Ether (eth) rose 10% on Monday in the span of a few minutes following credible rumors that the asset could receive its own spot ETF in the United States within days.
- eth traded for $3,150 on Monday at 17:44 UTC, before rising to $3,450 within 25 minutes.
- This followed a x.com/EricBalchunas/status/1792636523050906102″ target=”_blank”>cheep Bloomberg ETF analyst Eric Balchunas at 17:20 UTC that he and his partner, James Seyffart, were increasing their eth approval odds this month from 25% to 75%.
- “I heard rumors this afternoon that the SEC might be doing a 180 on this (increasingly political issue), so now everyone is fighting (like us, everyone else assumed they would be denied),” he explained.
- Earlier this month, the US House and Senate passed HJRes.109, a resolution to eliminate an anti-cryptobanking rule previously established by the Securities and Exchange Commission (SEC).
- The resolution passed both chambers with bipartisan support despite President Joe Biden's promise to veto the bill if it reached his desk, showing that many Democrats do not respect the anti-crypto position taken by their party's leadership.
- Seyffart confirmed that his and Balchunas' accounts were not hacked and that his odds changes were based on input from x.com/JSeyff/status/1792637403682701422″ target=”_blank”>multiple sources. “We should see a lot of submissions in the next few days if we're right,” she said. x.com/JSeyff/status/1792637403682701422″ target=”_blank”>aggregate.
- Fox Business reporter Eleanor Terret also x.com/EleanorTerrett/status/1792640682374393894″ target=”_blank”>saying Wednesday that it had received information from a potential ETF issuer that things are “evolving in real time” regarding the approval of its application.
- bitcoin also surged on the news, rising 5% to $69,850 on Monday. According to Coinglass, the cryptocurrency market has seen liquidations worth $226 million in the last 24 hours.
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