Assure cryptocurrencies Zoom higher today as rumors turn for the potential for a new crypto spot Exchange Trading Funds (ETFS). Spot ETFs were previously powerful catalysts for the largest cryptocurrencies, Bitcoin and Ethereum.
From 10:23 am et, price Garden (Crypto: ADA) Shot 12.5% higher from the late afternoon yesterday, Litecoin (Crypto: LTC) Trading 5% higher, and the Meme Ticket Dogecoin (Crypto: Doge) up 1.5%.
President Donald Trump's pro-Crypto administration has significantly increased expectations for new possibilities in the crypto world, including the addition of more crypto ETFs spot. Crypto Spot ETFS reflects the price of one cryptocurrency by actually buying and storing the cryptocurrency and then publishing a certain number of shares based on the number of tickets they own. ETFs are considered very fluid, so crypto spot ETFs are likely to increase the overall exposure to a ticket.
The well -known crypto investment company Grayscale recently filed an application to list Cardano ETF on New York Stock Exchange, surprising those who did not consider such an ETF as a possibility. In addition, analysts of Bloomberg intelligence now install high odds of companies introducing Crypto ETFs for Litecoin and even Dogecoin.
James Sefart, Bloomberg ETF's intelligence analyzer who properly predicted Bitcoin ETFs, recently said he saw a 90% chance of Litecoin ETF over the coming months and a 75% chance for a dogecoin ETF.
“We give a relatively high odds of approval in general. Primarily focus on Litecoin, Solana. Xrpand dogecoin for the time being, “said Syfart.” Major implications/expectations in these odds are that filing will be recognized. Likely this week for XRP and Dogecoin. “
Syfdart added that apart from Litecoin, the odds of any of these ETFs who receive approval would have been very low if Democrats were still in control of Congress, so crypto companies obviously believe that the time now. Although the Securities and Exchange Commission (SEC) has taken steps to demonstrate that the agency is more crypto -friendly, Trump's nominee to lead the SEC, Paul Atkins, may not still be approved until April. Atkins is a former SEC Commissioner who recently led a consultancy company that helps clients steer the financial and crypto issues sectors.
From this morning, the progress of Cardano, Litecoin, and Dogecoin appeared to be an extravagant in the crypto sector, so the ETF news is clearly a big reason. Having a crypto spot ETF was very bullish for Bitcoin and Ethereum, so I would expect all three of these tickets to respond favorably as more news emerges around these developments.