SEC Expected to Announce Decision on VanEck Spot Ethereum ETFs Today, Potential Price Surge

May 23, 2024, 07:09 AM

The U.S. Securities and Exchange Commission (SEC) is expected to announce its decision on the approval of VanEck's spot Ethereum ETFs today, May 23. The SEC has informed exchanges about the potential approval, which has led to a significant surge in Ethereum's market cap by $71B. Bloomberg analysts and Bernstein analysts predict that the approval could lead to a substantial increase in Ethereum's price, with estimates ranging from a 60% to 75% rise, potentially reaching $6,600. The decision is anticipated around 4 p.m. EST. SEC Chair Gary Gensler has hinted at the decision, stating to "stay tuned." The approval of Ethereum ETFs could also pave the way for similar products for other cryptocurrencies like Solana.