As a seasoned crypto investor with several years of experience under my belt, I’m keeping a close eye on the US Securities and Exchange Commission (SEC) and their decision regarding VanEck’s Ethereum ETF application. The pre-decision volatility we’ve seen in recent days has already taken a toll on the market, causing significant price declines for both Bitcoin and Ethereum.
The anticipation in the cryptocurrency world is focused on the US Securities and Exchange Commission (SEC) as they prepare to make a decision regarding VanEck’s application to launch an Ethereum Exchange-Traded Fund (ETF).
Earlier this year, when Bitcoin drew significant attention, the market saw a surge in pre-decision volatility, resulting in noticeable price drops for leading assets.
On Monday, CryptoPotato announced some promising news in the crypto industry. Bloomberg’s ETF experts upgraded their estimation for an Ethereum ETF from a 25% chance to a 75% probability. According to their new prediction, we could expect to see the launch of an Ethereum ETF by the week’s end.
Following multiple postponements and modifications, the Securities and Exchange Commission (SEC) now faces a decision on VanEck’s Ethereum ETF application using Form 19b-4. The SEC must either deny or give its approval.
According to Eric Banchanas of Bloomberg, he anticipates that the SEC will issue their response by 4 pm today, which equates to approximately six hours from the present time.
Based on my analysis of previous SEC announcements and the timing of Bitcoin’s price drops, I anticipate we might hear from the Securities and Exchange Commission around 4 pm tomorrow. However, it’s worth noting that there have been exceptions where announcements came slightly after 4 pm.
— Eric Balchunas (@EricBalchunas) May 22, 2024
The financial markets have begun to exhibit signs of stress, marked by heightened price fluctuations over the past hour. For instance, ETH reached a high of nearly $3,950 – its highest point in several months – before experiencing a decline of approximately $200. Currently, it hovers around $3,800.
Bitcoin failed to surmount the $70,000 mark today despite a strong attempt. Consequently, following this unsuccessful challenge, its price dropped significantly to around $67,600 within the past few minutes.
As a researcher studying the cryptocurrency market, I’ve observed that its volatility has resulted in a significant daily impact. Specifically, over $220 million in liquidations have occurred. Approximately 80,000 traders, who held leveraged positions, have suffered losses during this period. The anticipated announcement by the SEC tonight is expected to intensify this volatility even further.
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2024-05-23 17:32