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SEC Greenlights ETH ETFs!
Spot Ethereum ETFs get SEC approval, but trading awaits final sign-off on S-1 registration statements.
Danielle du Toit
May 24, 2024
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Spot Ethereum ETFs Get the Green Light From the SEC
Coinbase Relists XRP in NY, Price Soars Despite Lingering SEC Case
Bitcoin Price Setback Does Little to Shake Trader Confidence
Algorand Causes a Stir With New Ad Bashing Bitcoin, Ethereum and Solana
The ETF issuers still require the SEC's sign-off on their S-1 registration statements before the spot Ether ETFs can officially begin trading.
The SEC's approval now allows firms like VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise to list and trade spot Ether ETFs on their respective exchanges.
Despite the approval, ETF issuers still need the SEC's sign-off on their S-1 registration statements, which could take days, weeks, or even months.
Hashdex’s spot Ether ETF application has not been approved just yet, with a final deadline set for May 30.
Coinbase has resumed XRP trading in New York, which ended up boosting the altcoin’s value after recent price volatility.
Coinbase’s Chief Legal Officer, Paul Grewal, made the announcement on social media that XRP trading is now available again in New York.
XRP was delisted from several exchanges, including Coinbase, in 2020 after the SEC filed a lawsuit against Ripple Labs. A recent ruling by Judge Sarah Netburn declared XRP not to be a security, but the final judgment is still pending.
These legal developments and Coinbase's decision to trade XRP again caused a surge in trading activity and renewed optimism among XRP holders.
Despite Bitcoin's recent price drop, traders are still very optimistic about its long-term prospects.
After reaching $71,980 on May 21, Bitcoin saw an unexpected downturn, which hit leveraged long traders very hard and resulted in $227.51 million in market liquidations in 24 hours.
Despite the drop, some analysts are still optimistic, even comparing the current market behavior to the 2016-2017 cycle, that could suggest BTC is on the path to a parabolic uptrend.
Bitcoin also recently overcame key resistance levels, including the 50-day EMA at $64,665, which is seen as part of a "hidden bullish divergence" that could support further upward movement.
The Algorand Foundation’s latest ad takes a swipe at the “big three” crypto networks.
An ad shows shoppers struggling to pay for something with Bitcoin, Ethereum, and Solana because of long transaction times, high fees, and transaction failures.
The ad then compares these struggles with Algorand’s instant finality and low fees, with the tagline “Instant finality. Low Fees. Designed for the speed of life.”
The ad sparked debate on crypto social media, with some people questioning what Algorand spent on the ad despite recent operational challenges, like shutting down its block explorer AlgoExplorer in January.
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