Article Rewrite:
Diverse Perspectives Presented in Opinion Article; Does the Surge in Ether Mean Anything After Bitcoin ETF Approval?
The approval of a Bitcoin spot ETF marks the first step towards mainstream acceptance for cryptocurrencies.
This ETF approval brings new definition and value to Bitcoin, signifying its formal recognition by traditional finance. It not only affirms Bitcoin but also sends a positive signal to the entire cryptocurrency industry.
Bitcoin is no longer just a digital currency; it has become a legitimate investment product accepted by the mainstream financial market.
This change will undoubtedly attract more traditional investors to pay attention to and invest in Bitcoin, especially large institutional investors who have previously stayed away from cryptocurrencies due to regulatory or technological barriers.
Interestingly, after the news of the ETF approval, it was Ether and related ecosystem currencies like Arbitrum, Pendle, and ENS that experienced significant surges, with gains of over 20% within 24 hours!
The exchange rate between Ether and Bitcoin also jumped from yesterday’s 0.048 to the current 0.056, an increase of nearly 20%.
So, why did this happen?
We can understand that after the approval of the Bitcoin spot ETF, all expectations regarding ETF clearance will be taken over by Ethereum. Bloomberg analyst James Seyffart predicts that the deadline for the approval of Ethereum spot ETF will be around May 23, 2024, which means we still have over five months to continue positioning ourselves.
This Week’s Industry Highlights Review
Bitcoin Spot ETF Approved! A Historic Milestone Achieved
The U.S. Securities and Exchange Commission (SEC) has finally made a compromise. On Wednesday, local time, the SEC approved the first Bitcoin spot ETF, authorizing 11 ETFs to begin trading on Thursday.
However, SEC Chairman Gary Gensler emphasized that this approval does not mean regulatory recognition of Bitcoin. He described Bitcoin as a “speculative, volatile asset.” Gensler and his predecessor, Jay Clayton, had previously refused to approve such products.
Nevertheless, this move will attract billions of dollars in new investments. This is because financial advisors and other institutional investors will use the familiar traditional tool of ETFs. For retail investors, Bitcoin spot ETFs make investing in Bitcoin easier, cheaper, and safer in some aspects.
Vitalik: Suggests Increasing Ethereum Gas Limit to 40 Million for Network Throughput Enhancement
According to a report by Cointelegraph, during a Reddit Ask Me Anything session organized by the Ethereum Foundation research team, Ethereum co-founder Vitalik Buterin suggested increasing the Gas limit to 40 million to enhance network throughput.
Vitalik pointed out that the Gas limit has not been increased for nearly three years, and it is reasonable to moderately increase it now. According to Etherscan data, the current Gas limit is 30 million.
US SEC to Review Multiple Ethereum Spot ETF Applications by the End of May
The US SEC needs to make decisions on several Ethereum spot ETF applications by the end of May, including VanEck, Ark 21Shares, and Hashdex Ethereum ETFs, with deadlines on May 23, May 24, and May 30 respectively. Bloomberg ETF analyst Eric Balchunas previously stated that after the approval of the Bitcoin spot ETF by the SEC, there is a 70% possibility that an Ethereum spot ETF will be approved in May.
Opinion articles present diverse perspectives and do not represent the stance of “WEB3+.”
