The U.S. Securities and Exchange Commission (SEC) has initiated the review process of VanEck's application for an Avalanche ETF, drawing attention from analysts and investors in the cryptocurrency market.
SEC Review of VanEck Avalanche ETF Application
The SEC issued an order instituting proceedings to determine whether to approve or disapprove the proposed rule change to list and trade the VanEck Avalanche ETF on Nasdaq. The ETF will track spot prices of AVAX based on the MarketVector Avalanche Benchmark Rate Index. 'Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change,' stated the SEC.
SEC Delays Decision on ETF
Earlier, on June 12, the SEC delayed its decision on the VanEck ETF application, designating a longer period to approve or disapprove it. Grayscale has also sought SEC approval for its Avalanche ETF, with expectations for a final decision by December 12, 2023.
AVAX Price Forecast to $36
Analyst Ali Martinez forecasts that the price of AVAX could rally to $36 if it breaks above $27. According to Messari, following the recent Octane upgrade, Avalanche showed significant improvement in performance, lowering transaction costs and driving growth in DeFi, gaming, and enterprise applications.
The SEC's review of the VanEck Avalanche ETF application coupled with positive analyst forecasts could serve as a significant catalyst for the cryptocurrency market, activating interest among investors and traders.
