#StandardChartered #Ethereum #Bitcoin #SEC #CryptoETF #Grayscale #CryptoMarket #CryptoPrediction
Standard Chartered Bank has added its voice to the trend of positive forecasts regarding the prospective approval of an Ethereum-based exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC). This speculation, underpinned by an optimistic prediction of approval in May, follows the previous approval of a Bitcoin ETF.
Analysts believe the process for Ethereum will imitate the pattern witnessed with Bitcoin; an extensive use of the deadline followed by ultimate approval. Geoff Kendrick, a key player in Standard Chartered’s research department, also commented on the trends instigated by the swift conversion of the Grayscale Bitcoin Trust (GBTC) to a Bitcoin ETF, which subsequently resulted in a price drop due to a sell-off of GBTC shares. However, a similar development is not anticipated in the case of Ethereum.
In an extrapolation of the current landscape, despite the diminished market share of the Ethereum Trust when compared to Bitcoin, Ethereum is projected to reach the $4,000 mark before the predicted approval in May – a substantial 70% increase from its present price of $2,338. Kendrick forecasts a more stable pricing environment for Ethereum, even in the likelihood of post-conversion sell-offs. The SEC’s history of pushing decision deadlines, as evinced in Bitcoin’s case, might likely play out with Ethereum as well. This is further exemplified by the recent postponement of a verdict on asset management firm BlackRock’s Ethereum ETF application.
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