Bitcoin
Bitcoin and Ethereum to Hit All-Time Highs Amid ETH ETF Approval: Standard Chartered
Ethereum (ETH) exchange-traded funds will receive approval from the Securities and Exchange Commission this week, Standard Chartered believes – and prices of ETH and Bitcoin (BTC) as a result, it will shoot upwards.
British multinational bank digital asset researcher Geoff Kendrick wrote on Tuesday that if the SEC approves ETH exchange-traded funds (ETFs) on Thursday, as expected, the asset’s price could skyrocket – and reach $8,000 by the end of the year.
ETH is currently trading at $3,770, according to CoinGecko, having soared 22% in 24 hours after rumors swirled yesterday that a spot Ethereum ETF could hit the US market sooner rather than later.
But the price of ETH isn’t the only thing that could benefit: Kendrick added that Bitcoin could also face major upward pressure. “The ETH news, if correct, comes at an opportune time for BTC,” he said.
“An approval of the ETH ETF will further legitimize the sector and therefore also be positive for BTC,” he continued, adding that he would “expect a new all-time high in BTC over the weekend.”
BTC Price it is now at $70,314 per coin. It reached an all-time high of $73,737 in March but remained well below the $70,000 mark for much of last month.
Ethereum is the network behind the second largest digital asset, ETH. Many prominent asset managers have filed paperwork with the SEC to release a spot ETH ETF in the United States.
This fund would give ordinary investors the ability to buy exchange-traded shares and track the price of ETH through brokerage accounts. VanEck, BlackRock and Franklin Templeton are among the companies hoping to win approval.
The second reluctantly said yes to 11 Bitcoin ETF in January, and since then they have received record entries– pushing the price of BTC higher as a result.
But the regulator has been silent on the approval process for ETH ETFs, leading industry analysts to expect a delay in the process in recent weeks. That changed on Monday when Bloomberg analysts he said which now await imminent approval – a statement now echoed by Standard Chartered.
Chartered Standard scheduled in April that BTC would reach $150,000 per coin this year, and that ETH could reach $8,000 this year and then $14,000 per coin by the end of 2025.
The bank reiterated this statement in today’s report.
Edited by Andrew Hayward
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.