Crypto markets got a jolt on Monday on news that the Securities and Exchange Commission has gone back to would-be issuers of Ethereum ETFs, asking them to update their filings. The move was widely interpreted as a signal the agency had suddenly gotten cold feet about its widely anticipated plan to reject the ETFs. In response, Ethereum rose from around $3,100 to over $3,700 by midnight, a gain of nearly 20% that also gave a boost to crypto prices across the board.
The reports of the request for new filings came three days before the SEC faces a final deadline to approve or reject an Ethereum ETF application from VanEck, one of the 11 companies that launched a first-of-its-kind ETF for Bitcoin in January. Those Bitcoin ETFs brought about a speculative frenzy that pushed the currency to an all-time high and, by all appearances, it looks like the markets are betting the good times will start up all over again, this time with Ethereum as the band leader.
