QCP Capital Predicts ETH Could Surge to $5,000 if spot ETF Approved
CryptoNewsTerminal Staff21 May, 2024
QCP Capital Predicts ETH Could Surge to $5,000 if spot ETF Approved
Singapore-based crypto fund QCP Capital predicts that if the U.S. Securities and Exchange Commission (SEC) approves a spot exchange-traded fund (ETF) for ether, the price of the second-largest cryptocurrency could hit $4,000 in the short term and $5,000 by year-end. This prediction comes as the SEC is expected to make a decision on whether to approve a spot ETF for ether in the coming months. A spot ETF would allow investors to gain exposure to the price of ether without having to purchase and store the cryptocurrency themselves. QCP Capital believes that the approval of a spot ETF would be a major catalyst for the price of ether. The firm said in a note to clients on Thursday that a spot ETF would "open up the ether market to a much wider range of investors, including institutional investors." However, QCP Capital also cautioned that if the SEC rejects a spot ETF, the price of ether could drop to $3,000. The firm said that a rejection would be a "negative signal" for the cryptocurrency market and could lead to a sell-off in ether.
