Crypto prices rally back as SEC said to be ready to greenlight ether-futures ETFs

Quick Take

  • Crypto prices briefly bounced back on the news that the SEC is poised to approve ether-futures ETFs.
  • This comes just an hour after crypto prices plummeted across the board.

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.

The price of ether ralled on a report that the SEC may be ready to approve ether futures-linked ETFs. Image: Binance.

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.


© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

AUTHOR

Tim is the Editor-In-Chief of The Block. He writes about the evolution of crypto technology and the people who are at the forefront of it. He provided exclusive, source-based insights into the launches of the Bitcoin and Ethereum ETFs, crypto sales by the FTX Estate and the Trump-linked World Liberty Financial project. Prior to joining The Block, Tim was a news editor at Decrypt. He earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.

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