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Mordi Goldstein
@mordi
24 hours, everything was different. Ethereum went up almost 20% in less than 24 hours. What is going on?? Want the tl;dr? It looks likely that the SEC might approve an Ethereum ETF this week.
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Mordi Goldstein
@mordi
In case you have no idea what I'm talking about, here's the full story: ➤ For months, crypto ETFs have been the talk of the market. Bitcoin ETFs launched in the US earlier this year. Their launch sent BTC to new all-time highs. The Bitcoin ETFs were the most successful ETF launches ever in the US 🤯
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Mordi Goldstein
@mordi
ℹ️ The Securities and Exchange Commission (SEC) is a US government body. They oversee ETFs and other securities. They approve the creation of these investment vehicles.
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Mordi Goldstein
@mordi
➤ Applications to create Ethereum ETFs were put into the SEC over the last few months. The SEC has a deadline of 23 May to make a decision about approving the ETFs. They can also choose to delay the decision by a few months. Until now, everyone was expecting them to delay the decision. But yesterday, news broke❗
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Mordi Goldstein
@mordi
🚨 The SEC reportedly asked applicants to update some of the filings they had made urgently. This may not sound like much, but it happens when they work towards approving the application. Bloomberg analysts increased the probability of approval from 25% to 75%. This sent the market charging higher.
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Mordi Goldstein
@mordi
Ethereum rocketed up. It almost hit $3700 📈 Why? Why are these ETFs a big deal?
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