- The anticipation for an early ETH Spot ETF approval grows greater.
- Analysts explain which ETH-based altcoins will move along with expected ETH price spike.
- ARB, PEPE, FLOKI, OP, UNI, and more altcoins will likely surge in price.
The current sentiment in the crypto market is incredibly bullish as the anticipation for an early ETH ETF approval nears. As the actions of the SEC continue to support this narrative of an early approval, many ETH-based tokens are printing major bull flags.Â
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Not only is the SEC’s movements a green light for an early ETH Spot ETF approval, but so are the actions of the US Presidential candidates. For instance, Trump has begun accepting Bitcoin donations along with other popular cryptocurrencies like XRP, DOGE, and ETH.
Soon after, Trump’s presidential campaign saw a large influx of donations coming through. So much so that Biden released a statement to seek more donations to match that of Trump’s. Adding onto this wave of bullish support for the crypto sector, Biden made another move.
Till date, the US House has been trying to pass a bill that will take the power away from the SEC to hinder crypto businesses growth in US borders. This bill passed but Biden hinted at vetoing the vote if it passed. However, after all the support for crypto during the Presidential campaign, Biden confirmed that he will not veto the bill.
This is a huge win for the crypto industry and the USA will finally prioritize the making of a fair regulatory framework for crypto business within US borders. This means that the SEC will no longer hinder the growth of the crypto sector.
Hence, all the support for crypto will likely hasten the process of an early ETH ETF approval. Much like the BTC ETF approval brought in huge inflows to BTC price, the ETH price is expected to shoot. This time, ETH price shooting will likely reflect upon all ETH-based tokens to shoot along with it.
According to many analysts some of the altcoins that could shoot with an early ETH ETF approval include ETH-based tokens such as Arbitrum (ARB), Optimism (OP), and Ethereum Classic (ETC). Also among the leading options are ETH-based memecoins PEPE and FLOKI as well as DeFi tokens such as Uniswap (UNI).
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