Bittime - The United States Securities and Exchange Commission (SEC) has again postponed the decision deadline regarding the approval or rejection of the Invesco Galaxy Ethereum ETF. The latest decision will be announced on July 5, 2024.
This is not the SEC's first delay. Previously, they also asked for public input in February 2024.
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Invesco Galaxy Isn't the Only One Waiting for the ETH ETF Verdict
The products awaiting the SEC's decision are not only the Invesco Galaxy Ether ETF. Several other companies such as Franklin Templeton, Grayscale, and BlackRock are also waiting.
Also read: ETH Futures ETF: Approval Dilemma Amidst Ethereum's Vague Status
In a filing submitted Monday, the SEC explained the reasons for the delay and requested additional time to approve or reject the ETF. They need sufficient time to understand the proposed rule changes and the issues raised.
Previously, approval for a Bitcoin ETF took quite a long time. Eleven applications were finally approved in early January 2024.
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This drives up the price of Bitcoin and offers investors the opportunity to invest in the most popular crypto asset without having to buy it directly. The same trend is likely to occur for Ethereum once its ETF product is approved.
Also read: ETH Price Has Fallen 6%, Have ETH ETF Hopes Been Ruined Amid Reports of Regulatory Investigation?
Ethereum ETF approval odds are currently down to 25% from initial predictions of 70% in late May.
The ETH token price responded to this delay with a decline. Ethereum fell 1.13% in the last 24 hours to $3,088. Meanwhile, in the last 30 days, ETH moved up 1.25%. Currently, the price of ETH is still above the $3,000 level.
While approval of an Ethereum ETF is uncertain, the crypto market is optimistic that this will drive ETH prices higher and lead other cryptocurrencies to apply for their own ETFs.
Meanwhile, Bitcoin is currently consolidating in the $66,000 to $67,000 range, with a specific price of $66,691.
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Bitcoin still dominates the crypto market and is a trend reference for other altcoins. Ethereum often follows Bitcoin's trend, but has moved differently recently with talk of ETFs.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Grayscale Adds ETH Staking to Their Ethereum ETF Application
ETH IDR : Ethereum ETF Prospects, SEC Postpones Grayscale Ethereum Spot ETF Decision
ETH Heading for New ATH? Dencun Upgrade and ETF Expectations Trigger Price Increase
Get ready! Ethereum ETF Launching Soon, Will It Push ETH Prices Higher?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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