Heres Why ETH Just Exploded 10% Back To $3400
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Ether (ETH) surged 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 $3150 on Monday at 17:44 UTC, before surging to $3450 within 25 minutes.
- This followed a tweet from Bloomberg ETF analyst Eric Balchunas at 17:20 UTC that he and his partner, James Seyffart, were upping their odds of ETH ETH approval this month from 25% to 75%.
- Hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed theyd be denied), he explained.
- Earlier this month, the US House and Senate passed H.J.Res.109 a resolution to scrap an anti-crypto banking rule previously established by the Securities and Exchange Commission (SEC).
- The resolution passed both chambers with bipartisan support despite a promise from President Joe Biden to veto the act if it reached his desk, showing that many Democrats dont respect the anti-crypto position adopted by their partys leadership.
- Seyffart confirmed that his and Balchunas accounts were not hacked and that their odds changes were based on input from multiple sources. Should see a bunch of filings over coming days if were correct, he added.
- Fox Business reporter Eleanor Terret also said on Wednesday that shed received input from a prospective ETF issuer that things are evolving in real time regarding the approval of their application.
- Bitcoin also pumped on the news, rising 5% to $69,850 on Monday. According to Coinglass, the crypto market has experienced $226 million in liquidations within the past 24 hours.
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