Ethereum Soared 26 Percent After The SEC Approved This

Illustration. (Photo: Unsplash)

JAKARTA - The United States Securities and Exchange Commission (SEC) has approved eight Ethereum Exchange-Trad Funds (ETF), including from well-known investment management such as BlackRock and Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton. This decision marks a significant step forward in the acceptance and adoption of crypto assets, particularly Ethereum, in traditional financial markets.

Ethereum, as one of the largest crypto assets after Bitcoin, has shown tremendous growth and potential. With this SEC approval, institutional and retail investors will have easier and safer access to invest in Ethereum through regulated ETF products.

SEC's approval of ETF Ethereum shows that interest and trust in digital assets remains strong, especially in Ethereum which now has greater institutional support through regulated ETF products.

Oscar Darmawan, CEO of INDODAX, gave a response on this matter.

"The SEC's approval of ETF Ethereum is increasing demand and driving prices up. This not only shows that regulators are increasingly accepting the existence of digital assets, but also opens up new opportunities for investors to diversify their portfolios in a safe and secure manner," Oscar said in his statement, Sunday, May 26.

"In addition, ETF approval can also increase Ethereum's credibility and legitimacy as an investment asset, this could expand developers to the Ethereum ecosystem and will certainly increase the number of investors," Oscar added.

Oscar also added that the Ethereum ETF approval shows that the overall crypto asset market continues to gain the trust of regulators and institutional investors.

"This is a positive indication that digital assets like Ethereum have strong fundamentals and promising long-term prospects. Even for now, the marketcap for Ethereum is bigger when compared to the Mastercard marketcap," he explained.

Seeing the price of ETH on the INDODAX platform when the SEC announcement asked the exchange to complete 19B-4 and S1 documents for Ethereum's Spot ETF, the price of ETH jumped about 26 percent at the end of May 23, 2024, at a price of around Rp. 63 million.

The SEC's decision regarding Ethereum's ETF approval is highly anticipated by crypto market players. In addition, this step is also expected to encourage transparency and trust in the crypto industry.

Oscar Darmawan also advised investors to do the Dollar Cost Averaging (DCA) technique when investing to reduce market risk.

"With DCA, investors invest regularly in the same amount, so that price fluctuations can be resolved more, INDODAX also provides a routine investment feature for investors who want to buy Ethereum," he added.