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Ethereum prices have skyrocketed by 20% to reach a six-week high amid renewed hopes for the approval of a spot exchange-traded fund in the United States.
Ethereum (ETH) prices soared to an intraday high of $3,700 during early trading in Asia on Tuesday, May 21. This marks the highest level for ETH since early April, when it briefly surged to similar levels before falling below $3,000 a week later.
The substantial 20% increase has been driven by renewed optimism that the US Securities and Exchange Commission (SEC) will approve VanEck’s application for the first spot ETH ETF on May 23.
This significant 24-hour surge is the largest for ETH in over a year and has lifted the broader cryptocurrency market along with it.
The total market capitalization has risen by 8.6% to $2.74 trillion, with Bitcoin nearing its all-time high, hitting $71,600 during Tuesday morning’s trading in Asia.
Hopes for ETH Spot ETF Approval
In a post on X on May 21, Bitcoin pioneer Anthony Pompliano remarked:“If they approve the Ethereum ETF, they are approving the entire industry. This is the last dam to be broken.”
This significant development comes after Bloomberg ETF analysts James Seyffart and Eric Balchunas increased their approval odds from 25% to 75% on May 20.
Balchunas noted that the SEC has requested revised 19b-4 forms to be returned by 10 am on May 21, “for likely approval as soon as Wednesday.”
There are ten issuers competing to launch America’s first spot Ethereum ETF, including BlackRock, Fidelity, and Grayscale, which aims to convert its ETHE fund.VanEck faces the first deadline, followed by Ark 21Shares on May 24.
This shift marks a reversal from earlier this week when industry experts predicted that the SEC would delay approving the S-1 applications for listing these new products on US stock exchanges.
ETF Store President Nate Geraci stated that the relationship between crypto and exchange-traded products “remains the most fascinating place in asset management right now.”
Prometheum Debuts Ethereum Custody Service
In a correlated development, crypto asset trading and custody firm Prometheum has rolled out a contentious Ethereum custody service, categorizing the asset as a security, as per reports.
Observers speculate that this move might be a preemptive measure in anticipation of an SEC rejection of ETH ETFs, given the regulator’s classification of the asset as a security.
However, the recent change in sentiment could indicate that the opposite scenario may unfold this week.
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