minutes. Despite a brief setback, the value quickly rebounded to its peak. This incredible rebound virtually erased the significant losses suffered earlier in the day.
Bitcoin, the leading cryptocurrency, had a similar revival. In response to the announcement, its price increased from $26,400 to $27,200 before settling at $27,200.
According to Bloomberg’s sources, the SEC is leaning toward allowing the debut of ether-futures ETFs. This possible approval is a huge step forward for bitcoin investors and fans. Notably, numerous businesses, including Bitwise, have applied for similar financial products. This follows in the footsteps of the successful introduction of bitcoin-futures ETFs in 2021.
Anticipation Builds
While the SEC’s view on ether’s categorization as a security remains unknown, signs point to a positive atmosphere for the upcoming ETFs. While the regulatory authority has stated that several tokens might be classified as securities, it has not issued a definite opinion on ether. Furthermore, the SEC has yet to approve any spot bitcoin or ether ETFs, leaving a critical choice to be made.
