21.05.2024 17:32
Standard Chartered expects the approval of Ethereum (Ether) based ETFs by the U.S. Securities and Exchange Commission (SEC). Geoff Kendrick, the bank's cryptocurrency expert, predicts that there will be a significant impact on the market after the approval and that Ether could experience a similar value increase as Bitcoin.
Standard Chartered expects the approval of Ethereum (Ether) based ETFs by the U.S. Securities and Exchange Commission (SEC) this week. Geoff Kendrick, the bank's cryptocurrency expert, predicts that there will be a significant impact on the market after the approval. Kendrick also shared striking price predictions for Bitcoin and Ethereum in the coming period.
A New Era in the Crypto Market
The crypto market held its breath this week to see if the U.S. Securities and Exchange Commission (SEC) would approve Ether-based exchange-traded funds (ETFs). Applications from major financial institutions such as VanEck and Ark Invest/21Shares will be evaluated on May 23 and May 24, respectively.
Geoff Kendrick, the Director of FX and Digital Assets Research at Standard Chartered Bank, predicts that if the ETFs are approved, there will be a purchase of 2.39 to 9.15 million Ether in the first year. This figure corresponds to a value of approximately $15 to $45 billion based on the current market value. Kendrick emphasized that these predictions are consistent with previous forecasts for Bitcoin ETFs.
According to Kendrick's analysis note, the approval of spot Ether ETFs could lead to a similar value increase for Ether as Bitcoin. Kendrick set a target of $8,000 for Ether by the end of the year and suggested that if Bitcoin reaches $150,000 by the end of 2024, Ether will also reach this level.
Standard Chartered's predictions for the end of 2025 are $200,000 for Bitcoin and $14,000 for Ether. These predictions are in line with the bank's expectations in March.
The fact that the SEC requested updated 19b-4 form files for spot Ether ETFs before the deadline was interpreted as a positive sign of progress. ETF analysts James Seyffart and Eric Balchunas also raised the probability of approval by the SEC from 25% to 75% after this development.