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Bitwise expert predicts 50/50 chance for Ethereum ETF approval, anticipates $88k Bitcoin peak by 2024

Bitwise researcher, Ryan Rasmussen, recently shared his balanced perspective on the potential approval of spot Ethereum Exchange-Traded Funds (ETFs), assigning a 50% probability to both possible outcomes.

During a recent interview with Yahoo Finance on Feb. 26, Rasmussen expressed uncertainty regarding the market’s readiness for the approval of spot Ethereum ETFs by the Securities and Exchange Commission (SEC).

Rasmussen stated, “It’s about a 50/50 percent chance that we’ll see approval or rejection, suggesting a split probability for the future of spot Ethereum ETFs.

Bitwise’s Global Head of Research, Matt Hougan, has also estimated a nearly 50% chance of approval in May. On the Polymarket website, predictions show a 44% likelihood of approval.

The SEC is scheduled to make a decision on VanEck’s spot Ethereum ETF application by May 23, potentially deciding on other similar applications concurrently, following a pattern seen with spot Bitcoin ETF applications in the past.

Rasmussen highlighted the SEC’s history of rejecting Bitcoin ETFs until Grayscale’s legal action challenged the dismissal of its application. The potential need for legal action for Ethereum ETF approval remains uncertain at this stage.

Although Bitwise does not have a pending application for a spot Ethereum ETF, they recently received approval for a spot Bitcoin ETF on Jan. 10. Rasmussen noted the success of Bitwise’s Bitcoin ETF (BITB), attracting $1 billion in assets with a collective inflow of over $15 billion into ETFs.

Rasmussen speculated on the impact of spot Bitcoin ETFs and similar funds on cryptocurrency prices, attributing recent price increases to institutional investors entering the market. He also discussed potential effects on Ethereum and other cryptocurrencies with the introduction of additional ETFs.

Rasmussen further discussed various factors affecting the cryptocurrency market, such as Bitcoin’s upcoming halving, Ethereum’s Dencun upgrade, fluctuations in NFT trading volumes, and Solana’s price growth. He suggested that the cryptocurrency sector is transitioning from a challenging phase in 2022 into a multi-year bull cycle.

In conclusion, Rasmussen reiterated Bitwise’s price predictions, stating that Bitcoin is projected to reach a new all-time high of at least $88,000 by the end of 2024. This forecast indicates a positive outlook for the cryptocurrency market amidst changing regulatory and investment landscapes.

Looking forward, experts anticipate continued developments and regulatory clarity in the ETF space, potentially opening up new avenues for investors and further shaping the cryptocurrency market.

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