Finally, on Thursday, May 24th 2024 the SEC approved Ethereum ETFs. The US Securities and Exchange Commission has successfully approved ETH ETF applications from NASDAQ, NYSE, and CBOE.
After Bitcoin ETFs approval previously, Ethereum ETFs were highly anticipated in the crypto industry. ETFs stands for Exchange Traded Funds. This enables Ethereum to be bought directly on stock markets like NASDAQ, NYSE easily instead of going to a crypto currency exchange separately.
Next steps after SEC approves Ethereum ETFs
Yokesh’s Analysis for the Ethereum market after SEC approves Ethereum ETFs:
- This is a huge move and it will attract multiple traditional and institutional investors inside the cryptocurrency industry.
- Similarly, There are high chances for other cryptocurrency projects similar to Ethereum for its ETFs to be approved. Example: Solana, AVAX etc.
- With this ETH ETF approval news, there will be a bull run for the meme tokens and tokens under Ethereum Blockchain.
- Blockchain as a technology adoption – This brings more new players into the market and brings the advantage and adoption on Blockchain to a new circle of people.
- After USA, Hong kong this could be a trigger for other countries to join and approve cryptocurrency ETFs in their stock exchanges.
- Increase in marketcap – This keeps the cryptocurrency industry booming to a never end.
- New Top Blockchain Development companies will come up in market with new innovations.
Market Analysis after SEC Ethereum ETF Approval
The week was a great boom for Ethereum overall, with 20 % + increase in price from around $3100 to $3800 +. The market had already gone so high that after the approval news there sell offs and right now Ethereum is averaging around $3750 while writing this article.
I hope this article has given you more information about Ethereum ETF approval by SEC and market after the approval.
