Welcome back,
In today's blog we will talk about the importance of next ten days in crypto market. On 23rd May Ark Invest and few other firms will get the decision on their Eth Spot ETF proposal from SEC.
The reason why I am going to talk about is quite simple. At this point people are not talking about it at all. Just take yourself back in time and think what was happening on the social media when bitcoin Spot ETF was about to get approved by SEC.
The hype was all around and people were bullish about the market. Right now 80% of the people think that ETH ETF will not be approved and that is also the reason why people are talking about it less compared to bitcoin but there is something we should not forget.
BTC Future ETF was approved followed by the approval of Spot ETF. ETH Future ETF's were also approved and that is why Spot ETF do have a chance of getting approved as well. There is something which was changed in the proposal by Ark Invest and 21shares in their ETH ETF proposal.
They removed staking from the proposal and if you are not aware let me tell you something. The interest earned by people on staking eth is something illegal in USA and that is why it could have been a hurdle in getting the ETF's approved.
So what to do at this time? I think if ETH ETF get's approved then it will be a bullish step for the market and it will definitely help ETH and alt coins as well. If in case it does not get approved then In my opinion it should not effect the market that much.
The reason why I say that is quite simple, It is because majority of the people are already thinking that ETF's will not be approved and hence the market has already taken the harm of it but still we will find the reality on 23rd of May this month itself so there is not much time left.
All the best, Thank you and Happy trading everyone.