The US Securities & Exchange Commission, also known as SEC, has delayed its decision that was due for approval or rejection of Invesco Galaxy Spot Ethereum ETF – exchange-traded fund. The SEC is next scheduled to deliver a judgment on July 05, 2024. This is not the first time that the Commission has delayed its decision. The agency previously moved its decision while seeking public comment in February this year, that is, 2024.
Also, Invesco Galaxy Ether ETF is not the only product awaiting judgment. Others include Franklin Templeton, Grayscale, and BlackRock.
The SEC submitted a filing on Monday, explaining why it has delayed the decision and sought more time to approve or disapprove. The agency said in the filing that it finds it appropriate to designate more time to decide, adding that it wants to ensure that the agency has sufficient time to consider the proposed rule change and issues raised.
The agency’s decision strolled even when it was time to approve the Bitcoin ETF. Eleven applications finally saw the end of the tunnel in early January 2024. That helped Bitcoin climb the valuation of the trading market while offering traders and investors a chance to invest in the dominating crypto without gaining exposure to it. Ether is likely to follow the trend once its ETF product goes live.
The approval chances have been reduced to 25% from 70% for the maximum period of May-end.
ETH has responded to this by experiencing a drop in the token value. Ether has been down by 2.35% in the last 24 hours and is listed at $3,123.48. It further reflects a drop of 7.83% in the previous 30 days. The next resistance has been set at $3,200, likely to be followed by $3,500 for the year-end milestone of $4,000. The 24-hour trading volume has surged by 43.40%, with a dip of 3.20% in the market cap.
Bitcoin ETF marked heavy inflows with hints of constant outflows. There is no word about Ether ETF going through a similar experience. Still, the crypto market is optimistic about two things – it will boost the price of ETH, and other cryptocurrencies will set their sights on getting their respective ETF applications approved.
Nevertheless, Ether is finally above the $3,000 mark.
That said, when articulating this piece, Bitcoin is currently consolidating at around $63,000 and $64,000 for the specific exchange value of $64,228.12. That is a drop of 1.63% in the last 24 hours but a surge of 3.75% in the previous 7 days. Bitcoin continues to dominate the crypto market and set trends for altcoins to follow. ETH comes closest to mirroring the trends, but in recent times, Ether has taken a different approach since talks about ETF have begun circulating in the market.