Crypto Market Surges Amid Political Shift and Expected Ether ETF Approval
Summary:
Crypto market sees a surge with speculations about the imminent approval of a spot Ether ETF, as the Securities and Exchange Commission appears to reverse their stance. Influential industry figures suggest this could be due to a change in political attitudes towards crypto, signaling that the currency's acceptance is becoming an increasingly important issue in U.S. politics. This trend could significantly influence the upcoming US elections in November 2024.
A surge in the crypto market is apparently attributable to rumors of an imminent approval of a spot Ether (ETH) exchange-traded fund. This follows reports of the Securities and Exchange Commission reversing its stance on spot Ether ETFs, likely due to political influences. Recent indications suggest the SEC has requested ETF exchanges to revise their 19b-4 filings. As reported by Anthony Pompliano, the price of Ether has risen 19.4% over the past day, reaching $3,685, a peak not seen since April 9, based on CoinGecko’s data. Though the motives for this sudden reversal remain uncertain, industry experts such as Bloomberg ETF analyst Eric Balchunas suggest that it could be due to a "turning tide" in Congress towards crypto. Henrik Andersson, CIO at Apollo Crypto, stated to Cointelegraph that approval now seems likely, referring to recent adjustments in the political climate following the SAB 121 block. Andersson suggests the cryptocurrency-owning demographic could significantly influence the upcoming election year. Adam Cochran, partner at Cinneamhain Ventures, noted in a recent post that this shift may possibly initiate a U.S. resurgence in crypto. Meanwhile, Ethereum host Ryan Sean Adams indicated that this political switch could end the SEC's wave of lawsuits and imply support for crypto-based regulations. Mike Novogratz, CEO of Galaxy Digital, expressed his growing confidence in the crypto industry's future, particularly the institutional adoption expected in the next 1-2 years. As the election approaches, digital assets are increasingly spotlighted, with Republican candidate Donald Trump seeming to seek industry support, including hosting a dinner for nonfungible token enthusiasts. During the event, Trump pledged to prevent further local innovators from going offshore, winning favor among crypto supporters. This situation has reportedly spurred Democrats to also position themselves favorably regarding crypto. A recent poll by Digital Currency Group found that a candidate's stance on crypto could sway votes in key swing states. The U.S. presidential election is slated for Nov. 5, 2024.
Published At
5/21/2024 9:21:55 AM
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