The price of Ether (ETH), the native token of the Ethereum blockchain and the world’s second most valuable cryptocurrency by market capitalization, continues its bounce from Monday’s lows and was last trading in the $2,230s, up over 4.5% in the past 24 hours, according to CoinMarketCap.
The bounce comes despite the news that the US Securities and Exchange Commission (SEC) has delayed decisions on a number of Ether Exchange Traded Fund (ETF) applications, including one from Hashdex and Grayscale.
Instead, Ether traders have been bidding the price higher in tandem with a broader crypto market rally that has seen Bitcoin (BTC) push back to the north of the $43,000 level.
The rally in the broader crypto space comes as macro traders continue to bet on interest rate cuts in the US and around the world next year, bets which are lifting the US equity prices and weighing on yields and the US dollar.
The S&P 500 was last trading at its highest levels since January 2022 at 4,750 and only just off record highs, while US 10-year yields were hovering close to multi-month lows around 3.90%.
As per regulatory filings published by the SEC on their website, decisions on Hashdex’s Nasdaq Ethereum ETF and on Grayscale’s Ethereum Futures ETF have been delayed until next May.
UPDATE: SEC Going early with delay orders for @hashdex & @Grayscale #Ethereum ETF filings. Neither were due until Jan 1, 2024.
Maybe just clearing the queue before the holidays? pic.twitter.com/LdZQxGh43L
— James Seyffart (@JSeyff) December 18, 2023
The SEC also delayed decisions on spot Ethereum ETF applications from VanEck, ARK Invest and 21Shares.
As per Bloomberg’s ETF analyst James Seyffart, these delays were expected to come in before the 25th of December.
The SEC said that
Read more on cryptonews.com