Bitcoin’s Surge: A Potential Boost or Trap for New Ether ETFs 🚀

The crypto industry has long resisted having its tokens classified as securities. However, the success of bitcoin’s spot ETFs, could prompt issuers to break ranks depending on the SEC’s next move.<br /><br />Bitcoin is trading above $60,000, up more than 167% in the last 12 months and more than $7 billion has poured into the new bitcoin ETFs. The market is buzzing with anticipation for an ETF backed by bitcoin’s little brother ether, the native token associated with the Ethereum blockchain and used to create such things as NFTs. Ether has a market cap of more than $400 billion, second only to Bitcoin, whose market cap exceeds $1.2 trillion. In May, the SEC will likely pass final judgment on nine spot ether ETF applications. But unlike bitcoin’s decision day in early January, which seemed to be a fait accompli, ether’s outlook is far less certain.<br /><br />Read the full story on Forbes: https://www.forbes.com/sites/stevenehrlich/2024/03/01/why-bitcoins-surge-could-be-a-boon-or-trap-for-new-ether-etfs/?sh=1e9ab58d72f8<br /><br />Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1<br /><br />Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br /><br />https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br /><br />Stay Connected<br />Forbes newsletters: https://newsletters.editorial.forbes.com<br />Forbes on Facebook: http://fb.com/forbes<br />Forbes Video on Twitter: http://www.twitter.com/forbes<br />Forbes Video on Instagram: http://instagram.com/forbes<br />More From Forbes: http://forbes.com<br /><br />Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.