As a seasoned crypto investor with a background in investing, startups, and oil trading, I’ve closely followed the developments surrounding Ethereum (ETH) and the anticipated approval of spot Ethereum ETFs. Arthur Cheong, the founder of DeFiance Capital and a prominent figure in the cryptocurrency industry, recently made a bold prediction that the ETH price will reach $4,500 before trading in US-based Ethereum ETFs starts.
Crypto entrepreneur Arthur Cheong shared an intriguing forecast regarding Ethereum‘s (ETH) price on May 26. His explanation behind this projection was equally captivating.
Cheong is a well-known personality in the world of cryptocurrencies, largely due to his role as the founder of DeFiance Capital. This influential investment firm specializes in decentralized finance (DeFi) and crypto gaming sectors, having been launched in 2020. DeFiance Capital swiftly garnered attention for its shrewd investment choices and active engagement within the DeFi community.
Cheong brings a wealth of expertise to the table with his extensive background in crypto investments, startup ventures, and oil trading. Under his guidance, DeFiance Capital has demonstrated remarkable resilience, skillfully steering through market turbulence such as the downfall of Three Arrows Capital (3AC), with which it previously had ties. Defying expectations, DeFiance Capital went on to secure substantial investments, including the launch of a $100 million liquid token fund in early 2024, reflecting investor faith in Cheong’s forward-thinking approach.
As an analyst, I’ve come across a post from user Cheong on platform X, previously known as Twitter, expressing his anticipation that Ethereum (ETH) will hit a price of $4,500. The rationale behind this optimistic view appears to stem from the observation that relatively few individuals within the crypto community on Twitter (CT) have Ethereum in their digital asset portfolios.
Just look at how much CT is underallocated to ETH, nuff said.— Arthur (@Arthur_0x) May 26, 2024
According to Bloomberg analyst James Seyffart’s report, on May 23rd, the U.S. Securities and Exchange Commission (SEC) gave its approval for 19B-4 filings related to Ethereum spot ETFs from NYSE Arca, Inc., Nasdaq Stock Market LLC, and Cboe BZX Exchange Inc.
In simpler terms, Jay Clayton, who previously led the Securities and Exchange Commission (SEC), explained on CNBC’s “Squawk Box” on May 24, that there are two stages in the approval process for these products. The first stage, which has been completed, is the approval of listing them on an exchange. The second stage, which is still under review, is the approval of the product itself, which involves submitting a registration statement. Obtaining listing approval doesn’t automatically allow trading to start; instead, it marks progress towards eventual approval, much like with Bitcoin ETFs.
As a researcher investigating the topic of exchange-traded funds (ETFs), I’ve discovered that the approval process isn’t finalized yet. The reason being, ETF issuers are still waiting for the Securities and Exchange Commission (SEC) to sign off on their registration statements outlining investor disclosures. There’s no definitive schedule for this approval, but industry insiders anticipate that numerous issuers will be prepared to debut their funds as soon as they secure the necessary approval. However, it’s important to note that the SEC’s corporate finance division is likely to demand modifications and adjustments in the near future.
We plan to incorporate this point. Normally, this procedure can last for several months – up to five in certain instances. However, Eric Balchunas and I anticipate that it may be expedited somewhat. The approval process for Bitcoin ETFs usually takes at least 90 days. Further details will be revealed soon.
— James Seyffart (@JSeyff) May 23, 2024
Read More
- SOL PREDICTION. SOL cryptocurrency
- SUI PREDICTION. SUI cryptocurrency
- SKL PREDICTION. SKL cryptocurrency
- PEOPLE PREDICTION. PEOPLE cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- CHR PREDICTION. CHR cryptocurrency
- IDEX PREDICTION. IDEX cryptocurrency
- BOSON PREDICTION. BOSON cryptocurrency
- RXD/USD
- GAMMA/USD
2024-05-28 18:12