Singapore-based cryptocurrency asset trading firm QCP Capital has reported that speculation around Ethereum (ETH) potentially receiving a U.S. exchange-traded fund (ETF) approval could lead to significant gains in the near future. This comes as the crypto market remains sensitive to global events which could influence its trajectory.
The firm’s latest market report highlights that Bitcoin is approaching its halving event in just three months, a historically significant occasion for the cryptocurrency. Meanwhile, the potential approvals of ETH Spot ETFs from May onwards are marked as the next significant crypto events.
The journey towards an Ethereum spot ETF is gaining momentum, particularly following recent supportive comments from BlackRock CEO Larry Fink, who sees value in having an Ethereum ETF and believes in the move towards tokenization.
At the time of the report, Ethereum’s price stood at $2,527, reflecting a growth of approximately 59% over three months. The upcoming U.S. presidential elections in November 2024 are also noted as a critical event that could influence the crypto industry’s trajectory and regulatory stance.
Moreover, industry leaders anticipate that the election results could significantly impact the prioritization and regulatory approach to cryptocurrencies. Meanwhile, the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) last week has sparked media interest and ongoing debates, while Bitcoin’s perception as a deflationary asset and a store of wealth is increasing.