Co-founder and former chief executive officer (CEO) of MicroStrategy, Michael Saylor, has shown its support for the approval of ethereum/when-spot-ethereum-etfs-go-live-expect-a-bloodbath/” rel=”nofollow noopener” target=”_blank”>ethereum Spot ETF. The crypto billionaire reiterated that the introduction of ethereum ETFs was “good” for bitcoin and the broader crypto market.
ethereum Spot ETF Approval 'Better' for bitcoin
In a recent interview with Beagle, bitcoin Gamblers Anonymous host Saylor x.com/beaglebitcoin/status/1794443617399885986?s=46″ rel=”nofollow” target=”_blank”>shed light on his perspective on the US Stock Exchange (SEC) approval of ethereum spot ETFs and how this investment instrument would affect the crypto market.
The founder of MicroStrategy revealed that the SEC's acceptance of the ethereum Spot ETF was a major breakthrough for bitcoin as it improves the political power of pioneer cryptocurrency. He noted that an ethereum Spot ETF would serve as a “line of defense” for bitcoin, highlighting ethereum-user-tsunami-record-94000-new-accounts-and-32-million-in-staked-funds/” rel=”nofollow noopener” target=”_blank”>ethereum's extensive user base and the broad support it enjoys from the entire crypto industry
Saylor also indicated that ethereum Spot ETFs could accelerate institutional adoption by fueling investor interest in cryptocurrency ETFs through diversification. This, in turn, could significantly impact bitcoin price metrics. potentially increasing demand and triggering a cryptocurrency rally.
The MicroStrategy co-founder also revealed that prior to the SEC's acceptance of ethereum spot ETFs, bitcoin was seen as the only asset not classified as a security, following the SEC's decision. bitcoin-news/bitcoin-etf-approval-triggers-1-2-billion-trading-volume-and-new-highs-for-btc-price/” rel=”nofollow noopener” target=”_blank”>approval of a Spot bitcoin ETF on January 10. As a result, bitcoin would have been heralded as the only legitimate crypto asset in the industry.
However, with the SEC's recent clearance of ethereum spot ETFs, Saylor anticipates a different outcome. He emphasized that the global cryptoasset class would ultimately be legitimized, backed by the world's two largest cryptocurrencies, bitcoin and ethereum.
He also stated that this legitimization would allow for broader acceptance of other aspects of the crypto industry, such as decentralized finance (DeFi), nfts, digital commerce, and others, facilitating widespread acceptance, with bitcoin-news/bitcoin-bulls-gain-breathing-room-as-long-term-holder/” rel=”nofollow noopener” target=”_blank”>bitcoin spearheading this change as the leader of the cryptoasset class.
bitcoin Price After SEC Approval of ethereum Spot ETF
On Thursday, May 23, the US SEC approved a fundamental rule change that would allow ETFs to hold ethereum. This approval came after months of deliberations and constant delays of the regulatory agency.
Given the The SEC's Implicit Classification of ethereum as a SecurityMany cryptocurrency industry analysts, including Bloomberg ETF analysts James Seyffart and Eric Balchunas, had low expectations for regulator approval of ethereum spot ETFs.
Consequently, the crypto community was doubly surprised when the US SEC accepted ethereum spot ETFs. This approval significantly affected the price dynamics of bitcoin, as the cryptocurrency btc/bitcoin-price-dips-68250/” rel=”nofollow noopener” target=”_blank”>recorded declines while enthusiasm for an ethereum Spot ETF spread through the crypto community.
At the time of writing, btc is trading at $68,613, marking a drop of 0.96% in the last 24 hours. The cryptocurrency btc/bitcoin-price-steam-70k/” rel=”nofollow noopener” target=”_blank”>daily trading volume of more than 18.6 billion dollars increases slightly by 21.11%, highlighting a smaller increase in bitcoin/bitcoin-lack-of-interest-70000/” rel=”nofollow noopener” target=”_blank”>investor confidence in cryptocurrency.
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