Standard Chartered: Ethereum Spot ETFs Likely To Be Approved by May 2024
Standard Chartered has projected that Ethereum (ETH) exchange-traded funds (ETFs) will be approved by the U.S. Securities and Exchange Commission (SEC) and potentially double the current price of ETH, according to a report by the British multinational bank on Tuesday.
Standard Chartered expressed confidence that spot ETH ETFs will receive the green light from the SEC by the final deadline on May 23, citing the fact that the regulator has not classified ETH as a security. This is in contrast to the SEC's crackdown on crypto companies selling unregistered securities. The Commodities and Futures Trading Commission (CFTC), on the other hand, has consistently classified ETH as a commodity, an asset that can be bought and sold.
Standard Chartered expects that the approval of spot ETH ETFs will lead to a surge in the value of ETH, with the cryptocurrency potentially reaching $4,000. ETH is currently priced at $2,332, according to CoinMarketCap’s data. Several high-profile asset management firms, including BlackRock, have submitted their applications for spot ETH ETFs.
Standard Chartered also maintained its bullish outlook on Bitcoin, reiterating its prediction that BTC could reach $100,000 per coin by the end of 2024. Geoffrey Kendrick, head of Standard Chartered Bank's forex and digital assets research, stated that this price range "still looks achievable."
