The American investment bank JPMorgan, optimistic about the future of Ethereum, does not believe it is likely that the SEC will approve spot ETFs for this cryptocurrency in the short term. This and more news in this practical summary daily so that you are always informedwith events most latest that occur within the crypto world.
JPMorgan: Less than 50% for SEC to approve Ethereum spot ETFs
📍JPMorgan has said that the SEC must first classify Ethereum as an asset, before deciding whether or not to approve a spot ETF. Following the approval of Bitcoin spot ETFs, the crypto community has become optimistic about the chances of seeing an Ethereum-based spot ETF listing in May. Although many are speculating about this, JPMorgan noted that the SEC is unlikely to approve them in the near future, indicating that, first, the securities regulator will have to define the classification of Ethereum.
Although Bitcoin and Ethereum are cryptocurrencies that use blockchain technology, the latter is not as decentralized as the former and was also launched in 2015 through an ICO (Initial Coin Offering). For this and other reasons, regulators believe that ETH should be classified as a security, although the SEC has not officially commented on this.
On the other hand, in the statement in which the SEC announced the approval of Bitcoin ETFs on US stock exchanges, it made it clear that this action should not indicate, “in any way, the Commission's willingness to approve listing standards for the values of cryptoassets” such as Ethereum.
In relation to this, JPMorgan stated that the SEC continues to view other cryptocurrencies, outside of Bitcoin, as securities and that to approve Ethereum spot ETFs, the regulator would have to classify Ethereum as a commodity or commodity similar to Bitcoin.
Bitcoin price continues to fall
📍The market-leading cryptocurrency has plummeted by 1,3% in the last 24 hours. The price of Bitcoin continues to decline after the approval of spot ETFs in the United States. According to data consulted on the CoinMarketCap platform, Bitcoin is trading 1,3% less than on Sunday, standing at around $42.200 per unit.
Source: CoinMarketCap
On the Bitcoin price chart, you can see that the leading cryptocurrency briefly fell below $42k, trading at $41.700 per BTC, at its lowest price yesterday. However, Bitcoin managed to recover the $42k level a few minutes later.
As reported by this medium, several experts and analysts expect that the price of bitcoin in the market to stagnate, or even decline in the short term, before breaking new highs.
Larry Fink, CEO of BlackRock, believes that cryptocurrencies, blockchain and tokenization will drive the evolution and transformation of financial systems and, in this transformation, the approval of Bitcoin ETFs plays a key role. Due to these positive perspectives that large investors have about the impact that Bitcoin and cryptocurrencies will have on the world of traditional finance, analysts believe that institutions will flock to Bitcoin, which will help the cryptocurrency to consolidate its price. since this will rise in the future.
Hedera announces millionaire allocation to guarantee its development
📍The open source PoS blockchain Hedera has allocated 4.860 billion HBAR tokens to the development of its blockchain ecosystem. The amount of HBAR tokens that the blockchain has allocated for its growth and development is currently valued at almost $400 million, with HBAR trading at over $0,082.
According to the announcement published by the network developers, the funds were designated by the Hedera Council to the Hedera Foundation, the Hashgraph Association, and the DLT Science Foundation, and will be used to ensure further development of existing protocols within the Hedera blockchain ecosystem and to ensure advanced decentralized governance on the network.
NFTs record almost $300 million in sales
📍In the last week, the sales volume on the NFT market was $297,5 million. This was revealed by data from the Cryptoslam platform, highlighting that the most traded collection of non-fungible tokens in recent days was Uncategorized Ordinals, based on the Bitcoin blockchain. This crypto collection of NFT inscriptions moved a volume of almost $18 million, registering more than 18.400 sales in the last 7 days.
Currently, Bitcoin is positioned as the second most active blockchain in the NFT market, after the Ethereum chain.
Source: Cryptoslam
Altcoins continue to rise
📍Alternative cryptocurrencies to Bitcoin are posting significant gains this week. ENS, SUI, ETH, TIA and BONK are some of the most appreciated altcoins on the market this week, while the price of Bitcoin continues to trend downward.
Data from CoinMarketCap shows that these cryptocurrencies have gained between 40% and 100% in the last 7 days, due to the positive impact of the development of these cryptocurrencies, an increase in their traded volumes and, probably, the optimism surrounding the crypto industry for the approval of Bitcoin ETFs.
Google Play and Apple Play block Binance in India
📍The Google and Apple app stores have blocked access to the Binance app in India. Both companies acted after the statement that was published by the Financial Intelligence Unit of the Indian Ministry of Finance, warning that the exchange was operating illegally in the country.
Binance, despite being one of the largest exchanges in the crypto industry, is not legally registered to offer services to Indian citizens.
Both Google Play and Apple Play inform their users that the Binance app has been blocked and is no longer available for use within the jurisdiction.
The measures against the exchange follow those taken by the United States and the Philippines. The authorities of the latter country also warned users that access to the Binance services will be blocked from March, because the company has not been authorized to provide citizens with access to crypto assets.
Continue reading: Why Bitcoin Price Fall Irrelevant?
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