Despite a major crash just an hour prior, crypto prices are now surging on the news that the U.S. Securities and Exchange Commission is said to be ready to greenlight ether-futures ETFs.
The price of ether shot up to from $1,640 to $1,710 in minutes following a Bloomberg report. The price retraced for a few minutes before returning to the same peak. This erased the majority of the decline that was seen earlier today.
Bitcoin also saw a rally on the report coming out, as it rose from $26,400 to $27,200, before cooling off.
Bloomberg's report claims that the SEC isn't going to block ether-futures ETFs from launching, citing people familiar with the matter.
Multiple companies including Bitwise have filed for such products, following the launch of bitcoin-futures ETFs in 2021.
The SEC has not clarified whether it evaluates that ether is a security — although it has suggested that most tokens are securities — and it has not yet approved any spot bitcoin or ether ETFs.
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