FX168 Financial News (Asia Pacific) News On Monday (May 27), the short-term surge of Ether broke through $3,930, once again challenging the $4,000 integer mark. Michael Saylor (Michael Saylor), CEO of the US-listed Giant Whale MicroStrategy, changed his attitude towards Ethereum, believing that the US Securities Regulatory Commission's approval of an Ether spot ETF would bring another line of defense to Bitcoin.
Since the US Securities Regulatory Commission officially approved the Ether Spot ETF applicants' 19b-4 documents last week, Ether has continued to fluctuate between 3,700 and 3,900 US dollars. There is fierce competition between many parties, and there is no clear price trend. However, as can be seen on Monday, Ether once again ushered in a short-term surge.
(Source: FX168)
Saylor told Bitcoin podcast Peter McCormack (Peter McCormack) on the weekend's What Bitcoin Did podcast, “(The US Securities Regulatory Commission approves an Ether spot ETF) a good or bad thing for Bitcoin? Yes, I think that's a good thing for Bitcoin because I think we'll be stronger politically with the support of the entire crypto industry,” Saylor told Bitcoin podcaster Peter McCormack (Peter McCormack) during the weekend's What Bitcoin Did podcast.
The US Securities Regulatory Commission approved the listing of 8 Ethereum spot ETFs on their respective exchanges last week. Saylor said, “They are another line of defense for Bitcoin.”
(Source: Youtube)
He reiterated that this will accelerate institutional adoption as previously cautious investors will now recognize cryptocurrencies as a legitimate asset class. Furthermore, Saylor explained that they will distribute funds among various crypto assets, but Bitcoin will still receive most of the allocated funds as the “leader” of cryptocurrencies.
He claimed, “I think mainstream investors would say, oh, now there's a crypto asset class, maybe we'll allocate 5% or 10% to the crypto asset class, but Bitcoin will account for 60% or 70% of it.”
Saylor acknowledged that his views on Ether spot ETFs have changed because he previously thought the chances of getting approval from the US Securities Regulatory Commission were slim.
He explained, “Two weeks ago, the world looked as if Bitcoin would be the only asset securitized by Wall Street institutions and offered in the form of a spot ETF, and it would spread as the only legal crypto asset.”
Saylor predicted in early May that the US Securities Regulatory Commission would classify Ether as a security, followed by Binance Coin (BNB), Solana (SOL), and Ripple (XRP) in the same way.
He previously stated, “These tokens will never be wrapped in a spot ETF, will not be accepted by Wall Street, or accepted as crypto assets by mainstream institutional investors.”
But now it seems that he has changed his original position.
“Is Saylor's next move to buy Ether? This is a critical 180-degree shift,” added cryptocurrency analyst Ricky Bobbyy.
Looking ahead to the future market, the US will release the latest personal consumption expenditure (PCE) index this Friday. The minutes of the meeting released by the Federal Reserve last week show that if the inflation rate fails to cool down as expected, interest rates will remain at the current level for a longer period of time, and PCE for April will be one of the important economic reference data.
Meanwhile, the Federal Reserve will publish the Beige Book on the Economy and reveal weekly unemployment claim data.
Monday is US Veterans Day, and the US stock market is closed for one day.