Bitcoin bulls that the expected approval of spot Ethereum ETFs is going to be bearish for the leading cryptocurrency. According to Schiff, any money that moves into Ethereum ETF will"most likely" come from spot Ethereum ETFs that were launched earlier this year to much fanfare."Investors who decided to make an allocation to crypto won't increase that allocation to buy Ether," Schiff added.
As reported by U.Today, the U.S. Securities and Exchange Commission suddenly made a shocking U-turn on spot Ethereum ETFs just days before it was widely expected to reject them. The price of Ethereum is now up a whopping 23% over the past 24 hours. Earlier today, it managed to The ETH/BTC pair is now up 16% over the past 24 hours on the Bitstamp exchange after hitting its 2024 low on April 16.
Some analysts predicted that Bitcoin would benefit from the rejection of Ethereum ETFs. However, now it seems like Ethereum might chip away at some inflows.According to British multinational bank Standard Chartered, the price of Ethereum could surge to as high as $8,000.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.
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