Ethereum has jumped over the past 24 hours as odds of an imminent ETF approval have soared.
AdvertisementAccording to Standard Chartered Head of FX Research Geoff Kendrick, ETF approvals would cement ether's chances of reaching $8,000 by this year's end.
AdvertisementSecondly, big outflows are also less likely to be an issue for ether, Kendrick pointed out.
Once ether funds are established, the price highs that it can achieve bode well for bitcoin, Kendrick added.
"An ETH ETF approval will further legitimise the sector and therefore be BTC positive as well.
Persons:
Ethereum, —, That's, Eric Balchunas, Geoff Kendrick, Kendrick, bode
Organizations:
SEC, Chartered, Service, bitcoin, Securities and Exchange Commission, Bloomberg, Bloomberg Intelligence, Standard Chartered, FX, BTC
Locations:
VanEck