Ethereum

Galaxy

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-surpasses-mastercards-market-value" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Surpasses Mastercard’s Market Value</a><br></p>
<p style="text-align: justify">Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has eclipsed Mastercard’s $427 billion market value, reaching a remarkable $440 billion. This milestone comes amid rising expectations for a potential approval of a spot Ethereum exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC), marking a significant shift in the cryptocurrency market landscape.</p>
<h2 id="what-drives-sec-s-change-in-stance">What Drives SEC’s Change in Stance?</h2>
<p style="text-align: justify">The SEC recently signaled a possible approval of spot Ethereum ETF applications, with Bloomberg analysts increasing their approval odds from 25% to 75%. This is a notable reversal from the SEC’s previous position, which had been largely dismissive. Just days ago, many expected that VanEck’s ETF application would be rejected due to insufficient engagement with the SEC. However, the regulatory body has now asked exchanges to update their 19b-4 applications, hinting at a swift approval process.</p>
<p style="text-align: justify">Eric Balchunas, Bloomberg’s senior ETF analyst, emphasized the accelerated actions by the SEC, which could lead to ETF approval as early as this Wednesday. This rapid shift has bolstered market optimism, driving up Ethereum’s price significantly.</p>
<h2 id="how-might-the-sec-differentiate-ethereum-assets">How Might the SEC Differentiate Ethereum Assets?</h2>
<p style="text-align: justify">Alex Thorn, head of research at Galaxy Digital, proposed that the SEC might differentiate between Ethereum and staked ETH. Thorn outlined that the SEC could view Ethereum as a non-security asset while classifying staked ETH as a security. This distinction would align with the SEC’s existing legal frameworks and could facilitate the approval of spot Ethereum ETFs without conflicting with prior regulatory statements.</p>
<h2 id="market-reactions-and-implications">Market Reactions and Implications</h2>
<p style="text-align: justify">Following these regulatory developments, Ethereum’s price surged by 16.2% within 24 hours, according to CoinGecko data. <a href="https://en.bitcoinhaber.net/investor-jim-rogers-weighs-in-on-bitcoins-role-in-global-finance" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) also saw a significant increase of 6%, reaching $71,650. These price movements underscore the heightened investor confidence and anticipation surrounding the potential regulatory green light for Ethereum ETFs.</p>
<p style="text-align: justify">Despite the recent rally, Ethereum’s price is still 25.4% below its all-time high of $4,878 achieved two years ago. However, the positive market sentiment and ongoing momentum suggest that Ethereum could continue to appreciate, especially if the SEC approves the ETF applications.</p>
<p style="text-align: justify">**User-Usable Inferences**</p>
<p style="text-align: justify">– Investors should monitor SEC announcements closely as they could impact Ethereum’s market value.<br> – Distinguishing between Ethereum and staked ETH could set a precedent for future cryptocurrency regulations.<br> – Rapid price movements in Ethereum and Bitcoin indicate high market sensitivity to regulatory <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">news</a>.</p>
<p style="text-align: justify">In conclusion, Ethereum’s market value surpassing Mastercard’s underscores the growing significance of cryptocurrencies in the global <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="external">financial</a> landscape. The upcoming decisions by the SEC could further catalyze this trend, potentially leading to greater institutional adoption and investor interest.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-surpasses-mastercards-market-value" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Surpasses Mastercard’s Market Value</a></h5>

Ethereum Surpasses Mastercard’s Market Value

Table of Contents

BH NEWS

Other articles published on May 21, 2024

Central Bank of Kenya approves LemFi’s Remittance to Kenya, in partnership with Flex Money Transfer

Bitcoin Price Roars Past $71K As Bloomberg Ups Odds On SEC Approving Ethereum ETFs And This Learn...

Public vs. Private: SEC, Ripple Clash Over Disclosure in XRP Case

Best Crypto to Buy Right Now May 21 – TRON, XRP, Synthetix

Promising Altcoins to Partner with in 2024

Filecoin’s Decline, Kaspa’s Remarkable Ascent, & BlockDAG’s $1M Daily Revenue Explosion Following...

Join our free newsletter for daily crypto updates!