{"id":609649,"date":"2024-05-24T18:30:57","date_gmt":"2024-05-24T18:30:57","guid":{"rendered":"https:\/\/ktsl888.com\/?p=609649"},"modified":"2024-05-24T13:33:51","modified_gmt":"2024-05-24T13:33:51","slug":"ethereum-spot-etfs-reignite-crypto","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-spot-etfs-reignite-crypto\/","title":{"rendered":"Analyst Says Ethereum Spot ETFs Approval Will See \u201cAnimal Spirits\u201d Reignite Crypto – What This Means"},"content":{"rendered":"

A crypto analyst has made a rather cryptic prediction, suggesting that the <\/span>approval of Ethereum Spot ETFs<\/span><\/a> by the United States Securities and Exchange Commission (SEC) could unleash a new wave of \u201canimal spirits.\u201d This term in crypto is often used to describe an irrational exuberance and optimism that fuels financial markets.\u00a0<\/span><\/p>\n

Ethereum Spot ETF To Reignite Animal Spirits<\/h2>\n

In an X (formerly Twitter) <\/span>post<\/span><\/a> on May 22, a crypto analyst identified as \u201cthe DeFi Villain,\u201d made a bold forecast, anticipating the resurgence of the <\/span>bull run altcoin season<\/span><\/a> following the SEC\u2019s approval of <\/span>Ethereum Spot ETF<\/span><\/a>. The analyst revealed that the approval could let loose \u201canimal spirits,\u201d driving renewed demand and positive sentiment in the market and possibly resulting in a bull market.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Price Drop Below $70,000 Apparently Driven By Lack Of Interest, Glassnode Data Shows<\/a><\/div>\n

The analyst outlined a long list of <\/span>altcoins<\/span><\/a> that outperformed and experienced remarkable rallies in 2021. These rallies propelled each of their market capitalizations from mere hundreds of millions to billions in the span of a few days and months.\u00a0<\/span><\/p>\n

Among the cryptocurrencies highlighted by DeFi Villain, some notable altcoins recorded a massive rise in market capitalization, including <\/span>Dogecoin (DOGE)<\/span><\/a>, THORChain (RUNE), Filecoin (FIL), Binance Coin (BNB), Axie Infinity (AXS), Shiba Inu (SHIB), and others.<\/span><\/p>\n

According to the crypto analyst, Dogecoin witnessed a 10x increase in one day, in January 2021. While RUNE market capitalization surged from $200 million to $5 billion in just five months.\u00a0<\/span><\/p>\n

One of the most remarkable increases was seen in <\/span>Filecoin<\/span><\/a> which almost reached the current <\/span>market capitalization of Ethereum<\/span><\/a>. The cryptocurrency had jumped close to a whopping $400 billion during the altcoin bull run in 2021.\u00a0<\/span><\/p>\n

Other cryptocurrencies like AXS surged from a market capitalization of $200 million to $10 billion, with its Fully Diluted Value (FDV) topping $43 billion at some point. Additionally,<\/span> Binance Coin<\/span><\/a>, which was already worth $6 billion in early 2021 and among the top 20 cryptocurrencies, had witnessed a mega 8x pump in 20 days, reaching a staggering $50 billion in February 2021.\u00a0<\/span><\/p>\n

Even popular meme coins like <\/span>Shiba Inu (SHIB)<\/span><\/a> had rallied hard, jumping from $4 billion to $40 billion in less than a month. Ethereum Cash (ETC) also saw its market capitalization rise from $600 million to $17 billion in five months.<\/span><\/p>\n

These massive surges during the <\/span>2021 bull run<\/span><\/a> underscore the potential altcoins have on the crypto market and how insane they can surge once the altcoin season hits and the dominance for Bitcoin shifts to lesser cryptocurrencies.\u00a0<\/span><\/p>\n

DeFi Villain has <\/span>predicted<\/span><\/a> that the final leg for <\/span>meme coins<\/span><\/a> is likely going to be \u201cVertical and Brutal,\u201d suggesting that these volatile cryptocurrencies could have another powerful rally to new highs this market cycle.\u00a0<\/span><\/p>\n

ETF Approval Nullifies SEC\u2019s Previous Security Claims?<\/h2>\n

Over the past few months, the <\/span>US SEC<\/span><\/a> has made claims implying that Ethereum, the second largest cryptocurrency, was <\/span>considered a security<\/span><\/a>. However following the authorization of Ethereum Spot ETFs, the SEC has finally recognized Ethereum as a non-security.\u00a0<\/span><\/p>\n

Related Reading: Analyst Predicts An \u201cUltra Bull\u201d Scenario For Bitcoin That Could Send Price To $80,000<\/a><\/div>\n

Calling the regulator out on this <\/span>contradiction<\/span><\/a>, Paul Grewal, Chief Legal Officer (CLO) of Coinbase <\/span>disclosed<\/span><\/a> that if Ethereum which lacks \u201ccontractual agreement or undertaking,\u201d is no longer considered a security by the SEC, then Bitcoin (BTC), which operates similarly without the above agreements, should also be a non-security.<\/span><\/p>\n

Grewal posed a compelling question regarding the classification of 12 other cryptocurrencies, which can be compared to <\/span>Ethereum<\/span> and Bitcoin in terms of their non-security treatment by the SEC. The Coinbase CLO disclosed that the implications that these 12 other cryptocurrencies are considered <\/span>securities<\/span><\/a> despite also lacking contractual agreement or undertaking raises the question about the SEC\u2019s possible lack of regulatory clarity and <\/span>inconsistent regulatory approach to different crypto assets<\/span><\/a>.\u00a0<\/span><\/p>\n

\"Ethereum
ETH price moves toward $4,000 | Source: ETHUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

A crypto analyst has made a rather cryptic prediction, suggesting that the approval of Ethereum Spot ETFs by the United States Securities and Exchange Commission (SEC) could unleash a new wave of \u201canimal spirits.\u201d This term in crypto is often used to describe an irrational exuberance and optimism that fuels financial markets.\u00a0 Ethereum Spot ETF To Reignite Animal Spirits In an X (formerly Twitter) post on May 22, a crypto analyst identified as \u201cthe DeFi Villain,\u201d made a bold forecast, anticipating the resurgence of the bull run altcoin season following the SEC\u2019s approval of Ethereum Spot ETF. The analyst revealed that the approval could let loose \u201canimal spirits,\u201d driving renewed demand and positive sentiment in the market and possibly resulting in a bull market.\u00a0 Related Reading: Bitcoin Price Drop Below $70,000 Apparently Driven By Lack Of Interest, Glassnode Data Shows The analyst outlined a long list of altcoins that outperformed and experienced remarkable rallies in 2021. These rallies propelled each of their market capitalizations from mere hundreds of millions to billions in the span of a few days and months.\u00a0 Among the cryptocurrencies highlighted by DeFi Villain, some notable altcoins recorded a massive rise in market capitalization, including Dogecoin (DOGE), THORChain (RUNE), Filecoin (FIL), Binance Coin (BNB), Axie Infinity (AXS), Shiba Inu (SHIB), and others. According to the crypto analyst, Dogecoin witnessed a 10x increase in one day, in January 2021. While RUNE market capitalization surged from $200 million to $5 billion in just five months.\u00a0 One of the most remarkable increases was seen in Filecoin which almost reached the current market capitalization of Ethereum. The cryptocurrency had jumped close to a whopping $400 billion during the altcoin bull run in 2021.\u00a0 Other cryptocurrencies like AXS surged from a market capitalization of $200 million to $10 billion, with its Fully Diluted Value (FDV) topping $43 billion at some point. Additionally, Binance Coin, which was already worth $6 billion in early 2021 and among the top 20 cryptocurrencies, had witnessed a mega 8x pump in 20 days, reaching a staggering $50 billion in February 2021.\u00a0 Even popular meme coins like Shiba Inu (SHIB) had rallied hard, jumping from $4 billion to $40 billion in less than a month. Ethereum Cash (ETC) also saw its market capitalization rise from $600 million to $17 billion in five months. These massive surges during the 2021 bull run underscore the potential altcoins have on the crypto market and how insane they can surge once the altcoin season hits and the dominance for Bitcoin shifts to lesser cryptocurrencies.\u00a0 DeFi Villain has predicted that the final leg for meme coins is likely going to be \u201cVertical and Brutal,\u201d suggesting that these volatile cryptocurrencies could have another powerful rally to new highs this market cycle.\u00a0 ETF Approval Nullifies SEC\u2019s Previous Security Claims? Over the past few months, the US SEC has made claims implying that Ethereum, the second largest cryptocurrency, was considered a security. However following the authorization of Ethereum Spot ETFs, the SEC has finally recognized Ethereum as a non-security.\u00a0 Related Reading: Analyst Predicts An \u201cUltra Bull\u201d Scenario For Bitcoin That Could Send Price To $80,000 Calling the regulator out on this contradiction, Paul Grewal, Chief Legal Officer (CLO) of Coinbase disclosed that if Ethereum which lacks \u201ccontractual agreement or undertaking,\u201d is no longer considered a security by the SEC, then Bitcoin (BTC), which operates similarly without the above agreements, should also be a non-security. Grewal posed a compelling question regarding the classification of 12 other cryptocurrencies, which can be compared to Ethereum and Bitcoin in terms of their non-security treatment by the SEC. The Coinbase CLO disclosed that the implications that these 12 other cryptocurrencies are considered securities despite also lacking contractual agreement or undertaking raises the question about the SEC\u2019s possible lack of regulatory clarity and inconsistent regulatory approach to different crypto assets.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":609688,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[167,6664,26263,14690,8323,89213,16163,1946,7931,6931,8686,78803],"class_list":["post-609649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nAnalyst Says Ethereum Spot ETFs Approval Will See \u201cAnimal Spirits\u201d Reignite Crypto - 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