Crypto Ecosystems • August 17, 2023, 7:23PM EDT Published 10 minutes earlier on 
The Block
Quick Take
- Crypto prices briefly bounced back on the news that the SEC is poised to approve ether-futures ETFs.
- This comes just an hour after crypto prices plummeted across the board.
Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.
Connect/Create Wallet You can unlock at any time.* No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.*a 2% locking fee will be added at the time of locking. Learn more about Access Protocol 
Despite a major crash just an hour prior, crypto prices are now surging on the news that the U.S. Securities and Exchange Commission is said to be ready to greenlight ether-futures ETFs.
The price of ether shot up to from $1,640 to $1,710 in minutes following a Bloomberg report. The price retraced for a few minutes before returning to the same peak. This erased the majority of the decline that was seen earlier today.
The price of ether ralled on a report that the SEC may be ready to approve ether futures-linked ETFs. Image: Binance.
Bitcoin also saw a rally on the report coming out, as it rose from $26,400 to $27,200, before cooling off.
Bloomberg’s report claims that the SEC isn’t going to block ether-futures ETFs from launching, citing people familiar with the matter.
Multiple companies including Bitwise have filed for such products, following the launch of bitcoin-futures ETFs in 2021.
The SEC has not clarified whether it evaluates that ether is a security — although it has suggested that most tokens are securities — and it has not yet approved any spot bitcoin or ether ETFs.
