• The SEC may approve the several Ethereum ETF applications it has received.
• ETH’s price jumped as the news broke.

According to a Bloomberg report, Ethereum [ETH] futures Exchange-Traded Fund (ETF) may be approved by the U.S. SEC sooner than expected. The report, which came out on 17 August, noted that the regulatory is unlikely to block the product that has seen a lot of applications by numerous firms.

Read Ethereum’s [ETH] Price Prediction 2023-2024

Recall that BlackRock’s Bitcoin [BTC] futures ETF has already paved. So, the Ethereum community has also been eagerly awaiting a similar development. At the time of writing, firms including BitWise, Volatility Shares, Roundhill, and Grayscale had already filed applications for the ETF.

Interestingly, the development broke when the entire crypto market was undergoing a massive correction. During that time, ETH’s price had fallen to $1,600. But as soon as the public got wind of the report, a renewed sense of optimism entered the market. This, in turn, acted as a catalyst for the cryptocurrency’s recovery.  

This propelled ETH to gain as much as 10% within a short period. Although the report has not been confirmed by the SEC, many believe that if approved, it could bring some stability to the cryp

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Author: Victor Olanrewaju

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