Bloomberg analysts James Seyffart and Eric Balchunas have raised the odds for altcoin exchange-traded funds (ETFs) approval to 90% following recent engagement with the US SEC.
Increased ETF Approval Odds
Bloomberg analysts are confident in the approval of ETFs for cryptocurrencies such as XRP, Dogecoin, and Cardano. James Seyffart stated, 'We are raising our odds for the vast majority of the spot crypto ETF filings to 90% or higher.' This is due to positive engagement from the SEC.
Expectations for XRP ETF Approval
Currently, several ETF filings are awaiting approval from the SEC. The analysts noted that the SEC has acknowledged 19b-4 forms for these applications, indicating a potential commodity classification for altcoins. Polymarket reflects a 90% confidence in the approval of the Ripple ETF by year's end.
Potential Market Impact of ETF Approval
If approved, XRP would be traded on traditional stock exchanges. This would facilitate investment for smaller investors and attract institutional capital. Analysts suggest that critical decisions on applications could arrive in the coming weeks, making this a crucial period for the market.
Thus, the forecasts for the approval of altcoin ETFs are strengthening, which can significantly affect the cryptocurrency market. The timing of decisions is pivotal in the current landscape.
