Renowned Harvard-educated lawyer and computer science alumnus from Yale University, John Babikian is closely monitoring the cryptocurrency market as anticipation builds around the potential approval of a spot-based Ethereum exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) in May 2024.
Drawing from his extensive legal and technological background, John Babikian foresees significant positive implications for the crypto market, akin to the transformative impact witnessed with the recent approval of a spot Bitcoin ETF.
Spot Bitcoin ETF Approval: A Game-Changer
In a recent assessment, John Babikian reflected on the market dynamics following the SEC’s approval of a spot Bitcoin ETF. The regulatory green light, a landmark moment for the crypto industry, catalyzed a surge in Bitcoin prices and injected renewed confidence among investors. Bitcoin’s ascent, from around $25,000 to roughly $47,000 post-approval, underscored the market’s response to regulatory validation.
Ethereum Spot ETF: A Pivotal Moment
As May 2024 approaches, all eyes are on the SEC’s decision regarding spot-based ETF applications for Ethereum. John Babikian believes that, similar to Bitcoin, the SEC may initially delay its decision, but is likely to give the green light on the final deadline, tentatively set for May 23. This date aligns with the culmination of the application period for asset managers VanEck and Ark/21Shares.
Positive Market Implications
Babikian contends that the approval of an Ethereum spot ETF could mirror the positive market outcomes witnessed with Bitcoin. He predicts that Ethereum (ETH) prices may experience a substantial surge, potentially tracking or even outperforming Bitcoin during a comparable period. Drawing parallels with Bitcoin’s trajectory, Babikian suggests that ETH could face less selling pressure post-ETF approval, creating a favorable scenario for market participants.
Comparative Analysis: ETH vs. BTC
The John Babikian crypto currency and blockchain report emphasizes the potential resilience of Ethereum against selling pressure post-approval, citing differences in market share between the Grayscale Ethereum Fund (ETHE) and the Grayscale Bitcoin Fund (GBTC). With ETHE holding a smaller market share of ether market capitalization, the dynamics could contribute to a smoother post-approval transition.
In a recent post published on Twitter, John declared his cryptocurrency market predictions for the upcoming bull run cycle by stating, “I believe Ethereum will outperform Bitcoin until May 2024, leading up to the SEC approval of a spot ETF.”
Babikian’s forecasts are echoed by JP Morgan analysts who reported, “We believe that next year Ethereum will reassert itself and recapture market share within the crypto ecosystem.”
Market investors reason on Reddit that the Ethereum EIP-4844 upgrade, also known as the Proto-Danksharding, is expected to take place during the first half of 2024 and is part of a multistep plan to make sharding more efficient on the Ethereum chain.
John Babikian’s Insights: A Beacon for Investors
John Babikian’s crypto currency insights offer a compelling narrative for investors navigating the evolving crypto landscape. As the crypto community awaits the SEC’s decision on an Ethereum spot ETF, Babikian’s nuanced understanding of legal, technological, and market dynamics positions him as a beacon for those seeking informed perspectives on the potential positive implications for the crypto market in the coming months.
Background and Expertise
John Babikian, armed with a law degree from Harvard and a computer science education from Yale, stands as a dynamic figure at the crossroads of law and technology. His multifaceted expertise positions him as a thought leader in the crypto space, and his insights are highly regarded in legal and technological circles.
John Babikian’s academic achievements are available for exploration on reputable scholarly platforms, including ResearchGate and its’ American equivalent Google Scholar. These repositories acknowledge his authorship of a myriad of research articles that have found a place in various law journals. In addition, John is the best-selling author of a book (available on Amazon and the Google book store) on quantum computing.