- June’s Ethereum ETF approval speculation shifts focus to Bitcoin’s price dynamics.
- Pompliano and Saylor anticipate wider crypto adoption from an Ethereum ETF approval.
As a researcher with a background in cryptocurrencies, I have closely followed the developments surrounding Ethereum [ETH] Exchange-traded funds (ETFs) and their potential impact on Bitcoin [BTC]. With the final approval of an ETH ETF seemingly imminent, I cannot help but be intrigued by the shifting focus to Bitcoin’s price dynamics.
With the approval of Ethereum [ETH]-based Spot Exchange-Traded Funds (ETFs) seemingly imminent, there’s growing curiosity: What will be the consequence on Bitcoin [BTC]?
When the Securities and Exchange Commission (SEC) gave its approval to rule 19b-4 forms for eight Ethereum Exchange Traded Fund (ETF) applications, the value of Bitcoin and other cryptocurrencies such as Ethereum saw significant drops on a daily basis.
Market reacts to BlackRock’s S-1 update
As an engaged crypto investor, I’ve been closely monitoring recent developments, and now that BlackRock has signaled potential approval for the Ethereum ETF in their updated Form S-1, the focus has naturally shifted towards Bitcoin’s price action.
At present, Bitcoin has decreased by 0.57%, based on CoinMarketCap’s latest update. This decline occurred following BlackRock’s advancement towards an Ether Exchange-Traded Fund (ETF). In the last 24 hours, Ethereum experienced a more substantial drop of 2.70%.
In a recent live broadcast, Anthony Pompliano commented on how the approval of an ETF based on Ethereum could influence Bitcoin.
“I actually don’t think that ether’s ETF is going to be a distraction for Bitcoin.”
Pompliano continued by expressing his belief that the approval of an ETH ETF (Exchange Traded Fund) would lead to a wider spread usage of cryptocurrencies in conventional finance.
“We are now going to see more capital flow into the overall crypto ecosystem on Wall Street.”
Pompliano isn’t alone
As a researcher investigating the topic of cryptocurrency and its adoption by notable figures in the industry, I’ve come across some intriguing perspectives. One such perspective is held by MicroStrategy Founder, Michael Saylor. In a recent interview, he expressed views similar to those of Pompliano, stating:
“Does this benefit Bitcoin or not? Yes, it does. In fact, it could even be more advantageous for Bitcoin since we hold greater political influence and are backed by the entire cryptocurrency industry.”
According to Saylor, securing approval for an ETH ETF is crucial as it could significantly legitimize the entire crypto asset class.
Important to mention, even though Saylor has recently shown support for ETH ETFs, it’s crucial to remember that he has previously held strong pro-Bitcoin views and expressed criticism towards altcoins.
A win-win situation
In the cryptocurrency world, there’s widespread optimism that the approval of an ETF based on Ethereum will be beneficial. This event is viewed as a successful outcome for all involved parties within the industry.
Pompliano put it best when he said,
As a researcher studying the cryptocurrency market, I believe that Bitcoin’s success can positively impact Ether and vice versa. The same relationship holds true for every other Exchange-Traded Fund (ETF) in the space.
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2024-05-30 23:03