Ethereum Spot ETFs Approved & Crypto's Growing Influence
Dr. Clemen Chiang (PhD, MBA)
CEO of Spiking | Hedge Fund Manager | Senior Accredited Board Director | Member of Forbes, HBR, Fast Company & Kiplinger Councils | AI-Driven Investment Strategist & Thought Leader in Finance Innovation
Dear Subscribers,
We're thrilled to bring you the latest updates from the ever-evolving world of crypto!
1. Ethereum Spot ETFs Approved!
On May 23, 2024, the SEC gave official approval for eight Ethereum Spot ETFs. The 19b-4 filings from prominent firms—VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise—were approved, allowing spot Ether ETFs to be listed and traded on their respective exchanges. This is a monumental step for the crypto industry and opens new doors for both institutional and individual investors.
2. Ethereum Spot ETF Approval is Good for Bitcoin
The approval of spot Ether ETFs is not just a win for Ethereum but also strengthens Bitcoin's position in the market. MicroStrategy founder Michael Saylor highlights the importance of this approval as "another line of defense for Bitcoin." Here are the three lines of defense I believe in:
a. People: There are now 50 million crypto holders in the US, showcasing the widespread adoption and belief in the future of cryptocurrencies.
b. Politics: On May 21, Former President Donald Trump began accepting cryptocurrency donations, and within 48 hours, the House passed significant legislation tailored for crypto regulation. This bipartisan effort, supported by key figures such as Pelosi, Democratic Caucus Chair Pete Aguilar, and House Minority Whip Katherine Clark, marks the first time either chamber of Congress has taken such a step.
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c. US Presidential Election: The upcoming deadline for Biden to veto the Accounting Bulletin No. 121 on May 28 will be crucial in determining the Democratic stance on crypto. If signed into law, it could indicate a pro-crypto shift among Democrats. Meanwhile, Super PACs backed by the crypto sector have raised over $100 million, outpacing 'Make America Great Again' funding from Trump. With five out of six crypto candidates winning previous primary races, the crypto sector's influence is undeniable.
3. Portfolio Allocation for Stocks versus Cryptos
As we approach the first anticipated interest-rate cut and the US Presidential Election on November 5, it's crucial to consider the optimal mix of stocks and cryptos in your portfolio. Capturing this new wave of excitement while anticipating potential market overhauls requires careful planning.
This is not an easy question, but it's necessary to address. We will delve deeply into this topic and unveil our findings in the upcoming COSY Live Trading session.
These developments mark a pivotal moment for the crypto industry, reinforcing the growing acceptance and integration of cryptocurrencies into mainstream financial systems. We are excited about the potential opportunities this brings for all of us in the Spiking Community.
Stay tuned for more updates and insights as we navigate these exciting times together.
Together towards a disciplined and prosperous future,
Dr. Clemen Chiang