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Journalist Reports: Approval of Ethereum Spot ETFs Expected to Fuel "Animal Spirits" in Crypto Market and Explains What This Entails

NewsBTC LogoNewsBTC1 mo ago

 Journalist Reports: Approval of Ethereum Spot ETFs Expected to Fuel "Animal Spirits" in Crypto Market and Explains What This Entails - NewsBTC

Quick Summary:

These massive surges during the 2021 bull run underscore the potential altcoins have on the crypto market and how insane they can surge once the altcoin season hits and the dominance for Bitcoin shifts to lesser cryptocurrencies.  DeFi Villain has predicted that the final leg for meme coins is likely going to be "Vertical and Brutal,” suggesting that these volatile cryptocurrencies could have another powerful rally to new highs this market cycle.  ETF Approval Nullifies SEC’s Previous Security Claims?

A crypto analyst has made a rather cryptic prediction, suggesting that the approval of Ethereum Spot ETFs by the United States Securities and Exchange Commission (SEC) could unleash a new wave of "animal spirits.” This term in crypto is often used to describe an irrational exuberance and optimism that fuels financial markets.  Ethereum Spot ETF To Reignite Animal Spirits In an X (formerly Twitter) post on May 22, a crypto analyst identified as "the DeFi Villain,” made a bold forecast, anticipating the resurgence of the bull run altcoin season following the SEC’s approval of Ethereum Spot ETF.

These rallies propelled each of their market capitalizations from mere hundreds of millions to billions in the span of a few days and months.  Among the cryptocurrencies highlighted by DeFi Villain, some notable altcoins recorded a massive rise in market capitalization, including Dogecoin (DOGE), THORChain (RUNE), Filecoin (FIL), Binance Coin (BNB), Axie Infinity (AXS), Shiba Inu (SHIB), and others.


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Article Details

Author / Journalist: Scott Matherson

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-05-24 @ 18:30:57 (1 months ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 604 words

Reading Time: 4 minutes read

Sentences: 64 lines

Sentence Length: 10 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 21076573

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About NewsBTC

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Main Topics: Crypto

Official Website: newsbtc.com

Update Frequency: 9 posts per day

Year Established: 2013

Headquarters: United Kingdom

News Last Updated: 10 hours ago

Coverage Areas: United Kingdom

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #102

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