{"id":476777,"date":"2024-01-31T14:56:16","date_gmt":"2024-01-31T14:56:16","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=476777"},"modified":"2024-01-31T14:56:16","modified_gmt":"2024-01-31T14:56:16","slug":"standard-chartered-bank-expects-spot-ethereum-etf-approval-on-may-23-says-eth-might-soar-to-4k","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/standard-chartered-bank-expects-spot-ethereum-etf-approval-on-may-23-says-eth-might-soar-to-4k","title":{"rendered":"Standard Chartered Bank Expects Spot Ethereum ETF Approval On May 23, Says ETH Might Soar To $4K"},"content":{"rendered":"

Standard Chartered Bank said it expects a spot Ethereum ETF to be approved on May 23, and that the ETH price might surge to $4,000 in the run-up to the decision.<\/span><\/p>\n

May 23 is the final deadline for the first of the ETFs (exchange-traded funds) under consideration by the Securities and Exchange Commission (SEC), said Geoffrey Kendrick, head of forex and digital assets, in a Jan. 30 report.<\/span><\/p>\n

Kendrick expects the SEC to follow the same strategy it used in the approvals of spot Bitcoin ETFs<\/span>. In this scenario, the regulator will likely continue delaying decisions on spot Ethereum ETFs until their final deadlines. <\/span><\/p>\n

“We expect pending applications for ETH U.S. spot ETFs to be approved on May 23, the final deadline for the first of the ETFs under consideration — the equivalent date to Jan. 10 for BTC ETFs,” he said.<\/span><\/p>\n

\"Standard<\/p>\n

ETH Could Surge In The Build Up To The Spot Ethereum ETF Approval<\/span><\/h2>\n

The analyst also said that <\/span>ETH<\/span><\/a> could rise to as high as $4,000 if the “ETH prices perform similarly to how BTC prices performed in the lead-up to BTC ETF approval.”<\/span><\/p>\n

The SEC has not categorized Ethereum as a security, which forms the basis for Kendrick’s belief that a spot Ethereum ETF will soon receive approval. Adding support to the analyst’s prediction is the listing of ETH as a regulated futures contract on the Chicago Mercantile Exchange.<\/span><\/p>\n

The analyst added that the bank sees “no fundamental reason for the SEC to view ETH differently than the CME already does.” <\/span><\/p>\n

TD Cowen Is Not So Optimistic <\/span><\/h2>\n

Investment bank TD Cowen, on the other hand, says a spot Ethereum ETF may not be approved in the U.S. until late 2025 or early 2026. <\/span><\/p>\n

“We believe there is no upside for SEC Chair Gary Gensler to approve a spot Ethereum ETF given how upset progressive Democrats were over the agency’s approval of a spot bitcoin ETF earlier this month, ” said TD Cowen Washington Research Group analysts led by Jaret Seiberg, in a Jan. 29 note.<\/span><\/p>\n

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