The price of Ethereum (ETH) is surging after two Bloomberg analysts dramatically changed their assessment on whether an Ethereum ETF will soon be approved by the U.S. Securities and Exchange Commission.
Eric Balchunas and James Seyffart increased their outlook that a spot Ethereum ETH will be approved from 25% to 75%, citing an apparent change in tone from the SEC.
“James Seyffart and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied).”
Fox Business journalist Eleanor Terrett says she’s also hearing rumblings on an about-face at the SEC.
The crypto industry has increasingly been in the political spotlight in recent weeks after former President Trump said he’s the best choice for crypto advocates and after Democrats bucked a veto threat from President Biden on SEC-related crypto legislation.
Today’s news has sent the price of ETH from $3,143 a matter of hours ago to $3,676 at time of publishing.
The crypto market at large is in the midst of a Monday rally, with Bitcoin (BTC) up from $66,800 at the start of the day to $71,248 at time of publishing.
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