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Ethereum's Price Surges 11% as Traders Anticipate SEC Approval of ETH Futures ETF

With Ethereum's trading volume spiking by 185% within 24 hours, SEC considers ETH Futures ETFs approval, reflecting crypto's evolving acceptance

Shashank Bhardwaj
Published: Aug 21, 2023 09:04:01 AM IST
Updated: Aug 22, 2023 09:06:15 AM IST

Ethereum's Price Surges 11% as Traders Anticipate SEC Approval of ETH Futures ETFImage: Shutterstock

In a significant development within the crypto realm, Ethereum (ETH) has experienced a remarkable price surge of nearly 11%, according to Bloomberg’s report of August 17. The report cited multiple sources and suggested that the US Securities and Exchange Commission (SEC) will likely grant approval for applications related to Ethereum Futures Exchange-Traded Funds (ETFs).

This sudden and substantial increase pushed Ethereum's price to around $1,700, marking an impressive 11% jump. The SEC's potential approval of ETH Futures ETFs will signify a notable shift in the regulatory body's stance towards digital assets, indicating a growing acceptance of cryptos within traditional financial systems.

If the applications for these ETFs are approved, it would mark a milestone moment for the crypto market. This approval could signal a heightened recognition of digital assets by established financial institutions, potentially encouraging greater institutional participation and investment in the crypto sector.

Recent market trends have been influenced by various factors, including Ethereum's 5% price decline as a response to the broader Bitcoin value downturn. Bitcoin's price drop triggered a cascading effect across the entire crypto market. Notably, other cryptos, such as Binance Coin and SUI, also experienced 5% and 10% declines, respectively.

Despite these challenges, Ethereum's trading volume witnessed a remarkable surge of 185% within the span of just 24 hours. Hourly charts illustrated a concerted effort to reclaim Ethereum's price, with a series of green candles indicating renewed positive sentiment. This resurgence coincided with the news surrounding the SEC's potential approval of ETH Futures ETFs.

As these events unfold, the crypto community remains vigilant and anticipatory. While an 11% upswing in Ethereum's value is seen as an encouraging advancement, it's crucial to maintain a cautious approach due to the inherent volatility of the crypto market. The crypto sector remains dynamic and fluid, requiring careful consideration and informed decision-making.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash