Why Bitcoin's Surge Could Be A Boon, Trap, For New Ether ETFS
March 4, 2024
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5:02Now PlayingWhy Bitcoin's Surge Could Be A Boon, Trap, For New Ether ETFS
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as posted by the channelThe crypto industry has long resisted having its tokens classified as securities. However, the success of bitcoin’s spot ETFs, could prompt issuers to break ranks depending on the SEC’s next move.
Bitcoin is trading above $60,000, up more than 167% in the last 12 months and more than $7 billion has poured into the new bitcoin ETFs. The market is buzzing with anticipation for an ETF backed by bitcoin’s little brother ether, the native token associated with the Ethereum blockchain and used to create such things as NFTs. Ether has a market cap of more than $400 billion, second only to Bitcoin, whose market cap exceeds $1.2 trillion. In May, the SEC will likely pass final judgment on nine spot ether ETF applications. But unlike bitcoin’s decision day in early January, which seemed to be a fait accompli, ether’s outlook is far less certain.
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