{"id":522775,"date":"2024-05-18T09:39:02","date_gmt":"2024-05-18T09:39:02","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=522775"},"modified":"2024-05-20T07:53:47","modified_gmt":"2024-05-20T07:53:47","slug":"is-it-too-late-to-buy-eth-ethereum-price-surges-5-as-coinbase-upbeat-on-eth-etf-approval-odds-and-this-might-be-the-next-crypto-to-explode","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/is-it-too-late-to-buy-eth-ethereum-price-surges-5-as-coinbase-upbeat-on-eth-etf-approval-odds-and-this-might-be-the-next-crypto-to-explode","title":{"rendered":"Is It Too Late To Buy ETH? Ethereum Price Surges 5% As Coinbase Upbeat On ETH ETF Approval Odds And This Might Be The Next Crypto To Explode"},"content":{"rendered":"

The Ethereum price rose 5% in the last 24 hours <\/span>to trade at $3,110<\/span><\/a> as of 10:16 p.m. EST on trading volume that skyrocketed 25% to $13.6 billion.<\/span><\/p>\n

This development follows comments from Coinbase analyst David Han, who suggested that the market might be underestimating the likelihood that a spot Ethereum ETF (exchange-traded fund) is approved by the US Securities and Exchange Commission (SEC)<\/span><\/p>\n

It has set deadlines of May 23 and 24 to decide whether to approve the applications for spot Ethereum ETFs submitted by VanEck and ArkInvest\/21 Shares, respectively.<\/p>\n

“The market may be underestimating the timing and odds of a potential approval, which leaves room for surprises to the upside,” Han said<\/a> in a May 15 note. ”There is room for surprise to the upside on this decision.”<\/p>\n

While markets have all but ruled out the possibility of ETH ETF approvals this month, Han said the issue is only a matter of ”when, not if.”<\/p>\n

A US Department of Justice indictment on May 15 that accused two individuals of wire fraud and money laundering by manipulating the Ethereum blockchain also is positive news for the prospects of ETH ETF approvals. <\/span><\/p>\n

The indictment emphasized the importance of network integrity, stating that Ethereum operates without a central authority or trusted intermediary, reaffirming the decentralized principles of the blockchain and making it less likely that the SEC can classify ETH as a security that is under its jurisdiction.<\/span><\/p>\n

\n

The Emperor has no clothes.<\/p>\n

The SEC is believed to be taking the position that ETH is a security.<\/p>\n

Meanwhile, federal prosecutors at SDNY, who are representing the “United States,” have just alleged that Ethereum is “a decentralized blockchain” with “No central actor” who “runs… https:\/\/t.co\/isIP4sV43I<\/a> pic.twitter.com\/pe8BdfBtut<\/a><\/p>\n

— orlando.btc (@Orlando_btc) May 16, 2024<\/a><\/p><\/blockquote>\n