Ether, Bitcoin Open Asia Trading Week Flat as ETH ETF Decision, Nvidia Earnings Loom
Will ETH ETF Rejection Rock Crypto Markets?
Ether and Bitcoin started the trading week flat in Asia, with a focus on the upcoming decisions regarding Ethereum ETFs and Nvidia's earnings report. The market anticipates a possible rejection of the ETFs, though there's optimism for future approval. Nvidia's performance could influence the broader crypto market due to its correlation with Bitcoin and AI-themed tokens.
What are the current trading values of Bitcoin and Ether as reported early Monday?
The current trading values of Bitcoin and Ether, as reported early Monday, are as follows:
Bitcoin (BTC) is trading flat at $67,156.
Ether (ETH) is changing hands at $3,127.
What reasons did March Zheng of Bizantine Capital give for being optimistic about an eventual approval of Ethereum ETFs next year?
March Zheng of Bizantine Capital expressed optimism about the eventual approval of Ethereum ETFs next year for several reasons1. Firstly, he noted that the removal of staking propositions by filers has led to the reclassification of underlying Ethereum (ETH) as commodities, which are supported by the Commodity Futures Trading Commission (CFTC). This reclassification is significant because it can pave a major pathway for future approvals. Additionally, Zheng believes that despite the market's anticipation of a rejection for the first set of Ethereum ETFs, there are "silver linings" in the delay that signal a potential approval in the coming year1. This perspective suggests that the changes in how Ethereum is classified and perceived by regulatory bodies could lead to more favorable outcomes for ETF proposals1.